Retirement Talk
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- mg33
My company is working on something related to retirement planning, and it's a conversation that I'm always having with myself, especially now that I'm 40.
How are you all planning for retirement? Are you planning for retirement? How old are you and do you feel good about where you're at? Do you wish you'd started earlier? Done things differently?
- detritus6
HAHAHAHA hA HAH H AHA hAHA hAHAHHAHAHAHA
.
Which is panicBinary for "I'm going to be so fucked in 30 years".
- LOL @ panicBinarymg33
- hahaFax_Benson
- LOLrenderedred
- panicbinary is brilliant. the rest is too accurate to be funny.Fax_Benson
- Oh det, I can't help but empathise. I know of what you speak.Continuity
- bulletfactory0
I think about retiring all the time, and am (only) 38.
What's the saying?... The best time to invest was yesterday, the next best time is today (i know the original quote was about planting trees, but...).
My wife invests heavily in her 401k to take advantage of the matching, and we have additional investments through our financial advisor. Until my company closes our funding round and starts 401k matching, I'm not setting aside a lot, but hope to soon - time in the market is where the major benefit comes in.
We also put forth the maximum contribution to our kids' 529 college plans so we don't get hit with those costs 15 years (we have 3 year old twins, so it would all come at once).
Our long term plan is to set aside enough to comfortably retire in our 50's
- How do you like using a financial advisor? Do you feel like he has your best interests in mind?mg33
- You should shop around for your financial investor until you find that has your back!zarkonite
- I've had a friend recommend one a few times, which is nice since he likes the guy. Our lawyer could probably recommend someone as well.mg33
- I like our guy, and over the years have found him to have our best interests in mind (i think they're legally obligated to be).bulletfactory
- dee-dubs10
My retirement plans are pinned on my 2 children becoming seriously rich football players and looking after poor ol mum and dad....
Unfortunately as they are both girls i suspect their earning potentials are somewhat reduced compared to male counterparts.
...plus they are shit at football
oh well, add me to the fucked when older list
- hahaha perfect._niko
- LOLrenderedred
- hahaCGN
- Sure to be snapped up by Arsenal Ladies then.see_thru
- haha (and a little sad because it's true)Jaline
- DRIFTMONKEY1
Pay now or pay later.
- aslip0
I have no plans for retiring, just other passions/careers to pursue until I croak. My wife had a 401k with her last job that we've effectively rolled over into a self-directed IRA to fund some real estate deals. I made a commitment a few years ago to buy as many rental properties as possible (at deep discount). We plan on continuing to build the rental portfolio and to create other passive-income businesses.
- We own a rental condo, and I'm trying to start planning around investing what we make a year, about $10K, into something with good long-term growth potential.mg33
- That's great that you're doing that. I've got a few friends that own rental properties and it seems like a great plan. Are your places paid off?mg33
- We have a strategy that relies on borrowing private funds, renovating, then refinancing. This allows us to have at least 20% equity.aslip
- As long as the numbers pan out to be $300+/mo. coming in (after expenses), then it works. We bought 3 last year, and already 2 this year so far. Looking to moreaslip
- capn_ron4
I put 15% of my income into retirement right now. I fund a roth ira independently as well as put 8% into my company roth 401K. Which they match 4%. I was lucky to have a company that profit shared for 7 1/2 years so my base to build from is pretty good.
I listen to Dave Ramsey's podcast religiously and as of this year finally got a handle of my money. I highly suggest the book "The Total Money Makeover" to get started. The principles are easy to follow and it is all based on retiring comfortably and not trying to rely on Social Security (which probably won't be around when we retire).
- section_0140
I save and invest, but I feel like it's never going to be enough. Which, makes me feel like I need to work 24/7, and always be on the lookout for a new (better paying) job. I mean, programming pays better than design ever did, but it still feels like too little.
I think we're going to see a really fucked up situation in the US when most of us on here get to retirement age. I read something recently (on Reddit?) that said 42% of adults in the US have less than 10k in savings.
At 22, no big deal. I'd guess most of them are happy to have $10. But, at 42? 52? Your fucked if you don't have 10k. Hell, I feel like 100k isn't enough when you're ready to retire.
- This is the thing that bothers me, not about myself but about good friends that have no means at all to save. People I love and care about who are going tomg33
- hit a day where they either work until they die, or try to subside of social security.mg33
- 100k isn't near enough to retire.bulletfactory
- When I finished college my dad gave me the "average X% of what you make a year into your 401k and you'll have a million $ when you retire.mg33
- $100k isn't nearly enough at all. Especially if you still own a home and pay taxes on it, even if it's paid off.mg33
- $100K is enough for a year or two.monospaced
- mg330
I feel like my wife and I have done most of the major things at this point in our life (I'm 40 and she's almost 40) to be prepared / covered / etc except really get a hold on our retirement goals.
- We've got great term-life policies through our kids being in their 20s (they're only 3 yrs. old and 9 months old).
- We've got retirement funds with our employers, that we've both had since our mid-20's.
- We've got a rock-solid estate plan, will, trusts for our kids, trust for our home, all covered there.Just really want to get in a good spot with retirement planning, get a good financial advisor, make some investments, etc.
- robotron3k1
I don't have much in terms of retirement, some money stashed away, a couple of houses, a piece of commercial property... Not too nervous about retirement. But this is great book to give you some incentive...!
- kona0
43 and have been thinking about it (ok, my Dad has been jamming retirement down my throat) since I was 18.
Unfortunately, things haven't always gone as planned and I haven't stayed at a company for more than 4 years for a number of reasons. That being said, when applicable, I've always put 12% of my income into any 401k a company has offered.
Since 2005, I also have put the max amount per year into a roth ira which I set up through Ameriprise financial on top of everything I've saved into multiple 401ks.
I'm in talks with my money manager as how best to join my 401ks together into one... it's just such a pain in the ass.
My wife however has been at the same company for 18 years, absolutely killing it. Through the advice of my father she's been saving 12% per year and her 401k makes all my 401ks wet their pants.
Together her and I also utilize MSN's money guy, whom is a personal friend, to manage a couple investments we made a few years ago when her mom unexpectedly passed and left $.
I think we're ok but with 3 kids, fuck, I dunno. Thank God they're all pretty smart so hopefully there's a scholarship or two in their future.
- I need to chat with you on FB. 12% sounds like a shit-ton, and you've got 3 kids.mg33
- Yeah man. 3 kids. 2 car payments. Weekly daycare for 2 of our kids. Mortgage... My wife and I joke that once our kids are in school and our cars are paid offkona
- we'll have more $ than we know what to do with. It will be something stupid like an extra $3300 a month. It's absurdkona
- We definitely do the "when they're out of daycare" thing because what's that on average for two kids a year, like $23k?"mg33
- She handles that, I literally don't know what it costs a month.mg33
- 30k a year. I guess we're paying for the "academy" part of the daycare's name.kona
- nocomply0
I'm 35. I think about it a lot, but haven't done much lately.
I've got a few things going, but I know it's not enough. Everything is on auto-pilot right now and I know I could be doing better if I put some time into reorganizing. The problem is I'm never able to make the time.
My wife and I both work full-time. We have 2 kids (3.5 and 5 months), and all of our extra income is going to preschool/daycare for the next couple years. It's frustrating, but it won't be forever.
Taking a good look at this stuff was on my to-do list for 2017 and it never happened. Now we're well into 2018 and I've still done next to nothing. Seeing this is some motivation to make it a higher priority.
My worry is that with the ever-increasing cost of living and the shrinking social security budget, it's going to be difficult for all but the top earners to retire comfortably. I predict that many of us are going to have to work at least part-time well into our 70s to make it work.
The best investment my wife and I made was buying a house at the end of 2011 when the market was at rock bottom. It's now worth almost twice as much as we paid for it, which is insane and won't last. But it's good to know we got a bit of a nest egg in our home.
- Feel you on the childcare ...up to $3000 a month for two kids up here!... FML!Static_Line
- DRIFTMONKEY0
The last check I write will be for my funeral, and it will bounce.
- shoes0
37, going to retire in 6 months.
Really looking forward to it because the grind hasn't made sense anymore the last couple of years.
Not happy about not owning real estate to live in when tapping out, but the extra couple of years of working don't seem worth it. The retirement fund is stocks and bonds only, built over the last 15 years. The passive income it generates is 150% of my current monthly overhead. I feel that this is safe enough to tap out. I plan to continue to invest, but moderately, so the fund will continue to grow, in order to keep up with inflation over the next 30 to 50 years.
I think I did all the right things, started early, invested wisely, lived frugally, all that.
What's most concerning to me is the lifestyle change. I guess I will have to pick up small gigs on the side or volunteer or something in order not to go really retarded really fast.
- WTF
retiring at 37? you are going to be bored within 6 months. I mean good for you, but unless you have endless money and love to travel the retirement lifestylvl_13 - is going to get old, fast.lvl_13
- Sounds awesome. You can indulge in non money earning passions. I'd be making electronic music, painting, designing furniture etc...shapesalad
- WTF
- garbage0
I'm never going to retire, own a home, or accidentally have a family. None of that shit interests me in the slightest.
Live fast, die sorta young.
- I like your style. You and me, we could form a fight club together.M01XXX
- You've been having a hard time here, so I don't want this to come across the wrong way, but as I writer I feel the need to say..garbage
- ..Palahniuk is a hack, and Fight Club is one of the most overrated books of the past couple decades.garbage
- Not that I really care about FC. But well I've never heard about you nor seen a book from you being a bestseller.M01XXX
- Nor will you. Doesn't negate the fact that his work is poshlost with a capital P.garbage
- Bennn0
Lottery and Bitcoins are my plan.
Just kidding. I have a good retirement funds with my employer.
- shapesalad0
Plan to max out all the gov free savings accounts ISA's etc. each year as best possible
Invest in index funds, especially dividend paying funds - reinvest dividends, compound interest win due to "HODL" as the crypto crowd say for 20+ years.. Keep reviewing global economy and switch to different indexes as things change.
Also keep working in spare time on passive income products/services, things that trickle in cash even when I'm sleeping. youtube videos etc....
Keep being frugal and tight and penny pinching, keep saving as much as possible.
- Continuity1
I'm 44, and have no retirement savings/investments to speak of, of any description.
I'm fucked!
(Think I'm joking? I'm not, unfortunately.)
- never too late to start. be super tight with spending, save as much as you earn as poss. re-invest interest on savings.shapesalad
- You could marry an older, rich woman that can take care of you while you take care of her sexually?M01XXX
- I wouldn't even know where to begin. This is one of the things I need to start sorting with my next job.Continuity
- I also need to start an investment portfolio of some description, but I don't know anything about it.Continuity
- I also need to try and think of ideas for passive income.Continuity
- M01, the thought's crossed my mind ... :PContinuity
- ^ seems like sofas has the good answers.shapesalad
- M01XXX-4
I'm thinking about doing a gender change/ op and selling my (new) virginity for $3 million like her: http://www.dailymail.co.uk/femai…
- hmmm, maybe your jokes just aren't hitting right and that's why you are asking everyone to chill. best of luck to the gender change.capn_ron
- Ronald, I'm so sorry.M01XXX
- i'm not asking for an apology. just saying you freaked out here saying everyone was out to get you. maybe that's whycapn_ron
- Sorry, Ronald.M01XXX
- keep us posted on how much you get for it.shapesalad
- whatever man. carry on. we will hear about you wanting to leave soon enough. again.capn_ron
- Probably $5 bucks. So no retirement for me. I'm fucked too.M01XXX
- pango0
Im not gonna retire...ever...
I'll sleep when I die!!!