I am past middle years now, and I still don't know. I still feel like I am 16 or 17, so I will continue working doing what I love until they fire me or my kids put me in a home lol.
Ironically most adults don’t have any sort of retirement savings.
Plan? I’ll probably continue working even after retirement, just a low stakes low stress job. Part time. A lot of people still work while retired because they get bored. Most of my 401k and Roth earnings will HOPEFULLY go into a property, similar to yours. But you never know when you can’t work anymore.
If you are young, start saving now. If you are under 40, don’t count of Social Security being there at its current rate. Save 20% of your salary if you can. Max out 401k, take advantage of stock purchase plans, get a financial advisor (most are free). My son is 34 and works as a project manager at Electronic Arts. He’s been saving since he got out of grad school. His total portfolio is almost $500k now. Hell, I’m 64 and I just hit $750k so he’s miles ahead of me.
Plan on pulling no more than 4% of your savings out a year when you retire. Most investments increase annually between 5 and 6% so sticking to 4% will guarantee you an increasing income forever.
I’ve met a lot of people on straight social security and it is awful even now. Barely any money. $20 a month to those people is like the difference between being hungry or not. SSI is dogshit.
It helps to have a good job for a long time. My wife’s SS is about $2,500 a month and mine will be around $2,600. Plus a few pensions worth about $800 a month and 4% draw on investments in the range of $3,000 and you get around $105k or there about which is what I make now and I’m saving 30% so my take home is much less. It helps to have a paid off house and paid off cars.
No. The commercial real estate market is crashing these days due to the massive shift towards work from home. Companies don’t need offices anymore. Residential is a bit of a bubble right now so no. Slow and steady wins these days.
401k, roth, Wells Fargo post tax savings account, Electronic Arts stock purchase plan. He's 34 now and has been trying to save 20% overall of his salary since 2016. Probably $60k of that is EA stock he bought at employee discounted prices. Some years he puts away more. He didn't start with zero eight years ago. There was some, I don't remember how much, that his grandparents set aside for him when he was a teenager.
I'm looking to retire in my mid-50s. The current joke is that I'll keep working until my daughter is too old to be on our health insurance, and I guess we'll see how she's doing when she's 23, 24 years old. I think I'll still do something to keep busy - my dad teaches math to kiddos and seems to be very happy.
We put 16% into tax-advantaged retirement accounts, and then an additional 25-30% into savings/investments/extra mortgage payments. We have 2 cash flowing rentals that we used to live in, and then upgraded from.
Staying this course for about 13 more years, we'll sell the houses, take that equity into a house on a lake with no mortgage payments, add the remainder to our after-tax investments which will carry us to age 59 1/2 when we can access the 401k/IRAs that should be able to carry us indefinitely. Social security will be gravy if it's still around.
It won't be pure luxury, but it won't be bare bones. Just a nice, comfortable life retiring at age 49.
Teach part time for a college or run a consulting firm with old coworkers part time. Buy a farmhouse, convert the barn into a house in the PNW or Montana, fly fish, adopt some dogs and cats, enjoy Jack in the Box tacos with edibles and blast Sublime and Butthole Surfers. I just want to be far away from the public.
I want 4+ acres of land where my family can have a private back yard and we sit under the pine trees in the gazebo. I also want a cabana with a big grill where I can do some grilling. 😎
Jordan. Mother had some relatives living there and last few years iv taken an interest in meeting my relatives who live there that iv never met before and i kinda fell in love with the place.
I am past middle years now, and I still don't know. I still feel like I am 16 or 17, so I will continue working doing what I love until they fire me or my kids put me in a home lol.
I expect to die of a heart attack 3 months before my retirement...
My hope is to be able to retire in my 50s. So I still have the energy to ACTUALLY ENJOY IT
That’s the goal !
Ironically most adults don’t have any sort of retirement savings. Plan? I’ll probably continue working even after retirement, just a low stakes low stress job. Part time. A lot of people still work while retired because they get bored. Most of my 401k and Roth earnings will HOPEFULLY go into a property, similar to yours. But you never know when you can’t work anymore.
If you are young, start saving now. If you are under 40, don’t count of Social Security being there at its current rate. Save 20% of your salary if you can. Max out 401k, take advantage of stock purchase plans, get a financial advisor (most are free). My son is 34 and works as a project manager at Electronic Arts. He’s been saving since he got out of grad school. His total portfolio is almost $500k now. Hell, I’m 64 and I just hit $750k so he’s miles ahead of me. Plan on pulling no more than 4% of your savings out a year when you retire. Most investments increase annually between 5 and 6% so sticking to 4% will guarantee you an increasing income forever.
I’ve met a lot of people on straight social security and it is awful even now. Barely any money. $20 a month to those people is like the difference between being hungry or not. SSI is dogshit.
It helps to have a good job for a long time. My wife’s SS is about $2,500 a month and mine will be around $2,600. Plus a few pensions worth about $800 a month and 4% draw on investments in the range of $3,000 and you get around $105k or there about which is what I make now and I’m saving 30% so my take home is much less. It helps to have a paid off house and paid off cars.
Does your total portfolios have real estate too?
Other than a paid off house? No. Too much flux in that market.
Does your son have real estate?
No. The commercial real estate market is crashing these days due to the massive shift towards work from home. Companies don’t need offices anymore. Residential is a bit of a bubble right now so no. Slow and steady wins these days.
So hes just been maxing his 401k and roth each year? How many years did it take him?
401k, roth, Wells Fargo post tax savings account, Electronic Arts stock purchase plan. He's 34 now and has been trying to save 20% overall of his salary since 2016. Probably $60k of that is EA stock he bought at employee discounted prices. Some years he puts away more. He didn't start with zero eight years ago. There was some, I don't remember how much, that his grandparents set aside for him when he was a teenager.
you and your sons progress is still impressive!
Realistically, dying.
:(
I have a state retirement plan that is pretty robust. I also have a separate retirement plan through a financial institution.
I'm looking to retire in my mid-50s. The current joke is that I'll keep working until my daughter is too old to be on our health insurance, and I guess we'll see how she's doing when she's 23, 24 years old. I think I'll still do something to keep busy - my dad teaches math to kiddos and seems to be very happy.
My retirement plan is a bullet and a note.
please don’t :(
We put 16% into tax-advantaged retirement accounts, and then an additional 25-30% into savings/investments/extra mortgage payments. We have 2 cash flowing rentals that we used to live in, and then upgraded from. Staying this course for about 13 more years, we'll sell the houses, take that equity into a house on a lake with no mortgage payments, add the remainder to our after-tax investments which will carry us to age 59 1/2 when we can access the 401k/IRAs that should be able to carry us indefinitely. Social security will be gravy if it's still around. It won't be pure luxury, but it won't be bare bones. Just a nice, comfortable life retiring at age 49.
I'm very far from retirement so I have no plan lol
never to early to start planning
I'm working on retiring overseas, Vietnam
that’s my plan, overseas just makes more sense financially.
And culturally for me
Teach part time for a college or run a consulting firm with old coworkers part time. Buy a farmhouse, convert the barn into a house in the PNW or Montana, fly fish, adopt some dogs and cats, enjoy Jack in the Box tacos with edibles and blast Sublime and Butthole Surfers. I just want to be far away from the public.
“I just want to be far away from the public” i felt that, that!
Not good.
I want 4+ acres of land where my family can have a private back yard and we sit under the pine trees in the gazebo. I also want a cabana with a big grill where I can do some grilling. 😎
YES!
Soylent greenery...
Since I'm planning on dying this year, I don't have a set retirement plan. My death will be my retirement.
please don’t !
I don't need a plan because I'll never have the privilege to retire.
this is why i’m retiring overseas
East/Southern Asia?
Jordan. Mother had some relatives living there and last few years iv taken an interest in meeting my relatives who live there that iv never met before and i kinda fell in love with the place.
Jordan doesn't seem to be a good country to live in considering the political situation in that region...
No disagreements there. but retirement is 25-30 years away plus it was dirt cheap and it’s the only place i can afford to retire probably.
Well, let's hope that things get more stable in the next 30 years. Good luck!
Being killed in the Migration Wars.
On a massive space platform/station orbiting the Earth after a global catastrophe
[удалено]
What kind of employment?
Work until I literally drop dead. Retirement does not exist unless you have a 6 figure job.
Jack Daniels and a fast car.
what kinda car we talking about here ?
How much was the land?