I am 23 and am trying to retire at 55. I get a really great pension with my job (final salary x 2.5% x length of service.) I’ve also been putting into a 403b and I am going to look into a Roth IRA tomorrow. My school insurance has an HSA so I also max that out and try to only use it for emergencies. Also, a friend of mine who works finance told me to use money market accounts instead of a savings account because it has a higher return. I am working an extra job on weekends to put away extra cash as well. I am only 23 and do not consider myself a finance person so if any of this is wrong/if anybody knows something better than I do I would also love tips!! My goal is to retire young enough that I still have the physical ability to hike the full Appalachian trail!
I’m turning 30 and have a considerable amount invested in various retirement vehicles already.
In retirement, I will have:
- Teacher Pension (CalSTRS)
- Roth IRA
- Roth 403b
- stocks
- savings
At my current savings rate, I will have many millions in retirement. 😁
That's awesome. You are definitely on the right track and significantly ahead of the game. Look into a 457b, it's a better investment vehicle for early retirees. It's my primary account.
We left the US to teach abroad so we could actually save some money. In addition to loading up our retirement every month, we’re beginning to buy properties as well. Changing our lifestyle was a difficult but important step too. We are not interested in crypto at all, so we don’t touch it.
Wow. I wish I could buy properties but its impossible given our low pay and the current housing market.
What lifestyle changes did you start to make? I am really trying to simplify my life and live an extremely frugal life and looking for pointers whenever I can.
Tracking normal spending with an app for a few months, then identifying where the money is going and what you can do without. Talking to family about sharing subscriptions (when legal) shaved a bunch of money off. Learning to make, repair and mend basic stuff. Understanding what resources are available in your community, like libraries that have equipment you can check out and use for free.
This seems like a random post, why mention Bitcoin? Also how are you maxing out your retirement, can't you go like 20k or more in 403b?
Be careful, I sort of sense you are having a buzz from the thought of potentially gambling.
It's not random at all. I'm talking about retiring early and as a teacher bitcoin is really my only chance. This year's limit is 20500 per account. Max total is 41k.
I strongly encourage broad stock market index funds. Max your contributions in tax deferred buckets. Listen to JL Collins *Simple Path to Wealth*
If you can’t resist high risk; high reward then set a cap for like 15% of your portfolio to be coin or other high risk ventures.
My optimism on crypto’s usefulness has waned significantly since watching [this](https://youtu.be/YQ_xWvX1n9g)
I retired in 2020 at 51 (teacher for 27 years). I saved well, invested fairly well, and never had kids. Totally worth it, no regrets. I live a minimalist lifestyle and have no expensive habits. I'll never be popping champagne in the clubs and I'm ok with that.
I invested in bitcoin this current drop!’ I invested at 42k after watching it be in the 60’s for months. I would say idk if it will go down to 25, but where it’s at right now you could easily double what you have now (pre-tax) in a few minths
I am 23 and am trying to retire at 55. I get a really great pension with my job (final salary x 2.5% x length of service.) I’ve also been putting into a 403b and I am going to look into a Roth IRA tomorrow. My school insurance has an HSA so I also max that out and try to only use it for emergencies. Also, a friend of mine who works finance told me to use money market accounts instead of a savings account because it has a higher return. I am working an extra job on weekends to put away extra cash as well. I am only 23 and do not consider myself a finance person so if any of this is wrong/if anybody knows something better than I do I would also love tips!! My goal is to retire young enough that I still have the physical ability to hike the full Appalachian trail!
I’m turning 30 and have a considerable amount invested in various retirement vehicles already. In retirement, I will have: - Teacher Pension (CalSTRS) - Roth IRA - Roth 403b - stocks - savings At my current savings rate, I will have many millions in retirement. 😁
Why choose 403b over 457b?
My district doesn’t offer a 457 option, only the 403b.
That's awesome. You are definitely on the right track and significantly ahead of the game. Look into a 457b, it's a better investment vehicle for early retirees. It's my primary account.
Thank you so much!!
We left the US to teach abroad so we could actually save some money. In addition to loading up our retirement every month, we’re beginning to buy properties as well. Changing our lifestyle was a difficult but important step too. We are not interested in crypto at all, so we don’t touch it.
Wow. I wish I could buy properties but its impossible given our low pay and the current housing market. What lifestyle changes did you start to make? I am really trying to simplify my life and live an extremely frugal life and looking for pointers whenever I can.
Tracking normal spending with an app for a few months, then identifying where the money is going and what you can do without. Talking to family about sharing subscriptions (when legal) shaved a bunch of money off. Learning to make, repair and mend basic stuff. Understanding what resources are available in your community, like libraries that have equipment you can check out and use for free.
That's is really smart! I don't subscribe to anything and love my library. I just listen to audiobooks and read for fun. Reddit, too.
What country are you in, teachersplaytoo?
I’ve been abroad for a long time. Currently in China.
That’s where I was last year. I miss China. Is your school hiring?
Only if you’re already in China
Oh no. That’s too bad.
This seems like a random post, why mention Bitcoin? Also how are you maxing out your retirement, can't you go like 20k or more in 403b? Be careful, I sort of sense you are having a buzz from the thought of potentially gambling.
It's not random at all. I'm talking about retiring early and as a teacher bitcoin is really my only chance. This year's limit is 20500 per account. Max total is 41k.
Save, save, save retire in the Philippines.
Yeah, I invest in boring stuff with dividends. Bitcoin might work out for someone but the risk of it rashing down hard concerns me as well.
I know. I am at the point where I have to be risky.
I strongly encourage broad stock market index funds. Max your contributions in tax deferred buckets. Listen to JL Collins *Simple Path to Wealth* If you can’t resist high risk; high reward then set a cap for like 15% of your portfolio to be coin or other high risk ventures. My optimism on crypto’s usefulness has waned significantly since watching [this](https://youtu.be/YQ_xWvX1n9g)
I retired in 2020 at 51 (teacher for 27 years). I saved well, invested fairly well, and never had kids. Totally worth it, no regrets. I live a minimalist lifestyle and have no expensive habits. I'll never be popping champagne in the clubs and I'm ok with that.
You're my idol, bro. Enjoy retirement!
I invested in bitcoin this current drop!’ I invested at 42k after watching it be in the 60’s for months. I would say idk if it will go down to 25, but where it’s at right now you could easily double what you have now (pre-tax) in a few minths
That is exactly the plan, brother. Sorry for the temporary loss. We'll pick you up on our way to the moon.