Retirement

[porkbutt 893]

fock any earlier than 60-65 no matter how much $ i got. that's a lot of free time...what do i want to sit around with wife and watch squirrels? go to grocery stores and sh;t? unless you can really travel, golf & fish every day...no way...not for me.

 

even if i stopped real work..i'd get a fun job like at chik fila during the day or something.

[Frank M 181]

fock any earlier than 60-65 no matter how much $ i got. that's a lot of free time...what do i want to sit around with wife and watch squirrels? go to grocery stores and sh;t? unless you can really travel, golf & fish every day...no way...not for me.

 

even if i stopped real work..i'd get a fun job like at chik fila during the day or something.

 

Have you ever worked fast food? That sh1t ain't fun.

[IGotWorms 4,058]

fock any earlier than 60-65 no matter how much $ i got. that's a lot of free time...what do i want to sit around with wife and watch squirrels? go to grocery stores and sh;t? unless you can really travel, golf & fish every day...no way...not for me.

 

even if i stopped real work..i'd get a fun job like at chik fila during the day or something.

Why not? Traveling isn't even that expensive if you have all the time in the world. Go whenever it's cheap, take the lowest fare flights, get a camper or something so you aren't paying for hotels or apartments

[cyclone24 1,913]

 

Have you ever worked fast food? That sh1t ain't fun.

I don't know might be fun to go do just to tank it. Just a completely not give a f*** tell people what you really think of them at work tell customers to f*** off. Might be a hoot for about a week.

[BLS 314]

I'm also 42. Can retire at 50, mandatory at 57.

 

In our field, as we can retire pretty early, everybody always wants to know your next career plan for retirement. What do you have lined up for your next job for 20+ years

 

Want to do nothing. I want to retire. I want to be able to wake up whenever I want and not feel pressed for time throughout the day. No deadlines, no pressure, no bullsh!t for the most part.

 

Sure I'll travel, fish... etc.

 

Smoke weed and play playstation if I want.

 

We should hang out.

[BLS 314]

Honestly, I'm just short of 45, and have about $43k in retirement.

I know I'm in trouble from a retirement aspect, which is why I'd love a .gov job.

 

I didn't start saving until I was close to 30, and then stopped for about 5 years for some pretty dumb reasons, but they seemed like a smart idea at the time.

 

I just got a job about 1 year ago with about a 20k raise, and I'm actively trying to pay off my vehicle loan and then save for a house.

Once I have that down payment, I'm going to start dumping the max into my 401k and open at least 1 or 2 IRA's (if that's even possible...I'm retarded when it comes to retirement stuff).

 

I was never taught finance and basically my Dad is the only successful person in our family and he's only got like 100k saved and he just turned 65, so he's not exactly the wealth of knowledge on the subject.

 

The good news is I can teach firearms training, repair computers, I'm very handy with tools, sharpening kitchen knives razor sharp, etc.

I will always be able to 'work' without making fries at McDonalds. But yeah, I'd love to retire at 60 and go fishing in my modest Lund 20' boat.

 

The reality is unless I live to 120, I'm focked and I know it. At this point, I'm just simply going to save and invest as much as I can and hope for a modest retirement.

[IGotWorms 4,058]

Honestly, I'm just short of 45, and have about $43k in retirement.

I know I'm in trouble from a retirement aspect, which is why I'd love a .gov job.

 

I didn't start saving until I was close to 30, and then stopped for about 5 years for some pretty dumb reasons, but they seemed like a smart idea at the time.

 

I just got a job about 1 year ago with about a 20k raise, and I'm actively trying to pay off my vehicle loan and then save for a house.

Once I have that down payment, I'm going to start dumping the max into my 401k and open at least 1 or 2 IRA's (if that's even possible...I'm retarded when it comes to retirement stuff).

 

I was never taught finance and basically my Dad is the only successful person in our family and he's only got like 100k saved and he just turned 65, so he's not exactly the wealth of knowledge on the subject.

 

The good news is I can teach firearms training, repair computers, I'm very handy with tools, sharpening kitchen knives razor sharp, etc.

I will always be able to 'work' without making fries at McDonalds. But yeah, I'd love to retire at 60 and go fishing in my modest Lund 20' boat.

 

The reality is unless I live to 120, I'm focked and I know it. At this point, I'm just simply going to save and invest as much as I can and hope for a modest retirement.

You should probably start saving for retirement now while also saving up for that down payment on the side. I know that seems like a lot but if you put it off 1) it'll probably never happen and 2) you'll miss out on years of returns in the meanwhile. Compound interest is the only way most folks can grow a sizable nest egg and the sooner you start the better.

[Frank M 181]

The average amount saved for retirement is ~95k. The median is ~65k. Fully half of all Americans have no savings at all.

 

We decided that it was more important to have my wife stay at home when my kid's were little. Given that I was making very little money at the time, it was impossible to save in any significant amount. We won't have a million dollars when we retire, but our house will be paid for and we'll have a modest income.

 

The investment in our kids was worth it.

[BLS 314]

You should probably start saving for retirement now while also saving up for that down payment on the side. I know that seems like a lot but if you put it off 1) it'll probably never happen and 2) you'll miss out on years of returns in the meanwhile. Compound interest is the only way most folks can grow a sizable nest egg and the sooner you start the better.

 

I know you're right.

[IGotWorms 4,058]

The average amount saved for retirement is ~95k. The median is ~65k. Fully half of all Americans have no savings at all.

 

We decided that it was more important to have my wife stay at home when my kid's were little. Given that I was making very little money at the time, it was impossible to save in any significant amount. We won't have a million dollars when we retire, but our house will be paid for and we'll have a modest income.

 

The investment in our kids was worth it.

I do think there is often an over emphasis on how much is needed and that in turn scares people away from trying to save at all.

 

For example I was told I needed like $3 million saved for retirement. How in the fock is that ever going to happen? Even doing max contributions to a 401k and decades of compound interest wouldn't get me close. So you almost just throw up your hands and do nothing.

 

But I don't focking need $3 million. Kids will be out of college, house will be paid off (and I'll probably make some coin there by downsizing), student loans will be paid off, etc. And I could live more cheaply if I had the time to fix all my own meals, do work around the house, etc.

 

The big concern though is out of pocket medical expenses as you age. That still needs to be fixed through obamacare and Medicare. Mainly it's the ridiculously high cost of prescription drugs that gets you.

[mmmmm...beer 807]

Honestly, I'm just short of 45, and have about $43k in retirement.

I know I'm in trouble from a retirement aspect, which is why I'd love a .gov job.

 

I didn't start saving until I was close to 30, and then stopped for about 5 years for some pretty dumb reasons, but they seemed like a smart idea at the time.

 

I just got a job about 1 year ago with about a 20k raise, and I'm actively trying to pay off my vehicle loan and then save for a house.

Once I have that down payment, I'm going to start dumping the max into my 401k and open at least 1 or 2 IRA's (if that's even possible...I'm retarded when it comes to retirement stuff).

 

I was never taught finance and basically my Dad is the only successful person in our family and he's only got like 100k saved and he just turned 65, so he's not exactly the wealth of knowledge on the subject.

 

The good news is I can teach firearms training, repair computers, I'm very handy with tools, sharpening kitchen knives razor sharp, etc.

I will always be able to 'work' without making fries at McDonalds. But yeah, I'd love to retire at 60 and go fishing in my modest Lund 20' boat.

 

The reality is unless I live to 120, I'm focked and I know it. At this point, I'm just simply going to save and invest as much as I can and hope for a modest retirement.

Find a church in the area offering Dave Ramsey's "Financial Peace University" - its seriously a life changer if you grew up not knowing anything financial.

 

Even if you choose to ignore the God stuff with it, it really helps you out. It's like a 12 week course (once a week). The average family dumps like $5k in debt over the course of the program alone.

 

Seriously bro... look into it.

[IGotWorms 4,058]

Find a church in the area offering Dave Ramsey's "Financial Peace University" - its seriously a life changer if you grew up not knowing anything financial.

 

Even if you choose to ignore the God stuff with it, it really helps you out. It's like a 12 week course (once a week). The average family dumps like $5k in debt over the course of the program alone.

 

Seriously bro... look into it.

Ramsey's "Total Money Makeover" is a pretty good starter book on the subject too

[BLS 314]

Find a church in the area offering Dave Ramsey's "Financial Peace University" - its seriously a life changer if you grew up not knowing anything financial.

 

Even if you choose to ignore the God stuff with it, it really helps you out. It's like a 12 week course (once a week). The average family dumps like $5k in debt over the course of the program alone.

 

Seriously bro... look into it.

 

Already did. About 5 years ago.

I'm debt free aside from my truck, which I owe 15k on, and only bought because my credit was getting ruined with no loans and no credit card balances.

In today's numbers, financially, I'm doing very well. I have close to 30k in savings, probably 5k in checking and I'm pulling just over 6 figures currently.

 

My truck will be paid off in probably 4 months, maybe 5. I don't teach during the summer, so I don't have that income, but it's only for 2 months.

 

Funny story, 5 years ago for Christmas I gave everybody in my family Dave Ramsey's book. I gave them all other gifts as well, but the looks were priceless.

 

[mmmmm...beer 807]

Ramsey's "Total Money Makeover" is a pretty good starter book on the subject too

Yup... I've got that as well. The course essentially goes step by step and teaches you how to take back control of your finances over that time period. Baby steps... so its not so over whelming.

[Frank M 181]

I do think there is often an over emphasis on how much is needed and that in turn scares people away from trying to save at all.

 

For example I was told I needed like $3 million saved for retirement. How in the fock is that ever going to happen? Even doing max contributions to a 401k and decades of compound interest wouldn't get me close. So you almost just throw up your hands and do nothing.

 

But I don't focking need $3 million. Kids will be out of college, house will be paid off (and I'll probably make some coin there by downsizing), student loans will be paid off, etc. And I could live more cheaply if I had the time to fix all my own meals, do work around the house, etc.

 

The big concern though is out of pocket medical expenses as you age. That still needs to be fixed through obamacare and Medicare. Mainly it's the ridiculously high cost of prescription drugs that gets you.

We'll have well over 200k, probably more.

 

It is amazing how much we're bombarded with the message of how important it is having lots of money when you retire. That is out of the question for most people, and that's not a new phenomenon. It's always been that way.

[Frank M 181]

Point being that most people will be okay, they just will have to continue living how they've always lived when they retire instead of traveling and golfing every day.

[Hardcore troubadour 15,462]

The best way to save is to eat and drink out less. I'm about to put up a new deck, and it will cost me 18k but probably save me 1k a year cooking and having people over here instead of going out. Even a box like the Olive Garden is too expensive and unnecessary.

[Vic_Rattlehead 0]

Just turned 47, have around 750K stashed away so far. Probably stay in the rat race for at least another 15 years.

[NorthernVike 2,087]

Honestly, I'm just short of 45, and have about $43k in retirement.

I know I'm in trouble from a retirement aspect, which is why I'd love a .gov job.

 

I didn't start saving until I was close to 30, and then stopped for about 5 years for some pretty dumb reasons, but they seemed like a smart idea at the time.

 

I just got a job about 1 year ago with about a 20k raise, and I'm actively trying to pay off my vehicle loan and then save for a house.

Once I have that down payment, I'm going to start dumping the max into my 401k and open at least 1 or 2 IRA's (if that's even possible...I'm retarded when it comes to retirement stuff).

 

I was never taught finance and basically my Dad is the only successful person in our family and he's only got like 100k saved and he just turned 65, so he's not exactly the wealth of knowledge on the subject.

 

The good news is I can teach firearms training, repair computers, I'm very handy with tools, sharpening kitchen knives razor sharp, etc.

I will always be able to 'work' without making fries at McDonalds. But yeah, I'd love to retire at 60 and go fishing in my modest Lund 20' boat.

 

The reality is unless I live to 120, I'm focked and I know it. At this point, I'm just simply going to save and invest as much as I can and hope for a modest retirement.

So you're saying your big bet on silver didn't pay off?

[BLS 314]

So you're saying your big bet on silver didn't pay off?

 

Actually it did. I sold most of it before the price dropped, and used that to pay off debt.

But yeah, I'm pretty much focked. :-)

[penultimatestraw 473]

The thing about retiring early is that all of your friends are still working and you get bored. There's no one to do things with.

They also start dying off. My plan is to travel a bit with my wife, and possibly move overseas for a while.

 

In addition to travel, I want to stay physically active as long as possible. Skiing, climbing and tennis can all be continued at least until age 60. Once I am physically unable to do those, I plan on playing cards and board games until demented.

[penultimatestraw 473]

I do think there is often an over emphasis on how much is needed and that in turn scares people away from trying to save at all.

 

For example I was told I needed like $3 million saved for retirement. How in the fock is that ever going to happen? Even doing max contributions to a 401k and decades of compound interest wouldn't get me close. So you almost just throw up your hands and do nothing.

 

But I don't focking need $3 million. Kids will be out of college, house will be paid off (and I'll probably make some coin there by downsizing), student loans will be paid off, etc. And I could live more cheaply if I had the time to fix all my own meals, do work around the house, etc.

 

The big concern though is out of pocket medical expenses as you age. That still needs to be fixed through obamacare and Medicare. Mainly it's the ridiculously high cost of prescription drugs that gets you.

Yeah, I always thought the retirement calculators were pretty obnoxious. They assume your spending habits stay the same throughout life, which is a bad assumption.

 

Aside from medical costs, you can really focus on living cheaply as you age to lessen the obscene saving estimates.

[penultimatestraw 473]

Point being that most people will be okay, they just will have to continue living how they've always lived when they retire instead of traveling and golfing every day.

I believe this is pretty accurate, though our consumerist society makes one think they need to work to buy their "dream" house, car, vacation, etc.

[southcarolina 166]

Im 45. My oldest son has already moved out, my youngest is 16 and finishing his soph year of HS. In 5 years i will be 50, and have 20 years in with my current employer. At that point if nothing changes we will be about 7 years from paying off our mortgage. I wont be able to retire like not work anywhere at all, but i fully intend to get off the 12 hour shifts and nights and weekends merry go round.