Just setting up a thread as we have folks from all demographics and v stages of life... I've got questions, but others may as well such as investing, planning, etc. Been thinking a lot about retiring, sooner (like 62ish, perhaps earlier) rather than later (65-70). I'm 55 now, think I've got the investments and finances directionally right... For y'all retired already, any big considerations you wrestled with or found to be a surprise after the fact? From discussions with my in laws healthcare and long term care seem to have been their biggest concerns...
49 and will retire in 5 years when my wife does, she's one of the last group of teachers in Michigan to get a pension and healthcare. We are set and ready!!!!
I get it... My (current) intent is to redirect my time to non-profit interests, maybe dabble in a new endeavor, grandkids, and hobbies. Whatever I do, probably won't invoke IT, working with resources/clients scattered around the globe...
I am 38, plan on retiring around 65 unless this country truly embraces socialism. In which case, I will probably just be moved into a gulag, I mean, retirement home. More realistically, I have one year's salary saved in a 401K, and if I put my house on the market, I could get close to twice what I owe on the mortgage. Since my wife is an only child, we will eventually inherit the entirety of her parents estate, assuming it is not spent caring for them if they spend several years in nursing homes.
I am 33 and have 0 long term idea when I plan to retire. I have just under 1 years salary in my 401k and little to no debt outside of our mortgage. As of right now I am contributing 10% of each check to my 401k (Ideally would like that to be closer to 15%), and 5% to our Employee Stock Purchase Program. Not sure what else I can do to prepare for retirement.
Bill - This time next year I'll have more input for this thread. I am just starting the process of getting all my revenue streams setup for retirement. We have 401K's, annuities, pensions and cash, and I'm currently dealing with land inheritance and re-investing newly obtained assets. Right now my biggest concern seems to be health coverage, We just became debt free and as of now my planning has us using the old mortgage payment to address Health care until Medicare kicks in. TBC... in six months!
I want to retire and do what I want and not what I have to do! That’s the dream! Sent from my iPhone using Tapatalk
Yeah, they don't do any planning of any kind for anything. Its gonna be a crap show when the time comes. It is already a crap show, I am just not in charge of it yet.
For you younger guys the few things I found helpful... You probably know already. -work aggressively to be debt free. Dave Ramsey has tactics, but even before I knew of him, I paid off debt highest rates to lowests (his approach slightly different). -If you have kids, save some for college...we paid some of ours...all, except my son in med school (mostly loans), attended public colleges (community, state or combo)... Some kids borrowed some $, we didn't co-sign. -minimally find 401k to receive the max of any employer matching... As you get raises, increase your savings... You want to strive to max it out (to the irs limit).
I have the luxury of being a boss, that being said I still have to do things I don't want to. I don't dislike my job, I get plenty of vacation, I would go nuts if I didn't work.
Being your own boss is the goal and staying busy. Those that work their whole lives and who get stagnant are the ones that have short retirements it seems Sent from my iPhone using Tapatalk
What he said and being debt-free is not only about being stress-free, it's about options. I have options at 49 a lot of my friends do not. Also if your 401K Offers a ROTH do that also. That money will be tax-free when you spend it. Anytime I get a raise the 401K gets it. Unlike Sota I plan on golfing, hunting, and doing and seeing all the things I gave up for my kids. It's payback time for dad. I paid for my kids for 4 years of school, past that it's on them.
Same here, but I'm saving all I can in my 401k. That way my 70 year old ass can afford to call in sick
Yeah I'll probably be late for my own funeral, because I had to work a half day. Sent from my SM-G781V using Bowhunting.com Forums mobile app
I'm not sure when it will be but wife and I set aside 25 % so here is to hoping we can retire and travel in 20yrs
I can't even think about retirement aside from trying to prepare for it Just turned 47 2 weeks ago. Have almost 2 years salary in 401k but I stupidly moved about 90% of it into the safer category a bit after Biden took office thinking I was smart. Now I'm afraid to move it back with everything in turmoil. Currently contributing 14%(that goes into the original plan) and it is supposed to go up 1% automatically every March 13th, but I don't think it did this year. I may have to do it manually every year? The whole "will never raise it above 6%" confuses me. I don't make enough to be able to max contribution limit, but would like to get to 22%.
