Same here. I love what I do. I may reduce the amount of work, but it pays really well and I really enjoy what I do.
well by then the government will have everyone broke so I most likely will work more cash jobs to technically become poor. then become a democrat and draw welfare and get free medical, free food, free cell phone, free internet, and other free benefits. that will be the best way to get in the woods whenever I want. the nice part is I can come back from hunting and have a free steak dinner compliments of welfare. I guess i'll have to wear pajamas around all the time in public to fit in with the welfare crowd. ahhh just kidding around. I will just keep doing what I'm doing just do less of it and do smaller jobs. work is what keeps you alive!
My plan is to be able to retire when im 55, im 24 now. My plan is to stay in ND during the winter more than likely just visiting the warmer states to keep the Mrs. happy, being a snow bird would mean you miss out on the best time of the year, hunting season haha. Started my 401k and roth 3 years ago plus some other investments. so figuring 35 years investing into those im hoping that i will at least have the option to due so!!
Code: I'm convinced that the best retirement plan is to live a pre-retirement lifestyle that doesn't amass debt. When you're debt-free, you have many more options.
Right now would haveta say win the lottery. But honestly I'd haveta agree with what someone said earlier and to just have the hopes that I make it long enough to retire. Unfortunately when I was in my 20's and had plenty of chances to really set things up that would be pretty easy to begin saving I didn't. I'm only now looking seriously into it. It's not too late seeing as I'm 32 but definitely a late start. I don't have much else to really worry about not being married or having kids and like my job that affords me plenty to do what I want whenever so can't complain too much. But with having a job that's hard on your body gotta start doing something, only getting older ha.
While I agree that fiscal restraint is generally a good thing, being totally debt free at retirement age is not a good thing. You need debt to keep a credit rating-ask my dad how debt free works.......never owed a thing on credit since about 1995. Paid his credit card off monthly if he even used it. Come 2015 he wants to buy a new truck and finance a portion. Surprise! A credit rating in the mid 200's. It's a balancing act for sure to be in the right spot.......
I am a teacher, and I tell my students that they are all invited to my retirement party. It will be held directly after the grave side services. In reality, my previous employer switching from a defined benefit program to a defined contribution program 9 years and 11 months after I started (10 years required to be vested in the old system) and going to a defined contribution program did not help me too much. I had 15 years in that system, and then switched to a new job teaching in Montana. The mix and match is definitely going to keep me working longer than I want to, although I do love my job most days. I'm just hoping that if I do get a chance to retire before the age of 70 that my health will allow me to keep on hunting.
I will more than likely retire the day I die. Although I've been paying into 401k since I was 18 I just don't see myself making it to 65 and even if I do I'll be to washed up and shot to enjoy much.. Hopefully someone gets to enjoy my hard work after the fact, but I'm sure I won't.
My husband should be able to retire by early 50's - however, I'm sure he'll still do something for money as he likes to spend spend spend. But, our house should be paid off by the time we're 35. Then we would just have whatever vehicle payment we have at that time. Me? I'll never be able to retire on a 401k fund. I had one at my previous job, but new job doesn't offer one and I haven't found a place to roll my previous one into. I'll do that when I find the right one and add to it - but I'm hoping to be able to stay home with children in the future. (Though, my current job offered me part-time work at home) After they're grown, I'll go back to doing work - full or part - just because I'd kill my husband if we were home together all the time.
If I stay in Virginia my retirement age will be about 56 yrs old. I'm 41 now. I'm investing about 5% each paycheck and my wife has done the same for many years. I don't know what that will bring me come retirement. I am pretty worried about it to be honest. Although I've worked hard and tried to do what is right, I feel kind of lost in the entire system. I have been hammered on a house I bought 9 years ago. It lost 40% of its value 8 years ago ecause of the damn housing market fiasco and it has only recovered about half the loss since then. As for post work I'd like to have a small house in the country with some land or be real close to a large chunk of public land where I can roam. The wife and I will probably move south to somewhere like North Carolina as my aging and battered knees are not liking the cold weather anymore.
I was set up really good a while back with my county government job, benefits were solid and retirement plan was fairly good....well when I stayed in similar/same line of work but went private I obviously don't have a retirement plan through work....so last year I finally did open a roth IRA and maxed it...was planning on maxing it again this year but buying some land has lowered that goal to 50% max. We shall see...I think wise decisions on my part and my wife's retirement plan from teach should allow us to retire or minimum slow down at some point. Still young though me 29 and her 27.
It depends. You really only need a credit rating of you intend to borrow or finance. If your Dad had the ability and said 'I'm paying cash', credit rating is a non-issue.
Exactly. Now that I'm nearing retirement, I can't think of a single thing that I'd consider financing.
***Oops...I meant to reply to Pink Pony's post. You can roll your 401(k) to an IRA of your choosing. Keep contributing while you are young, the power of compound interest is on your side.
There are lots of retirement calculators out there. Plug in some numbers and it will help you gauge what you will end up with in retirement. Don't wait until its too lake, act now and save yourself the worry.
I doubt I'll retire. I come from a long line of workaholics. I like my vacations and enjoy the little free time on the weekends I have but I'm always ready and anxious to get back in the office. That might change if we have kids.
I'm retiring next month. After 38 1/2 years at the same place, I've had enough. The wife and I are buying a small business about 15 miles from our place up north. It is a bar/restaurant that is located on the 4 wheeler and snowmobile trails. The wife is going to run it while I do my own thing. We can't wait.
If you do actually retire at 59.5, you have a whole lot of life ahead of you. A lot of bad chit can happen. If you can stash away cash for big ticket items pre retirement, that's great. Most people will never be able to do that. My train of thought is why should I pay taxes to the government to buy something I need? I would much rather pay the interest to my community bank/credit union where it will go back (at least most of it) to my local community. Versus the government pissing it away on subsidies and gifts to those who really don't deserve it.
I make my living as a Credit Analyst. I've seen many retired age people with excellent fico scores around 800 with nothing more than an open credit card or two which they pay in full when they use them. Poor credit ratings (low fico) are due to negative information on a credit report...not lack of credit history. People who have no open credit accounts reporting within the past year likely will not have a fico score (unless there is delinquent or derogatory info reporting). I've never seen a fico score below 300 and i'm not sure that's even possible?
