At what age do you hope to realistically retire? What types of things are you doing right now to meet that goal? Discuss your plan. Roth's, Traditional IRA, 401K, pension etc. Do you plan on getting anything out of Social Security at your retirement age?
I guess 65...? My job is not exactly strenuous, so I could do it for awhile. I have a Roth 401k and Roth IRA. Plus if I ever become an owner of my current company, which I hope I do if I stay here till retirment, I will get a quarterly % of earnings.
50 years old. Joined the military at 17, retired before my 51st birthday. Lived a modest life in the military and continued that life now. Btwn pension, military disability and social security in 5 more years, will be grossing about 60K per year.
My wife and I both have 401Ks and I have a small Roth IRA that I rolled into the stock market. I have no idea how long I will end up working but like anyone else I assume it will be in the 62-65 age range. It all depends on the direction this country goes and what state things are in socially and economically. I do plan on getting out of Social Security upon retiring, that's if the program even still exists by then.
I could see wanting to work some part time until mid 60's but I don't want to work a full time job till I'm 65 unless I have to. I want more time to myself while I am still able to do the stuff I want to.
I have a Roth 401K that I put 5% in, my employer matches the 5% and then contributes an unmatched 4%. The goal is to use my annual bonus (12.5% and up) and tax return (if we continue to get them like we have the last couple of years) and have student loans paid off next year, along with a good portion of my truck, and then in 2016, pay the rest of my truck off and a good chunk of the car. Once we get those paid off, I'll up the contribution to my 401 by 1 or 2% a year. The idea is to have everything close enough to paid off (or paid off) by the time my youngest graduates high school (17 years from now) and look at "semi-retiring" (move and build us a nice small little house and not have to worry about having a high paying job)
My last boss "semi-retired" around 59. He was kept on the payroll because of his contacts and client relationships. He only "worked" 20 hours per week. And by work, I mean he took clients out to lunch and/or dinner a few times a week or took them fishing/hunting. He never stepped foot in an office. I would hope that is more my role when I get to that point in my career.
I'm sure it will not be until I am 67. I started my 401K last year and just got word that the company I work for is going into open trading in the coming months. I may begin putting money towards that as well.
I started my retirement when I was 18, I'm 19 now but I plan to have a 250,000 plus income from interest when I retire, I'll probably work into my 70's. As for collecting social security, that's a joke. I'll never see a penny from social security. At the current rate I will on average be dead a year before I'm even eligible to collect, if social security makes it that long. Personal rant here- I don't really give a damn if gays can marry or if schools can have pizza at lunch. How about we spend some time trying to fix our debt and social security! Instead of raising the limit ever year so we can talk more about gay marraige, let's fix it for once.... /end rant Sent from my iPhone using Tapatalk
My plan is too semi retire in the next 12 years ...so at 50. I have no plans to fully retire I figure I will will cut back to about 40 hours a week and sell off most of my business. My wife has another 7 years she will be 41. She plans on just doing some part time consulting after that....she is open offers though...
I can technically start drawing 50% at 20 years placing me at 44 years old... But at 2.5% per year increase from then on coupled w the fact that the big promotion usually comes around year 20... I realistically see staying on until 50 and drawing 65% of a much higher base pay. That all depends on how many rental properties I have by then. As soon as I climb out from underneath my student loans I'll begin buying 1-3 a year, with a goal of 20-30 by retirement. If my rental income is already matching my pharmacist salary by 44yo, I won't be staying on for a higher retirement. Ill go enjoy life at an even younger age.
Plan to retire in a couple years at 65. I hope to be alright with my Roth IRA, 401K, SS and pension. My wife will retire before I do and will draw a pension and SS.
What kind of rental properties are you thinking? Apartments, duplexes, vacation? Who will maintain and manage those properties while you are enjoying life? Talk about this more.
I'm hoping to be done where I'm at by the time I'm 50. I have a 401k a couple of IRA's traditional and roths. I have rental properties that I could either keep for income of cash out of I don't care either way I bought them on the low end of the market. My house is almost paid off and should be by the end of the year all that money is going into investments. The business I'm not sure what I'm going to do with it yet but my main goal is to sell everything and move west. I was thinking about running a small resort with weekly rentals just for some income and something to do. We'll see how that plays out.
I like what I do and really do not ever plan on retiring. I will slow down when the girls are through college and my wife will hopefully be done in six years.
Owners rarely do the managing. And if you buy nice enough rentals, you can typically avoid the slumlord type rentals. Not always but rental demand is huge and I see it only getting bigger with the economy how it is, landlords can be as picky as ever about who they rent to. My parents have a few rental properties in my home town... Enough that when Dad retires someone else will manage them completely for him. I plan to just keep adding to what they have and operate under the same manager so I don't have to live locally. I'll have other investments, but the bulk of my money will go to real estate to begin my career, once you have 5-6... You can continue buying without using your own money for the 20% down by borrowing against the original houses. Snowballs as they all pay themselves off and in 15 years, ten houses are worth $1mil plus that you have zero invested into, and draw $60k or so net annually once mortgage free.
