I figure I'll roll my truck/ATV off a mountain and die before I get to retire, so no worries. :D Barring that, I'll live in a shack and become a crazy cat lady. I have zero cats right now so I should probably think about collecting some. Or I could just go with chickens. I have chickens......
Oh Yeah! Nah I don't think I have it all planned out, but it's never too early to start thinking about it!
If thats the case our economy will be in such shambles... whatever we invested now won't matter then anyway. I'm still atleast 5-7 years from needing to think about this. Starting out at $200k in the hole at rates double what houses and cars are available for... you'd be moronic to save back vs paying that debt off first. I'll reassess all options at that point based on where I'm at with my life (state of residence, wife?, kids?, etc)...
Id like to retire in my lates 50's. That more than likely will not happen. I have investments at work and have been in the state retirement system in VA for 15 yrs now.
My target age to retire has always been 48. Really. I chose that age when I graduated from college. I have a few more things I need to take care of, but I think I can still make it happen.
Dude. I don't know how much you plan on making but if you want that as interest and interest is about 5%. Then that's about 3.75M saved just to your retirement. But I guess if you've had other investment property it might help. Am I doing the math wrong here? Not trying to shut down your dreams as I would like to have that same goal.
I have a program that does the math, I'll double check when I get back in a few minutes Sent from my iPhone using Tapatalk
I probably won't ever stop working. I wouldn't mind working just 2 or 3 days a week and semi retire. I could be a teacher or something. Really my dream job but it just doesn't pay enough. I mean when you're 65 what the hell do you do all day if you don't work? I have trouble doing that unless I got tons of money. Even then I feel like I'd get bored
Starting Salary Gross: 65,000 Years in Aggressive Growth Fund: 40 Years in Secure Fund (years after growth and prior to retirement): 0 Average COLA: 3% (minimum, this would be average for someone who never gets a promotion or "raise") Percent of Gross Salary to savings: 10 This gives me a 4M retirement portfolio using low end numbers. I hope to start closer to 70k, I hope to get more than a 3% average raise, and this doesnt count years in a "secure" fund after the growth fund. And this doesn't add my wife to be's income. And my growth Fund has averaged 11.67% since its inception in I believe '67. If I use the top end numbers I have no doubt that it would be over 8m, but i'd have to tweak the program so that the secure fund at the end works. I also hope that my company matches part of my savings, so my 10% plus whatever they match, or just 10% if I dont feel like going above the benchmark. If you want to give me your numbers ill run them through the program and let you know what it is.
I'll probably work until around 65. I have a 401k and pension fund from work. I could probably retire earlier but only if I'm willing to make sacrifices to my lifestyle which I don't see myself doing. I really don't mind working and I get five weeks vacation per year.
I would like to sell my interest in the title business around age 58. Then I would like to work part time. 3 days a week or so.
You said 67. I thought you were 19? Shoot I make the amounts now and have been but I've been putting 2 to maybe 4% aside for retirement. What kind of degree you getting? I'm also confused. How is it that the machine is saying you'll get over 3x as much in retirement than you made having a full time job?
Because I start with 65k and a 3% raise for 40 years is 211K in the 40th year. and that's the beauty of compounded interest. 10% is what I've heard is an industry standard for a comfortable retirement. It's not a machine it's just a program to do the math for me. I'm graduating in electrical engineering Sent from my iPhone using Tapatalk
Ahh you meant the fund. EE is awesome you should see definitely start out at that. I'm trying for geo eng I hear it makes more
I'm 28 right now and am not 100% sure when I plan on retiring. I put in 10% of my pay to my 401k and the company adds an additional 9% on top of that. My wife and I have a plan for us to be completely debt free within the next 6 years, so I'll have to see what kind of state the economy is in at that point to start making additional investments. Social security won't be there for me, so I don't even plan on having that. I really hope that if things go according to plan that I will be able to retire in my early 50s and do whatever I please. That would be nice anyways.
Geo or Petroleum? I dont know anything about geo but petros make a lot. I want to live in a smaller town so I wont make top dollar but its what I like to do.
