Retirement question...

Discussion in 'The Water Cooler' started by Siman/OH, Feb 8, 2017.

  1. Siman/OH

    Siman/OH Legendary Woodsman

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    Lets talk money.

    What are all you old guys doing for retirement? What do you do as far as investments?
     
  2. copperhead

    copperhead Grizzled Veteran

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    Honestly if I retire Im pretty much dead. I have to have something to do. Something that gives me a purpose that brings in money rather than costs money. But I do have a company pension and 401K. Im not smart enough to play the stocks and bonds game so I keep it simple.
     
  3. Scott/IL

    Scott/IL Die Hard Bowhunter

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    I put 15% into my 401k. I never see it, and I never miss it. My company matches up to 5% along with an annual match generally around 4-5%. I need to start looking into differemt options with retirement plans though now that I'm starting to compile a good start. We also have a pension (albeit not much of one).

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  4. Afflicted

    Afflicted Grizzled Veteran

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    Never really plan on retiring. Hoping to get someone to takeover or run 80% of my business. Paid off my home and my wife and I have been maxing out our Roth IRA contributions every year for the past 20+ and have a higher end rental home mostly paid off.
    My plan is to never rely on anyone else and remain active and self sufficient and keep traveling.

    I shoot from the hip with a 12 gauge scattergun all my life.


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  5. Matt

    Matt Grizzled Veteran

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    I take 15% of my monthly income and buy lottery tickets. Bound to hit it sooner or later.
     
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  6. fletch920

    fletch920 Grizzled Veteran

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    We have Roth and standard IRA's. Non-qualified money in stocks, mutual funds, and fossil fuels. A couple of commercial buildings that have tenants and a couple of farms that provide some ongoing income. We also own a couple of businesses that we will eventually sell to help fund retirement and I hope to sell a very few bow-only hunts each Fall in retirement. I enjoy finance and all types of investments. I think you would do well to own real estate as well as financial products. Diversity is the key. Income producing property has probably made more people financially secure than any other method I can think of. Bottom line is, you have to save to earn later.
     
  7. Cooter/MN

    Cooter/MN Grizzled Veteran

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    I have a 401k and a pension.
     
  8. Siman/OH

    Siman/OH Legendary Woodsman

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    I have a Fidelity retirement fund that i got through work. I put in 6% and they match 3%. I know thats on the lower end of the spectrum but until major life events occur (house, wife, kids) id rather have my money in savings.

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  9. DrSnake

    DrSnake Weekend Warrior

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    I have my stripping career.
     
  10. The Old Man

    The Old Man Die Hard Bowhunter

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    Can you live on $25 a week??



    :o Sorry, maybe that remark should have been in the joke thread.
     
    Last edited: Feb 8, 2017
  11. wl704

    wl704 Grizzled Veteran

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    Max the 401k and Roth, and investments including owning a home.

    Some of us old codgers have some pension $ and have a fart's chance in a whirlwind of seeing some social security.

    You young whipper snappers aren't gonna see a dime of social security ;)
     
  12. The Old Man

    The Old Man Die Hard Bowhunter

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    My wife an I both have pensions and social security. That should maintain our lifestyle when I retire in 111 days :tu:. I'll move my 401K into an IRA and draw some off that but leave some earnings in it to grow. Leaving some money when we die isn't our main goal but neither is spending it all. Something in between is fine with us.
     
  13. Scott/IL

    Scott/IL Die Hard Bowhunter

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    Buying land is the big purchase I'm eyeing right now and trying to see what and how it will make financial sense for me right now. I'm flipping a house currently and it should net me a decent amount to put towards some farm ground if I need to sacrafice it for that.

    I've also been bit hard by western hunting and that's not exactly the most finacially responsible hobby to have currently...

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  14. Matt

    Matt Grizzled Veteran

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    In all seriousness I have my pension and also a 403b. 0% relying on social security.
     
  15. remmett70

    remmett70 Die Hard Bowhunter

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    Plan A: Powerball
    Plan B: Live off my children.
    Plan C: Die
     
  16. wl704

    wl704 Grizzled Veteran

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    Solid!
     
  17. sethf11

    sethf11 Weekend Warrior

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    I have a great retirement plan in place.

    I get half pay retirement at 20 years. 1/60 for each year I stay after 20 topping at 32 years and about 70%.
    Healthcare paid upon retiring. I'm eligible and will have 20 years at age 45 or in 9 more years.

    I also have deferred comp right now where 11% of my paycheck comes out pre-taxed. I can collect that at like 54ish.

    I also have a Roth IRA in place right now as well that will be ready at age 59.

    Gotta set yourself up man. Think and plan ahead!!
     
  18. Rick James

    Rick James Grizzled Veteran

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    Primarily 401k for now. I also did a Roth IRA and maxed it with tax return money for several years but don't do anything with Roth's now.

    Now I'm still contributing to the 401k, but also saving $$$ with a plan to buy property as an investment (and hunting) in the next 12-18 months. I'd like to get myself into something that is somewhat liquid and accessible before retirement age and I believe property is my best option.

    It's hard to prioritize, but if you can do it before you have kids, a mortgage, or a wife. That's when it becomes much harder because with all of that comes financial obligation. When your young your only sacrificing new cars and bar money to do it. Get it started and maxed out early even if only for a year or two and it will have much longer to compound before retirement. If you do this early, you can put much less in it later and still have a great retirement if you have that head start.
     
    Last edited: Feb 8, 2017
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  19. frenchbritt123

    frenchbritt123 Grizzled Veteran

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    ……………...
     
    Last edited: Aug 16, 2018
  20. 130Woodman

    130Woodman Grizzled Veteran

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    Real Estate, Ira 401K. If I were to do it over again I would have bought a duplex at 5% down lived in for 3 years take the equity and other savings and buy another live in that for a couple of years and do it again until you mass enough rental income to live off of but don't quit your job and bank and invest all that money until you retire.

    AND FU ABOUT THE OLD GUY COMMENT
     

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