What are your retirement plans?

Think you can handle that though? I'd love to do the same...but will probably just fish and hunt (-guiding haha)

 

It looks like between my wife and I, if we retire at 65 and if we only contribute the max that each our employers will match we will have around $3.5M-$4M in our 401k's combined. Hopefully that's enough along with my $5k currently floating around the stock market that could amass to anything or nothing along with squirreling away portions of my yearly bonus.

 

Gonna go on a limb and say it better be haha.....geeshus. Good job doug!

 

I have no idea if that's considered good or not, but we've been very fortunate not to acquire any debt from college and landed decent paying jobs so we are able to contribute a decent amount to our 401ks. Our only debts are the mortgage and we offset vehicle purchases so we only have one car loan at a time. Fingers crossed and Lord willing we can keep it up for another 34 years, that is if 65 is still a respectable retirement age by then

 

While I'll contribute 4% of my paycheck into my 401k because Walgreen's matches it for free money... I don't necessarily think a 401k is the best retirement investment available. I chose Roth because lets be honest, taxes in this country are going to do nothing but rise. That said, I will never put more than whatever my employer matches into my 401k. Any extra money will go towards whatever current debt I have, or other hard investments (most likely kentucky real estate if nothing changes).

I'm young though. My 5 year plan is pay off another 100k in student debt (proud to say I've eliminated 50k since June 2015), snowball my condo equity into my next home, and then begin exploring the possibility of real estate investments. I'm handy enough to minor fixes myself. If I land a job with 7 on 7 off scheduling, I'll probably flip a property or two to build up enough money for the 20% down on a few properties in Kentucky. 15 year mortgages and they will pay themselves off (greater than a 5x increase on the initial investment over 15 years).

 

I'm stock piling as much as I can. I have a sweet retirement deal. I work a civil service job. Im pretty sure you all can figure it out with these details (I can't post what I do, violation of policy)

I'm in New York State. I have a 20 year half pay retirement. I'm 11 years in. I started at 25. I can retire at 45 with half pay.

If I stay and work 30 years total I will max out retirement and be 55. At 55 I would be close to 70% pay. Upon retirement my health care is paid for life.

I also have been putting 7% of my gross pay into a tax free deferred comp account. In 9 more years if I leave with 20 years on and wait till I'm 55 I will be able to collect about $200,000 lump sum on top of retirement.

Pretty good deal huh.

 

I have been blessed to have good jobs and I do really like the work that I do but due to governmental regulations, green movement lawsuits and other competitive pressures I am seeing the end of a proud industry so I may be retiring earlier than I thought from my chosen profession. Not to fear though Hillary has said she would put a few billion out there for the displaced workers healthcare, workers that she promised to put more out of work and more companies out of business. Some people don't get it and are so out of touch with reality, we don't want a handout we want to work. Sorry, got sidetracked, with that in mind I have put in motion a plan that should allow me to work on my own projects but not keep me too busy that I can't do some of the things that the wife and I want to do. I really don't want to "retire" but just change the type of work and spend some more time doing things that are important to me and my wife.

 

Hoping early 50s...then I see myself still running the farm.

 

Sure I can... Fishing in the spring for small mouth and big bucks in the fall. It will be fun to try no matter how well it goes as long as I break even and have fun...

 

From my understanding for tax deferred plans dont you want to stay away from taking them out in a lump sums? That way you are able to stay in a lower tax bracket and just take some out from year to year as you need instead.

 

Let me know, be nice excuse to come help a fellow Hoosier break even. :D

 

There are quite a few retirement calculators than can "estimate" where you should be now and where if you keep that pace it will put you money wise at "x" age. I got a slightly late start but if I boost this year like last year and then stay steady they say I'm on track....that excludes the 22 acres I am buying for a steal...which I'm also saying is part of my retirement.

 

Yep, that's what I used to get my figures (which the low end was an estimate based on my current pay and contributions and a best case scenario) but that still doesn't say whether that amount is enough to do the things I want when I retire. I'd like to know if what we are doing is considered good or are we over doing it? I don't have a financial adviser but all the old farts just kept telling me to save, contribute to retirement investment, and invest a little of the leftovers. They ingrained it into my brain.

 

And people think teachers have it good :D

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Smart move on the debt pay down. We're not far off. We have about 8 more months. Pharmacy school is draining

We're exploring real estate options as well, but prices are too inflated right now. Not to mention a local builder has switched over to nothing but flips. Can't compete with someone like that. Good route to go if you can. Real estate can be a great investment.


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My Dad just retired at 60 with 90% of his pay for the rest of his life and a lump sum of $500k.

He was the chief of the fire dept in the city in which I grew up. He was the one of the last to still get this pension. When they did away with it, you had to have had at least 20 years in to be grandfathered in, and he had 21 years in.

 

Don't get me wrong that is great for your dad. But we wonder why we are broke.

 

Definitely.

 

Having a hard time finding one worth it. Then add in my work screwed up the name on it - so now I have that complicated mess to deal with.

 

Thanks for the info! Time to check with my dad...I might have not remembered correctly or he didn't give the correct score.

I only know that I have NEVER seen him that pissed off over anything. Me and my siblings did some stupid stuff when we were young and he did not blow his stack like that. EVER!

I sat there for nearly half an hour listening to him go on about being debt free and paying billing off and/or on time and what did it get him. My mom always paid the bills and she has dementia now. So it is possible he screwed something up. He's not getting any younger....