Tony's thread had me thinking. A lot of people seem to jump around different areas, and often uprooting means changing jobs, which can often change retirement outlook (sometimes for the better, sometimes for the worst). Without getting too personal, what is everyone's retirement plan? What are you doing now to help yourself later? How many years are you looking at total when it's all said and done? Anyone with early retirement plans? Anyone not planning to retire? No need to share anything you don't feel comfortable, but I think even some younger members might be interested to hear what I'm guessing is a varied perspective on this.
I am in no rush to retire, I like my job for the most part plus I can work from home, I still go in every day but I work from home till 9 am go into the office till 2:30 or so. I get 6 weeks of vacation. Why would I quit doing that? I don't plan on moving when I retire not sure if I would buy a place down south. I hate the condo culture of Florida, but I don't want 2 yards. Retirement is not something I need to worry about as far as being able to afford it and as long as I am in good health I will keep on keeping on.
To many, that's like asking about your next dentist appointment. For me its buying land, land, land I can hunt on, fish on and let my family enjoy, its a far more enjoyable than opening a letter every three months and going , OOOOOOOOOOOOOh Boy!
I want to semi retire in my early 50's. My wife will probably work much longer. The kids will be out of the house. We will probably move to central / northern Wisconsin. We may start raising some farm animals but may not want to be tied down to it. I will work, but on my own terms. Side jobs, over the internet, outside whatever. We will live very frugal and simple. Within our means.
My wife and I both have comfortable jobs with 401ks and I have some stocks. We both get nice yearly bonuses and I also get yearly shares of restricted stock. Since social security is set to be dry by the time I retire, I need to plan on not having it available. I will likely retire around 65 or so and then probably do some travelling. I would love to own a good amount of property with a nice new stone and wood modern cabin. I'd like to have a pond to fish in and woods to hunt. Something to enjoy with and pass down to my kids and eventually grandkids. ^^If I can convince the wife, I'd love to do what Brad said. Live simple and frugal with garden and a few animals.
My tentative plan is to pay my house off in 19 years.(Right at age 50) Continue to beef up my 401k and work till I'm 55. I figure if I have 1.25 million in my 401k I can retire and roll that into an annuity hopefully getting around 4% interest so I can just live off the interest of just shy of 50000 a year. One thing that really helped me was getting a mortgage company that allowed me to make weekly payments that were applied weekly. I have been paying on it for just over a year and have I am already paying more on the principle than the interest. That is the plan but I have a long time before I get there and I'm sure I will have to change that numerous times but at least I have somewhat of a plan.
It's simple....I will win the lottery. Looking like 55 with the teaching gig, or possibly sooner. I have another plan to pad income/funds for retirement this will actually carry through "retirement" as well. Retirement is something that's important, I've watched too many people in my life not live out retirement, only to work and work, because they have to.
I'm 26 and would love to hear the responses - I'm really not doing anything for a retirement plan yet. I will be starting my 401k next year (I know it's late)... That's about all I have planned so far.
Social Security isn't going anywhere. Yes SS is set to exaust it's reserves in 2033 but that is not the end of the program. SS will still be around in some form but there is either going to be higher SS taxes or a reduction in benefits, or a combination of both. I will probably be working until around age 65 or so. I have a 401k and a pension plan.
I was working 12-14 hours a day, 6 sometimes 7 days a week, then at the age of 49, I had a heart attack. It changed my view on retirement immediately! My point? It is NEVER too young to start saving. I have read posts about "living frugal" in your retirement, I encourage all young people to live frugal (smart) NOW, so you wont have to later in life. There are no gauruntees for tomorrow and you dont want to find out you waited too long, too late. Being self-employed, I counted on IRA's and properties I had purchased to provide income after retirement. And having a working wife added a 401K to the mix. Had it not been for her employer covering me with health insurance, my savings would have disappeared after the heart attack. My point is that you need to pay attention to all aspects of life when thinking of your future.
I have worked in the 401k industry for 10+ years. Bottom line, most people do not save enough money for retirement. A Few words of advise: 1. Start saving as early as you can, compound interest is very powerful 2. At a minimum contribute enough to receive the full employer match, its free money 3. Do not take a loan from your 401k, you are robbing yourself 4. If your employer does not offer a 401k plan, open an IRA. It is really sad to see how little money people have saved for retirement.
I suppose I'll share mine. I will hopefully have a solid pension as an educator, but I've been investing using a TSA since I started working 8 years ago at 22. My wife has had a 401K that had employer matching $1/$1 up to 5% which we more than maxed out for her 4 years of employment there. She then moved to a different company where it's $.50/$1 up to 6% and we're investing around 9% right now with it (rolled her old 401K into an IRA). She also gets an additional annual employer contribution to this on top of their matching. We plan to invest heavier as we pay of each major chunk of her student loans (about 2yrs out from being completely done). I want to retire by 50 no questions asked. We've been fortunate enough to make some more money off some other lucky things in life, and thought about further investing in land, but around here, unless you know somebody, land isn't an investment, it's a way to put yourself in overvalued debt. We still want to enjoy the present, though, and we're traveling every summer, camping, kayaking, etc., There's no guarantees in life, that's for sure. With that being said, I see us retiring to SC, Georgia, or maybe even the Keys for about 5-6 months a year someday. Can't give up cooler climates entirely. I will still want to be hunting and of course, not spending my summers in a humid state. Life has a funny way of changing plans, though.
Not gonna lie...terrible at this. IRA is set to be opened this year and I am involved in a Real Estate investment company which hopefully will see growth over time. I'd love to hawk in on some decent land deals over the coming years as well, hold/hunt/fish and then be ready to sell in the future for a profit. Sadly we live pretty much debt free which has grown into a way too comfortable mindset, and leaving the public government job I had to a private sector now with no retirement plan needs to get my butt in gear. Gonna go Roth IRA because sadly my (our) income doesn't eliminate us from eligibility (NOT EVEN CLOSE).
My minimum retirement age is 57. I am 43 now, should have a good chunk in my TSP Plan( 401k).Plus a pension of about 37% of my high 3. My wife is 37 and has to go until 62 at her hospital. She has a pension and 403b plan as well. We should be in decent shape, but it seems that there are a lot of people who felt they took the right steps and came up short on there plan.
We have 2 roth IRAs but not much else in the stock market I don't trust it anymore..We also have some physical gold and silver we have bought over the years.. The stock market used to be the place to put your money and build wealth now it's too much of a roller coaster. The only reason the market is doing well now is because of all the money the fed has pumped into it, but it is a house of cards and will collapse at some point... We have some paid for real estate and rental property as well, our home is paid for and. We also put money into a interest bearing savings account each month.. I figure my net worth at this point is a little over $********* you don't really think I was going to say did you...lol... We are and will be better then many Americans who are just not planning, retirement will be here sooner then you think..
I'm self employed and have no set dates on when I plan to retire. I may start cutting back some around age 55. I enjoy what I do and I'm in no hurry to throw in the towel. We have the typical IRA's, own some land, etc. I plan to pick up a rental or two over the next few years. Right now I'm more concerned with sending 3 kids to college.
