What's your strategy...for retirement?

[S.Clancy]

I'm curious how everyone thinks about this. How does everyone balance the cost of tags, gear, gas, and family obligations while still being responsible and planning for the future?

 

[jhm2023]

So far planning for the future for me is what gear do I need/want for next season and putting money into my 401k. It's going to be a while so luckily I work a 2 week on 2 week off schedule.

 

[Neverenoughhntn]

Retirement for me is 6ft under. I work to support my family and my hunting. The day that I can’t hunt will be the day I retire.... in all seriousness, I personally have reservations about investing too heavily in stocks given I won’t be eligible to retire for another 30 yrs (evaluating national debt, and ever increasing socialist mentality by the general populous doesn’t give me a whole lot of confidence in the future)... so I’m more focused on trying to make smart real estate investments (to the best of my ability, which isn’t saying much). So far it’s been working out well.

 

[Mosby]

My paycheck every two weeks was for my family and included my 401k deductions. If I got an annual bonus, I pulled out what I planned on for hunting and equipment. I was fortunate to get a bonus most years. The years that I didn't, I cut back on gear purchases and simply deer hunted locally.

 

[ODB]

Have no plans to retire - don’t want to. Shift workload, yes, stop working and stare at walls or try to keep my self entertained by watching jeopardy at 7, hell no.

Having said that, when it comes to saving/spending, there is a point you reach when you’ve saved a bit that the security of having built that little nest overcomes the desire to take it apart. Having gone through layoffs and shitty economies helps that.

I think negotiating yourself into a life that works for YOU and just living it as well as you can is a much better goal than some carrot on a string. After all, you might get hit by a bus on the way home from your retirement party...and then what did all that waiting get you?

 

[timekiller13]

I am fortunate that both myself and my wife make decent money. We are able to save and still do the things we like to do. We do not sacrifice fun (vacations, hunting trips etc.) at the expense of saving for retirement. Will I do want to retire at some point in my life (personal goal is to retire at or before age 60), I will not cut back on things that I enjoy doing to help expedite that. I believe in planning for the future, but I will not sacrifice the time I have now just so I can possibly retire early.

That being said, I do put 20% of my gross pay check into some sort of retirement every month. I have IRA's and 457b through work. I also play stocks some on my own. I have a decent retirement fund building up. But, I would rather enjoy my money now, than hoard it all away and hope I can enjoy it in 25-30 years.

 

[NDGuy]

-Save at least 15% of your income for retirement/health expenses
-Build and keep a 6 month emergency fund in cash or liquid investments
-Maintain a budget including hunting gear
-Plan for kids financially as they are the most expensive thing you’ll ever be responsible for
-Whittle down your hobbies, I’ve had to do this big time. It’s hard to truly devote both time and finances to everything.
-Always pay cash for a vehicle if possible, if not try not to finance for more than 3 years. Vehicles do not last nowadays.
-Get a damn credit card and treat it like a debit card. My DU credit card & Citi Double Cash save me $100s of dollars a year doing nothing but buying normal things like gas, groceries, and utilities.

 

[Btaylor]

Saving for retirement is a bill just like the lights and house note. When all the bills are paid we can play on whats left. I too am a big believer in living now as well as planning for the future.

 

[cnelk]

I'll let you know 1 year from today - it will be my first day of retirement.

Edit: I'll have 30 years of state pension at that time

 

[muddydogs]

Being about 10 years away from retirement I wrestle with this. On one hand I want to be comfortable in retirement and on the other hand I could be dead or to crippled up to hunt in another 10 years so my solution right now is to keep putting into the 401K and hunting as much deer and elk as I can afford. I guess a bonus for me is I'm not a gear junky so my old clothes and firearms work just fine, keep a good pair of boots on my feet and I'm good to go. Just this year I drew a good once in a life time for me limited entry elk tag and all I've purchased is a pair of boots where a lot of guys would be spending $1000's on equipment.

To keep hunting during retirement I plan to work the points in 4 states so the first few years of retirement I have some draw opportunity. I'm also banking points for what I deem as easier to hunt species like antelope and bear, figure I can set a bear bait half dead if needed, so I have some hunting opportunity if the body isn't working all that well.

 

[[email protected]]

My plan for retirement is to only work 40 hour weeks, I’m training my replacement now so I can start that chapter of my life hopefully in the next few weeks.

 

[SteveCNJ]

I always put money into my 401k but like everyone else have hit major hurdles. I was with Nortel for 12 years when they went bankrupt in 2009. I lost most of my 401k as I was invested heavily in their stock. I also just split with the wife and was paying alimony and child support. I didn't even get my severance because I was a creditor. It t[k 49 weeks to get another job. I was laid off 5 years later and was out of work for 50 weeks. I never missed an alimony or child support payment in the 8 years I had to pay alimony. My last payment was Feb 1, 2016 about 2 months before my 60th. I knew I had t play catchup so I didn't heed the traditional investing advice of diversifying. The rumor was Canada was going to legalize marijuana. I did some research and dumped all my money into Canopy Growth. CGC is now my retirement plan! I've got 3 years left to work. Then it will be fishing, hunting and golf.

Sent from my SM-G965U using Tapatalk

 

[Studd muffin]

Max it out and pray I get to use it one day.

My wife and I both have good jobs. We went through school with no loans, and she went to a private grad school with no loans. There were several ramen noodle nights for sure. We do not have kids yet, so that takes out a huge expense. I do not particularly love my job, so I will not be working until I'm 60 if I can help it. Plan is to retire when we are 50-55.

Currently we max out our retirement accounts, and try our hardest to pay everything off.

 

[robie]

This all depends on where you are starting. Wife and I both work and I struggled with balancing 401k vs other savings. Few years ago we just started maxing out both 401K's. Once we do that and pay our bills the rest is play money.

We have everything in a target funds and other than making sure its returning 5-8% a year I don't pay much attention to the 401k balance but know we will have more than we need when its time to retire.

I tell young people that start working to start off with as close to maxing out your 401k and then set it to auto increase by 2% a year. The more you can put it in your 20's means the more time compounding interest has the ability to do its thing. For God's sake don't go buy new cars/atv's/boats just because you CAN afford the payments.

It's criminal how much banks will loan people on toys and crap.

 

[ODB]

-Save at least 15% of your income for retirement/health expenses
-Build and keep a 6 month emergency fund in cash or liquid investments
-Maintain a budget including hunting gear
-Plan for kids financially as they are the most expensive thing you’ll ever be responsible for
-Whittle down your hobbies, I’ve had to do this lately big time. It’s hard to fully enjoy financially and just time in general for fishing, hunting, golf, sports, video games, etc
-Always pay cash for a vehicle if possible, if not try not to finance for more than 3 years. Vehicles do not last nowadays.

Very Dave Ramsey-ish sounding. Good advice.

 

[flatlanderhuffandpuff]

I have ground to cover before I really get my hunting itch scratched. I would rather be able to take those dream hunts out of interest instead of putting it on a credit card. If I die before I ever get the chance to enjoy the money so what, I'll have had a great life. Hunting isn't the first thing on my list.

Saving money doesn't happen by accident. I was always conservative but since becoming a father that has increased 10x. My wife and I have a plan that is pretty solid all the way around, I believe.

Monthly budget including gray area for the little frustrating things that pop up once in a while. Very difficult to gain financial security without a good budget. If I cant pay for it in cash we don't get it.

As others have said an emergency fund is the biggest buffer between you and eating from the food pantry in your golden years. If you can cover the rainy day you wont have to go into debt or (gasp) early withdraw from your retirement account.

I'm planning on SS being insolvent by the time I get to whatever the age will be by then. I save only the match value by my employer in my retirement account.

I am buying into the business which has had fantastic growth since I've been working there and nearly unlimited potential.

I've got a few mutual fund accounts for home improvements in the 5-10 year range as the kids stretch the house.

My wife will go back to work when all the kids are in school and 100% of her income will go to kids college and maxing retirement. We should be able to cash flow college by the time the kids get there if we haven't saved enough by then.

I honestly don't see any point where I retire. I enjoy my work as much now as when I started and appreciate the challenge. I think my time off will just get a little more fun.

 

[NDGuy]

For God's sake don't go buy new cars/atv's/boats just because you CAN afford the payments.

It's criminal how much banks will loan people on toys and crap.

This applies sooo much to today's world. Everything is advertised as payment affordability no one cares about the actual price anymore. 40K+ for a new pickup financed over 6 years! YUCK.

 

[Oregon]

My strategy came from a story I heard in 1987. It went like this.
“FNG, I have some advice for you. Be like me. Do 30 years in this outfit, retire at age 48, monthly checks for life, medical for life, and you’ll never have to work again”
Well, I did 32 years, and started a seasonal job the next day.

 

[NDGuy]

Very Dave Ramsey-ish sounding. Good advice.

Dave Ramsey is the man when it comes to debt and retirement advice.

 

[Salmonchaser]

I’m retired since 2011, retired at 55. I worked 500 hours of overtime a year, never missed a deer or an elk hunt. Now, I guide in Alaska, looks like 117 days straight this year. (Fishing). When I’m back I’ll guide upland hunts, part time, just two or three days a week. Cut fire wood, deer hunt and elk hunt. No out of state this year. After elk hunting, between upland hunts, I need to build new interior doors for the house. Need to sink some corner posts before the ground freezes so I can rebuild some fence this spring. Spring bear, couple grand babies due, a wedding jeepers, running out of time, oh going to the Cook Islands.
I guess a guy needs to just put what he can away but enjoy life in the process.