What's your strategy...for retirement?

[Brock A]

I am 30, I started a 401k at the age of 18. In 2015 I switched it over to an IRA as the company I work for currently doesn't offer a 401k plan (small company just starting up). I will continue to contribute to the IRA as well as the 401k when the company starts the plan. I also have a life insurance plan that is a round about IRA so I can contribute more. I have a dirt cheap mortgage in Western Washington right outside of Seattle. One day I will sell it and if all goes as plan, I will mule deer hunt August/September in several states then haul ass to my warm climate house somewhere on the Caribbean and fish my way through the cold months. Depending draws I may fly up for a muley rut hunt

I should mention that my wife loves the same stuff I do. So I am lucky to have her on board with the plan.

 

[CiK01]

Start now. When I got my grown-up job 22 years ago, that was the advice I was given before my first paycheck. Very thankful for that advice because it made it a lot easier to add to it than to start from scratch every year.

Anybody have any recommended online calculators that help predict compound growth? I have seen a few. Just wondering if there was a gold standard version out there.

 

[oake]

Praying to god that my defined benefit pensions are still intact in 20 years.

 

[Sekora]

Praying to god that my defined benefit pensions are still intact in 20 years.

Ain't that the truth! I asked a friend years ago why he was leaving a job with a pension for a job without. He told me there is no guarantee that it will be there when he reaches retirement age so working a job he enjoys for 20+ years in more important to him than the pension.

 

[arctic scandi]

living in a ''socialist'' country the goverment guarantees about half my pension, my employer is required by law to save the rest (percentages of your salary). on top of that i do some stock fund saving.

 

[78 Levis]

Been an Engineer on the Railroad for 22 years. Have 18 more to go. Small 401k but mainly relying on our private pension. My father is retired from the RR and draws 70k a year and doesn’t have to use his 401k except for play items.

 

[NYyotekiller]

Hoping that one or both of my sons get a first round MLB contract.

If that don’t work, I can always just play the pony’s.

 

[cuttiebrownbow]

Submitted my retirement application yesterday. Turned 56 last week.
As I mentioned earlier, May 29 is my last day.

I'll get a monthly stipend [50%] for Health Care
I get the first $20k of income waived for state taxes.
Low cost Life Insurance plan
Free gym membership
And each day will be Saturday

Awesome! Congratulations. That is just in time to some great hatches if you are a fisherman.


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[S.Clancy]

Start now. When I got my grown-up job 22 years ago, that was the advice I was given before my first paycheck. Very thankful for that advice because it made it a lot easier to add to it than to start from scratch every year.

Anybody have any recommended online calculators that help predict compound growth? I have seen a few. Just wondering if there was a gold standard version out there.

Compound growth is very easy to calculate via excel. Even a decent calculator will get you there in short order.

 

[Bl704]

Anybody have any recommended online calculators that help predict compound growth? I have seen a few. Just wondering if there was a gold standard version out there.

For a quick approximation, you can use 'the rule of 72'...divide 72 by an (average) annualized rate (e.g. 9%). The result will be the (approx) number of years it would take to double your balance...this works as assuming you're just calculating your return without additional contributions.

 

[Doc Holliday]

Anybody have any recommended online calculators that help predict compound growth? I have seen a few. Just wondering if there was a gold standard version out there.

I use this one frequently:

Investment Calculator

Put your current investment totals, your contributions and your annual rate of return into the investment calculator, and we'll show you how much you can expect to have in your investment portfolio over time.<br/>

www.daveramsey.com

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[Where's Bruce?]

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?

I live for the day and plan for tomorrow. I only invest in real estate and companies I own and manage. Done right I can sell part or all of them and retire in comfort...or die at my desk trying.

 

[Ajvandenbosch8]

I’m horrible as a small business owner and don’t save nearly enough...


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[Stalker69]

My retirement plan is ,death. I will have to work until I die, health care will force me to.

 

[GLB]

I just retired last May (2019) at the age of 56. I retired from the Military at age 39 and worked at my last job to build up a 401k and was able to take a early retirement. Having a military pension after 20 years of service made it possible.

 

[Marble]

My retirement plan is ,death. I will have to work until I die, health care will force me to.

Seems like there's got to be a better answer than that my brother.

 

[Salmon River Solutions]

My retirement plan has always been to contribute consistently to my 401k. I’ve done that since I was 18 between 6-10% of my checks. 11 years later that fund has grown impressively.

Now, apparently, I think I’ve decided to leverage 25% of that money into a down payment for a loan. Chasing an opportunity in purchasing a small CNC machine shop, which has been my dream for the past 6 or so years. Here’s hoping it works out!

 

[NDGuy]

Seems like there's got to be a better answer than that my brother.

For a lot of people, there isn't unfortunately.

Today, you can only rely on yourself for saving for retirement. Pensions are going away, and unless we make changes to healthcare a lot of people can't afford to retire on social security and other gov benefits.

 

[gabenzeke]

My plan? Vote blue no matter who.

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[Marble]

For a lot of people, there isn't unfortunately.

Today, you can only rely on yourself for saving for retirement. Pensions are going away, and unless we make changes to healthcare a lot of people can't afford to retire on social security and other gov benefits.

I just have a very different outlook on it. Im not going to plan on relying solely on what someone else promises me when I retire. But will I take that into consideration? You bet I will. But I'm also going to get and stay debt free, pay cash and invest like crazy.

I think I said this earlier. But the answers to all these questions and scenarios are already out there. People like Dave Ramsey and other financial people have already gathered the facts and evidence you need to know what to do. It doesn't take a lot of money to set it aside and invest to become an amount that is enough to support yourself when you do stop working. It just takes you making the choice to do it, then being disciplined enough to stick to it.