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Retirement
Posted on 6/27/17 at 6:17 pm
Posted on 6/27/17 at 6:17 pm
What do you think would be a good amount to shoot for? House will be paid, would like to travel.
12
Posted on 6/27/17 at 6:29 pm to jprice4608
Eleventy billion dollars.
Pretty easy to calculate. Take what you estimate to spend in a year and multiply it by 25. Should give you a ncie number.
Pretty easy to calculate. Take what you estimate to spend in a year and multiply it by 25. Should give you a ncie number.
Posted on 6/27/17 at 6:47 pm to jprice4608
1.5-1.75 million would be solid with zero debt
Posted on 6/27/17 at 7:03 pm to jprice4608
In what year?
2017 vs 2055 is a big difference.
2017 vs 2055 is a big difference.
Posted on 6/27/17 at 7:10 pm to jprice4608
Not to hijack the thread but ...
I just got my first retirement account through my employer. I don't follow the market much.
I'm assuming safest bet is to chose a Target-date fund? I'm 25, and chose the furthest date (I think 2055).
Putting in 10% of a little over $100k. Get a year-end employer contribution of 3% salary.
Any general tips are welcome.
I just got my first retirement account through my employer. I don't follow the market much.
I'm assuming safest bet is to chose a Target-date fund? I'm 25, and chose the furthest date (I think 2055).
Putting in 10% of a little over $100k. Get a year-end employer contribution of 3% salary.
Any general tips are welcome.
Posted on 6/27/17 at 7:13 pm to Dayman
quote:
I just got my first retirement account through my employer. I don't follow the market much.
I'm assuming safest bet is to chose a Target-date fund? I'm 25, and chose the furthest date (I think 2055).
Putting in 10% of a little over $100k. Get a year-end employer contribution of 3% salary.
Any general tips are welcome.
Target funds are good for those that passive investors, you don't have to anything. But index funds (ex. S&P 500 index) usually have less fees.
Posted on 6/27/17 at 8:25 pm to Hawkeye95
quote:
Pretty easy to calculate. Take what you estimate to spend in a year and multiply it by 25. Should give you a ncie number.
A coworker of mine is looking to retire. He travels a lot and likes cocaine, hookers, and gambling. He is also thinking about getting married for the fourth time. Should he multiply by like 26 or 27?
Posted on 6/27/17 at 8:46 pm to Hawkeye95
Need more information on expected lifestyle and expenses.
Posted on 6/27/17 at 10:05 pm to jprice4608
enough so you do not run out before you die.
Posted on 6/27/17 at 11:25 pm to jprice4608
IMHO it's better to chase after something you want to do than retire.
Posted on 6/27/17 at 11:39 pm to Ramblin Wreck
quote:
A coworker of mine is looking to retire. He travels a lot and likes cocaine, hookers, and gambling. He is also thinking about getting married for the fourth time. Should he multiply by like 26 or 27?
Sounds like he'll die pretty soon. Maybe multiply by 5 or 10.
Posted on 6/28/17 at 8:32 am to jprice4608
depends on a few things:
1) what age do you want to retire? Earlier requires bigger numbers.
2) how much do you want to spend per year on travel?
3) how much will your regular expenses run per year? (property taxes, utilities, health insurance, home insurance, car insurance, gas, groceries, restaurants, etc.)
4) Do you want to live off of just earnings? If not, at what age do you expect to die and not need anymore money?
1) what age do you want to retire? Earlier requires bigger numbers.
2) how much do you want to spend per year on travel?
3) how much will your regular expenses run per year? (property taxes, utilities, health insurance, home insurance, car insurance, gas, groceries, restaurants, etc.)
4) Do you want to live off of just earnings? If not, at what age do you expect to die and not need anymore money?
Posted on 6/28/17 at 8:35 am to Dayman
quote:
Putting in 10% of a little over $100k. Get a year-end employer contribution of 3% salary.
Any general tips are welcome.
IMO, you should put at least 15% of your own money into retirement from the day you get your first job. If you do this you'll never have to adjust your investing percentage. Whether you put that 15% of your money (not employer match) into your 401k, Roth 401k and/or personal Roth IRA is up to you.
I'd personally put 7% in your 401k and 8% in your work Roth IRA if you have that option. If not, use a personal roth IRA.
Posted on 6/28/17 at 8:38 am to TigerintheNO
quote:
Target funds are good for those that passive investors, you don't have to anything. But index funds (ex. S&P 500 index) usually have less fees.
Yes, and I'll add that many target funds just invest in index funds and tack on a little extra for the convenience. But by reading the prospectus every few months to keep track of the holdings you can save a little coin and just follow along on your own.
Posted on 6/28/17 at 9:00 am to jprice4608
My goal is to get to 3 million, if I hit that I will retire early. I am still under 30, so I have a long way to go but it seems more and more in reach everyday.
Posted on 6/28/17 at 10:21 am to jprice4608
my best answer is: I want to be able to do what I want to do when I want to do it...how much does that cost? Depends on your lifestyle
Posted on 6/28/17 at 11:49 am to jprice4608
Check out FIRECalc
Posted on 6/28/17 at 1:30 pm to notsince98
quote:
I'd personally put 7% in your 401k and 8% in your work Roth IRA if you have that option. If not, use a personal roth IRA.
I have the Roth option through my employer. Can you explain the benefits of that? Let's say I want 10% total to invest. How do you recommend splitting that between traditional and Roth? And why?
Posted on 6/28/17 at 2:43 pm to Hawkeye95
quote:
Take what you estimate to spend in a year and multiply it by 25. Should give you a ncie number.
I wonder what the consensus is regarding what's a good retirement income. Let's say house is paid off and you live in the southeast. and you're retiring in the next 5 years. I say around $60K yearly.
This post was edited on 6/28/17 at 4:43 pm
Posted on 6/28/17 at 6:13 pm to Dayman
I would do 5% in each to cover the risks.
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