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re: What are your goals?
Posted on 2/3/13 at 3:27 am to jimbeam
Posted on 2/3/13 at 3:27 am to jimbeam
I want all my toys paid for before I retire. Do all the traveling the last 5 yrs I work. Sell my home and move to the lake somewhere, hopefully Toledo Bend. I feel like anything over 500k will let me live a comfortable life and plus I will have a little extra coming in every month in retirement.
I am planning on not needing to spend a bulk of my retirement on stuff I could afford while I was working.
As far as continuing to work I hope I can consult for 3 or 4 months a year til I'm 70.
My dad retired with a lot less but everything is paid for and he is doing ok. Just turned 70 this year and hasn't worked in 10yrs.
It's all on the life style you live.
I am planning on not needing to spend a bulk of my retirement on stuff I could afford while I was working.
As far as continuing to work I hope I can consult for 3 or 4 months a year til I'm 70.
My dad retired with a lot less but everything is paid for and he is doing ok. Just turned 70 this year and hasn't worked in 10yrs.
It's all on the life style you live.
1
Posted on 2/3/13 at 7:41 am to Weaver
quote:
Might be dumb but not planning for the future. Lost my mom to cancer at 60 and not married nor have kids. I will be working for the rest of my life in some capacity if I am not stricken with some disease. I have a few hundred thousand but beyond that trying to enjoy things now.
Why not fund a ROTH every year just for the sake of getting the future tax benefit?
Not like you don't have some extra change laying around
Posted on 2/3/13 at 10:43 am to Powerman
1) Retirement income (pen + SS) = 6 figures
2) Savings/investment accounts = 7 figures
3) Debt free
2) Savings/investment accounts = 7 figures
3) Debt free
Posted on 2/3/13 at 11:23 am to jimbeam
Net worth $5MM-$10MM with only $1MM tied up in a house at retirement....have rental properties providing a cash flow (50-75k/yr)...option to retire at 55.
Posted on 2/3/13 at 11:35 am to jimbeam
quote:
Kind of an open ended question I guess. I know a lot of you save a large percentage for retirement. Are you planning to retire rich? Early? Be. Able to travel once retired? Open your own business?
I am on a 15 year plan, and, for all practical purposes, I am at zero net worth (it is complicated - I'm not insolvent, but, it is what it is).
I expect to draw a reserve retirement, for life, of roughly $2000 per month at age 59. I have valued that annuity at approximately $600k at that time. I work for the Federal Government and will have 18 years of service at that time, and be eligible for a FERS pension of, also, $2000 per month. I have a goal of approximately $300k in my TSP (currently, it is about 1/10 of that), plus another $100k in other savings/investments (currently, also about 1/10 of that). I intend to be 10 years paid on a 15-year mortgage on "Forever House", which should be financed, built and occupied in 5 years and change.
At 60, I will evaluate my overall health, functional level and job satisfaction. If everything it 5x5, I will probably work another 5 years and retire at 65, adding Social Security to my package, and saving the military retirement along the way, building up my additional savings and continue to grow the TSP. If all goes well, I will have an "effective" net worth of $1.6 million, and guaranteed income of over $6,000 gross for whatever 10 or 15 years I have left. (ETA: Debt free at 65, including "Forever House".)
At that point, we do whatever Garrison Commander wants, as long as it is within the budget.
This post was edited on 2/3/13 at 11:38 am
Posted on 2/4/13 at 9:16 am to jimbeam
I read this board, as often as my time allows, in hopes for answering the questions you ask. I have been treating this board like a survey to get a general consensus on what is the appropriate actions to take in yours 20s, 30s, 40s, and so on...
Right now at the age of 23, I am making a very comfortable salary, and still living with my college roommates. I take advantage of rooming with them to continue to live like I am in college as well. So I am setting money asides in large amounts while it is a possibility.
For now, I want to be able to retire mid to late 50s and be comfortable from then on. I haven't taken enough actions with investing in retirement accounts, but I am slowly but surely coming around to it. I invest in my 401(k) to my company match, and stash a large chunk into savings.
I hope to learn enough in the next few months before I turn 24, to have fixed financial goals for 3-5 years down the road. These goals will allow for me to travel, purchase a home, afford to buy a used car with straight cash homie, and potentially fund a marriage, or any other life changing decisions that appear in this timeframe.
Best of luck to you, and congrats on reading this board while you're in college. I started reading it about 2-3 months out of college and I am very thankful for branching away from the OT and secrant, for more valuable discussions.
Right now at the age of 23, I am making a very comfortable salary, and still living with my college roommates. I take advantage of rooming with them to continue to live like I am in college as well. So I am setting money asides in large amounts while it is a possibility.
For now, I want to be able to retire mid to late 50s and be comfortable from then on. I haven't taken enough actions with investing in retirement accounts, but I am slowly but surely coming around to it. I invest in my 401(k) to my company match, and stash a large chunk into savings.
I hope to learn enough in the next few months before I turn 24, to have fixed financial goals for 3-5 years down the road. These goals will allow for me to travel, purchase a home, afford to buy a used car with straight cash homie, and potentially fund a marriage, or any other life changing decisions that appear in this timeframe.
Best of luck to you, and congrats on reading this board while you're in college. I started reading it about 2-3 months out of college and I am very thankful for branching away from the OT and secrant, for more valuable discussions.
Posted on 2/4/13 at 8:14 pm to jimbeam
1) Provide a comfortable life for my wife and kids through a challenging career that I enjoy
2) By age 40-45, have the option of scaling back my career, working with a lot of flexibility or even part-time - with all debt paid off and my retirement savings goals basically achieved by then
3) Maintain reasonably good health and fitness up to and hopefully including retirement
4) Tally at least 3000 total posts on TigerDroppings. After being one of the first 700 or so members on the board and piling up 2000 posts in the first year, I ran out of things to say and have been limping along ever since.
2) By age 40-45, have the option of scaling back my career, working with a lot of flexibility or even part-time - with all debt paid off and my retirement savings goals basically achieved by then
3) Maintain reasonably good health and fitness up to and hopefully including retirement
4) Tally at least 3000 total posts on TigerDroppings. After being one of the first 700 or so members on the board and piling up 2000 posts in the first year, I ran out of things to say and have been limping along ever since.
Posted on 2/4/13 at 9:01 pm to Bayou Tiger
Posted on 2/4/13 at 9:13 pm to jimbeam
Short term: Finish top of my class in this training program that begins on the 18th. Get back to Nashville, sell my arse off, and make a bunch of money. I also want to help my mom move from LA to Nashville, because she wants it.
Long Term: I want to move up in my company as quickly as possible to try to retire early. I have never really traveled and want to marry my SO and be able to see the world.
I don't work hard to be rich. I work hard to hopefully retire early. I also live a very simple life. The only luxury I enjoy is a good drink
eta: if I weren't to stay with my company, I'd 100% want to start my own business.
Long Term: I want to move up in my company as quickly as possible to try to retire early. I have never really traveled and want to marry my SO and be able to see the world.
I don't work hard to be rich. I work hard to hopefully retire early. I also live a very simple life. The only luxury I enjoy is a good drink
eta: if I weren't to stay with my company, I'd 100% want to start my own business.
This post was edited on 2/4/13 at 9:16 pm
Posted on 2/5/13 at 6:23 am to jimbeam
World domination
Posted on 2/5/13 at 8:40 am to RickAstley
quote:
For now, I want to be able to retire mid to late 50s and be comfortable from then on.
I see a lot of people stating as a goal to retire relatively early in life 50-60....that leaves 25 to 35 years of life which must be sustained without income in the form of a salary. So how much money do you think it will take to sustain yourself for that long without a job? Consider old age medical needs, etc. In my view it's a lofty goal...you're going to have to save a lot of jack and lead a very frugal life...and it might be a good idea not to have kids.
Posted on 2/5/13 at 9:00 am to cwill
I was thinking the same thing, if you retire at 55 you may end up retired longer than you actually worked
Posted on 2/5/13 at 9:46 am to cwill
quote:
I see a lot of people stating as a goal to retire relatively early in life 50-60....that leaves 25 to 35 years of life which must be sustained without income in the form of a salary.
Nobody really means that, or means it the way you're taking it. People who really are disciplined, bust their butt and get to a point where it is possible to do so, will not retire at 55. If they do from a salaried job, they'll be back working in no time (like my Father-in-Law). What those people mean is that they will be THE boss of whatever they're doing (or at least A very important boss), or become a consultant, start their own business, set their own hours, dictate their own working conditions, etc. They will transition from wage-slave to boss, if they have not done so earlier.
The others, who are making "very comfortable" salaries in their 20s (i.e. $40k to $50k, they think that's a lot of money and the sky is the limit, etc.) who "plan" to retire at 55 are lazy, by nature, don't have a real understanding of how things work, what life really costs or anything like that. They have convinced themselves that if they "work hard" (which to many of us really just means "working") for 25 or 30 years, they will be able to retire at the same standard of living while they were working for 25 to 30 years.
The reality check for this second group of people will be a really strong, cold cup of morning coffee to chase some stale pizza from a couple of days ago in lieu of breakfast. But, let them dream for now.
This post was edited on 2/5/13 at 10:54 am
Posted on 2/5/13 at 1:15 pm to cwill
Do I expect to retire at mid 50s? No. I want to be in a comfortable position in my 50s and not be desperately looking for work to keep the lights on and food on the table.
I look up to my dad, but he is in a difficult position right now at his late 50s. His business of 35 years finally came to a close, and right now it is milking every penny he has to maintain the property until it can sell. He is doing the minimum wage work now that he once hired people to do for his company. I think it is great he got to fulfill his dream of owning a business, along with being able to say it operated for 35+ years. But he got knocked out by the low prices at Walmart, Home Depot, and Lowes and he is paying dearly for it.
That is the situation that rings home when I state I would like to retire mid-50s. I should say I aspire to not be in that type of situation when I am in my latter years in life.
I look up to my dad, but he is in a difficult position right now at his late 50s. His business of 35 years finally came to a close, and right now it is milking every penny he has to maintain the property until it can sell. He is doing the minimum wage work now that he once hired people to do for his company. I think it is great he got to fulfill his dream of owning a business, along with being able to say it operated for 35+ years. But he got knocked out by the low prices at Walmart, Home Depot, and Lowes and he is paying dearly for it.
That is the situation that rings home when I state I would like to retire mid-50s. I should say I aspire to not be in that type of situation when I am in my latter years in life.
Posted on 2/5/13 at 1:25 pm to RickAstley
Simple. Increase my net worth. Maintain a CAGR of around 14%
Posted on 2/5/13 at 4:06 pm to LSUTOM07
quote:
Do now what other wont, so you can live tomorrow like others cant
Too vague goals need to be specific.
This post was edited on 2/5/13 at 4:10 pm
Posted on 2/5/13 at 4:59 pm to jimbeam
1. Be completely debt free
2. Buy a new Lamborghini and still be debt free afterwards
3. Travel a bit
4. Have a winter cabin in Colorado
2. Buy a new Lamborghini and still be debt free afterwards
3. Travel a bit
4. Have a winter cabin in Colorado
Posted on 2/5/13 at 5:05 pm to Ace Midnight
quote:
The others, who are making "very comfortable" salaries in their 20s (i.e. $40k to $50k, they think that's a lot of money and the sky is the limit, etc.) who "plan" to retire at 55 are lazy, by nature, don't have a real understanding of how things work, what life really costs or anything like that. They have convinced themselves that if they "work hard" (which to many of us really just means "working") for 25 or 30 years, they will be able to retire at the same standard of living while they were working for 25 to 30 years.
Nah, most that really want to ER work at it and maintain high savings rates over long periods and also plan and budget well for future expenses to the best those expenses can be estimated. My wife and I have enough to ER pre-50 with the portfolio holdings generating passive income exceeding current earned income but ER hasn't happened. With current starting incomes for those that earned good degrees they can easily build to multiple 7's portfolios by 50-55. And those that are making big money in the oil and tech industries have no one but themselves to blame if they aren't well ahead of the game.
Posted on 2/5/13 at 5:32 pm to tirebiter
quote:
Nah, most that really want to ER work at it and maintain high savings rates over long periods and also plan and budget well for future expenses to the best those expenses can be estimated. My wife and I have enough to ER pre-50 with the portfolio holdings generating passive income exceeding current earned income but ER hasn't happened. With current starting incomes for those that earned good degrees they can easily build to multiple 7's portfolios by 50-55. And those that are making big money in the oil and tech industries have no one but themselves to blame if they aren't well ahead of the game.
This is true, but so very few people can get to a multiple 7 fig income....not everyone is in O&G or tech or a lawyer/doctor...I've come to realize that from reading this board, but a lot of people still mention mid 50s retirement...the only way I think that is feasible is, like you stated, multiple 7 figs by that time with some type of continuing cash flow.
Posted on 2/5/13 at 5:46 pm to offshoretrash
quote:
Sell my home and move to the lake somewhere, hopefully Toledo Bend.
There is an innate attraction toward water. The seed in my mind got planted when I visited an old aunt who lived on a lake in Miss. I was only 9 years old but that vision stuck in my mind.
I finally got to build a house on a lake when I was 40. I modeled my home after my memory of her design. I'm typing this post looking out of the second floor window of my home office as the sun sets in the west over the lake. My view is framed by dozens of 100 year old pines.
There is no wind. They are perfectly still. My dogs are downstairs sleeping off a huge snack that Daddy just gave them. Goals are good. Even if it takes a lot of time.
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