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re: What is your target savings and age for retirement?
Posted on 12/30/16 at 9:20 pm to Ramblin Wreck
Posted on 12/30/16 at 9:20 pm to Ramblin Wreck
My number is 2 million not counting the house. My plan is to hit this by 55; I'll be turning 41 next month. I may not retire at 55, but I want to have the option to do that or try something new and not worry.
Assuming my savings per year stays the same, if I average a 6% return; I'll hit 2 million in early 50s. If I worked to 60 then I'd have over 3 million. I'm hoping that I'll average even better than 6%. I only started keep track of my performance in 2008 and I've averaged a 10% annual return since then.
At the end of the day, what really matters are your expenses in retirement. I could be significantly over or under saving depending on what my what spending is during retirement.
This is the retirement calculator I like to use
https://www.marketwatch.com/retirement/tools/retirement-planning-calculator
Assuming my savings per year stays the same, if I average a 6% return; I'll hit 2 million in early 50s. If I worked to 60 then I'd have over 3 million. I'm hoping that I'll average even better than 6%. I only started keep track of my performance in 2008 and I've averaged a 10% annual return since then.
At the end of the day, what really matters are your expenses in retirement. I could be significantly over or under saving depending on what my what spending is during retirement.
This is the retirement calculator I like to use
https://www.marketwatch.com/retirement/tools/retirement-planning-calculator
3
Posted on 12/30/16 at 9:33 pm to Ramblin Wreck
I've shifted from this mindset in the last year. I am focusing on growing revenue from passive investments while cutting back significantly on my 401k and savings.
This plan includes more rental properties and web based businesses. Web revenue is the future of passive income in my opinion. I started a website about 3 months ago that generated $700 this month with zero advertising. I think I can get it up to 2k per month by the end of 2017 and it takes less than 5 minutes per day to oversee (although I have about 150 personal hours in it and about $1,000 invested)
Going to rinse and repeat as I learn from my mistakes.
This plan includes more rental properties and web based businesses. Web revenue is the future of passive income in my opinion. I started a website about 3 months ago that generated $700 this month with zero advertising. I think I can get it up to 2k per month by the end of 2017 and it takes less than 5 minutes per day to oversee (although I have about 150 personal hours in it and about $1,000 invested)
Going to rinse and repeat as I learn from my mistakes.
This post was edited on 12/30/16 at 9:35 pm
Posted on 12/30/16 at 9:34 pm to gpburdell
quote:
. I only started keep track of my performance in 2008 and I've averaged a 10% annual return since then.
You saved yourself a lot of stress if you started tracking gains after the crash in 2008. I lost more than 20% that year. The recovery the following years are a bit deceiving on my portfolio.
Posted on 12/30/16 at 9:57 pm to Colonel Flagg
quote:
So what is the average amount of household y'all are putting back a year and total investment a year based on any company match?
Basic answer is as much as I can. It has varied through my career. Having a family, spending and savings priorities have shifted during the different seasons of life. Right now I have all three kids in college. I don't think I have had a lot of extra cash in my checking account since I was single. My savings has done pretty well and my outside real estate investments, while at times have been a bit risky, have a tremendous amount of equity. I'm sure Dave Ramsey would not approve of my strategies to date, but I should easily achieve my goal by the time I turn 55 in 5 years.
Posted on 12/30/16 at 10:08 pm to Ramblin Wreck
I think I am saving yearly a little above 20-25% household gross in long term retirement and investment accounts; however, I feel I am definitely saving way too little.
This post was edited on 12/30/16 at 10:11 pm
Posted on 12/30/16 at 10:23 pm to Colonel Flagg
quote:
20-25% household gross
That's pretty good. Don't know if you will also get a pension or how old you were when you started. Regardless, that is a lot more than most people.
Posted on 12/30/16 at 10:23 pm to Colonel Flagg
I am 32 and have 300k in retirement accounts and I owe 200k on my house that is worth 450k. I plan on moving in 5-7 years but would get a raise with the move. I will hopefully have my house paid off and will rent out my house and buy another one. that alone will pay off the new house. So I will be retiring at 55 to enjoy life and travel and have 1mil paid off in real estate. Then I hope to have 5 mil in my retirement accounts. Not bad
Posted on 12/30/16 at 10:30 pm to Lsut81
quote:
Damn, I feel like a failure
Not many are going to respond to this thread saying they've royally fricked up so don't sweat it.
There are 2 dozen unique posters in this thread. Believe me the vast majority of people are probably doing worse than you. Furthermore, if you aren't Buffet or Gates there is always someone doing better than you are no matter who you are.
This post was edited on 12/30/16 at 10:32 pm
Posted on 12/30/16 at 10:39 pm to Ramblin Wreck
quote:
pension
No
quote:
how old you were when you started
Mid to late 20s
Posted on 12/30/16 at 10:45 pm to Colonel Flagg
Teddy is right. Everyone here could be doing better and we all messed up some ourselves. I had a great opportunity almost a decade ago to buy up 7-8 lots at 10k a piece but didn't pull the trigger. Within 4 years, each lot was going for 120k a piece. That's 800k I could of had
Posted on 12/30/16 at 10:56 pm to tigerbacon
Had some friends of mine talk me out of buying $1000 worth of Sirius stock at $0.04 a share in 2008.
Posted on 12/30/16 at 10:59 pm to Ramblin Wreck
I had a friend that bought it then. Said it was gonna pay for his kids college. And I thought he was the fool....
Posted on 12/31/16 at 12:19 am to Ramblin Wreck
quote:
You saved yourself a lot of stress if you started tracking gains after the crash in 2008. I lost more than 20% that year. The recovery the following years are a bit deceiving on my portfolio.
Oh I was stressed... I don't recall exactly how much I lost during the 2008 crash, but it was probably 30-40%. Though that was just paper loss, I never sold out of my equity positions and kept buying more. I just didn't officially track performance across all my accounts back then.
Before 2008, I wasn't very organized/disciplined with my investing. I had investments at Vanguard, Ameritrade, Fidelity, T Rowe Price, etc. I did alot of reading and that is how I became a Boglehead. I was a partial Boglehead before as I had a Vanguard account and knew about low cost index funds, but I didn't have a comprehensive plan.
Also, this is when I consolidated all of my accounts to one place. I have all my non 401k accounts at Fidelity now, which makes it much easier to track everything in one place.
Posted on 12/31/16 at 2:48 am to Ramblin Wreck
quote:
I plan to retire from my current job at 55, but plan to continue working for enjoyment where ever I move to when I retire or to focus on my real estate investments. I'd like to have $2.5M in savings. What are your targets?
I honestly don't know about how much but 55 is how old I want to "retire" as well. I'm about to be 42. I have 2 houses and am looking to buy a 3rd investment property, potentially commercial. With the equity of those houses today, plus cash, IRA's, 401k's, etc I have a little over $600k right now. Unfortunately I really only started to save and invest in the last 4 years. I did buy my first house in 2005 at least.
I am hoping to come across some e-commerce businesses I can do as the only thing I want to do starting at 55 is to travel most of the year for years and years. We already travel quite a lot but I am talking like 9 months out of the year. I am a huge history buff and sightseer and my wife and I both love the beach and mountains for snow and hikes. And to visit our families yearly in NOLA and Europe respectively. So I'd like to be able to run my businesses remotely from a laptop. I'll have a minimum of 3 rentals properties which I plan to have paid off/close to paid off in 15 years so that's some nice income since these are all in Hawaii.
How much does someone need to retire at 55 and travel the rest of their lives? I need help in figuring this out cause that's what we want to do. We have no kids and we may not have one. She's 35 and loves to travel as much as I do so kids aren't on her radar yet. But I hear from everyone about that clock. I own my own company and make great money now but I am 100% commission so I can't guarantee I'll keep making what I do especially in the industry I'm in now as it does have a bit of a shelf life. But I do sales and can always make 6 figures. My wife makes an easy $60k, has all the benefits through her employer, and can earn more with bonuses so we got that DINK life
So what's the right amount? I partied hard as frick for all my teens and 20's and even most of my 30's
so I figure I won't make it to my 80's so I only need about 25 years of money. Of course I'll want to leave a good bit behind for the wifey for her remaining years. Would $3mm work? That's over $100k a year. Should be able to do some damn nice traveling that way. Maybe my goal should be $5mm just to be safe. Of course that means I need to come up with $2.5mm-$4.5mm in 13 years. TL;DR I have no fricking clue but would love for some help
This post was edited on 12/31/16 at 2:51 am
Posted on 12/31/16 at 6:19 am to Teddy Ruxpin
quote:
Not many are going to respond to this thread saying they've royally fricked up so don't sweat it.
Yeah, my comment was more in jest.... Def a keeping up with the Joneses comment.
Compared to 75%+ of the rest of the country, I know I am in a very good position, however, when you see someone that is in an even better position, you strive to be there too.
And honestly, I could be a lot better off than I am now, but within the last 5yrs, my mindset has shifted from "save save save" to "save, but enjoy life". I think its finding that middle ground that is key. I don't want to retire with millions in the bank and no memories wishing "I wish I would have enjoyed it". Life is too fricking short and you never know how long you have.
This thread had me google the stats for Americans and savings and I am always shocked no matter how many times I read it.
quote:
How many Americans have less than $500 saved?
Having $500 in the bank for emergencies can give you a sense of financial security but for 41% of adults, it's still a pipe dream
quote:
How many have six months' worth of expenses saved?
Twenty-three percent of adults surveyed acknowledge having an emergency fund that could last them at least six months.
quote:
How much do savers expect to need when they retire?
How much cash you'll need in retirement will vary based on your current income and expenses. Among middle-class workers, $250,000 is the median amount they're aiming to save.
quote:
What's the median net worth in America?
Among seniors aged 55 to 64, the median net worth is around $165,000. By comparison, those in the 35 to 44 range boast a net worth of about $50,000. The 18 to 34-year-old millennial set fare the worst, with a net worth of $11,000.
This post was edited on 12/31/16 at 6:23 am
Posted on 12/31/16 at 6:52 am to Ramblin Wreck
I'm just hoping to get laid semi-regularly when I'm retirement age. And have the ability to get it done too.
Posted on 12/31/16 at 7:06 am to jimbeam
quote:
And in 35 years that $1mil ain't what it is today.
Back in the early 1990's I remember people retiring where I work with $250K to $300K in life savings, thinking they would never be able to spend that much money in their life time. Doesn't seem like much money now.
Posted on 12/31/16 at 7:16 am to Ramblin Wreck
I am targeting 57 years old with $5M in net worth.
I'm still working on a plan on how to get there!
I'm still working on a plan on how to get there!
Posted on 12/31/16 at 7:41 am to Ramblin Wreck
quote:
250k-350k
Most don't retire with that now.
Posted on 12/31/16 at 9:01 am to Lsut81
Those stats make me feel better.
We are just surrounded by Allstars in this thread
We are just surrounded by Allstars in this thread
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