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re: What is your target savings and age for retirement?
Posted on 1/1/17 at 3:35 pm to Ramblin Wreck
Posted on 1/1/17 at 3:35 pm to Ramblin Wreck
0
Posted on 1/1/17 at 3:43 pm to Lsut81
quote:
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.
I struggle with this, especially with my grandpa who had been the healthiest retiree you've ever seen all of a sudden have some pretty significant hip/low back/nerve pain. Injections worked at first but now he can't walk too far, sit on a plane or in a car for any significant period of time, etc. His millions that he saved for retirement are useless in terms of traveling and "living." I certainly understand the importance of having a nest egg big enough that you have freedom in retirement, but at some point I have to decide wether spending $X on my family today is worth not having $X+Y when I'm 75...
I also know how some of you guys feel about others posting impressive retirement savings #'s. I'm a young physician, so my ability to save has been very limited, though I should realistically work for 20-30 years at $300-500k per year. I still always feel inadequate reading through these threads when they pop up.
Posted on 1/1/17 at 3:55 pm to YipSkiddlyDooo
Im 28, married, no debt, survived a war, and I have $30k in the bank for retirement. I feel like I'm on top of the world. 
We are going on lots of trips right now (currently in Italy) before we settle down and have kids. Being in the military made me see that life is precious and often short. I want to save enough to retire and have money for my kids school but Im not afraid to spend it on experiences.
We are going on lots of trips right now (currently in Italy) before we settle down and have kids. Being in the military made me see that life is precious and often short. I want to save enough to retire and have money for my kids school but Im not afraid to spend it on experiences.
This post was edited on 1/1/17 at 3:57 pm
Posted on 1/1/17 at 4:11 pm to Azazello
Wise attitude
Posted on 1/1/17 at 5:41 pm to gpburdell
I'm not going to post in here. This thread is depressing me. I thought I was in good shape, but most of you are wanting 3x what I thought I needed to live comfortably.
I'm thinking with no debt (which I don't have now), and $75K in retirement income, I should be able to do most everything I want in retirement.
Seems like most in here will be living like Trump. Either that or I'm missing something.
I'm thinking with no debt (which I don't have now), and $75K in retirement income, I should be able to do most everything I want in retirement.
Seems like most in here will be living like Trump. Either that or I'm missing something.
Posted on 1/1/17 at 6:19 pm to kywildcatfanone
quote:
I'm not going to post in here. This thread is depressing me. I thought I was in good shape, but most of you are wanting 3x what I thought I needed to live comfortably.
75k/year plus social security and a paid off house is a very comfortable retirement, if you're 58 years old. I think a lot of people are younger and are not depending on SS/pensions, and taking inflation into account.
Posted on 1/1/17 at 7:20 pm to Ric Flair
Unless Social Security is 'privatized' or dropped or otherwise fricked with so that there is nothing.
Posted on 1/1/17 at 8:02 pm to Ric Flair
quote:this.
I think a lot of people are younger and are not depending on SS/pensions, and taking inflation into account.
I am 37 and have no expectation of SS income. I also don't have a defined benefit pension, so my "target" will be my only income at retirement.
Posted on 1/1/17 at 8:11 pm to Spirit of Dunson
Basically, we're all fricked.
Posted on 1/1/17 at 8:24 pm to CaptainJ47
How are you going to get to7-10 million in your 401k in 20 years if you only have $325k in there? I hope you get there, but the numbers dont add up??
Posted on 1/1/17 at 8:26 pm to Teauxler
Sounds great- how do you get there in WallStreet?
Posted on 1/1/17 at 8:38 pm to Halftrack
SS will be around for us when we retire, I'm 40. There are too many people that haven't saved to get rid off it. Will benefits be less and social security withholdings thresholds and rates be higher in the future, very likely.
Polling people on a money talk board is not a representative sample of general US population. 97% of the people that read this board are savers.
How much you should save for retirement is a very individualized question. It depends on what age you want to retire, lifestyle you like to want to lead in retirement, health of retirees, etc. Some people could be fine with $300K nest egg, SS benefits, and a paid for house. Others want to live with their OT friends and will need close to $10M.
Take control of today and tomorrow and develop and execute your retirement plan that works best for you.
Polling people on a money talk board is not a representative sample of general US population. 97% of the people that read this board are savers.
How much you should save for retirement is a very individualized question. It depends on what age you want to retire, lifestyle you like to want to lead in retirement, health of retirees, etc. Some people could be fine with $300K nest egg, SS benefits, and a paid for house. Others want to live with their OT friends and will need close to $10M.
Take control of today and tomorrow and develop and execute your retirement plan that works best for you.
Posted on 1/2/17 at 6:15 am to YipSkiddlyDooo
quote:
I struggle with this, especially with my grandpa who had been the healthiest retiree you've ever seen all of a sudden have some pretty significant hip/low back/nerve pain. Injections worked at first but now he can't walk too far, sit on a plane or in a car for any significant period of time, etc. His millions that he saved for retirement are useless in terms of traveling and "living." I certainly understand the importance of having a nest egg big enough that you have freedom in retirement, but at some point I have to decide wether spending $X on my family today is worth not having $X+Y when I'm 75...
Yup, its a tough dilemma... Again, I was save save save until I lost some people close to me in a short period of time. It was truly a wake up call as to what I was doing and whether I was saving too much for a time that may never come.
I've taken more trips, seen more new places, and experienced more things in the last 2-3 yrs than I did in the previous 30. I don't see myself stopping anytime soon. I'm still maxing out my 401k and Roth, but contributing a lot less above that than I was previously.
Posted on 1/2/17 at 8:07 am to Lsut81
The men in my family all die young. I am planning enough to last me to my mid 80s, but I doubt I will.
Goal is to retire at 60 with 2mil + 2 rental properties and my own home.
All the models ive checked out say, im good to go.
Goal is to retire at 60 with 2mil + 2 rental properties and my own home.
All the models ive checked out say, im good to go.
Posted on 1/2/17 at 8:08 am to Paedin
quote:
2 rental propertie
Seems to be a very popular thing here on the MTB... I could easily do this, but in my mind, it seems like its more trouble than its worth
Just dealing with renters and upkeep on a house which you aren't living in seems like a fricking headache.
Posted on 1/2/17 at 8:19 am to Lsut81
quote:
Just dealing with renters and upkeep on a house which you aren't living in seems like a fricking headache.
This may sound weird, but you may actually enjoy minor up keep just to give you stuff to do every now and then. I don't necessarily enjoy being a handy man, but I enjoy projects my wife and I work together on. If you don't want to worry about renters as much, buy some commercial property. They are occupied a smaller percentage of the day, so less wear and tear, and the tenants have a good incentive to maintain them and to pay the rent.
Posted on 1/2/17 at 8:38 am to Ramblin Wreck
Commercial property is good but sometimes harder to rent. It might go vacant a bit longer than residential?
Posted on 1/2/17 at 8:46 am to Lsut81
quote:
Seems to be a very popular thing here on the MTB
Income generating, will appreciate or at least hold its value, can sell or leave as part of inheritance, little day to day interaction, whats not to like?
Posted on 1/2/17 at 8:23 pm to gpburdell
quote:
Nothing beats compounding interest and time.
Where does the compounded interest come from? Not the stock market.
Posted on 1/2/17 at 8:38 pm to Jake88
Stocks go up and down. Seems like every time you get a big up it crashes.
Watch this 20,000 go to 15,000. It will take years to get back up.
Interest rates will likely rise, crashing bond funds. Might be best to hold cash until rates rise then buy bonds or CDs. I remember when CDs paid 12%, now it's hardly worth the paperwork.
If the Trump 'infrastructure' spending happens, inflation will surely happen because of deficit spending. Even if you believe that GDP will rebound (?) the spending will have to occur first, ballooning the debt.
Maybe then corporate bonds will be worth a hoot again? Until then, the market looks like the Amite River late August 2017.
Everybody has a 30 year horizon, but the 'black swan' events happen, and out the window go the plans. Look at 1998, 2008 crashes. Ironically those were 10 years apart, and 2008 was 10 years ago. We might be due.
On the other hand, stock pickers often get slaughtered. Bogleheads seem to do well, except in general declines.
Who knows??
Watch this 20,000 go to 15,000. It will take years to get back up.
Interest rates will likely rise, crashing bond funds. Might be best to hold cash until rates rise then buy bonds or CDs. I remember when CDs paid 12%, now it's hardly worth the paperwork.
If the Trump 'infrastructure' spending happens, inflation will surely happen because of deficit spending. Even if you believe that GDP will rebound (?) the spending will have to occur first, ballooning the debt.
Maybe then corporate bonds will be worth a hoot again? Until then, the market looks like the Amite River late August 2017.
Everybody has a 30 year horizon, but the 'black swan' events happen, and out the window go the plans. Look at 1998, 2008 crashes. Ironically those were 10 years apart, and 2008 was 10 years ago. We might be due.
On the other hand, stock pickers often get slaughtered. Bogleheads seem to do well, except in general declines.
Who knows??
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