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re: What is your target savings and age for retirement?
Posted on 1/4/17 at 10:43 am to kywildcatfanone
Posted on 1/4/17 at 10:43 am to kywildcatfanone
quote:
True, and it's a precarious position for the 50 year old who needs 9.5 years to be able to dip into their 401K and even longer if they need SS. It's depressing. I'm just past 50 and trying to hang on for 4-5 more years where I am. By then I should have enough saved to pad me to 59.5.
If you are laid off or retire from a company you can tap the 401K starting at age 55 with no penalty.
LINK /
"Internal Revenue Code 72(t)(2)(A)(v), which states that the 10% additional tax for early distributions does not apply to any distributions that are “made to an employee after separation from service after attainment of age 55.”
This post was edited on 1/4/17 at 10:46 am
Posted on 1/4/17 at 11:24 am to Halftrack
quote:
Damn. How can you make a career in one of those industries knowing you will be fired by 50?
Every industry is this way. When downturns happen, older people who cost more than they are worth to the company will be let go along with other fat.
Posted on 1/4/17 at 11:30 am to Halftrack
quote:
Damn. How can you make a career in one of those industries knowing you will be fired by 50?
its pretty much every industry, although some companies are better than others at it.
I knew a lady that worked for the same place her entire life, her boss loved her, and needed to work. Laid at off 62. She is straight up fricked, as she can't find anything that gets close to paying that.
Although she is a little trashy, I know a guy that had sex with her and her daughter (not at same time).
Posted on 1/4/17 at 11:49 am to Hawkeye95
quote:
Although she is a little trashy,
Understatement of the year
Posted on 1/4/17 at 11:53 am to Ramblin Wreck
neither knows about it either.
Posted on 1/5/17 at 7:02 pm to GeneralLee
Subtle brag, nothing close to what a lot on here have done, but I'm excited about it.
Today I topped the 2x's salary invested mark
Still a long way away from my end goal, but a nice milestone moment.
Today I topped the 2x's salary invested mark
Still a long way away from my end goal, but a nice milestone moment.
Posted on 1/5/17 at 8:05 pm to Lsut81
I don't necessarily have a number as much as a goal to build up enough passive income streams to retire from a regular career by 50-55 and strictly tend to these streams. I plan to achieve this from real estate investing.
Posted on 1/5/17 at 9:01 pm to poochie
We all plan. But the best plans of mice and men go awary.
Posted on 1/5/17 at 9:01 pm to HailToTheChiz
quote:
If you are 30, how much do you need to invest yearly to accumulate $1 million by 65?
fairly simple concept. Problem is it's hard to get a certain steady % for 40 years. I ran numbers years back in late 90's when everybody was getting those astronomical returns of 30, 40, 50% etc. I made over 100% on a certain fund. point is, if u start at 25 with a 10k investment in any fund that returns 18% annually and after that lump sum you only put 100 bucks a month into it until you are 65.....you will have 1 million. The compounding effect is unreal.
Problem is who in the hell has gotten an 18% return every year in any fund since then?
Posted on 1/5/17 at 9:06 pm to Fat Bastard
Yep. Nobody can. Wall Street always wins. You might get 18% a year then loose 50% the next.
There is no winning on Wall Street. It is like gambling. How can you plan your future around something so unpredictable?
There is no winning on Wall Street. It is like gambling. How can you plan your future around something so unpredictable?
Posted on 1/5/17 at 9:44 pm to Lsut81
quote:
Just dealing with renters and upkeep on a house which you aren't living in seems like a fricking headache.
two words for you............
PROPERTY MANAGER
Go where the money is and buy right and that cost will not kill the cash flow contrary to popular belief.
Posted on 1/5/17 at 9:54 pm to Fat Bastard
quote:
Go where the money is and buy right and that cost will not kill the cash flow contrary to popular belief.
I'm considering buying OOS but I worry about not having boots on the ground. I could do that in NOLA but I don't know if that's the right market compared to what I hear about places like Memphis as an example. Property Manager would help but I have to find the right one who has the right contractor contacts, etc so how does one do that? Where are you looking for properties lately?
I'm looking to buy my 3rd property in Hawaii but it's crazy competition so the prices are through the roof. Of course Oahu is one of the best appreciation markets over the last 30 years so I can get CF and appreciation. Not sure which way to go but I can buy 2 or 3 houses easily with the price of 1 here (or 7-10 in a not so great area)
This post was edited on 1/5/17 at 9:56 pm
Posted on 1/5/17 at 10:10 pm to Sho Nuff
quote:
so how does one do that?
depends what markets you fancy. Go interview them in person. That is what i did.
i have given some answers on property management and explained some thing you are asking already in the RE thread. Go back through if you have time. There were some real good details i gave a guy in a rebuttal which i will prolly forget here.
quote:
Where are you looking for properties lately?
I look all over the USA.
Posted on 1/6/17 at 9:41 am to Fat Bastard
i just went on my trowe price and the little side window has an estimate of retirement balances.
At age 65 (33 years from now)it has me projected at 17 million
i knew i was doing good as far as savings but i don't see how that will be even close to possible
yea that was a glitch... i refreshed and its now at 8 million
At age 65 (33 years from now)it has me projected at 17 million
i knew i was doing good as far as savings but i don't see how that will be even close to possible
yea that was a glitch... i refreshed and its now at 8 million
This post was edited on 1/6/17 at 9:45 am
Posted on 1/6/17 at 10:32 am to Junky
quote:
I could live off 30k at retirement
That might not pay your medical insurance & drug costs come retirement time. To me that is the biggest fear.
Posted on 1/6/17 at 12:07 pm to ConfusedHawgInMO
I'm 25 and 30k in the hole right now net worth wise. I'd like to think I will start my own owner's rep consulting type thing in 20 years or so and do that til I croak. The current plan is to have 2 million net worth by my 45th birthday. Gonna need my current salary to pick up the pace.
Posted on 1/6/17 at 12:38 pm to gpburdell
I'm 49 and would like to retire at 62 which would give me 30 years with my company. I currently have $375K in my 401K. I contribute 12% of my salary which is six figures but just barely. Company matches only 3% so I add 15% yearly to the 401K that consistantly earns 8% a year. I will have a pension that will pay in the $4000 a month range at 30 years service at 62 years. Social security should be near $2000 a month and I'll be on paid health insurance from the company until Medicare kicks in at 65. My home is mortgage free now and is valued at $250,000 in Ascension Parish. The property was high and dry during the August floods so that appraisal might be higher now. So to answer the question to me if I have 1MM in my 401 plus my pension and my SS and draw the interest made each year off of my 401K to supplement my other incomes I think i'll be fine and comfortable. Plus I have my wife's smaller 401K and her SS coming in as well four years behind me. I think i'll be happy with that and be able to travel some and hunt and fish.
edit: Retirement calculator shows i'll have 1.3MM in my 401 in 12.5 years (62 yrs old).
edit: Retirement calculator shows i'll have 1.3MM in my 401 in 12.5 years (62 yrs old).
This post was edited on 1/6/17 at 12:54 pm
Posted on 1/6/17 at 1:15 pm to Ramblin Wreck
I need enough to have a winter place at Pennensula Golf in the winter and Park City the rest of the year
Including flights, skiing, golf, travel, etc. I need 7MM set aside after acquiring my house and my condo
Including flights, skiing, golf, travel, etc. I need 7MM set aside after acquiring my house and my condo
Posted on 1/6/17 at 3:30 pm to Halftrack
quote:
Yep. Nobody can. Wall Street always wins. You might get 18% a year then loose 50% the next. There is no winning on Wall Street. It is like gambling. How can you plan your future around something so unpredictable?
Don't know what you are implying, but myself and probably millions of others have used simple market investments over the course of decades to create enough wealth to retire. I have been putting money into mutual funds on a regular basis for almost 40 years. My returns have been all over the map, I rode out the crashes of 1987, 2000, 9/11, 2007, etc., along with the astronomical returns at times in the 90s. My average return over 4 decades is 12%, that is how it works, and it enabled me to retire 6 years ago at age 56 after 35 years in the market.
This post was edited on 1/6/17 at 3:35 pm
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