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re: Lets say you plan on retiring at age 60 and you are now 30....
Posted on 7/10/18 at 12:03 pm to dragginass
Posted on 7/10/18 at 12:03 pm to dragginass
quote:It sure does sport.
"Treat them well" doesn't have to be expensive.
But your mind is already made up.
So you're right and (mostly) everyone else is wrong. Happy now?
Alternative: Let's meet in 2040 and discuss.
I'll bring my kids and financial records and we can compare.
0
Posted on 7/10/18 at 12:03 pm to dragginass
quote:
If you're paying $16k a year for Catholic school you're an idiot, and no amount of financial advice will help you.
Coming from a guy that's solution to saving money is essentially make more money.
Eta: and also doesn't seem to understand cash flow and interest rates/returns.
This post was edited on 7/10/18 at 12:05 pm
Posted on 7/10/18 at 12:03 pm to Tester1216
quote:
Not with some peasant who can’t retire before the age of 60.
I'll have you know I'm the 33rd richest poster on this site!
This post was edited on 7/10/18 at 12:05 pm
Posted on 7/10/18 at 12:05 pm to dragginass
quote:
1. I'm not a financial advisor, nor qualified.
2. I'm in the exact position I described however, so Ill tell you MY "how".
Stop buying useless shite. Get a 15 year mortgage or shorter. Do not take loans out on depreciating assets such as cars/trucks/boats. Cash flow your education, and only if you will complete it with a skill or qualification which is meaningful and valuable. Contribute to your retirement via whatever means accessible. If you start at 10% in your 20's you will likely be a millionaire in your late 40's, and have a world of options to you in your 50's.
I just ran some basic numbers for a single earner - assume $40k gross salary at 20 (which is far higher than median but whatever). Living in Louisiana. Saving 20% pre-tax with 5% match. Assuming $140/mth for all insurance, including life, you're looking at a take home of ~$2k. Let's say you spend all of that, either savings and spending down the road or on a monthly basis. Also, your wages increase by 3% annually and so to does inflation. Using a reasonable net rate of return of 6-6.5%, you'd be a millionaire in your 401k by 49.
If you retired at 50, shifted your portfolio to reflect your withdrawal needs and now netted 5-5.5%, you'd likely run out of money by 73.
If you retired at 55, you'd have a shot to make it to ~88ish.
Long story short, it's definitely not "easy" to do, even for a single responsible person, by 50 or 55 without SS.
Posted on 7/10/18 at 12:10 pm to TH03
quote:
My wife’s was $16k a year, BIL was $18k. My in laws are doing just fine.
Speaking in absolutes is always funny.
I didn't say you couldnt "do just fine" and pay that kind of tuition, I said it was stupid to do so. Kind of like paying $300 for a steak. Sure you CAN, but why? What specific market has a barrier to entry (of good education) of $16k?
Yes good public school districts usually come with higher property taxes, but not always, and that cost is comparatively insignificant to the $16k you're speaking of. And again, assuming $16k was the minimum then the wage scale is likewise insanely high.
Posted on 7/10/18 at 12:12 pm to slackster
quote:
What, if I may ask, went into those numbers?
My SS (my wife's SS), my military retirement and my 401s plus some mineral investments. We don't have an extravagant lifestyle now (by choice) so I know we won't have one when I retire.
Posted on 7/10/18 at 12:14 pm to slackster
quote:
Using a reasonable net rate of return of 6-6.5%, you'd be a millionaire in your 401k by 49.
So like I said....
That also doesn't include your paid for house, and any retirement accounts your spouse has.
Lets also be real about the $40k salary you used. That's shite money for an older person. Sure that's fine for someone just starting off, but if we are being reasonable then we should all plan on advancing our careers and skills to a point where we are far removed from entry level pay.
Posted on 7/10/18 at 12:22 pm to mailman
quote:
Why the frick would you work till your 60, work till your 45 and retire whenever after that.
Retirement is a financial state, not an age.
Posted on 7/10/18 at 12:23 pm to CSATiger
quote:
I retired at 56
My dad retired at 57...he turns 81 in November. He has been retired long enough it could be considered a career in itself. Congrats on getting out early enough to enjoy your retirement.
Posted on 7/10/18 at 12:25 pm to dragginass
I was being sarcastic, my in laws are loaded. 
Posted on 7/10/18 at 12:26 pm to Count Chocula
Me retire? LOFL
Posted on 7/10/18 at 12:27 pm to dragginass
quote:
Lets also be real about the $40k salary you used. That's shite money for an older person. Sure that's fine for someone just starting off, but if we are being reasonable then we should all plan on advancing our careers and skills to a point where we are far removed from entry level pay
That's exactly what he said and used for the calculation dumbass.
Posted on 7/10/18 at 12:28 pm to TH03
quote:
I was being sarcastic, my in laws are loaded.
Well that's advice #1A. Before working hard, education, or saving you should always try to hook up with Rich chicks.
Posted on 7/10/18 at 12:28 pm to Tester1216
quote:
Don’t think I’ll ever retire. I like nice things
Sounds like you need to save more,
Posted on 7/10/18 at 12:29 pm to OysterPoBoy
quote:
Who the hell retires at 60?
Was planning to retire at 55, but was forced into retirement at 52 due to my health.
Posted on 7/10/18 at 12:29 pm to Count Chocula
Well I am 55 so 
Posted on 7/10/18 at 12:29 pm to Count Chocula
quote:
you are now 30
Posted on 7/10/18 at 12:31 pm to Mingo Was His NameO
3% is not a respectable salary growth, especially if starting out at $40k. You can make twice that cutting grass, or painting houses with zero education.
If you're tied to a job of passion, for that pay (let's say a teacher) then you are knowingly accepting the consequences and a longer path to retirement.
If you're tied to a job of passion, for that pay (let's say a teacher) then you are knowingly accepting the consequences and a longer path to retirement.
Posted on 7/10/18 at 12:33 pm to Mingo Was His NameO
He said 3% though. That’s a standard merit raise for most and isn’t indicative of climbing the ladder.
Posted on 7/10/18 at 12:38 pm to Count Chocula
9/80 schedule with 13 days vacay and 5 sick:
365
-104 (weekends)
-26 (Fridays off)
-18 (vacation/sick)
-11 (holidays)
=206 days working per year
Only 6180 days
365
-104 (weekends)
-26 (Fridays off)
-18 (vacation/sick)
-11 (holidays)
=206 days working per year
Only 6180 days
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