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re: What retirement savings balance is your goal, and by what age?
Posted on 1/2/21 at 9:24 am to cgrand
Posted on 1/2/21 at 9:24 am to cgrand
quote:
but Alzheimer’s haunts my family on both sides. Like anything else it’s part of my risk arse
And too the dipshit expert that implied your plan was too simple...and I doubt he knows shite...he's not taking this into account. Alzheimer's affects the frontal lobe which is our impulse and decision making screening/control center. Before even measurable memory deficits are detectable, a classic early sign is impulsive behavior out of the norm (financially, sexually, anger etc) which leads to bad money decisions and mismanagement. I've seen many a fortune/retirement destroyed because this wasn't picked up on and the person is still functioning at a high enough level to declare them incompetent. So, keep you plan. Make sure your spouse/children/financial advisor know it and have them watch for it. Unfortunately, a sick brain won't pick up on it. So, when you look at finances and plans, the answer isn't simple and is different for each person. There are general guidelines, just as in medicine, but each person and case is unique.
So in short...keep up the good work and frick that guy!
1
Posted on 1/2/21 at 9:31 am to TheWiz
quote:
We currently put just under $70,000/year into 401k, 403b, 457, and her pension. We also max our backdoor Roth IRAs. That alone is $1,68mm in contributions for the next 24 years. If that doubled once I would be happy but I've got 24 years to go, so I'm hoping for it to at least double twice. Who knows?!? Calculators say we will have $5.8-$6.2mm, if I recall correctly. Maybe it was $6.8mm.
I'll also get a "raise" when we pay off med school and don't have a nanny. That will be an extra $5,000 a month to dump into taxable which is not part of the above calculation.
Good job. It's unfortunate, but most physicians are pure shite with money. Partly arrogance, but to some degree I think many are demoralized by having so much debt late in life and just decide they are tired of sacrificing and just say "frick it". I hate it, but other than some old school guys that made their bank in the seventies, eighties and early nineties, just about every doctor...regardless of specialty...is broke as frick and can never retire. I had the good fortune of having a dad and several older cousins that were physicians. Now, I didn't grow up rich. My Dad was 16 when I was born and neither him nor my mom came from money. In fact, we are old school poor. 
So, I made a point to keep my debt to a minimum and prioritize saving/investing over all else. I also educate myself financially and was always business oriented. I learned from mistakes my dad and others made instead of having to piss on the electric fence myself to learn the lesson. Keep up the good work. What field you in? Age? Just curious. Don't have to answer.
Posted on 1/2/21 at 9:34 am to SmackoverHawg
right on, thanks.
on a side note, most people here are on the younger side (I think). More time earning/saving/investing should mean greater wealth. If given a choice I want to hear from and learn from the posters who have money (this is the money board) rather than those without. It’s not bragging if you have built wealth and for myself, I want to hear about it
on a side note, most people here are on the younger side (I think). More time earning/saving/investing should mean greater wealth. If given a choice I want to hear from and learn from the posters who have money (this is the money board) rather than those without. It’s not bragging if you have built wealth and for myself, I want to hear about it
Posted on 1/2/21 at 9:43 am to cgrand
Honestly, because of your knowledge and investments in tech, I assume your were late 30’s/early 40’s...or younger!
Posted on 1/2/21 at 9:47 am to FinleyStreet
quote:
Yeah, I don't doubt that there are people on here who have a ton of money. People with the real money are usually pretty quiet about it, though.
We've been inundated with some folks lately who post just to share how much money they have and that's it. In fact, there is one poster who is an estate attorney who pretends not to understand anything about basic finance. He's like "I make 500k a year, and I don't know what to do with it. I'm so helpless. Boo-hoo." That guy is just here to brag.
I get it.
And I have at times in the past, been that guy just to be an a-hole and piss people off. I'm pretty fricking secure with myself so I can admit these things. I'm actually not a real life a-hole. I can't explain why but sometimes I can help it.
ETA-And FYI frickers, I was conservative in my post. I'm fricking RICH!!!!! And I don't give a shite what you believe.
Or I may be totally full of shite. It's a message board...lighten up bitches.This post was edited on 1/2/21 at 9:50 am
Posted on 1/2/21 at 9:51 am to oneg8rh8r
quote:
Between the two of us (48/52), we max out our 401K's and IRA's (about 60K) as well as put probably another $20K into a trading account annually for about an $80K / yr investment.
I already receive about $4600/ month from my military retirement now. The plan is to work another 7 / 10 yrs at current savings rate, putting me at 55ish.
We have been and will continue to be very aggressive with out accounts; it has paid off handsomely thus far.
My end numbers put us north of 5M in cash NOT including my current retirement or real estate (1.1M) I own.
Damn good. And thanks for your service BTW.
Posted on 1/2/21 at 10:18 am to cgrand
quote:
this right here.
maybe I’m not smart or disciplined enough to save while servicing debt, but the fact is I’ve been debt free for three years now and my savings have quadrupled
I go with the simplest explanation which is, for me, getting free and clear from debt was my most important accomplishment
Not to imply this is what you are doing, butthe Dave Ramsey method works. I did this, got focused on my debt, got rid of it, and had no mortgage for 8 years. Allowed me to be more aggressive towards saving for retirement.
This post was edited on 1/2/21 at 10:24 am
Posted on 1/2/21 at 10:48 am to indytiger
quote:
Anybody else think they are doing good, just to come read the MT and get depressed?
Why? Don't let other people's wealth or lack thereof dictate you happiness. I do well. Very well, but I'm probably not even in the top ten in our little town. There's generational oil money. Do I give a shite? No. There's always gonna be someone richer, taller and better looking than you. It is what it is. The first step to financial security is to not try and "keep up with the Jones". Most of them are check to check anyway.
Focus on what's good in your life. Appreciate what you have in the grand scheme of things. There's a reason envy is one of the seven deadly sins. And the worse part of it, it only makes YOU miserable.
Posted on 1/2/21 at 10:56 am to kywildcatfanone
quote:
Not to imply this is what you are doing, butthe Dave Ramsey method works. I did this, got focused on my debt, got rid of it, and had no mortgage for 8 years. Allowed me to be more aggressive towards saving for retirement.
It's probably the best method for most people. Now all the "gurus" can pick it apart, but like I said, each person and situation is different. I don't have any issues managing debt and saving/investing. If I can get cheap money, and know I can earn more with it than I'm paying in interest(especially if it's tax deductible interest), I have no problem letting the bank's money work for me. But I'm not upside down on anything and have the equity and cash flow to handle the payments if shite hits the fan. I abhor having debt, but I'm also rational and pragmatic with my money decisions. I make a plan and stick to it and I'm not scared to "lose" money. Can't hit a homerun with every swing. And I don't consider myself as highly risk tolerant. But as my financial status has improved and prospered, I'm feel more comfortable taking some shots and I go in the the mindset that the it will go to zero and I'll lose it all. If hit hits though...
But I do that will a small portion of my wealth. Overall I haven't done anything special except started investing young, lived well below my means (even if it seemed OT Baller to some), kept my debt to a minimum and stuck with my plan.
Posted on 1/2/21 at 11:29 am to Grinder
As much as I can in as little time as I can manage. I’ve been working for 2 years and have managed 40k so far so we’ll see where it takes me.
Posted on 1/2/21 at 11:34 am to LSUtigerME
I dont know why there is a bunch of you salty in here. All numbers posted seem feasible. The OP wanted a feel for where he is at. Maxing a 401k early and investing in stocks one can easily have 5-6 MM at 59.5. This info needs to be posted so young guys understand compounding interest.
Posted on 1/2/21 at 11:52 am to AUCE05
quote:
I dont know why there is a bunch of you salty in here. All numbers posted seem feasible. The OP wanted a feel for where he is at. Maxing a 401k early and investing in stocks one can easily have 5-6 MM at 59.5. This info needs to be posted so young guys understand compounding interest.
Little dick, low net worth haters and a few that think they are fricking financial prodigies and are asshurt someone may be teabagging them financially at a younger age and are to arrogant to think it's possible. And some people just aren't happy unless their mad. frick'em all.
I been sandbagging y'all. I'm a fricking billionaire so suck it. Or I could be flat arse broke and y'all can still suck it.
This post was edited on 1/2/21 at 12:24 pm
Posted on 1/2/21 at 11:59 am to AUCE05
I'm a young guy, I reference this board a lot for information.
The number 1 thing I've taken away from it is I need to invest in myself ASAP. I'm 28 and put 10% in a 401k, max an HSA, and am looking towards starting a Roth soon.
Meanwhile, a lot of my buddies think I'm nuts for "locking up" so much money.
I come from a background where I would have never even considered making those decisions if I hadn't wandered on to this board 5 or 6 years ago.
The number 1 thing I've taken away from it is I need to invest in myself ASAP. I'm 28 and put 10% in a 401k, max an HSA, and am looking towards starting a Roth soon.
Meanwhile, a lot of my buddies think I'm nuts for "locking up" so much money.
I come from a background where I would have never even considered making those decisions if I hadn't wandered on to this board 5 or 6 years ago.
Posted on 1/2/21 at 12:10 pm to baseballmind1212
It is how you allocate, too. I would wager some of these down voters in here put 6% of their salaries in bonds for 25 years and are now mad they have very little money.
Posted on 1/2/21 at 12:15 pm to PillPusher
You can retire early from your retirement accounts with a 72(t).
Posted on 1/2/21 at 12:23 pm to baseballmind1212
quote:
I'm a young guy, I reference this board a lot for information.
The number 1 thing I've taken away from it is I need to invest in myself ASAP. I'm 28 and put 10% in a 401k, max an HSA, and am looking towards starting a Roth soon.
Meanwhile, a lot of my buddies think I'm nuts for "locking up" so much money.
I come from a background where I would have never even considered making those decisions if I hadn't wandered on to this board 5 or 6 years ago.
Well, they are dumbasses. The time value of money is the single most important factor in the whole deal imo.
If person A starts saving at say age 20 a set amount each month for 10 years and then stops. Then person B starts 10 years later and saves the same amount per month with the same return, person A will still have more money after 40 years. Tell them to stew on that.
Posted on 1/2/21 at 12:54 pm to Grinder
I use 7.5% growth when calculating. 25 years from now I’ll be 63, shooting for that as a retirement age.
Will draw a little more for 7 years until age 70, then draw less as I get social security.
I run my calculations until age 99.
I should have about 2.9 million when I retire at 63, using a pretty liberal withdrawal rate and adjusting as described above I should be able to leave about 1 million to the kids if I make it all the way to 99.
Will draw a little more for 7 years until age 70, then draw less as I get social security.
I run my calculations until age 99.
I should have about 2.9 million when I retire at 63, using a pretty liberal withdrawal rate and adjusting as described above I should be able to leave about 1 million to the kids if I make it all the way to 99.
Posted on 1/2/21 at 12:58 pm to baseballmind1212
quote:
Meanwhile, a lot of my buddies think I'm nuts for "locking up" so much money.
Your buddies will be broke their whole lives. Money + time is a winning combo.
Posted on 1/2/21 at 1:00 pm to SmackoverHawg
Financial quiz for everyone.
When things went to hell in a hand bag in March, what did you do? Did you panic and sell, Did you sell knowing it was about to get way worse and had intentions of buying back in much lower, did you do nothing and simply let it ride, did you adjust your 401k contributions, etc.
I sold some in late Feb, but not nearly as much as I wish I had knowing what was looming. But, it gave me cash to buy some great stocks at a HUGE discount. Additionally, I shifted my 401k contributions, because I don't need my paycheck to pay my bills and basically paid out my 401k between March - May and dumped 19.5K into (PRGSX / VIGAX). Both have basically returned over 100% since then on that investment alone.
My one regret was I had 30K in cash and wanted to pull the trigger on PENN at $4.5 and chicken out. I AM WHAT THEY CALL WRONG.
When things went to hell in a hand bag in March, what did you do? Did you panic and sell, Did you sell knowing it was about to get way worse and had intentions of buying back in much lower, did you do nothing and simply let it ride, did you adjust your 401k contributions, etc.
I sold some in late Feb, but not nearly as much as I wish I had knowing what was looming. But, it gave me cash to buy some great stocks at a HUGE discount. Additionally, I shifted my 401k contributions, because I don't need my paycheck to pay my bills and basically paid out my 401k between March - May and dumped 19.5K into (PRGSX / VIGAX). Both have basically returned over 100% since then on that investment alone.
My one regret was I had 30K in cash and wanted to pull the trigger on PENN at $4.5 and chicken out. I AM WHAT THEY CALL WRONG.
This post was edited on 1/2/21 at 1:07 pm
Posted on 1/2/21 at 1:04 pm to kywildcatfanone
quote:
Your buddies will be broke their whole lives. Money + time is a winning combo.
Agreed. Ive tried to explain it. They'll figure it out eventually. But if eventually is 35, they've lost some serious time in the market
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