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re: What retirement savings balance is your goal, and by what age?
Posted on 1/2/21 at 6:53 pm to oneg8rh8r
Posted on 1/2/21 at 6:53 pm to oneg8rh8r
Earning 18% return will cause you to retire late 60’s?!? I hope not. I mostly invest in s&p index funds and total market funds but after reading this thread it appears I should look into other options also. The thing is to consistently find sectors that outperform the s&p and be correct each and every year is a very difficult and almost luck event. I got very lucky and invested heavily in technology mutual funds and Disney at the beginning of 2020 which turned out awesome 50%+ and 80%+ return in my regular brokerage trading account on those. Unfortunately I wasn’t weighted like this in my retirement accounts and ended up with a 18% return in those because I’m not confident I can make yearly decisions on which sector will explode year after year. If I had invested in a oil and gas mutual fund at the beginning of 2020 instead of technology I would of lost prob 30-40%. I look back and realize it was a risky move I did that actually paid off big but am learning that it was mostly dumb luck. I’d happily take 18% average return and retire at 50 if I could get 18%.
This post was edited on 1/2/21 at 6:55 pm
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Posted on 1/2/21 at 6:53 pm to oneg8rh8r
quote:
Some people are ecstatic earning 18% in a mutual fund in a year. If you are in this boat, you will probably retire in your late 60's and life a comfortable life assuming you stick to that plan.
Is this serious?
Posted on 1/2/21 at 6:55 pm to lynxcat
quote:
Posters on the MTB don’t have incentive to lie. It’s definitely a self selection of a unique slice of financial savvy individuals so the skews seem off.
Hahaha. No way. Nobody has ANY incentive to lie on a message board.
You're correct and I have zero rebuttal
Posted on 1/2/21 at 7:06 pm to Grinder
Well, I bust my arse over here, but I am definitely not a baller in this thread. I am 33. My net worth is around $425k. Have about $125k in my retirement account now and about $250k in real estate equity with my first home now paid off and renting out. I make about $100k/year now but look forward to dropping one of my jobs for the freedom and gaining time back to my life.
I suppose my goal is to be able to use my RE for long-term stability. I have four rentals, one paid off, and the others are a few years into 15-year notes. When those are all paid off, I hope to just live off of that and work a job because I control it and not because I have to.
I suppose my goal is to be able to use my RE for long-term stability. I have four rentals, one paid off, and the others are a few years into 15-year notes. When those are all paid off, I hope to just live off of that and work a job because I control it and not because I have to.
This post was edited on 1/2/21 at 7:09 pm
Posted on 1/2/21 at 7:18 pm to rpg37
I think you misunderstood my stance. 18% is great, rule of 72 says you double your money every 4 yrs, not bad.
That's just not what we are shooting for. We purchased multiple stocks this year that have us up over 500% and some over 800%. We expose ourselves to risk, yes, but we don't need the money we invest to survive. We spend a lot of time analyzing and trying to make educated financial purchases.
Some people play video games, TicToc, etc..... We do a lot of homework and it usually pays off. Sometimes it doesn't and we get burned, but we typically have way more good days than bad ones and the net is way better than 18%.
That's just not what we are shooting for. We purchased multiple stocks this year that have us up over 500% and some over 800%. We expose ourselves to risk, yes, but we don't need the money we invest to survive. We spend a lot of time analyzing and trying to make educated financial purchases.
Some people play video games, TicToc, etc..... We do a lot of homework and it usually pays off. Sometimes it doesn't and we get burned, but we typically have way more good days than bad ones and the net is way better than 18%.
Posted on 1/2/21 at 7:19 pm to rpg37
quote:
I am 33. My net worth is around $425k. Have about $125k in my retirement account now and about $250k in real estate equity with my first home now paid off and renting out.
That is really really good. You’re ahead of probably 95% of everyone else and 99.5% of people your age.
Posted on 1/2/21 at 7:30 pm to Grinder
My 401k & IRA balances are right at $700k. They get maxed out every year now. Retirement calculators vary from $2.5 - $3.8 million, depending on which one I use.
I'm 42 now & have always put age 62 in the retirement calculators. I don't necessarily have that retirement age set in stone, as it could be sooner or later, depending on what I'm doing as I approach that age.
I'm 42 now & have always put age 62 in the retirement calculators. I don't necessarily have that retirement age set in stone, as it could be sooner or later, depending on what I'm doing as I approach that age.
Posted on 1/2/21 at 8:01 pm to Grinder
I want to have 13k cash flow a month from investments to retire by 51 at latest
Posted on 1/2/21 at 8:10 pm to SmackoverHawg
quote:
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.
You serious? I am late to getting into medicine. Finished training at 38 (7 years behind friend who went straight thru). I will retire fine. Certainly don’t know all my friends personal finances - but pretty sure nearly all are fine handling their debts acquired in school and setting up to have a good retirement. Yes - if they are dumb with money now - they won’t retire like they should. But that is anyone
Agree with several of the things you said in your rants, but disagree with that one
Posted on 1/2/21 at 8:29 pm to Stateguy
Yeah, in every walk of life there are people that SHOULD make bank and save tons of money and be able to get ahead of the rat race.
Yet, I know MD's, lawyers, Military 0-6 and above, Business owners, etc....that somehow after making stupid money for a long periods of time still have nothing to show for it and have to keep working to pay for the lavish life style they portray.
It's not what you make, it's what you keep.
ALWAYS PAY YOURSELF FIRST AND LET IT GROW!
Yet, I know MD's, lawyers, Military 0-6 and above, Business owners, etc....that somehow after making stupid money for a long periods of time still have nothing to show for it and have to keep working to pay for the lavish life style they portray.
It's not what you make, it's what you keep.
ALWAYS PAY YOURSELF FIRST AND LET IT GROW!
Posted on 1/2/21 at 9:00 pm to Grinder
Does anyone have good FIRE/retirement calculators?
I'm 32 with a NW of about $600k. Really want to have the option to FIRE by 40.
I'm 32 with a NW of about $600k. Really want to have the option to FIRE by 40.
Posted on 1/2/21 at 9:21 pm to TheOcean
FIREcalc is one a lot use.
I use a spreasheet.
I use a spreasheet.
Posted on 1/2/21 at 10:10 pm to LSUtigerME
quote:
It’s a very unrepresentative cross-section and accomplishes nothing for the OP unless he fits these categories. As I’ve always mentioned in these threads, it is MUCH more beneficial for OP to introduce his situation and seek feedback rather than a blind poll.
I appreciate the replies, and I do find a lot of benefit reading about other’s successes.
I’m around 10 years from retirement, and I find that while I’m good at the saving part of retirement planning, I’m not very good at determining goals and changing plans.
I have $2.4M in retirement funds and $800K in post tax accounts. My original goal was $5M in liquid retirement funds by age 60. I think I’ll achieve my original goal, but now need to decide to either retire earlier than planned or increase the goal. While I don’t love everything about my job, there are certain aspects that I greatly enjoy, and I’m very good at a highly technical, specialized job that pays me well. I’ve worked my whole career to get to this point, and have guilt about giving it up before I planned to.
Consulting financial advisors are useless in my opinion, and I’ve started seeking advice from others that have faced a similar situation.
Posted on 1/2/21 at 10:26 pm to PillPusher
quote:
1.75m at 55 with another couple hundred thousand in a taxable account/cash to draw from until I reach 59.5. I think my biggest hurdle will be bridging the gap between when I want to retire and access to my money without penalty. That assumes mortgage is paid off.
Early withdrawal penalty only applies if you are still working from age 55.to 59 1/2.
IRS rule of 55
“If you leave your job at age 55 or older and want to access your 401(k) funds, the Rule of 55 allows you to do so without penalty. Whether you've been laid off, fired or simply quit doesn't matter—only the timing does. Per the IRS rule, you must leave your employer in the calendar year you turn 55 or later to get a penalty-free distribution.”
This post was edited on 1/2/21 at 10:32 pm
Posted on 1/2/21 at 10:28 pm to Grinder
Work until it is no longer fun or simply gets in the way of your sliw down plans.
I too love my job and have an end date in mind.....but will probably keep doing it until it affects our plans to travel more than my job allows.
I plan to let my retirement plans dictate my exit strategy.
I too love my job and have an end date in mind.....but will probably keep doing it until it affects our plans to travel more than my job allows.
I plan to let my retirement plans dictate my exit strategy.
Posted on 1/3/21 at 7:32 am to SmackoverHawg
I'm riding my wife's coat tails. Lol. She's a pediatric allergist/immunologist. She's also part of an academic institution so pay cuts are significant. The work/home balance is worth it though and most importantly she's happy.
I'm a VP at a private company.
In 2021, I'll be 37 and she 36. She got a late start to the game but I think we have it figured out now. She has access to so much (403b, 457, and a state pension). Plus our IRAs. We try to live within our means. We are still in our starter home; while most friends seemingly all have $600k-$1mm homes. Whatever floats your boat but I wanted student loans gone before the next big house. Originally student loans were $248,000. By the end of the month, they will be at $107,000. Our most outrageous expense is child care but that was a choice.
I'm a VP at a private company.
In 2021, I'll be 37 and she 36. She got a late start to the game but I think we have it figured out now. She has access to so much (403b, 457, and a state pension). Plus our IRAs. We try to live within our means. We are still in our starter home; while most friends seemingly all have $600k-$1mm homes. Whatever floats your boat but I wanted student loans gone before the next big house. Originally student loans were $248,000. By the end of the month, they will be at $107,000. Our most outrageous expense is child care but that was a choice.
This post was edited on 1/3/21 at 8:00 am
Posted on 1/3/21 at 8:21 am to Grinder
30 years old.
105k in 401k
20k in Roth
80k in Qualified.
Everything I’ve seen I should be fine by mid 50s, if I continue the pace I’m on.
Fiancé finishes her masters this year & will be bringing in 100k, a lot better than the 35k now. Will need to revisit our savings structure after this occurs.
105k in 401k
20k in Roth
80k in Qualified.
Everything I’ve seen I should be fine by mid 50s, if I continue the pace I’m on.
Fiancé finishes her masters this year & will be bringing in 100k, a lot better than the 35k now. Will need to revisit our savings structure after this occurs.
Posted on 1/3/21 at 8:27 am to LSUmajek
Pardon my ignorance what is $80k qualified?
Nicely done, with the new combined income ya'll should be able to fully fund 2x Roths and put as much as you can into 401ks.
Nicely done, with the new combined income ya'll should be able to fully fund 2x Roths and put as much as you can into 401ks.
Posted on 1/3/21 at 8:34 am to TorchtheFlyingTiger
Tax deferred
This post was edited on 1/3/21 at 8:42 am
Posted on 1/3/21 at 8:43 am to rpg37
quote:
I have four rentals, one paid off, and the others are a few years into 15-year notes.
How has COVID affected you on this?
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