What's your strategy...for retirement?

[eamyrick]

Everyone seems to want the high paying business job but when I was 22 I looked out how long it takes to get there and decided I would be happier in public service. The pay does not max out as high but comes with a 23 year retirement. The employer utilizes the pension as a tool to retain guys that could leave and make more in the private sector. I also apply extra extra to the principal of my house and dump what I can into my deferred compensation account. I may drive the same truck for 15 years and never own a ski boat (read don’t buy what you can’t afford with cash) but the plan is to retire at 45 and never have to work again. (Though I see myself doing something when it’s not hunting season)

 

[bobr1]

Investment/retirement strategy...one word. Pogs.

Sent from my SAMSUNG-SM-G930A using Tapatalk

 

[Alchemy]

I just finished financial peace university. Lots of good stuff, some was a little overboard. My wife and I had very little debt, but I’m 31 and just set up a term life policy, investing in a couple mutual funds and she has a sweet 401k thru her work. If all goes to plan she will stop working her current job in 5 years and open her own business and raise the kids. I’m in commercial development and can’t really ever see myself retiring, love it. Slow down at some point yes!!! I would urge some of you guys to check out some of Ramsey’s stuff, the charts on retirement/mutual fund returns is pretty staggering if you start when your young. $200 a month for 20 years looks pretty good when you turn 50..... go speak with a credible financial advisor and see what they have to say, weed thru there sales pitch and find something that works for you or your family

 

[Gerard Marcaurele]

I’d love to have a plan, but I suck at adulting apparently and need to get it together....

 

[livingandlearning]

Dave Ramsey is the man when it comes to debt and retirement advice.

Dave Ramsey is the man when it comes to get out of debt advice. I would recommend steering clear of his investment advice. His funds are on the expensive side.

For those of you looking at investing in individual funds, take a few minutes and do some reading on index investing, particularly with Vanguard. Any book by John Bogle (Vanguard founder) is worth reading. If you’re more into forums the boglehead forum is worth spending some time on. I’m glad to have found it during my college years. The amount of knowledge on that forum is unbelievable.

 

[5MilesBack]

I started retirement planning when I was 12, and was already investing at that age. Before the government (and child labor laws) got involved, a whole bunch of us youngsters would pick chili peppers before and after school for local farmers. I also had my own garden that I worked and sold all the veggies at the local farmer's market. Then I started roofing and painting houses and investing pretty much all I got.

I've always lived minimally. Heck, my dad bought his clothes at Goodwill and drove an old Nissan 2x4 pickup for years. But he could have bought designer clothes and a Rolls Royce.

I've been mostly retired for some years now, but I keep pretty darn busy and continue to invest.

If you aren't maxing out a Roth IRA, or other Roth retirement plan........start today.

 

[NDGuy]

Dave Ramsey is the man when it comes to get out of debt advice. I would recommend steering clear of his investment advice.

To clarify I did not mean taking his investment advice, just general retirement advice like making good financial choices such as saving as much as you can and staying out of debt.

 

[flatlanderhuffandpuff]

Dave Ramsey is the man when it comes to get out of debt advice. I would recommend steering clear of his investment advice. His funds are on the expensive side.

For those of you looking at investing in individual funds, take a few minutes and do some reading on index investing, particularly with Vanguard. Any book by John Bogle (Vanguard founder) is worth reading. If you’re more into forums the boglehead forum is worth spending some time on. I’m glad to have found it during my college years. The amount of knowledge on that forum is unbelievable.

Quoting just so it can be seen a second time.

The forums at boglehead.org are a treasure. I only read the Boglehead guide to investing (not by Bogle but including his ideas) but it is a great groundwork for investing.

 

[Gutshotem]

I always put money into my 401k but like everyone else have hit major hurdles. I was with Nortel for 12 years when they went bankrupt in 2009. I lost most of my 401k as I was invested heavily in their stock. I also just split with the wife and was paying alimony and child support. I didn't even get my severance because I was a creditor. It t[k 49 weeks to get another job. I was laid off 5 years later and was out of work for 50 weeks. I never missed an alimony or child support payment in the 8 years I had to pay alimony. My last payment was Feb 1, 2016 about 2 months before my 60th. I knew I had t play catchup so I didn't heed the traditional investing advice of diversifying. The rumor was Canada was going to legalize marijuana. I did some research and dumped all my money into Canopy Growth. CGC is now my retirement plan! I've got 3 years left to work. Then it will be fishing, hunting and golf.

Sent from my SM-G965U using Tapatalk

Good call on CGC Steve, I also bought a few thousand shares on the day of the Canadian IPO. Taking a hit since October but I'm obviously long and hoping it will pad the retirement account nicely.

 

[jspradley]

I'm currently on the "pay off all my debts" stage so I haven't gotten to the retirement planning yet...

 

[Bassman]

For those who like to keep an "emergency fund" in cash, check out some of the high-yield online savings accounts (Ally Financial and Goldman offer them). Current interest rates above 2%. I have an account dedicated to saving for hunting trips/gear and its nice to clip a larger interest rate while saving up for trips or larger gear purchases

And no, I am not affiliated with either

 

[Kootenay Hunter]

Pay off my house in the next 4 years and NOT upgrade to a bigger one just because....be debt free before 40.

Turn that mortgage payment into investment payments and continue to max out my allowable retirement plan savings every year. Retire when I'm 55ish and live the good life.

Trying not to be house poor and live within my means.

But first, coming baby to deal with!....

 

[Thunder head]

I can write you out a list of guys that didn't get to enjoy there retirement.
The older you get the more you see it.

Do you need to save money for old age?
yes

Should you live now, while you still have your health?
Absolutely !!!!

For me. Ill be just fine sitting on the porch watching traffic if I already have the memory's

As far a strategy:

Think debt free!
I started with matching what my employer contributes to my 401K.
Then every year when we got a raise. I would raise my contribution 1%
When I got to 10% I stopped.
I also built up an emergency fund. For the last 20 years or so ive kept this in a long term CD. I just keep rolling it over. We could continue to live our normal life for almost a year if we had too.

I wont be able to maintain my current lifestyle when I retire. (without making a little on the side) But I attend to have my bucket list complete well in advance.

 

[AKBC]

I guess a guy needs to just put what he can away but enjoy life in the process.

This is it for me. Enjoy life responsibly.

 

[rayporter]

I retired in 03 at 51 working at ma bell and was debt free in 1990. I ran horses, shot, hunted or fished every week. and still do.
I invested my lump sum pension and it has doubled- even with me living off it.

choices matter.

I have watched many retire and die in a year.

 

[robie]

This applies sooo much to today's world. Everything is advertised as payment affordability no one cares about the actual price anymore. 40K+ for a new pickup financed over 6 years! YUCK.

My '07 is going strong and I hope it will last at least 5 more years. New trucks smell nice but no payment is best.

 

[Bowhuntone]

Full time job = bills, retirement, family
side work gig = hunting / keeping wife happy

 

[Inconstancy]

Define retirement. I just turned 45 but feel like I've been "retired " for the last 8 years. At 28 I was $250k in the hole with student loans, land and vehicle payments, my wife's loans from a previous existence, etc. By 37 it was all paid off with a respectable enough savings to say f*** these 60, 70, and 80 hr work weeks. Since then life has been much more enjoyable. I own a small nursery business and plant trees on the side and help run a greenhouse that employees developmentally disabled folks for money. Otherwise I tool around on my 40 acres, ride my KLR, visit with the grandchildren on occasion and once in a while decide "oh what the hell? I think I'll take my aging uncle out west to fulfill his lifelong dream of a western big game hunt". I hope its the time of his life. Nope, I'm not rich. Still have to generate some Federal Reserve notes to pay insurance, electricity, gas etc.but retirement is, to me, a state of mind and an acceptance of what is by living within your means while still enjoying the hell outta life. Slow and steady wins MY race. Save what you can, spend what's necessary.

 

[Raghornkiller]

I don't believe in retirement,people die when they retire and and have nothing to live for.Im a 23 year old that got into real estate 5 years ago and I can see that I could easily retire in a couple years and live off my rentals but I have no desire to quit working.Also I don't have any money in a 401k or anywhere on wall st,I think the whole thing is a scam and I will not participate

 

[renagde]

No auto loans, pay off the house on a 20 year mortgage (and make extra payments) and try to max out my Roth IRA while I'm still young and hope that I can see a 7% average return in 35-40 years from now.

I could never retire. But I don't want to be as tied down as I am now. Maybe once I hit 50 I can slow down and take off 1-2 months out of the year for traveling and hunting.

As far as hunting gear? Buy used, never pay full price, and only fit it into the budget after everything else has been paid for.