What's your strategy...for retirement?

[USMC-40]

2 powerball tickets every time I buy a can of snuff.

Legit, right?

 

[livingandlearning]

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

Wall Street is made up of several different stock exchanges (among many other entities, people, etc.) along with individuals and companies that are traders and investors. Those stock exchanges are a compilation of many very real publicly traded companies, many that are similar to your real estate business, that provide very real dollars to very real people (employees as well as investors) just like you and I. To say it is a scam is simply untrue.

When it comes to saving and investing diversification is essential. It may be worth your time to educate yourself about other ways to generate a passive income stream. It could benefit your real estate business greatly.

 

[cnelk]

Something to remember...

Retirement = Half the money and twice the wife

Doesnt apply to me tho

 

[Raizmup]

Full pension at age 55 plus company matched 401k. I'm damn near 40, you bet your sweet ass I'm clocking in for the last time at 55. 4 kids, already broke it to them college is on you. I may help out, but there going to earn the help.

 

[Raghornkiller]

Wall Street is made up of several different stock exchanges (among many other entities, people, etc.) along with individuals and companies that are traders and investors. Those stock exchanges are a compilation of many very real publicly traded companies, many that are similar to your real estate business, that provide very real dollars to very real people (employees as well as investors) just like you and I. To say it is a scam is simply untrue.

When it comes to saving and investing diversification is essential. It may be worth your time to educate yourself about other ways to generate a passive income stream. It could benefit your real estate business greatly.

I'm better off doing things I know and I know real estate.Wall st may be beneficial to some but it is an insider's game,the average Joe out there is just along for the ride

 

[Sccritterkiller]

Retirement LOL....I have about 25 yrs before I can retire and social security is set to run out in 15...I put money in 401k but I am in my mid 40s plenty of time for that to go belly up too...I really dont consider retirement and option at this stage of my life...sure I "save for it" but it could be gone tomorrow.

 

[livingandlearning]

I'm better off doing things I know and I know real estate.Wall st may be beneficial to some but it is an insider's game,the average Joe out there is just along for the ride

I can agree to disagree. Good luck.

 

[bmf0713]

Mega millions is at $444 mil!

Me and my wife both have good government jobs with pensions and 401k. We put in the max the employer matches. I also just started an IRA a couple years ago that I only put about $100/month in. It Should be able to buy me a new truck and maybe some health insurance when I retire at 55. Like some people said don’t live broke you might get hit by a bus or die of cancer 6 months before or after retirement.

 

[Crippledsledge64]

Retirement feels impossible to think about when you have a ton of student debt. Wife and I hopefully will be debt free in a decade plus she’s got a 401k. Once I’m done with an unpaid internship this summer then we can start.
I’ve watched my grandfather wither in retirement though, and seen others thrive. I guess it’s what you do with it.
As a young guy I feel like I have no clue what to do for retirement, guess I’ll have to do some research. That mega millions is getting tempting though...

 

[sram9102]

Retirement feels impossible to think about when you have a ton of student debt. Wife and I hopefully will be debt free in a decade plus she’s got a 401k. Once I’m done with an unpaid internship this summer then we can start.
I’ve watched my grandfather wither in retirement though, and seen others thrive. I guess it’s what you do with it.
As a young guy I feel like I have no clue what to do for retirement, guess I’ll have to do some research. That mega millions is getting tempting though...

I'm sort of in your boat... You/we have the biggest advantage when it comes to investing. Time. Go open a ROTH ira yesterday. Student debt is what it is. For the majority it's a necessary evil to a better career long term.

 

[bmf0713]

Student loans suck. I dont have any because im in a trade but my wife does. Wife has about a house payment worth of student loans and our child care is about 2 house payments. Will be done with both in about 6 years. Probly be using $100's to wipe our ass when we dont have those payments. Haha.

 

[MallardSX2]

Save enough money to retire at 55 float me until 59.5 to touch my 401k and pay for health insurance out of pocket for 10 years.

I'm answering to NO man after age 55. Forget it.

So far I am well ahead of schedule.

I should note that I sacrificed my person life for 8 years working on the road saving every penny I made and it was a lot of pennies....

I paid off almost all of my debt by the time I turned 30 and I put 20% of my paycheck into a ROTH 401K the entire time I have been working. All bonuses go into a retirement fund as well. So by all rights I deserve to retire at 55. I have made serious sacrifices to get to where I am at.

I chose the Roth because I dont trust the Government FYI. They can change how much they tax you upon withdrawal at any time. I would rather know what I have up front.

I plan to draw my SS as soon as I can as well. This will put us way over our amount we could ever dream to live on. I dont plan to live to be past 85.

Another thing for people to think about is life insurance. I have huge policy's on myself and my loved ones and I have made sure that is anything ever happens to any of us that we could walk away from the day to day bullshit to enjoy life and be taken care of.

All of this was because I had a good education and I used my degree to its fullest. My college education paid dividends for me.

On top of all of this, I still go on two DIY hunting trips per year because I'm afraid if something catastrophic happens I want to be able to say I did something other than be a slave to the man my entire life.

 

[Jskaanland]

Student loans suck. I dont have any because im in a trade but my wife does. Wife has about a house payment worth of student loans and our child care is about 2 house payments. Will be done with both in about 6 years. Probly be using $100's to wipe our ass when we dont have those payments. Haha.

My wife and I from our kids birth have been saying, we'll be more than proud of any of our kids if they go the trade route! Not sure if you're saving now but don't wait to pay off the student loans to start saving. Once that payment is gone people often will find something else to use that money up unless you've created that savings habit/plan before you get there(even if you're wiping your butt with $100's before putting them in savings). Even at 32, I regret not saving more in our early 20's, knowing we can never catch up to where we could have been.

 

[william schmaltz]

Retirement feels impossible to think about when you have a ton of student debt. Wife and I hopefully will be debt free in a decade plus she’s got a 401k. Once I’m done with an unpaid internship this summer then we can start.
I’ve watched my grandfather wither in retirement though, and seen others thrive. I guess it’s what you do with it.
As a young guy I feel like I have no clue what to do for retirement, guess I’ll have to do some research. That mega millions is getting tempting though...

I've been in that boat man. Especially after I got married and took my wife's on. Completely hopeless. Even had to quit my dream job because of it. We had that and two vehicle payments and almost puked when we got serious and saw what was sent to the bank every month. Just think what you could do with that money if it didn't go to the bank and that should motivate you. Buckle down and take care of it in 2-3 years! Door Dash, Uber, splitting wood, snow removal, whatever. You will thank yourself. You will be FAR better off doing that and delaying retirement 2-3 years than making that damn payment for 10-15 years and babying retirement along. Give yourselves a reward at the end (you and hunt and her a trip) to keep ya motivated.

Others mentioned Dave Ramsey for dumping debt. Start listening to him now and get motivated man - you got it. Get his financial peace class if you can afford it.

As for retirement, I like my job and all, but unless my boss will be giving me 10 weeks of vacation, I plan to be at least part time by 45 and I am planning my life that way. Life is about priorities - we choose experiences over things. My wife is a DPT and I am a consultant and we live in a 2 bed 2 bath house and she drives a 99 jeep grand cherokee and I got a 05 chevy. Maybe we'll get another room on the house once we get to 3 kids but we will see. Don't pay the bank interest EVER on anything and put away 15-20% into a ROTH if you qualify and do the backdoor ROTH if you don't. Keep it all tax free because the way things are going, the tax rate will likely be over 50% in 30 years when I can get my money out!

 

[bmf0713]

My wife and I from our kids birth have been saying, we'll be more than proud of any of our kids if they go the trade route! Not sure if you're saving now but don't wait to pay off the student loans to start saving. Once that payment is gone people often will find something else to use that money up unless you've created that savings habit/plan before you get there(even if you're wiping your butt with $100's before putting them in savings). Even at 32, I regret not saving more in our early 20's, knowing we can never catch up to where we could have been.

Yeah. We have pensions, 401k's and IRA's. I wish i would've saved more money in my 20's also. We had kids early so there wasn't much money left. My wife had our daughter 5 days after her college graduation.

 

[AK Troutbum]

I’ve been putting max into both my TSP (federal retirement), and Roth IRA for the last 18 years. Just started contributing to catch up last year when I became eligible at 50. If all goes right, I should be able to retire in 8.5 years.


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[Danny Hoey]

I can start pulling my pension at 52 but max would be 62. I can touch my 457 match as soon as I retire. I'm 34, house should be paid off in 15, kids will all be post high school when I'm 50. I'll probably work till they're done with college.

 

[MuleyFever]

Retirement, HA!.....Oh, I thought this was a joke thread.

 

[Ndbowhunter]

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

How is it a scam?

 

[MallardSX2]

Anyone who is offered a 401K match and doesnt at least put in to get the full match is a fool. Your literally giving away free money.