What's your strategy...for retirement?

[renagde]

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.

There was a study done on this year. Supposedly Americans leave something like 24 billion dollars on the table annually by not maximizing employer matches.

 

[MallardSX2]

Thankfully my parents explained the reality of life to me earlier.

"Ya? You like that?" "Get a good job and you can buy it one day...."

For some reason that worked.

 

[ChrisAU]

I spend every dollar like its on fire and hope for the best.

 

[cmahoney]

Move to Seattle or San Francisco and let the government take care of me.


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[SteveCNJ]

I've spent 50% of my money on alcohol, drugs and women. The other half I wasted...

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[Dos Perros]

My wife and I both make a good living and are very lucky to live comfortably even with two kids in daycare.

We max out 401k contributions (finally got to this point a couple years ago, I'm 36 she's 34). We max out Roth IRA but may lose that ability one of these years, so doing what we can now. We are saving for one kid's college and need to start the other, it's only $150/mo.

We have no debt. We pay no interest except for our home, which we bought in a nice neighborhood and has appreciated at a rate higher than the interest (so far).

I drive an '06 Tacoma with 320k on it, my wife an '08 Accord with 140k. We will never ever buy a new vehicle. Ever.

We live relatively frugally, at least that's what my in-law's tell us. We prefer to spend money on experiences rather than material things. When we do buy things, it's usually "value" kind of stuff, middle of the road, good deals on quality stuff that will last.

Currently on track to retire when I'm 55 and she's 53, but I see it as a moving target. I'd "retire" sooner and take a job I wanted to do more for less money and work longer. May start a business someday. Honestly just praying we get to live healthy lives and see our children grow up healthy and with good heads and hearts determined to accomplish their goals. If we can do that I'll work till I'm dead or live in a van down by the river, I don't care.

 

[EastMT]

I have a TSP, pension, IRA, hope to have 5 rentals by the time I’m retirement age. That being said, I don’t know that I will retire early, hard to tell atvthis point. I enjoy my job, might stick around until they run me off.


I have yet to be begin to procrastinate.

 

[Dos Perros]

One thing I'll mention: if you're young and have a good job (income), then you should consider using your credit as an asset. Get into rental/investment properties. If you're making money on the rent vs expenses great, but the appreciation of the asset is probably where you'll make most of the money.

Also, I'm now kinda up for weird stuff. I'll invest small chunks here and there on specific opportunities. Not enough experience to know if this is worth it, better, etc, but it seems like better diversification, and it's interesting.

 

[S.Clancy]

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

Legit, right?

Maybe if you were buying Redman.

 

[GraveyardNRSE]

My wife and I both have govt jobs. So, we will both have pensions. We each get the match on our 401k and my wife’s father started a IRA for her when she was able to have one. We have two kids and they each have a 529 plan as well. We’re hoping to each retire at 55 and explore the world. Invest early or find a career with a pension. We’re both very fortunate to have that.

 

[tttoadman]

I am 51. My wife is 49 this year. We just sold our 9+ acres and downsized. Most of the profits on the property is from all of the improvements that we did for 100's of hrs. We are 100% debt free with the exception of the new house. She says we can pay it off in 6-10 years max.

We both have pensions from our earlier employment. It all adds up. I have been getting the max employer mach for almost 15years. Don't miss that free money!! We will max out or retirement contributions moving forward.

She just started a new business last Dec. She is already upsizing the office and adding more staff. My goal is to quit my job in 5-6 years and renovate houses on my own or be a consultant. I basically re-built my last house from the floor up. My real goal is to be the receptionist for my wife for 10hrs a week, and fill the rest of my time scouting and hunting when not at the doctor getting fixed from the damage done the previous year scouting and hunting...I wanted to keep going because that is one of the best run-on sentences I have ever produced.

I love seeing hard work pay off. Keep up the good work everyone.

 

[LostArra]

Save more than is comfortable every month

Get debt free asap

Live below your means

Stay busy

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[Azone]

Im putting 15 percent into a 401k and the wife is putting 5 percent in her 401k right now. We've been working on crushing the last of our debt we accumulated when she was out of work and we were just living on my income, the cost of living is just F'n ridiculous in California. But we have both been fortunate to earn very nice pay raises in the last two years and everything should be smooth sailing from here or so I hope. Once we get the last of our debt knocked out I will be opening a Roth IRA as well. I just turned 30 and my wife is 29 so retirement is a long ways off for us. Throwing the towel in somewhere in the mid 50's would be nice, just have to see how life unfolds.

 

[HookUp]

Marry a cougar who is socially awkward and filthy rich.

 

[AKDoc]

Get debt free as soon as possible, and stay debt free.

Live for today, not for tomorrow...but don't spend money like there's no tomorrow.

 

[missjordan]

Here is my strategy

Meet the company match for the 401k, and increase it 1% a year until it hits a personal max of 12% down the road. Will also be fully vested in the profit sharing at the end of next year

Throw a little extra a month at the mortgage and our auto loan. Have our payments split bi-weekly so you make 1 extra full payment a year too. Got our camper paid off last year and snowballed that addition into our truck.

Carry very little to no credit card debt most of the year and use it to buy tags and build points. But we keep it reasonable and prioritize those purchases so we can pay it off in a months time or so






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[Rich M]

I don't live my life around hunting, I do it for fun. Out west hunting is a treat, have gone once, plan to go a time or two more. Then I'll call life good and do a few other things to round it (life) out.

We've been thru a medical issue reducing our worth by a bunch, then lost a company at the tail end of the recession, and it took about 7 years to get that "boat upright". Bailing water but we're on track again. Still have some ground to recover but feel more hopeful than before.

Never thought stuff like that would happen - we had decent jobs, we saved, we invested, then suddenly all you have is your absolute emergency fund in the bank and a mountain of debt. I'll never tell anyone sacrifice financially to "follow their dreams" if they aren't financially secure cause "stuff happens" and it hits hard when it does.

Decided to got involved with a financial planner - heartily recommend that to everyone who doesn't have one.

 

[wymtnpounder]

Hunt until I cant hunt anymore. Then try and rob a bank if it works out great if not I get 3 squares and a cot and will have a captive audience to tell all my hunting stories too lol.

 

[tkaldahl2000]

Retirement luncheon to follow the graveside services.

 

[elkduds]

I'm 60, left my fulltime career @ the VA last year after 10 years of federal service. My little pension from them buys health insurance for wife and I and gives me a couple hundred bucks/month. During my working career I saved the maximum allowed by IRS for the last 20 years, that is all in IRAs. I took full advantage of employer match as well, that is included in the IRAs. We have stayed away from car payments always. Our largest mortgage payment was $1100/month, current mortgage is 900 w 21 years to go. We have had rental properties to reduce taxes and grow some equity, for now that lump is in savings possibly to be invested in a rental @ our home.

I work in the same medical field I retired from, now part time from home on line, usually 10 hr/week. That along w wife's social security pays all bills for now. The next rental will add to that. I'll be eligible for reduced social security benefits in 15 months. I can take about 4% out of my IRAs/year without reducing the principal. I like working, so I can customize my income w work earnings, IRA nibbles and later SS benefits. When the new rental comes online we can probably afford to travel often or live abroad, while I work from my laptop3 half days/week.

Any inheritance will be gravy.

Key elements for our plan:
Low-no debt w cheap mortgages, cash for used cars, buying less house than we can afford. Living below our means.
Max out pension and IRA contributions from payroll.
Continuing some work/earning to keep life interesting and generate income without tying one to a specific location or schedule.
Rental income in retirement, which helps w tax liability.
Secure health insurance in retirement ASAP. I'd still be working fulltime if I didn't retire from VA w insurance.
Don't have children.