What's your strategy...for retirement?

[fire652]

interesting thread.

I have a gentleman retiring from my business today. Pretty cool feeling for me. 2nd person to retire from me.

my dad retired at 57, passed away at 63. He believed he would live to 107 and saved all his money. My mom financially has had a great retirement, my dad saved everything. I guess what I am getting at is, sometimes you have to look at retirement not just as yours but your spouses also. And the balance of living today versus saving for tomorrow. Weird thing for me is, I don't have kids, so I am not to concerned about leaving anything for anyone but my wife. But I am lucky, my ira started when I was very young.

That’s why I have a large life insurance plan and my wife also finished her degree


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[npm352]

I have some money saved, and am in the state retirement system (PERSI) for my job. My wife works and has a 401k. I have two side jobs (writing hunting magazine articles and training/breeding bird dogs). I generally only take hunting trips out of the side job money. I am 36 and have had some neat adventures that I would not trade back for the money. We are pretty frugal in most areas. I drive a 1993 Maxima (painted camo) most of the time and we take all our cars past 200,000 miles. I think I have a balance that is somewhat responsible, but I also like to experience life. I had a cancer diagnosis when I was only 26 and that kind of made me think a bit about living simply to prep for retirement.

 

[Marble]

I'l have a pension and my investments. Both should let my wife and I retire nicely.

Debt free, 15%+ invested monthly. Im 43 and can retire at 50, but will probably go a few years past that.

 

[Jeremy11]

I’m retired since 2011, retired at 55. I worked 500 hours of overtime a year, never missed a deer or an elk hunt. Now, I guide in Alaska, looks like 117 days straight this year. (Fishing). When I’m back I’ll guide upland hunts, part time, just two or three days a week. Cut fire wood, deer hunt and elk hunt. No out of state this year. After elk hunting, between upland hunts, I need to build new interior doors for the house. Need to sink some corner posts before the ground freezes so I can rebuild some fence this spring. Spring bear, couple grand babies due, a wedding jeepers, running out of time, oh going to the Cook Islands.
I guess a guy needs to just put what he can away but enjoy life in the process.

Put Aitutaki Island on your must see list when you go to the Cooks. It's amazing!!!

 

[NDGuy]

I'l have a pension

Ah pensions....my generation is screwed lol

 

[rodney482]

My wife and I have 4 policies. 2 IRAs and 2 universal life policies. At age 55 I will retire from my current police job and will receive 100k 1 time payout and 30k a year the rest of my life. Everything we own will be paid off within next 5 years.

the current investments with 4 policies are worth roughly 125k at this time.
I will continue to work part-time as well.

 

[ontarget7]

I don’t see myself ever retiring, just not wired that way. I will work until The Good Lord sends me home.


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[stevie]

Working for 35 years same company (sort of), been sold a couple times. Plant closing soon, so may find out if another job not found.

Deciding on taking lump sum or pension.

I may have the opportunity for employment in Utah. Hmmm

 

[Donk]

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.

I’m in the same boat. I remember when I loved my job. Right now it’s soul sucking. I can retire the day I turn 50 in about 8 years. I’m leaving the day I’m eligible.

 

[Diesel]

I am retired.

My whole focus over the last 10 years was to be as self sufficient as possible (BTW, you can't be totally). Tangible wealth (tractors, tools, generators, land) that can be used to produce what you need is more important than paper money.

Our national debt might result in rapid devaluation to our currency, maybe to the point of worthlessness. That is just one threat the U.S is facing. You can't eat stocks or cash and it is of little to no value to trade when it all goes south. If you can't touch it, is it real?

Maybe it will all hold together and your investments will make you rich. But it is still wise to hedge your bets. Pensions are fragile. Social Security, Medicare, Medicaid are all fragile. So who knows how it will all go. It is very hard to see even five years out.

I am not a survivalist or a gloom and doom guy, but I believe in being able to see the results of my hard work.

What I see is that there is a big fight coming that will end our easy life. We will soon see which way the people will decide we go. And even then, it is only for a short window of time.

YMMV, but that is my approach.

 

[Mule3006Elk]

Ah pensions....my generation is screwed lol

Right!!

 

[cmahoney]

If we all vote for Bernie we should be good.


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[Kimber7man]

Been maxing out 401k since I turned 50 - in 5 yrs I’ve pumped over 100k into my 401k. And with the gains in the market it’s been great.

will keep working at a reduced rate - 20 hrs/week - as long as I’m continuing to create value for the company. Gives me plenty of time to do what we want to do.

figure health insurance is going to be a biggie in 5-10 yrs.

Paying off house this year. Oldest kid starts college next fall so we’ll be able to cash flow it instead of our kids starting out with a pile of debt. They both have 529’s so it won’t hurt too bad...

going to sign up with a financial planner this spring to help us through the rest of our lives...

 

[Sekora]

I have to work till 55 to have my healthcare paid for by my company until I reach 62. I have been saving and investing for many years now and should have no trouble doing that. I few years ago, I thought I could do it without healthcare, but realized in 2018 how important it is. We will see how this next election goes. If a Dem gets in, I may reevaluate my plan. If Trump gets in again, I know I will be 4 years closer.

 

[Billinsd]

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.

I hope that works, that's what I keep telling my kids.

 

[MattB]

My advice, start saving early/pay yourself first, never miss a dollar of employer 401-K matching, and always remember the Warren Buffett truism "...be fearful when others are greedy, and greedy when others are fearful...". Also, diversify - stocks/real estate and liquid/tax-deferred assets.

I turned 50 last month and, based on living the advice above, I am trying to determine when I retire - tomorrow or in 4.5 years when my daughter graduates high school. I'll probably still work or volunteer, but I am close to done with a job I bring home most nights.

 

[Billinsd]

I'm 57 and could have retired with a nice pension at 55. I plan to work another 6 years. Mostly, because my youngest is 11 and my job is more flexible than my wife's. My wife is 49 and wants to work another 6 years or so, plus she covers us with her insurance. By working another 1 year I'll max my pension at 90% of my highest salary and by working 5 more, get another $600,000 or so to help put a dent in the costs for my son and daughter for private high school and private universities. I really would rather they get out of the public school system completely. However, it's up to them to get accepted. I just gotta write the checks!!! I tell my kids "I'll pay for your education, but when you get your Bachelor's and Master's in Science you gotta get a job and I'm not gonna support or subsidize you!!". LOL

If my kids were grown and gone, that's what I'd be too. I wouldn't be working and I certainly wouldn't be living in California!!!

 

[justin84]

Fun to read through this one. I plan to retire on 9/1/2041 at the age of 57, with full pension benefits and just in time for archery season.

I'm not sure I'll be able to stick with one organization for 30 years, but if I do that's the plan.

 

[toddh]

Start early is the biggest thing. I am 48 and set up pretty good. Another 14 years and I should be able to do whatever I want.

 

[cuttiebrownbow]

I put 19 percent of my pay into retirement/investments and I budget about 3k a year for hunting/fishing trips and or gear investments. I have been debt free for about two years now and I will be 32 in a couple months.

My job comes with a pension and I plan on retiring at the age of 58 1/2 - which is my 'planned retirement date' that also happens to be in a September 27 years from now. I do plan on taking leave my last month to get a head start on my retirement and be elk hunting somewhere.

My gf just got her Masters (she is 6 years younger than me) completed about 1.5 years ago and currently is gaining experience in positions that make less money than me. I predict in 5 years though she will be the breadwinner by quite a bit. I have already informed her of all the hunting trips she will be paying for. She is okay with it LOL. Yes, I plan on marrying her. Ring money is my savings and wedding money is growing every month.