What's your strategy...for retirement?

[rhunter424]

Spend less. Save early.

 

[Beendare]

Plenty of opportunities for young hard working guys in the US reading this- fantastic really.

We are a service economy so being a top notch plumber, welder, electrician...maybe even having a couple guys working for you can make you more than you would imagine. Be the best at what you do and you will always have work.

Squirrel your money away building assets especially if you can do it pre tax; 401k, real estate, etc Own a business- any business so you can lower your after tax expenditures. Live by the 'power of compounding' rule.
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Myself, I'm a pretty frugal guy living a fairly simple life following the advice above..... so now I'm setup well for retirement. My younger wife works for a HC provider- so we are set there too.

I really enjoy most parts of what I do so I will still probably stay connected part time. Or I might consult giving back to young guys starting their businesses- not sure yet.

I plan on doing longer hunts...maybe a month at a time on some and splitting time at a couple different homes.

I it weren't for the promise to my kids that I would pay for their college ed I would be semi retired now. ...but thats going to pay for itself over their lifetimes many times over.

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[Marble]

Ah pensions....my generation is screwed lol

I came into my job in 2000 with a retirement formula of 3%@50 years of age. Its changed to somewhere around 2.5 at 55 or 57. So I got lucky. But I've been investing for 20 years, losing a significant portion of it an ex wife. I'm making it up.

Pensions still exist, they just generally are a defined benefit plan.

If you want to be wealthy, live as debt free as possible, pay cash, keep money in the bank, invest a minimum of 15% in good mutual funds for 30 years.

It's easy to do, someone has already figured it out and gave the solutions to being relatively comfortable through life and while not making a ton of money.

 

[nigafia]

Have no plans to retire - don’t want to. Shift workload, yes, stop working and stare at walls or try to keep my self entertained by watching jeopardy at 7, hell no.

Having said that, when it comes to saving/spending, there is a point you reach when you’ve saved a bit that the security of having built that little nest overcomes the desire to take it apart. Having gone through layoffs and shitty economies helps that.

I think negotiating yourself into a life that works for YOU and just living it as well as you can is a much better goal than some carrot on a string. After all, you might get hit by a bus on the way home from your retirement party...and then what did all that waiting get you?

.. so I’m more focused on trying to make smart real estate investments (to the best of my ability, which isn’t saying much). So far it’s been working out well.

 

[jmcd22]

I will be 32 at the end of the year and if all goes to plan, I will make the final payments on a commuter car I bought and on my fiance's Jeep before the end 2020. We will be debt free after that...other than the mortgage. As far as investing goes, I have 23% of my pay going to a 401(k) and the fiance has 12%. I plan to allocate most of my contribution to a ROTH 401(k) and keep whatever I need to in the traditional 401(k) to get the company match. We both will start maxing out Roth IRAs once we get through the wedding and get both vehicles paid off.

It is really easy to do...you just need a plan and the self discipline to stick to a budget and live within your means. If you have debt, pay it off ASAP.

 

[brsnow]

We have planned so that we could retire and be comfortable. That being said we now plan to spend a good amount of time in Mexico. Day to day health care is great, inexpensive. We enjoy the culture and the ocean. Really will increase the legacy we leave with the far lower cost of living.

 

[AK Troutbum]

We have planned so that we could retire and be comfortable. That being said we now plan to spend a good amount of time in Mexico. Day to day health care is great, inexpensive. We enjoy the culture and the ocean. Really will increase the legacy we leave with the far lower cost of living.

Damn, Mexico sounds really nice right now! I’ve always thought that having a place in some little community on the coast (either Pacific or Caribbean) to spend the winter months, would be ideal.


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[Trial153]

Penison
Deferred investments
Securities
Smattering of real estate
SS

 

[brsnow]

Damn, Mexico sounds really nice right now! I’ve always thought that having a place in some little community on the coast (either Pacific or Caribbean) to spend the winter months, would be ideal.

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Caribbean side for us, I dive and fish. Deep sea, tarpon & bonefish in the mangos, scuba all within 40 minutes of shore. Great food, community, and extremely low cost.

 

[rob86jeep]

Caribbean side for us, I dive and fish. Deep sea, tarpon & bonefish in the mangos, scuba all within 40 minutes of shore. Great food, community, and extremely low cost.

Where at? I've always been torn between living in the mountains with a beach house or living on the beach with a cabin in the mountains...

 

[brsnow]

Where at? I've always been torn between living in the mountains with a beach house or living on the beach with a cabin in the mountains...

We plan to do both depending on where my kids end up living. We are looking around Tulum. The better diving/fishing is a bit further up the coast, but overall prefer this area down to Belize.

 

[ZDR]

My strategy:
Marry a younger woman who will work for sometime while I am retired - done
Debt free by retirement age (62) - done
purchase big ticket items right before retirement; new truck, new camp trailer - in process
Mix of investments: small pension, 401K, SS, small realestate + no mortgage (debt free) - done
Live simple with intentional spending for travel, hunting, fishing etc. - pending retirement

 

[NDGuy]

My younger wife works for a HC provider- so we are set there too.

What does your older wife do?

 

[longspeak74]

Company match 401k, yearly max Roth contribution - 15% of annual income invested. Plus I am a fairly cheap SOB, so I have a decent amount of liquid funds. Mortgage is the only debt I have. 45 now and planning to work another 20 years.

 

[boom]

i am pretty sure i commented above, before.

i have since attended a retirment seminar. i penciled in THE DATE. aug 1, 2029.

people rarely talk about the plan, besides the money. one of my supervisors just retired. he is like a drifting boat. all his friends still work , so he is kinda lonely. we meet at the bars sometimes..and apparently he is always at the bars. a bar is NOT a retirement plan.

have a plan of what to do after retirement. i'm buying a bigger truck and a bassboat and i am going on tour, looking for dumb fish.

 

[AK_Skeeter]

I retired last year at 62...it was a 30-year plan where I maxed out my 401-k every year.

Alaska has benefits for us old farts (besides the dividend check every resident gets).
No state income tax or sales tax.
A substantial reduction in property taxes at 65.
A free hunting and fishing license at age 60.
No cost for most big game tags.
No guide required for kin to hunt sheep, goats or bears with you.

Retirement is better than I could imagine.

 

[cnelk]

Submitted my retirement application yesterday. Turned 56 last week.
As I mentioned earlier, May 29 is my last day.

I'll get a monthly stipend [50%] for Health Care
I get the first $20k of income waived for state taxes.
Low cost Life Insurance plan
Free gym membership
And each day will be Saturday

 

[NDGuy]

And each day will be Saturday

Hopefully with a nice bull or two by end of season!

 

[Beendare]

Worth mentioning that the cost of HC needs to be considered in retirement. Many of us can retire early- except HC stops us in our tracks.

My FIL retired 15-20 years ago with a pension from the Plasterers union of $3400/mo. He had to pay $300/mo from that for medical as that comes out of the $3400.

now the medical portion is up over $1200....reducing his pension accordingly. ...and putting a huge pinch on their standard of living- essentially poverty level.

All the talk about from politicians about free medical...but very little is being done about Reducing the cost of medical...in fact my wife is a nurse and the paperwork required due to Obamacare has grown exponentially...which of course make HC more expensive vs less.

Lots of room to streamline HC and lower costs........can someone please tell Congress we need them to do something about that instead of constantly focusing on expanding their party?

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[ZDR]

Health care is probably the biggest concern and expense for retiring early (before 65) for most.