What's your strategy...for retirement?

[Blockcaver]

My retirement strategy is to stay in shape and keep hunting! I retired 5 years ago for the second time, first time was 10 years ago. Had an opportunity in BC for a second career that turned out very well! Have bow hunted a bunch lately and plan to keep on as long as legs/knees/hips/shoulders allow! So far so good!

We always believe in buying everything with cash....except houses which got paid off ASAP. Worked well for us...especially back in the 12% home loan era. We typically buy a new replacement vehicle every 10 or 12 years. Quads and RZR have all been used. Works for us. Good luck!

 

[Whaledriver]

My number one strategy for retirement is to stay healthy. Without health money does not mean a damn thing!! Second is invest in low cost investment funds. I like the Vanguard line of funds. You would be amazed on how much you will pay for high cost funds. Set your allocation and forget about it.

 

[Gutshotem]

Paying off the house early is just a leg on my overall plan. My stock investments are aggressive. My pension payout is great but there is always a risk with that as city’s go belly up or legislation changes. A paid off house offers peace of mind and fills my low risk gap.

My wife’s grandmother has a mortgage in her 80s. She was heavily invested (by a advisor) when worldcom took a dive. She road it down from over a million to 28k. Her entire retirement plan was the market.

The most important factor in everything financial is risk. Paying off the house and having a decent size amount of cash on hand is insurance. Insurance costs you money. I’m heavy in the market (about 18% total annual income) but anything extra goes towards house. Because I know I will likely see 2-3 market collapses and down economies that I will have to ride out before I retire. No one knows how bad, but it will happen. Maybe a job loss for me or my wife or both. If my house is paid for, it may not be worth anything, but I’ve at least kept the wolves away. So I’ve set myself up to ride the market out instead of be forced to withdraw on struggling stocks to live and “lose money.” With all our stuff paid for, we can easily survive off $1,500-$2,000 a month.

The stock market didn’t lose anyone’s money when it crashed in 2008. People did it to themselves when they exited the market to make their house payment. Everyone that was financially stable (debt free) in 2008 and was set up to not only ride out the market but also to invest made some big time gains.

That’s just how I look at it. We could just keep steadily rising for 30 years and I may be wrong. If I am and I retire with (for pure example) a net worth of 9mil instead of 10mil because I lost 3% of potential gains for a few years while I took care of my house; I’ll be happy with my decision. If the market does what it historically always does every 10-15 years, I’ll be even more happy I protected my assets by eliminating the wolves! They prey on the weak.

Yeah I suppose we look at it a little bit different. If for some reason I have to pull $ out after a 20% correction I'd still be money ahead on what I put in just a few years ago anyway. I see those funds as what I'll use to protect my assets, but I guess I may be in a different position. Barring a catastrophic injury, it would be very difficult for me to lose my employment. I'm not too worried about the wolves coming at me with a 30 year fixed. Hell, if money stays this cheap I'll reinvest everything from my sale and finance my retirement home.

 

[30338]

My income was always volatile so paid off everything as early as I could. I did manage to hunt a lot of critters unguided along the way. Never paid for a hunt, did pay a few trespass fees for pheasants etc.

The other great thing is I love my job that I have been in the last 8 years. So not really planning on retiring, just working in offseason, and hunting a bunch from Sept 1 to Jan 31.

Find what you love to do as early in life as you can, save 20% or more, and enjoy the ride. My mom died at 62 from cancer and I felt she enjoyed the time she was given. I want to do the same.

 

[toadmeister]

Wife and I have saved and invested well, house is almost paid off. No debts. Got 3 kids almost all in teens, once they leave the house, we will retire. Have also saved for kids college in 509 plans.

Biggest unknown is health insurance in retirement. Besides putting money away in HSA and living clean, I don’t know how to plan for this... if I retire at 55, I got a while before Medicare kicks in.

As far as retirement recreation, I will spend most the autumn hunting. Besides Midwest whitetail we have a great cabin setup for waterfowl on the river. Will plan at least one western hunt each year until I’m too old to hoof it up a mountain. spring and summer is bicycling. Might take up fishing too. We will downsize the house (maybe a condo) and be more mobile, definitely traveling the US. Want to hit all the major national parks.






Sent from my iPad using Tapatalk

 

[rtaylor]

I run into a bunch of seniors that saved like they wouldn't live past the age of 70 and now at 85 they can't pay their bills. Save like you'll live to 100 and if you die early you'll never know or care about what you missed out on. The time to be short on cash is when you are young and can break your back to earn a buck. You don't want to find yourself short on cash when you can't even make it to the bathroom on time.

 

[CX5Ranch]

My retirement portfolio will take a trailer ride to the sale barn

Sent from my SM-G930V using Tapatalk

 

[Riles1050]

This is my profession. I am a Financial Advisor. My clientele ranges from deca millionaires to hard working people in the accumulation stage. There is a lot of good advice on this page and some pretty awful advice as well. There has to be a balance between saving and enjoying your life. Find a good Advisor (not a fly by night insurance salesman) set up a plan and do your best to stick to that plan. Understand that life and economic conditions change constantly and adjustments will need to be made. However, you don't need to be making a million dollars a year to become a millionaire. You definitely can enjoy your life while simultaneously be achieving financial independence. Feel free to PM me if you have any questions. Happy to help if I can.

 

[JWP58]

I will retire from my current occupation at 45yrs old with a pension (that's hopefully there...I'm optimistic). Then I'll just work part time or seasonal and hunt the rest. Probably a lot of bird hunting....cheap licenses, no draws, and easy pack outs.

 

[BeaverHunter]

I will retire from my current occupation at 45yrs old with a pension (that's hopefully there...I'm optimistic). Then I'll just work part time or seasonal and hunt the rest. Probably a lot of bird hunting....cheap licenses, no draws, and easy pack outs.

What job gives you a pension at 45? Not being sarcastic, just curious, sounds awesome.

 

[JWP58]

What job gives you a pension at 45? Not being sarcastic, just curious, sounds awesome.

I started at 25, it's a 20yr @ 50% of your high 5yr avg. It's not awesome. But you do get to drive fast and shoot gunz....and be sued.

 

[BeaverHunter]

I started at 25, it's a 20yr @ 50% of your high 5yr avg. It's not awesome. But you do get to drive fast and shoot gunz....and be sued.

Now I'm even more intrigued?!

 

[Boarmaster]

My plan is to keep working until I cant. I am going to do everything I want to do now as there is no guarantee of health. I will have plenty to get by on but continuing to work will give me the extra money to do more if I am healthy.
I have a career where I can be out of town about anytime I wish so I can get away and do things while I am still earning. I live somewhat frugal and have no
Kids to put through school. My job is not physical so as long as I keep my senses I can work into my 70’s. Its a balance between earning ,saving and doing what I care to do.

 

[Grundy53]

The most important factor in everything financial is risk. Paying off the house and having a decent size amount of cash on hand is insurance. Insurance costs you money. I’m heavy in the market (about 18% total annual income) but anything extra goes towards house. Because I know I will likely see 2-3 market collapses and down economies that I will have to ride out before I retire. No one knows how bad, but it will happen. Maybe a job loss for me or my wife or both. If my house is paid for, it may not be worth anything, but I’ve at least kept the wolves away. So I’ve set myself up to ride the market out instead of be forced to withdraw on struggling stocks to live and “lose money.” With all our stuff paid for, we can easily survive off $1,500-$2,000 a month.

The stock market didn’t lose anyone’s money when it crashed in 2008. People did it to themselves when they exited the market to make their house payment. Everyone that was financially stable (debt free) in 2008 and was set up to not only ride out the market but also to invest made some big time gains.

That’s just how I look at it. We could just keep steadily rising for 30 years and I may be wrong. If I am and I retire with (for pure example) a net worth of 9mil instead of 10mil because I lost 3% of potential gains for a few years while I took care of my house; I’ll be happy with my decision. If the market does what it historically always does every 10-15 years, I’ll be even more happy I protected my assets by eliminating the wolves! They prey on the weak.

Well said!

Sent from my SM-G950U using Tapatalk

 

[Grundy53]

My number one strategy for retirement is to stay healthy. Without health money does not mean a damn thing!! Second is invest in low cost investment funds. I like the Vanguard line of funds. You would be amazed on how much you will pay for high cost funds. Set your allocation and forget about it.

Yep. VTSAX or VTI. Set and forget.

Sent from my SM-G950U using Tapatalk

 

[eamyrick]

What job gives you a pension at 45? Not being sarcastic, just curious, sounds awesome.

PD here is 3.2 multiplier at 23 years (73.6). When you leave you cease making contributions so they pay is close to the same stating home. I started at 22. Retire at 45. But... you will have folks spit in your face, get shot at, wrestle in flea infested houses, get sued, work nights, work Christmas 7 years in a row, etc. it’s a long 23.

 

[oldgoat]

I play the lottery every drawing!

 

[cardiac5]

I max the Roth every year and try to keep good health. Sucks knowing you can go at any moment and could’ve had a lot more toys but you have to prepare for retirement.


Sent from my iPhone using Tapatalk

 

[mtnbiker208]

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.

 

[fire652]

No plans to retire. In my old job yes but now that I have my masters and a pretty Cush job that I can do when I’m 70 I’m going to work until I can’t anymore.


Sent from my iPhone using Tapatalk