What's your strategy...for retirement?

[NDGuy]

I just have a very different outlook on it. I'm not going to plan on relying solely on what someone else promises me when I retire. But will I take that into consideration? You bet I will. But I'm also going to get and stay debt-free, pay cash and invest like crazy.

I don't know why you say you have a different outlook as I literally put in my post the only one to rely on for retirement is yourself. But let's not be blind to the absolute insane cost of everything today. New vehicles cost $40,000+, most places I know you need to spend 200k to get into a decent 3 bedroom house, health insurance costs are crazy as well. A lot of people I know pay $5000+ a year just to have health insurance then have a 6-10k deductible. For most working families around me, that's 15% or more of their entire year's salary at risk for health costs.

To your point, with how things are today you have to be disciplined and save as much as you can. Likely in 30+ years there won't be much left by the looks of how our gov treats any sort of social programs. Funny how the people that benefited most from all of those are the ones deciding to take it away.

 

[brsnow]

How people are planning for long-term care and other issues are separate to being debt free and having saved up a good amount.

 

[NDGuy]

How people are planning for long-term care and other issues are separate to being debt free and having saved up a good amount.

How are they not one in the same?

How do you afford cancer treatments if you haven't saved up money? How do you pay for your own funeral, nursing home if necessary etc? Being debt free and saving isn't just reserved for investing and retiring. You are saving for healthcare, children's education, and your own death as well.

Last thing I want when I'm gone is my kids being stuck with any sort of funeral cost.

 

[brsnow]

How are they not one in the same?

How do you afford cancer treatments if you haven't saved up money? How do you pay for your own funeral, nursing home if necessary etc? Being debt free and saving isn't just reserved for investing and retiring. You are saving for healthcare, children's education, and your own death as well.

Last thing I want when I'm gone is my kids being stuck with any sort of funeral cost.

Point is very few people have the means saved to self-insure what Medicare doesn’t cover.

 

[toadmeister]

My plan? Vote blue no matter who.

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Well there you go, retire with other people's money

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[mtwarden]

I retired from the state (game warden) after 24 years and collect a pretty good pension (w/ an annual 3% bump every January-this is huge with a pension!). I have a 457k through the state that was optional and had no match, I contributed about the last 20 years of working and it's in pretty good shape. I've slowly been moving most of it out of stocks and now is about 60% of in fixed (return changes every 90 days but averages 2.5-3%), 30% in various bond funds and the remaining in stocks.

I was a little too young to fully retire, so took another job- pay is very good, but no pension- they also have a voluntary 401k (no matching) and I've been hitting that pretty hard.

We have about 5 more years on our mortgage (we went w/ a 15 year on our last house and pay additional monies towards the principal each month)

Last year I went to part time (which I love!!!) and this year could start to draw SS, but as I get plenty of days off as is, will probably go a couple of more years- so 64, 65- we'll see.

So with a pension that grows 3% annually, two pretty decent sized 401's (one's actually a 457- not sure what the difference is?) and Social Security, combined with just about fully owning our home- should be relatively comfortable.

It's nice to know I could go when ever I want and still be in good shape financially

 

[Don Qui Puncher]

This is an excellent topic especially for us gear junkies. I’ve always justified purchases with I have X amount in the bank I can spend a grand on a new bow or whatever, every year.... sure I can afford it I’m not putting it on a CC but if I put 30% of the purchases I’ve made hunting related over the past 10 years in a retirement fund I’d be doing very well. I’ve watched my father who planned to retire at 56 lose his pension and he’s 63 now and needs another 4 or more years because he didn’t have plan A,B,and C in place. Once the kids were born it made me rethink a lot of things as far as future financials for the family, I do not want to be in my dads shoes with not being able to retire when I’m 60. Right now my employer pays around $16/hour into my pension fund through the union, with 30 years of service at age 60 right now it’s about 80 a year before social security, at 64 its just shy of 100, I know I need backup plans because there’s a chance that money will be gone when I’m 60. Right now my wife maxes out her 401k she puts in 16% employer matches 6%. We started a Roth IRA 2 years ago and have maxed it out both years. We own a 3 family house that we live in at the moment and rent the other two units which pays the mortgage, were patiently waiting for the market to drop to buy a single family and rent where we live now and have it pay 75% of our future mortgage. In 5 years I plan to buy another multi family. Believe me I still want the new pick up truck 80,000$ center console boat maybe a new snowy mountain rifle,toy hauler and a stable of prime bows and sage fly rods. But if holding back now and investing instead of spending insures I can spend 4+ months a year chasing animals when I retire at 60 for as long as my health allows, that’s the route I’m going to take. I’m 33 only 27 more years to go...

 

[Stalker69]

Seems like there's got to be a better answer than that my brother.

Nope, house is paid but things just seem to keep happening and only getting worse.

 

[Marble]

I don't know why you say you have a different outlook as I literally put in my post the only one to rely on for retirement is yourself. But let's not be blind to the absolute insane cost of everything today. New vehicles cost $40,000+, most places I know you need to spend 200k to get into a decent 3 bedroom house, health insurance costs are crazy as well. A lot of people I know pay $5000+ a year just to have health insurance then have a 6-10k deductible. For most working families around me, that's 15% or more of their entire year's salary at risk for health costs.

To your point, with how things are today you have to be disciplined and save as much as you can. Likely in 30+ years there won't be much left by the looks of how our gov treats any sort of social programs. Funny how the people that benefited most from all of those are the ones deciding to take it away.

I replied to you, but it should have been directed at the guy who says hes gonna work until he dies.

 

[Marble]

Seems like there's got to be a better answer than that my brother.

Nope, house is paid but things just seem to keep happening and only getting worse.

Well that's unfortunate. I hope the future holds better things for you then what you've experienced.

 

[RichP]

I have invested in commercial rental properties. Have 3 so far. I also have a 401K

 

[MtGomer]

Retirement for me is 6ft under. I work to support my family and my hunting. The day that I can’t hunt will be the day I retire.... in all seriousness, I personally have reservations about investing too heavily in stocks given I won’t be eligible to retire for another 30 yrs (evaluating national debt, and ever increasing socialist mentality by the general populous doesn’t give me a whole lot of confidence in the future)... 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.

I definitely worry about this. In 40 years I should have a damn solid retirement (unless we turn into Greece). You know there’s going to be a herd of career minimum wage workers that don’t have a dime that think part of what I saved and invested is their ‘fair share’.

 

[wysongdog]

Retirement for me is 6ft under. I work to support my family and my hunting. The day that I can’t hunt will be the day I retire.... in all seriousness, I personally have reservations about investing too heavily in stocks given I won’t be eligible to retire for another 30 yrs (evaluating national debt, and ever increasing socialist mentality by the general populous doesn’t give me a whole lot of confidence in the future)... 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.

I'm a lot of the same mind frame. Working in the oilfield since I was 14 with my family. Every person I know that has retired from the contractor side of the fence has been dead within a year of retiring. My dad is close to thinking about retiring and it terrifies me. So I think when I get to that stage of my life I'll just cut my hours back to 40 hours or so and keep on keeping on. Family, working and hunting everyday. Gotta have to have a reason to get out of bed everyday and put on your britches. Just my $.02

 

[Daniel Boone]

This is an excellent topic and good to see so many young guys with a plan. I am retiring in 3 months and will be 64 at that time. I have spent the last 16 years as a teacher and football coach and will receive a teacher retirement annuity payment each month. I spent the first 25 years as a telecommunications consultant making really good money and will receive a couple of pensions from those jobs. I feel very blessed that a manager I had early on mentored me and suggested that I put 16 % of my income into the company 401 k that matched the first 6%. That investment has grown exponentially over the last 30 years and will allow me to take the bucket list hunts that I have always dreamed about starting this October. So my advice is - start early and be consistent. Not always easy but you will be so glad you did when you are my age.

 

[NGlass65D]

I’m active duty .mil, retirement eligible in 8 years (50% of my base pay) On top of that, I’m maxing out my thrift savings plan and have an IRA thru Vanguard for both me and my wife which is maxed out every year. I started much later than I should have and now I’m trying to make up for the time I wasted as a younger man.

 

[zach14]

Obviously planning for the future and saving for retirement is super important. I am and have been since I got my first real job. I guess the question is, where is the balance between having experiences now while you have your health vs sacrificing for the future? What's the point of having a huge nest egg waiting for retirement and then bam you get cancer or have a stroke or some other unfortunate event that robs you of your health. My philosophy is plan for the future, but not at the expense of today. Live within your means and take advantage of opportunities to live life.

 

[Jwilson]

Hope that I die with enough money to cover my funeral...assuming i die old with the ear of it spent hunting the West.

 

[mtwarden]

from an old Captain- "son, hope is not a course of action"

 

[DangerRanger]

I am maxing out my companies 401k match but still uneasy about 401k in general. Looking to dabble in some other things until I can start looking at land. Stock market terrifies me and land is one of the few things we cant make or mine more of.

I am unwilling to pass up my good years for retirement money but also unwilling to be totally unprepared. Hopefully I will look back happy at my balance.

 

[skywalkr]

Max out my 401k, pay off my house early, live below my means, spend excessively on hunting gear. That’s been my method so far and I think it’s working. Oh and making sure I can’t have more kids, that’s a biggie.