What's your strategy...for retirement?

[boom]

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.

i think 1% of our population can pay for cancer treatment with their checkbooks. that is a LOT of savings. my stepdad had a treatment. IIRC it was $27,000 (i cant remember, it was a lot!!) a dose. daily. cancer money is mind blowing.

i would eat a bullet if i had to pay for it myself. i couldnt do it on savings alone.

 

[jakelogsdon]

Work hard and play, till my dying day.

 

[tdhanses]

I put a ton away in my 401k and will have all debt paid off in the next 6 or 7 years, including my home. I’m 39 and I still don’t ever plan to retire.

Once my kids are in college I’ll get out of the Corp world though. I’m investing in land and tools as well as saving. I’ll always do something such as working for myself but stay active is key. I’ll get to a point where I’ll work when I want and it’ll just be a supplement.

Paid cash for my 4acre mountain paradise and the plan is to pay cash to build a small cabin in the next 10 years.

Heathcare is the biggest hurdle but I’m not going to slave away in an office for my entire life just for that worry, that isn’t a life. I also don’t want to be that guy who busted his ass and then died young not experiencing anything other then work. It’s a balance.

 

[grossklw]

I only put the company match in to my 401k, the rest of my expendible income goes into buying additional rental properties (tax haven). Main source of income at some point will be my rental properties, currently own 65 units. I don't think I'll buy much more at this point, will have enough cash flow in the next 5-6 years to stop doing my current W2 job and do real estate full time in one shape or another. Hopefully going to drop to 3 days a week within the next year.

 

[Marble]

i think 1% of our population can pay for cancer treatment with their checkbooks. that is a LOT of savings. my stepdad had a treatment. IIRC it was $27,000 (i cant remember, it was a lot!!) a dose. daily. cancer money is mind blowing.

i would eat a bullet if i had to pay for it myself. i couldnt do it on savings alone.

I recall my first medication that lasted 4 weeks. It was 10 pills daily. My normal copay was $5. I think they charged me $250 or something. Come to find out the medicine was between $20,000-$25,000. By the time my treatment was all said and done it was over $500,000. My total max put of pocket is 2k so I was pretty thankful to have chosen a job with great insurance.

 

[Dessick]

I’m self employed and I’m just trying to accumulate several commercial rental properties.

 

[Doc Holliday]

..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’.

That's why I switched my contributions from pre-tax to Roth. Hurts to not take home as much now, but it's all yours.

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[MAVinWA]

I'd retire now....but private medical insurance is too high at $1700 per month!!

 

[Elkhntr08]

Been almost a year in retirement. Luck that I had a State pension, a Deferred Comp plan, IRA and Roth. Wife had a health 401k.
My insurance is covered and hers costs us very little.
Worked a 75 day contract last year to pay for travel and tags. This year, I’ll be helping my brother farm and doing small construction projects around the county.
I just feel better earning extra money for my hunting addiction.
We put away about 15% for retirement for 23 years. You have to have a budget and develop a plan. If you shoot for nothing, you’ll hit it every time.

 

[Ballbearing]

I’ve started way too late it seems. I should( hopefully will) have a pension of at least 50% of my base pay and the ability to maintain my provided health insurance.

My problem is that I didn’t contribute early on. That, and a divorce, has left me woefully behind in contributions.

The moral here is to put away as much as possible while still enjoying life.


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[Blaw]

-save 40% income...audit yourself and cut your expenses you can do it.
-invest in etfs/index funds/ and snag a couple pieces of AFFORDABLE real estate (1bed condo etc)
-look into tax benefits of real estate, and use them...its way more lucrative for you guys down there than in canada, none the less I still own some up here.

-don't buy camo, buy solids that way you can use your hunting clothes as normal clothes too.

-don't buy expensive rifles, or bows....
-bow specs haven't really changed in yrs..mine is a 2015 bear anarchy, I shoot a 550 gn arrow at 278fps ...
-I have bought savage axis, tikkas, and remington 783's.................the 783 has a smoother action than my tikka...shoots the same too (but I suck with a rifle XD)

-also I shouldn't say this...make friends with a Canadian.....OTC tags are around $40 here.....if you all start lining up at the border please bring some SWFA scopes with you. Thanks


I am 36, I will have the ability to retire when I am 45. I'm obsessed with personal finance/ investing and real estate and have been since high school.

 

[bojangles808]

good thread, reminded me to step up my roth contributions. ill get a state pension but it'll just be a start. thank you.

 

[Tcole75]

My plan for retirement. Well I'm only 25 and plan to have all my debt paid for within the next 5 years. I put 15 percent of my paycheck into tsp. I budget for everything so I dont have to put it on a cc when I decide to go on vacation or hunt. I also invest 500 a month in index funds balanced out with some bonds and commodities and REITs. My plan is to have roughly 600k to a million by the time I hit 50 so I can walk away from job and take a deferred retirement and let my tsp grow until I'm 65. My wife invests in her 401k as well. The way I look at debt thou is if you have none and a pretty good nest egg saved up then your job really holds now power over you and you can walk away at anytime.

 

[wind gypsy]

Minimize keeping up with the jones's (big house, fancy car, boats, cabins, toys) for the most part. I spent almost a decade on the road for work where the man paid for my housing, vehicles, fuel, insurance, food, etc. I have spent more than is logical on experiences and hunting gear but own a modest house in a shitty neighborhood and paid cash for my company pickup when it was due to be swapped out.

Informal retirement plan is maxing out 401k and IRA contributions. I make modest additional investments in stocks and got really lucky with crypto currency a few years back. Will soon be buying a house with my girlfriend and we plan to rent out both of our current houses.

 

[Tcole75]

I'll put gear on a cc if I have the money in that particular budget to pay for it as soon as I purchase it to get free money from cc. This is the financial calculator that I use for everything as well

 

[HoytHntr4]

I'm 28, I currently contribute around 16% of my pay, plus a 5.5% employer match to my 401k. I have my Roth maxed out every year. My wife contributes to her 401k as well. We found the best thing for handling the finances in our house was to start using a monthly budget. We both have the app on our phones and record every penny that comes in and goes out every month. It helps you see how much you really spend on certain things. It also holds your accountable to put the money in savings that you budgeted to at the end of the month instead of just seeing in your account and spending it. Goal is to be debt free besides our house by the end of this year.

 

[jmcd22]

I'm 28, I currently contribute around 16% of my pay, plus a 5.5% employer match to my 401k. I have my Roth maxed out every year. My wife contributes to her 401k as well. We found the best thing for handling the finances in our house was to start using a monthly budget. We both have the app on our phones and record every penny that comes in and goes out every month. It helps you see how much you really spend on certain things. It also holds your accountable to put the money in savings that you budgeted to at the end of the month instead of just seeing in your account and spending it. Goal is to be debt free besides our house by the end of this year.

This has helped me so much. I could not believe how much money I was spending on frivolous stuff. I track everything down to the penny in Excel and assign categories to everything. If you have a spending problem or feel like you should have more money, tracking everything can be a massive eye opener. For me, it was enough money saved to up my contribution...

 

[jmcd22]

If anyone is interested in YouTube channels on this stuff, I found these guys a while back. They seem to have good advice on most things and are a nice break from the usual money management personalities.

The Money Guy Show

Never boring, always enlightening, join Money Guy Brian Preston with co-host Bo Hanson as they discuss a wide range of timely financial topics that can help ...

www.youtube.com

 

[Beendare]

Heres a retirement tip for you -grin

Sell every stock, mutual fund and ETF you own if Bernie becomes president. Yeah it will be down big on day one....but nothing like the halving of your savings that will happen over time. Don't count on your 401K or pension plan...as those are all invested too and will be belly up under the Bern.

Sell your house too...while its still worth something.You will catch the old tax rates before Bern takes a pile more.

And hide all of your guns....both Bernie and Bloomberg will come after those- just a matter of time.

Transfer as much $$ as you can into your kids name as possible...as he has a woody for inheritance and will want a big chunk of that too....passing on a family farm or house- Ha, you "Rich" sucker!

If you really want to capitalize on Bernie, buy put options on the health care companies as those will take a huge hit.

Then stock up on medicines as when the Bern HC proposal comes to fruition, the hospitals they will all be going bankrupt as his numbers are based on reimbursing them at a loss.

Then to deal with it we can all read
Socialism Sucks: Two Economists Drink Their Way Through the Unfree World

Good read^

Exaggerating...probably, but if you don't think politics plays a part......look at your net worth in 2014 after Obamas 1st term!


________
Good read....to get through the ordeal under Bernie.

 

[Tcole75]

If it comes time to bury or hide guns. It's time to use them and fight back