What's your strategy...for retirement?

[grossklw]

Does it take that many to comfortably replace a job or are you being super cautious?

Certainly doesn't take that many units to comfortably replace a job, but I'd like to essentially double my normal W2 income before I consider stepping away so I have a large buffer.

 

[Marble]

For those who are in a place to never retire, you should consider what would happen if you were not able to work, or life circumstances happen and your faced with something catastrophic. It's never too late to plan for the future.

People are rarely in dire situations because of a lack of money. It is normally a behavior (choices) that cause issues with someone's finance. Medical, legal and sometimes business situations cause emergency level financial situations.

Just dont go through life hoping shit doesnt happen.

 

[mtwarden]

here's a little Social Security tidbit I just found out yesterday; if you decide to collect SS say in January, you don't get your first check until February. When you receive your check is based on your birthday- early in the month- you get your check earlier, later- then later in the month.

I also found out that in addition to the $17,000-ish cap on earning while collecting SS, your first year of collecting they look at monthly income instead of annually, so my thought of working until I made $17,000 (while collecting SS) and then quitting is out the window, because my wages exceed the monthly cap ($17,000 divided by 12). After a year, you can make $17,000 in a month (or even a week) and they don't care, as long as you don't exceed $17,000.

some weird $hit for sure!

 

[wyosteve]

One other tidbit. Once you reach full retirement age, there is no limit on what you can earn and still draw full social security. You do have to pay taxes on your earnings though.

 

[HighUintas]

My wife is pretty good at saving and budgeting.

I'm a member of rokslide, have too many hobbies, and enjoy shooting a lot. My retirement plan is to die as a Walmart greeter haha.

But, my company has a great retirement 401k/Roth matching plan. So I take advantage of that. I don't trust it will be available in 30 years though. We have a lot of equity in our house and no debt otherwise. A small savings that could function as emergency income for 1.5-2 years.

I'm unfortunately the type that hates money and hates thinking about "how do I make more" or "how do a make a more passive income" that could help me retire. Luckily my wife is smart

 

[Zak406]

I started investing 15% out of college and increase it one percent per year (maybe 2 if I get a good bonus/raise). I don’t buy stuff I don’t need. I’m opening a brokerage account to put my savings in. My vacation is spent hunting so I don’t spend money on going to the beach ex ex. As of today my financial advisor is 80 percent certain I can restire At 55. My one downfall is I like driving newer vehicles (rarely bought new). I also have a side business that makes me some money as well

 

[HalfLungHunter]

Work until I drop dead of a massive heart attack and leave the wife enough cash and life insurance to live off of for another 30 years.

 

[wyosam]

Saving in various engines (401k, 403b, ira, etc). I currently save about 18%. Investing in real estate will be a big contributor as well. Just making a move that puts us in a position to both make more money, and also pay cash for our new house. We have one additional property we are hanging on to as an investment (and as a hunting camp..), and will likely buy a fixer or two in the next down market.


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[adventure907]

An old guide friend of mine, when asked about what his plans for retirement are:

"In a Super Cub on the side of a mountain"

 

[Russp17]

An old guide friend of mine, when asked about what his plans for retirement are:

"In a Super Cub on the side of a mountain"

I hope I'm not with him....

 

[ryjack70ss]

This is all very interesting and not taught well. My dad is a bricklayer. My mom does what people shame now, stay at home mom if 4 kids. Not much money to say the least. When I went to medical school I was naive as they sell “diversity,” but we all know what that means. Poor white kid doesn’t count. Needless to say I graduated with a stupid amount of debt and didn’t have my first real job until my mid 30’s. I know a lot of kids who’s parents could front the bill. That was not me and I am not going to lose energy worrying about them. I spent time reading a couple books and a website called the white coat investor. These people are all about FIRE (financially independent retire early). I don’t buy into all of it as I do have many hobbies and want to enjoy my time on this earth. But, after a handful of years at a modest salary (I am in academia = deans tax) I have paid off my loans, owe only 40% of my mortgage at a refi of 2.5% and now put 20% of my pretax salary toward retirement. also, I chipped in on a 200 acre farm with two of my best friends from college and we have it paid off already. If I would have known half of what I know now, I would be in a much better place. But it can be done for low paying jobs, you just have to be smart and save early. Max out all retirement accounts. Basically pay yourself first, then the rest can be spent guilt free. Best of luck to the young pups out there.


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[tradman]

In this day and age, I don't think retirement exists anymore.

 

[bozeman]

I dont think I will ever 'retire', but will slow down a little one day.......

 

[awasome]

My wife and I started late. We have saving 15% of our gross salary in Roth IRA and 401k (not including company match). We also are maxing out our HSA and pay majority of our medical expenses out of pocket so we are able to build up the HSA for the future.

We are paying extra on our mortgage and trying to get it paid off in about 10 years. After that we will use that money and max out all of the retirement vehicles we can.

We also want to buy some real estate and started saving money for a nice healthy down payment hopefully in the next year or two.

We are saving like crazy people, but we are also enjoying what we make also. We both have hobbies we love and also travel as often as we can.

 

[GSPHUNTER]

Well I retired at 58 and only now am I starting to make withdrawals only because I have to. We have been getting by just great on or pensions and SS. I'm going to take the money I take out and reinvest it.

 

[gearguywb]

I am in this boat....as of Friday when my position was "eliminated".

Fortunately I have military retirement (which is not near enough to live on). After retiring from the military I started a new career and kept at it for 21 years...saving diligently.

It is a nervous time. I believe I have plenty set aside for retirement but that doesn't stop me from being nervous. Plan on working some but am still glad to be out of corporate America.

The trick is to stay within a budget while allowing for fun activities while you are physically able to enjoy them

 

[isocyanate]

Strategy all depends on market performance. We don’t have the emergency fund set up, and have more toys on finance than we should. Really just a travel trailer and tractor now though. Will have to replace a vehicle in the next few years and I deny the Ramsey philosophy on this. Best purchase I ever made was a new Ford Fusion for the wife. 110k miles and no reliability questions at all.

anyway.

 

[Jim2914]

I have a hunting and fishing fund. I have a savings plan for both just as with other savings plans for retirement, emergency funds and so on.

 

[FLATHEAD]

I work 4 days a week out of my home +5 weeks vacation/year and dang good money.
Gonna be a while.