How close are you to being retired?

[kaerflog]

If I was single right now(I married 3 yrs ago), I could retire now at 43.
I can sell all of assets+retirement savings and net close to $400K.
I would move to Vietnam and with a modest 5% returns, I would net $1666/month on just interests.
Thats upperclass living in VN.
In fact I told myself that if I was still single by the time I was 45, I would do that.

 

[Bubbleawsome]

Aiming for 39 years. :awe:

 

[purbeast0]

im not close to retiring at all. i'm 33 and don't plan on retiring until i'm in my 60's, but i have my roth going and my 401k so i should be alright and have millions hopefully by then. my 401k is growing at over $25k/yr with my current contributions and i'm maxing out my roth so i think i'll be alright. and my salary will hopefully only go up so that means just more savings than what i currently have.

but i am 100% also for the "live in the now" mentality and my wife and i do a lot of traveling and enjoy ourselves while we have our youth. with our first child due in 2 months that is going to slow down a little bit, but we both have the same mentality.

the whole "save every penny" mentality that this forum has is sad. live a little.

couple bullet points for some of you guys.

1. working 50+ hours a week and getting paid for 40 is not a badge of honor and nothing to brag about. infact it's utterly retarded and you are wasting your time and devaluing yourself.
2. bragging about the vacation days you have accumulated is another sign of the same thing.

 

[jlee]

I disagree with the idea that people spend money "unnecessarily." They spend money to entertain themselves. Maybe they could find cheaper hobbies, but nobody is going out and buying things because "FUCK SAVING!," they do it because it brings enjoyment to their life. And, frankly, that's important. Everybody deserves an opportunity to snatch some happiness, even if it comes at the expense of prolonging an uncertain retirement.

https://www.youtube.com/watch?v=MvgN5gCuLac

I know a guy who just had his brand new ~$38k truck totalled. He bought a $30k 2015 car. He's going to buy a 2016 truck when they come out. If the interwebs are correct, he's looking at around $8k in depreciation in the first year, and another $26k in depreciation if he owns the next vehicle for five years. That's $472/mo in depreciation, not to mention the registration and insurance costs of a new vehicle vs something a few years old.

To compare, I bought a 2004 CTS-V for $12k in 2011 and sold it for $13k in 2013. My '99 Tacoma that I drove for 2.5 years also sold for more than I paid. Etc etc.

That's how I roll. I think it's worth $472/mo to take my route. If you feel that buying a new car is worth the additional costs, more power to you -- but I don't think most people actually realize how much they spend on shit. For cars in particular, a lot of people go with the mindset of "I can afford $xxx a month" and don't realize how much it actually costs in the end.

I do not feel that I am unhappy because of not buying more stuff. I spend the bulk of my vacation time traveling internationally. I don't have seventeen big screen TVs. I don't have ridiculous 24" chrome rims on my cars. I don't have a $120/mo cell phone plan. I don't have a $200/mo cable bill. And I am happy.

IMO simply "buying stuff" doesn't make people happy. They just think it does.

im not close to retiring at all. i'm 33 and don't plan on retiring until i'm in my 60's, but i have my roth going and my 401k so i should be alright and have millions hopefully by then. my 401k is growing at over $25k/yr with my current contributions and i'm maxing out my roth so i think i'll be alright. and my salary will hopefully only go up so that means just more savings than what i currently have.

but i am 100% also for the "live in the now" mentality and my wife and i do a lot of traveling and enjoy ourselves while we have our youth. with our first child due in 2 months that is going to slow down a little bit, but we both have the same mentality.

the whole "save every penny" mentality that this forum has is sad. live a little.

couple bullet points for some of you guys.

1. working 50+ hours a week and getting paid for 40 is not a badge of honor and nothing to brag about. infact it's utterly retarded and you are wasting your time and devaluing yourself.
2. bragging about the vacation days you have accumulated is another sign of the same thing.

Would you be saying "don't worry about spending money, go live a little" to the people who aren't putting $30k+/yr away and instead owe $15k on credit cards and have nothing in retirement?

Your annual retirement savings are 50% greater than the median retirement savings of the middle class.

So...say what you want about "this forum's mentality on saving" - and then look at what you're doing. You're no "better."

 

[Atomic Playboy]

https://www.youtube.com/watch?v=MvgN5gCuLac

I know a guy who just had his brand new ~$38k truck totalled. He bought a $30k 2015 car. He's going to buy a 2016 truck when they come out. If the interwebs are correct, he's looking at around $8k in depreciation in the first year, and another $26k in depreciation if he owns the next vehicle for five years. That's $472/mo in depreciation, not to mention the registration and insurance costs of a new vehicle vs something a few years old.

To compare, I bought a 2004 CTS-V for $12k in 2011 and sold it for $13k in 2013. My '99 Tacoma that I drove for 2.5 years also sold for more than I paid. Etc etc.

That's how I roll. I think it's worth $472/mo to take my route. If you feel that buying a new car is worth the additional costs, more power to you -- but I don't think most people actually realize how much they spend on shit. For cars in particular, a lot of people go with the mindset of "I can afford $xxx a month" and don't realize how much it actually costs in the end.

I do not feel that I am unhappy because of not buying more stuff. I spend the bulk of my vacation time traveling internationally. I don't have seventeen big screen TVs. I don't have ridiculous 24" chrome rims on my cars. I don't have a $120/mo cell phone plan. I don't have a $200/mo cable bill. And I am happy.

IMO simply "buying stuff" doesn't make people happy. They just think it does.

Just because you've found that you can be happy living frugally doesn't mean that it's certain to bring happiness to everybody. For what it's worth, I agree with you about the car thing; I don't understand the mindset behind buying a new car every couple years. It doesn't add up to me. But then again, my wife and I spend a lot of money buying really nice food and drink; it's something that brings joy to our life. Could we survive on salads and fast food? Sure. But we wouldn't get as much enjoyment out of that. There are people who would look at our food/drink expenses and think, "you people are fucking crazy." But it makes us happy. Is that wrong?

As long as somebody isn't living beyond their means, I don't think it's fair to judge them for their purchasing decisions. If someone is living off welfare and spending all their money on lottery tickets, OK, that's ridiculous, but if someone is making ends meet and deciding they'd rather buy a nice TV now than save for retirement, I'm not going to judge them for it.

 

[Atomic Playboy]

couple bullet points for some of you guys.

1. working 50+ hours a week and getting paid for 40 is not a badge of honor and nothing to brag about. infact it's utterly retarded and you are wasting your time and devaluing yourself.
2. bragging about the vacation days you have accumulated is another sign of the same thing.

I'm with you in terms of mindset, but if working brings joy to someone, I'm not going to judge them negatively because they don't share my opinion about what qualifies as fun. I know people who legitimately enjoy working 90 hours a week, and I think that's great. How awesome would it be to have a hobby that actually paid you?

 

[Nograts]

How awesome would it be to have a hobby that actually paid you?

I've been trying to get women to pay me for intercourse for years now. Still no takers. I agree, it would be awesome.

 

[jlee]

Just because you've found that you can be happy living frugally doesn't mean that it's certain to bring happiness to everybody. For what it's worth, I agree with you about the car thing; I don't understand the mindset behind buying a new car every couple years. It doesn't add up to me. But then again, my wife and I spend a lot of money buying really nice food and drink; it's something that brings joy to our life. Could we survive on salads and fast food? Sure. But we wouldn't get as much enjoyment out of that. There are people who would look at our food/drink expenses and think, "you people are fucking crazy." But it makes us happy. Is that wrong?

As long as somebody isn't living beyond their means, I don't think it's fair to judge them for their purchasing decisions. If someone is living off welfare and spending all their money on lottery tickets, OK, that's ridiculous, but if someone is making ends meet and deciding they'd rather buy a nice TV now than save for retirement, I'm not going to judge them for it.

How did you get "judge" out of my post? All I said was most people probably don't realize how much they spend on stuff.

I have a 60" TV in my living room, a 400hp car in the garage, and two Lexus SUVs in the driveway. I'm not sure what your perception is of my "frugal lifestyle," but I'm not exactly hitchhiking to work and eating from the dollar menu. I don't think you disagree with me as much as you think you do...

 

[purbeast0]

Would you be saying "don't worry about spending money, go live a little" to the people who aren't putting $30k+/yr away and instead owe $15k on credit cards and have nothing in retirement?

Your annual retirement savings are 50% greater than the median retirement savings of the middle class.

So...say what you want about "this forum's mentality on saving" - and then look at what you're doing. You're no "better."

i wasn't stupid enough to every have $15k debt on credit cards so i wouldnt know. if you get yourself into that situation it's your fault and only your fault that you were stupid with money. i had my first credit card when i was 16 and worked a real job with a paycheck since i was 14, so i have always understood the value of money.

but hell, when i got my first job out of school makign $48k/yr that is the first time i ever left the country when i was 23 years old. probably the only regret i have in my life is that i did not start traveling when i was younger. and when i was that young i wasn't saving into my 401k at all. i didn't start putting money into my 401k until i was 25 years old, 3 years after getting my first job out of school. by that time i had been to i think 4 different countries.

so i've been "living it up" well before i ever started saving for retirement.

 

[purbeast0]

I'm with you in terms of mindset, but if working brings joy to someone, I'm not going to judge them negatively because they don't share my opinion about what qualifies as fun. I know people who legitimately enjoy working 90 hours a week, and I think that's great. How awesome would it be to have a hobby that actually paid you?

oh i have no problem with people getting paid for their work, or owning their own business and working their ass off. it's the people in coroporate america that are working 60 hours a week but getting paid for 40 that are the idiots, regardless of them liking what they do.

i bet they would like it A LOT more if they were getting paid for their 60 hours of work instead of getting paid for 2/3rds of their work.

i genuinely enjoy what i do, which is why i do development on the side as well. so i definitely get the whole "enjoying what you do" mindset as well.

 

[Jeff7]

A few decades most likely, unless the stock market run-up that started in the 90s implodes and erases my investments.

 

[jlee]

i wasn't stupid enough to every have $15k debt on credit cards so i wouldnt know. if you get yourself into that situation it's your fault and only your fault that you were stupid with money. i had my first credit card when i was 16 and worked a real job with a paycheck since i was 14, so i have always understood the value of money.

but hell, when i got my first job out of school makign $48k/yr that is the first time i ever left the country when i was 23 years old. probably the only regret i have in my life is that i did not start traveling when i was younger. and when i was that young i wasn't saving into my 401k at all. i didn't start putting money into my 401k until i was 25 years old, 3 years after getting my first job out of school. by that time i had been to i think 4 different countries.

so i've been "living it up" well before i ever started saving for retirement.

The average household with credit card debt owes $15k (including people with no credit card debt, the average is still over $7k). Whether you agree or not, a lot of people are stupid with money. This brings me back to "people spend more than they realize."

 

[WackyDan]

45 this year... I'd love to retire at 58...or 60.

Hard to project what we'll have saved up by then. Due to that, we are looking at buying some rental properties starting in a few months... IF I can have 6-8 rental properties by time I turn 58-60, that will allow me to have a soft retirement and minimize how much we touch the other investments.

 

[cuafpr]

ha! before obama down sized the AF i had a plan after him its a pipe dream at this point less some major windfall comes my way.

 

[boomerang]

My plan was to retire at 55 and it worked out. I got a wild hair up my ass and opened a business afterwards but sold it 20 months later after discovering I had bit off more than I wanted to chew. I learned that I needed a hobby, not a vocation.

My goal was more easily attained through a number of factors.

I maximized my 401K contributions to the greatest extent possible for the greatest number of years possible.

I married late in life.

I had no children. This by far was the wisest decision I ever made.

You must plan for your future. Nobody else is going to do that for you. Nobody else has as vested an interest in your future as you do.

 

[Nograts]

My plan was to retire at 55 and it worked out. I got a wild hair up my ass and opened a business afterwards but sold it 20 months later after discovering I had bit off more than I wanted to chew. I learned that I needed a hobby, not a vocation.

My goal was more easily attained through a number of factors.

I maximized my 401K contributions to the greatest extent possible for the greatest number of years possible.

I married late in life.

I had no children. This by far was the wisest decision I ever made.

You must plan for your future. Nobody else is going to do that for you. Nobody else has as vested an interest in your future as you do.

Who's going to get your stuff when you die if you have no kids? Can I have it? Papa?

 

[Red Squirrel]

With real wages declining, especially more among those that are younger (generation Y), I doubt that could happen, even if they wanted to.

Pretty much. Cost of living keeps going up but not wages. Most people probably spend 90% of their wages on living costs, then add maybe 7% for "fun" money. and there's not much left to save.

Currently my "saving plan" is putting $400/mo extra on the mortgage. It's a bit risky because I'm not actually saving money NOW, but if I can pay it off before I lose my job or something bad happens, then I'll be able to take $1,200/mo clear and save it once the house is paid off. In the long run I'll have saved a lot of money indirectly by not paying as much interest. It's probably not the best way to look at it as I probably should be putting money into some kind of savings account that has higher interest than what my mortgage is though...

I have to say I have it good though, I have a house, single, have a good job, make a half decent amount of money... but looking into the future, I don't want this to be "it" and with cost of living always going up I wont always be as well off as I am now.

 

[Black Octagon]

Am I the only one who read the words "being retired" and immediately thought of Blade Runner?

 

[boomerang]

Who's going to get your stuff when you die if you have no kids? Can I have it? Papa?

Barring something unforeseen, I can pretty much guarantee my wife will outlive me. The line of work I chose along with the working environment will probably dictate that. Sorry. Oh, and I have step-children and grand kids sired by them too.

 

[MustISO]

In my mind my plan is to semi-retire when I'm 50. Wife and I will both still work at something but we won't be killing ourselves. Maybe part time jobs or just jobs we really enjoy. As long as it's enough to pay the bills.

 

[boomhower]

I've got about 24 years to go. I'll retire with a full pension at 55.5 years old. City also pays what your social security will be until you SS age. City also pays 5% into my 401K and I contribute to a Roth 401K. I feel pretty good about being able to maintain my current lifestyle in retirement.

I'm going to do something else when I retire but will be consulting or part time and definitely in a different field. Pension is through the state and one of the most stable in the country so I feel pretty good about it being there.

 

[IndyColtsFan]

I'm hoping to partially retire in my mid to late 50s (10-15 years) and maybe just do an occasional consulting contract to keep money coming in and to not be too bored. Once my wife is able to retire though, I imagine those consulting contracts will be few and far between.

 

[brianmanahan]

I disagree with the idea that people spend money "unnecessarily."

did you see this thread? http://forums.anandtech.com/showthread.php?t=2418203

 

[IndyColtsFan]

I'm with you in terms of mindset, but if working brings joy to someone, I'm not going to judge them negatively because they don't share my opinion about what qualifies as fun. I know people who legitimately enjoy working 90 hours a week, and I think that's great. How awesome would it be to have a hobby that actually paid you?

I think there are a few professions in the world where I could probably work that much and really enjoy it. For example, I look back and wish I would've gone through and gotten a PhD in astrophysics and done astronomy work. That's something I think I could never get tired of.

But what I'll never understand is the 90% of people who brag about their "careers" and working 70+ hours per week who are, when you boil it down, office workers. If you're getting paid overtime for those extra hours or own that business I can certainly understand that, but I have a harder time understanding salaried office-type employees (accountants, HR, IT/programmers, etc) whose pay is based on 40 hours/week who are regularly working 60 hours/week. Let's look at reality here -- for that huge chunk of the population, you're not saving lives or advancing science/technology. What you're doing is sacrificing your own time and happiness to pad the pockets of someone else. Unless you think that 60 hours/week is going to get you a 50% raise (HIGHLY unlikely), I'd be focusing my energies elsewhere.

 

[brianmanahan]

if someone is making ends meet and deciding they'd rather buy a nice TV now than save for retirement, I'm not going to judge them for it.

i wont judge them either

but i am sure as heck not going to care when they whine about how they cant retire