Retirement

[thomsbrain]

Originally posted by: Alone
I've pretty much secured myself by joining the military. If I retire after my 25 years, I'll be 45. Then I can join class b reserves and make 98% of reg force pay, as well as my pension.

Plus, I've got some minor investments for now.

Or, you could die. Either way, no worries! LOLERZ!

 

[alkemyst]

Originally posted by: Alone
I've pretty much secured myself by joining the military. If I retire after my 25 years, I'll be 45. Then I can join class b reserves and make 98% of reg force pay, as well as my pension.

Plus, I've got some minor investments for now.

there is just one big issue you haven't calculated in that scenario

 

[Blieb]

You want to save in a tax advantaged account ...

We put $ in 401ks and Roth IRAs ...

 

[SpunkyJones]

I have two children, so hopefully one of them will have a room for me in the basement.

 

[KentState]

Who knows. That is so far away, that we may be working until 70 or 75 before we collect SS. What if living until 150 is an option in 40-50 years? Are you really going to be retired for such a long time? Personally, I like working and would rather do that for as long as I can.

 

[MovingTarget]

Originally posted by: mugs

Originally posted by: MovingTarget
Lets see....the three-legged stool of retirement: SS, Private savings/investments, Corporate pensions.

1) SS is either going to be gutted or slashed, and will never reach me in its current form (I'm pro-SS, but the numbers don't look good for my generation)
2) You can't invest if you can't get a job, and as we've seen lately, a 401k or other plan can crash pretty harshly and wipe out years of work
3) These hardly exist anymore as they've moved to riskier 401k plans. Damn.

So I guess that means I have a few good years to pick out a nice place under an interstate bridge.....

Yes, because the stock market will never, ever recover.

It will eventually, but it will be too late for some who have had their entire nest egg wiped out. An eventual market recovery is no consolation to those who are at the end of their working years physically.

 

[compuwiz1]

I will be an ex-pat, living in another country, with maids and servants, sipping cocktails out of one of those glasses with a little bamboo umbrella.

 

[Scouzer]

My plan is my 70% defined benefit pension at work.

 

[Modular]

Originally posted by: Fmr12B
Max out the 401K every year- growth funds

Some individual stocks

cash savings in low risk CD's - when the Govt does not interfere in the markets the rate of return is pretty decent at 5.5% or higher.

2yrs ago the plan was to retire at age 45 - I don't need a mcmansion in Santa Barbara - but with my 8% rate of return estimate completely in the tank I'm thinking age 50 now.

Thought process is:
must survive from age 45 to age 60 on cash savings
At age 60 begin to tap retirement funds
At age 67 begin to draw on SSI

I do plan on doing some work when I retire but it will not be the 50+hr weeks I've been pulling the last 9yrs.


Lots of things to consider - if Obama universal health care is established you will need significantly less money to retire as I budgeted $1,500 a month for medical insurance for the two of us at age 45 - 60. May be a bit high at age 45 and a bit low at age 60 but the average should work out.

Also have to consider you will most likely only recieve 50 - 60% of your estimated SSI payments when you retire.

You also have to consider that you will only get 50 - 60% of your government run healthcare plan when you retire as well...

Let's be real: what has the government done right? Here's what you do, save as much as you can pre-tax and ROTH, then open up a nice fat life insurance policy that invests into equities (all distributions from these are currently tax free and hopefully will stay that way assuming the Gov't doesn't make them taxable (and ROTH's) to pay for the inevitable shortfall that's about to nail us).

Thanks Obama!

 

[Miramonti]

Yes.

 

[Martin]

I throw some money into RRSPs, but I don't spend any time thinking about retirement.

Actually, that's not quite true. I'm gonna be 26 soon, so I've been thinking of having a mini-retirement by quitting my job and hanging around for a year or so doing nothing in particular.

 

[Alone]

Originally posted by: alkemyst
there is just one big issue you haven't calculated in that scenario

Like dying overseas? Well, in that case, I get a beautiful funeral service, my family gets my pension and payouts.

Sounds good.

 

[WildHorse]

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