Just curious - whats everyones plans for retirement? other than 401K

[jkust]

Re: Just curious - whats everyones plans for retirement? other than 401K

It's 30 years away but we save and invest at least 65% of annual income. What made this possible is my career path has went well and my wife owns a consulting company. We also then save 100% of the income from her company. Both she and I could continue on into retirement with our careers if we choose as a fallback but somehow I think we won't care to. The way the country and deficit are going, I don't know that it will be possible to save enough money for eaven a ho-hum retirement. Quite frankly I feel our financial future is a crap shoot.

 

[rjlipscomb]

Re: Just curious - whats everyones plans for retirement? other than 401K

All good advice, and I mean all. Diversify into as many different types of investments as possible, stocks, bonds, real estate, commodities, etc. I didn't see where you indicated the number of years until retirement and how many years you intend beyond that. Starting a business is great but can take time to realize profits. Real estate takes many more years. Good luck and best wishes.

 

[sprintst]

Re: Just curious - whats everyones plans for retirement? other than 401K

Pizza boxes can be an inexpensive source of cheese. I'll look for dumpsters outside of nice restaurants, bakeries, etc.

I'm still trying to max out my contributions to play catch up. I'm toying with the idea of buying a retirement property somewhere nice in the US and rent it out for the time being to help pay the costs.

I'll turn 45 in Jan with with a 19 years into a good pension and can retire at 55 theoretically but that's bs as I have 3 boys 16, 12 and 9. I'll be paying for their university so in 10 years I'll just be starting the youngests.

Once I get the boat finished some of that extra cash has got to go into something or we'll always find a way to squander it.

 

[Jeep Man]

Re: Just curious - whats everyones plans for retirement? other than 401K

I plan on paying as much to the government as possible, so that they will look after me in a wonderful manner after I'm 65 for the rest of my life. So far, the first part is going great.

 

[a70eliminator]

Re: Just curious - whats everyones plans for retirement? other than 401K

I'll retire when I'm dead, till then I'll keep struggling to put food on the table and a roof that doesn't leak a boat that floats a car that goes and PC with a gig of RAM.

 

[204 Escape]

Re: Just curious - whats everyones plans for retirement? other than 401K

I've paid 31 years into a pension plan. Hope it's enough when the time comes !!!

 

[Howard Sterndrive]

Re: Just curious - whats everyones plans for retirement? other than 401K

I can't believe no one has mentioned real estate, that is my wife and my retirement. For now, they provide a nice monthly income, but when we retire we will sell all of our rentals.

+1
I know more people that have secured their future with real estate than any other method...but owning income property is not for everyone.. and makes more sense in certain geographic locations.... and timing markets can be key (e.g. now)

However owning, paying down/off and maintaining your principle residence is definitely a real estate investment most of us can look after and use for security in the future

 

[JaSla74]

Re: Just curious - whats everyones plans for retirement? other than 401K

Gonna blow all my money on cars I think'll be future classics

 

[bsktball55]

Re: Just curious - whats everyones plans for retirement? other than 401K

I am relying on the Missouri Public School Retirement program. We pay about 12% in right now which our district matches. After 30 years we can retire at about 80% of the average of our last three years salary. My dad says he sees more in his check now that he is retired then he did when he taught. I'm also putting money in a Roth and 403b.

 

[ezbtr]

Re: Just curious - whats everyones plans for retirement? other than 401K

just got quarterly 401K stmt, avg return was 32% , boy, i surely couldnt do better than that and pre tax. In a few months I'm going back to Edward Jones to see what kind of plan they can help me with - and quite frankly with my work/parent schedule, I dont think I could take the time to efficiently do it on my own. I had them a few years back and had a good plan, divorce wiped that out, but hey time to reorg my finances again

 

[itsaboattime]

Re: Just curious - whats everyones plans for retirement? other than 401K

had a really good pension through the carpenters union until the market tanked. it's recovering but not as quickly as I'd like.

Waiting for whats left to be eaten when my divorce is final.

Soooooooo yeah, I'll retire when I'm dead.

Hey Ken.....you and the mrs. wouldn't need a good carpenter on your island resort would you??? lol

 

[muskyone]

Re: Just curious - whats everyones plans for retirement? other than 401K

when i was 34 i married a 19 year old spent the next 9 years putting her through collage.
she has a BA in poly Si, MBA and a licensed RN. now I'm just hoping it pays off.

 

[ezbtr]

Re: Just curious - whats everyones plans for retirement? other than 401K

when i was 34 i married a 19 year old spent the next 9 years putting her through collage.
she has a BA in poly Si, MBA and a licensed RN. now I'm just hoping it pays off.

priceless

 

[pecheux]

Re: Just curious - whats everyones plans for retirement? other than 401K

Perhaps due to not living in the USA ... I dont know what a 401k retirement plan is ... anyone cares to explain ?

 

[tswiczko]

Re: Just curious - whats everyones plans for retirement? other than 401K

I plan on Dieing on my way to work

 

[slia67]

Re: Just curious - whats everyones plans for retirement? other than 401K

Perhaps due to not living in the USA ... I dont know what a 401k retirement plan is ... anyone cares to explain ?

It's similar to a RRSP (Registered Retirement Savings Plan).

As a side note, 401(k) refers to the section in the tax code that defines this type of tax-deferred savings plan.

 

[rjlipscomb]

Re: Just curious - whats everyones plans for retirement? other than 401K

I think most people are paying the Government as much as they can and hoping the Gov't will treat them likewise when they retire. Excuse me for a moment, HAHAHAHAHAHAHAHAHA - LOL, Very Loud, sorry I'm back. Why not live hard and fast, borrow as much as possible and die before retirement. If the economy keeps going the way it is now, that'll be my new approach.

I tried the Rental Property, it kicked my butt. I own a mixed bag of real estate, it's all way below what I paid. I have diversified my stock/bond portfolio and its doing good now, lost a lot and regained some back. I'll tell what I'm in to and you can bet against me and win big. And, I'll tell what I'm researching but not buying and you can make great profits while I watch.

 

[JRJ]

Re: Just curious - whats everyones plans for retirement? other than 401K

I retired with nothing and I have most of it left

 

[aspeck]

Re: Just curious - whats everyones plans for retirement? other than 401K

Live on as little as you comfortably can now and save the rest after paying off ALL debts. Then live debt free while saving and earning interest instead of paying interest.

Okay, how to save? 30 days of wages in a moneymarket account (safe, same as cash, can get it out when needed). Another 90 days in longer term, higher yield, but still safe liquid assets. Then 90 days in safer mutual funds. After you are to that point ... be as aggressive as you like. Personally, I don't like IRA's because the government only seems to know one way with taxes ... higher. And while I am making money, let me pay the taxes, not when I am retired and have enough saved that I will be in a higher tax bracket.

Just talked with an attorney friend, he is cashing in his whole life policy and a couple investments and buying a vacation home in the Florida Keys. He said this home would have sold for 900K in 2004 ... worst home in the best neighborhood now ... with a selling price of 380K. He will do a little fix up and if and when he passes, hopefully the market will be back and he can sell this 3 bedroom on a deep water canal for more than he paid for it ... and still be able to enjoy his retirement now, while he is still working.

 

[skargo]

Re: Just curious - whats everyones plans for retirement? other than 401K

I think most people are paying the Government as much as they can and hoping the Gov't will treat them likewise when they retire. Excuse me for a moment, HAHAHAHAHAHAHAHAHA - LOL, Very Loud, sorry I'm back. Why not live hard and fast, borrow as much as possible and die before retirement. If the economy keeps going the way it is now, that'll be my new approach.

I tried the Rental Property, it kicked my butt. I own a mixed bag of real estate, it's all way below what I paid. I have diversified my stock/bond portfolio and its doing good now, lost a lot and regained some back. I'll tell what I'm in to and you can bet against me and win big. And, I'll tell what I'm researching but not buying and you can make great profits while I watch.

I'm glad all my real estate is paid for, and worth much more than we got it for. This area hasn't lost much value at all as far as real estate goes. Md's economy is one of the stronger in the country.