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Retirement Savings?


Tiger MT's Carter

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   I would end with this--go talk to a fee-only financial planner...spend a few hundred (or more) bucks for a few hours of their time (they don't sell products, just their expertise).  Get an unbiased view of where you are at, and do it several years before you plan on retiring.  I am quite sure that lots of guys I know spend more time planning a 10 day big game hunt then their 25 or 30 year retirement!

This.  Invaluable.  Add low cost index funds and you'll get there.

Here's a link to their website.

Fee Only Financial Planners

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Most comments here are about private insurance, for thos not yet eligible for Medicare.... Medicare is underwritten and subsidized by the US govt as well as the privaye insurance.  Reimbursement rat

Bullwinkle
I retired at 60. Wife has not worked since '84. House is paid for. Both cars a newer and older Honda are paid for and get 25+mpg. We spend 3 months a year in FL.  Waiting to take retirement t is a sucker bet.  The old man with no debt and money in the bank could retired at 55 steel workers union but kept waiting just one more contract a few more dollars a month.  Finally retired at 62 and mom died from cancer 9 months later.  Also, when left work a coworker a little older with no debt was hell bent to work until he was 67.  Guess what it was a sucker bet as he never collected a dime.  I know we are enjoying our travel at 65 a whole lot more then at 75.
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My father worked three jobs to retire at 65 and travel the country in a motorhome.  Only problem was that he got non-hodgkins lymphoma, and though that's a cancer with a good treatment percentage it got into his bladder and he was gone at age 65.

Greg's example and many other similar one's have convinced me that good health is worth more than I could ever save, as healthcare costs could outstrip anything I could ever make and save.  

So I'm saving two ways, trying to elimate bad health habits and living better, and putting away a substantial amount.  As a partnership we can pay profit sharing into our 401K's up to a limit that is much higher than standard, so we are doing that, plus saving on the side, investing on the side, cleared off all but house debt and will have that gone soon.  Hard to say, only deduction I get, so I may always have some home debt, on this one or another one.  Plus I have Uncle Sam's Army pension if the gubmint leaves it alone, and social security if it exists in 15 years. Right now it says that the max I can get, if I make over the limit every year from now on to retirement is about $2,750 a month at 67, or $1,845 at age 62.

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I don't know.  When I was a college student I had no money but was just as happy upon reflection.  Maybe we'd all be happier lowering our expectations a notch and simplifying our lifestyles.
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bennelli-banger
I don't know.  When I was a college student I had no money but was just as happy upon reflection.  Maybe we'd all be happier lowering our expectations a notch and simplifying our lifestyles.

I agree...I like simplicity...that's why I love bird hunting so much.  A gun, a dog, some shells...take a walk.  Too much other stuff to mess with when it comes to many other pursuits.  

          To me, all this money stuff comes down to this:  what do you want for yourself?  Once you quantify that in dollars and cents of annual income needed from your portfolio, a pretty good estimate can be made as to how much you need in terms of size of portfolio (taking your risk tolerance into account as well).  I am not suggesting that people live the high life by any means...just trying to steer people in the right direction based on what they are trying to accomplish.

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PaFlyfisher
I don't know.  When I was a college student I had no money but was just as happy upon reflection.  Maybe we'd all be happier lowering our expectations a notch and simplifying our lifestyles.

This analogy breaks down if/when your health declines. Good care in a nice environment costs a massive amount of money.

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Tiger MT's Carter
Maybe we'd all be happier lowering our expectations a notch and simplifying our lifestyles.

Not to stir the pot, but I think that is what has caused the lack of funds required for retirement

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bennelli-banger
Maybe we'd all be happier lowering our expectations a notch and simplifying our lifestyles.

Not to stir the pot, but I think that is what has caused the lack of funds required for retirement

No pot stirring at all!  Just the truth.  Choices have consequences, good and bad.  Seems to me that there could be much better financial education in this country, preferably at the grade school level.

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I'll tell you what has caused the lack of retirement savings in America. The same thing that has caused the lack of savings for college tuition.  It's the misguided reliance on the nanny state to take care of them when the bills come due and the **** hits the fan.

Folks say "I can't afford to save more in my 401k,", while at the same time they have a driveway full of new cars, live in a house 3 times bigger and more expensive than they actually need, and take not one but two family vacations a year. They envision a big wide friendly safety net waiting to catch them when they get to old or too ill to work.

I heard a Bernie Sanders supporter on NPR this morning say, "I want Bernie to win so the whole world can be beautiful!"  She meant it too.  That's the kind of person that thinks a gov't supported retirement is going to be all rainbows and puppy dogs and unicorns.

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I am 26 and getting married in about 3 weeks. I have a very good paying job that I really enjoy. I was blessed to already have the job when I graduated college. I have no college debt.

I bought a nice house that assessed at $30K higher than what I paid for it. House is only 10 years old and still in good to excellent shape. After the wedding, I would like to spend a year fixing the house up and putting it on the market. I have no doubt we can get the assessment value out of it (if things stay about where they are). I would like to use any money earned to pay off her school loans and then we are off for several years. Don't know where we going or what we going to do but I can guarantee we are going to do it.

I was never that kind of person until I met her. I just assumed work work work until I die and stay in my home town forever. I put a good chunk of my money in my 401K and have been ever since I started working full time. With company contributions I feel like I do pretty good for now. I figured where ever I end up I will just roll it over for now and continue adding.

Once I get more $ saved up I will obviously review where we are.

Greg - Thanks for sharing bud! I admire your commitment to your wife. Job well done my friend. You will be rewarded.

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Politicians have been eyeing the 401K/IRA pot for the last 20 years trying to figure out how to loot it

We get the right set of pols in charge and it will be gone, they already have put up trial balloons about nationalizing it and give you a "guaranteed return".

We are 18 trillion in debt with no sign of runaway spending stopping and sooner or later they will need to face the music and get the money somewhere.  Where will that be?

And SS can be ended on their whim

I'll probably never retire until I drop dead

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The above mentioned Senator Bernie Sanders has wanted to raid the 401k pot for years.  It may happen, some awful day.

My paternal family isn't know for longevity.  Most of them get carried out of the workplace feet first. It may happen to me as well so I enjoy every day I have here on God's earth. I am planning on living long enough to spend my savings but I'm kinda not expecting it.

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MTRookie76
It is my belief that very few in my generation and younger will get to retire. The baby boomers have robbed the treasury blind and my generation will spend an incredible amount of our money taking care of the boomers as they retire. It is quite apparent to me that I will never see a SS check and by the time I reach retirement age the govt will have confiscated 401k's and IRA's. That being said, I try not to worry about things I can't control so I just go to work everyday, mind my own business and take care of my family. If I have to work till the day I die so be it I'll still be able to say it was one heck of a ride.
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I will probably work until I can't anymore myself and I am a baby boomer

I am considering telling my company that I want to semi retire meaning take October and November off each year.

With modern communications equipment I could be sitting in eastern Montana  and still be in touch with my customers and our younger guys to provide engineering assistance. Our customers wouldn't even have to know.

If I could go bird hunting every year for a couple months I wouldn't mind working the other 10, I actually like my job mostly.

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I am considering telling my company that I want to semi retire meaning take October and November off each year.

With modern communications equipment I could be sitting in eastern Montana  and still be in touch with my customers and our younger guys to provide engineering assistance. Our customers wouldn't even have to know.

If I could go bird hunting every year for a couple months I wouldn't mind working the other 10, I actually like my job mostly.

That would be sweet. I would love to do the same thing, but not sure I have the authority yet. But I am in the same boots as you with the engineering job and being able to be remote.

This thread has kind of got me wondering on the average age of UJ members and the most common career's of its members...it has kind of made me feel like a young one compared to most here (maybe that's why my dogs suck and I cant kill any grouse)

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