What age do you think retirement is and what age do you plan to retire at?

[gixxerbill]

And also put how much $$$ you think you are going to need to retire at that age.

Ya'll go first since I am older than most of y'all

[RACER X]

60, $1mil+

[TWISTED METAL]

when money no longer is the driving force of our lives and we all live to better ourselves and the planet/our space travel.

[Whorenet]

im thinking 50/5+mil.

[Whorenet]

when money no longer is the driving force of our lives and we all live to better ourselves and the planet/our space travel.

you on welfare or something?

[Gixxer Geezer]

i dont think you ever have enough money.. unless you win the lottery.. have to figure when every thing will be paid off and what kind of life style you want after retirement.. any thing you can or will sell after retirement. and number one thing is... keep the wife working till you die... :thumb:

[t.dubya]

As soon as possible with as much loot as possible.. so that i can do what i wanna do without getting to old first.
Dont mind having to work in retirement, just not too much work or stress and doing work i like.

[gixxerbill]

im thinking 50/5+mil.

Dang, 5mill? How is that going so far? How old are you too?

[texasyankee]

I plan to work another 20 years which will make me 82. To retire earlier I would need about 3 million in the bank.

[level5]

I wanna retired as soon as I know I have enough money to live normally for the remaining years. If I hit lotto jackpot tomorrow, I'd retired and travel. Why wait until you are full with ailing health?

[gixxerbill]

I plan to work another 20 years which will make me 82. To retire earlier I would need about 3 million in the bank.

DAng, somebody older that me on the board. Just playing dude. 80 huh? You ain't truck driver or a commercial pilot are ya?

[fuknrobert]

45

[fuknrobert]

DAng, somebody older that me on the board. Just playing dude. 80 huh? You ain't truck driver or a commercial pilot are ya?



82-20 = 60

[gixxerbill]

82-20 = 60

I know he is 60 but he said he wanted to work till he was 80. I don't think I would fly with 80 year pilot would you?

[NoFear]

In 65 years

[Faylaricia]

I think they claim you should have no less than 1 Million by the time you retire. I plan on being active for a long time, mostly self-employed or part-time then and at least until I am 70 - 80.

This is a good site of someone who is trying to get a Million in his account. http://www.mymoneyblog.com/

[Sassy Chassis]

At this rate...I'll never retire!

[Whorenet]

:keke:im thinking 50/5+mil.

ehh, could be better could be worse....

i WANT to retire @ 50, and im not saying i'll have 5 mill....but the question was "how much would it take to retire then"

so for me, if i dont have 5 mill.....im not retiring @ 50..... i'll wait till 60 and USE MY SS BENIFITS!!!! WOOT WOOT!!! :keke::keke::keke:

riiiiiight.....those will be bankrupt in a decade....

im only 26 so ive got a ways to go.....1+ mill by 50 would be attainable...

ima sell crack! i heard that shit is hott on the streets....j/k

[gixxerbill]

:keke:

ehh, could be better could be worse....

i WANT to retire @ 50, and im not saying i'll have 5 mill....but the question was "how much would it take to retire then"

so for me, if i dont have 5 mill.....im not retiring @ 50..... i'll wait till 60 and USE MY SS BENIFITS!!!! WOOT WOOT!!! :keke::keke::keke:

riiiiiight.....those will be bankrupt in a decade....

im only 26 so ive got a ways to go.....1+ mill by 50 would be attainable...

ima sell crack! i heard that shit is hott on the streets....j/k

No your not. :keke: How much or you said crack not track nevermind.

[texasyankee]

DAng, somebody older that me on the board. Just playing dude. 80 huh? You ain't truck driver or a commercial pilot are ya?

I'm 62 (82-20=62). I'm a CPA with my own tax and accounting practice so working to that age won't be a physical strain and with the US Congress messing with the tax code every couple of years I am guaranteed work.

I think we've seen each other at some of Buck's track days but I don't remember talking to you.

[Longnguyen]

33.3567 yr old. retire with 500 bucks.

[texasyankee]

:keke:

ehh, could be better could be worse....

i WANT to retire @ 50, and im not saying i'll have 5 mill....but the question was "how much would it take to retire then"

so for me, if i dont have 5 mill.....im not retiring @ 50..... i'll wait till 60 and USE MY SS BENIFITS!!!! WOOT WOOT!!! :keke::keke::keke:

riiiiiight.....those will be bankrupt in a decade....

im only 26 so ive got a ways to go.....1+ mill by 50 would be attainable...

ima sell crack! i heard that shit is hott on the streets....j/k

Since you are just 26, here is a bit of free but valuble financial advice. If you invest $4000 in a Roth IRA each year until you are 65, (40 years x $4000 = $160,000) you will have about $4,000,000 at age 65. The best thing is that under current law that money can be withdrawn tax free. Compare that to the less than $30,000 per year you will get from Social Security at age 62.

From my experience advising people and doing their tax returns and seeing the results of their investment decisions, starting young and investing on a regular basis will get you to a comfortable retirement. Don't speculate or make risky investments but put your money in CD's or an S&P 500 index fund and it will grow to an incredible amount.

[Faylaricia]

Since you are just 26, here is a bit of free but valuble financial advice. If you invest $4000 in a Roth IRA each year until you are 65, (40 years x $4000 = $160,000) you will have about $4,000,000 at age 65. The best thing is that under current law that money can be withdrawn tax free.

Our company offers an Roth 401(k) and a Traditional 401(k). The document for it states that the Roth takes out the tax now and the traditional takes out the tax when you withdraw in the future. Therefore, the Roth is preferrable if one expects to be in a higher tax bracket in the future. It allows to deposit the money under the lesser tax bracket now. However, it also means that the paycheck is less because the money is taxed now.

I personally would love to do the Roth rather than the traditional or at least both, since I do hope to be in a higher tax bracket by then. I have a question texasyankee, how adviseable is it do to both? Is it fine or should one just chose one over the other?

[p0opstlnksal0t]

i prolly never really retire, but i will prolly slow down quite a bit around 35 or so, im hoping to have about about 5mil about that time to start my business.

[lilmckee]

Since you are just 26, here is a bit of free but valuble financial advice. If you invest $4000 in a Roth IRA each year until you are 65, (40 years x $4000 = $160,000) you will have about $4,000,000 at age 65. The best thing is that under current law that money can be withdrawn tax free. Compare that to the less than $30,000 per year you will get from Social Security at age 62.


:nod::nod::nod::nod::nod::nod::nod:

[p0opstlnksal0t]

Our company offers an Roth 401(k) and a Traditional 401(k). The document for it states that the Roth takes out the tax now and the traditional takes out the tax when you withdraw in the future. Therefore, the Roth is preferrable if one expects to be in a higher tax bracket in the future. It allows to deposit the money under the lesser tax bracket now. However, it also means that the paycheck is less because the money is taxed now.

I personally would love to do the Roth rather than the traditional or at least both, since I do hope to be in a higher tax bracket by then. I have a question texasyankee, how adviseable is it do to both? Is it fine or should one just chose one over the other?

do both, they both have their benefits. on a roth you can withdraw whatever you put in w/o fees. i have a roth that is making crazy interest right now, and my 2 retail/investment accounts are seeing like 24-26%!!!!!

[witchdoctor575]

And also put how much $$$ you think you are going to need to retire at that age.

Ya'll go first since I am older than most of y'all

I am a busy body...I can't see retiring until late in life...most old timers i see that retire seem to go down hill fast. My grandpa died 3 years after he retired. As for money...as much as I can put away.

[Faylaricia]

do both, they both have their benefits. on a roth you can withdraw whatever you put in w/o fees. i have a roth that is making crazy interest right now, and my 2 retail/investment accounts are seeing like 24-26%!!!!!

Something I found on the ROTH 401(k) in the brochure from work:

Who might benefit from a Roth 401(k)?
A Roth 401(k) could be a good option for:
• Younger employees who have a longer retirement
horizon and more time to accumulate
tax-free earnings.
• Highly compensated individuals who aren’t
eligible for Roth IRAs, but who want a pool
of tax-free money to draw on in retirement.
• Employees who want to leave tax-free money
to their heirs.

Do I want to leave tax-free money to my heirs? Your beneficiaries may be able to receive your Roth account tax-free if you die. Additionally,
you can roll Roth 401(k) funds into a Roth IRA, potentially delaying minimum required distributions from those amounts during your lifetime.

[Faylaricia]

do both, they both have their benefits. on a roth you can withdraw whatever you put in w/o fees. i have a roth that is making crazy interest right now, and my 2 retail/investment accounts are seeing like 24-26%!!!!!

I just realized, I think you are confusing the Roth 401(k) with the Roth IRA:

Roth 401(k) allows a qualified withdrawel taken 5 yrs after the first contribution and after you have attained age 59 1/2, become disabled or deceased. You have to take required minimum distributions generally after you have retired and attained age 70 1/2. If you want to leave money to your heirs, you have the option to roll the money in a Roth IRA.

[gixxerbill]

Since you are just 26, here is a bit of free but valuble financial advice. If you invest $4000 in a Roth IRA each year until you are 65, (40 years x $4000 = $160,000) you will have about $4,000,000 at age 65. The best thing is that under current law that money can be withdrawn tax free. Compare that to the less than $30,000 per year you will get from Social Security at age 62.

From my experience advising people and doing their tax returns and seeing the results of their investment decisions, starting young and investing on a regular basis will get you to a comfortable retirement. Don't speculate or make risky investments but put your money in CD's or an S&P 500 index fund and it will grow to an incredible amount.

Hey texasyankee, What would you suggest for me at 43 To have a couple of million the time I am 65? Where can I get 10% pretty safely on my money. I am tired of stockmarket and rental property.

[wever411]

I wanna retire when I have enough money so that I don't have to work as a greeter at walmart when I'm old because I didn't have enough saved.

[Faylaricia]

so that I don't have to work as a greeter at walmart when I'm old because I didn't have enough saved.

That is my biggest fear! :eek3:

[gixxerbill]

That is my biggest fear! :eek3:

Then work at kmart then.

[p0opstlnksal0t]

I just realized, I think you are confusing the Roth 401(k) with the Roth IRA:

Roth 401(k) allows a qualified withdrawel taken 5 yrs after the first contribution and after you have attained age 59 1/2, become disabled or deceased. You have to take required minimum distributions generally after you have retired and attained age 70 1/2. If you want to leave money to your heirs, you have the option to roll the money in a Roth IRA.

Ya, my bad... im talking about a roth ira, not a roth 401k

[Rawrie]

I just hope to be able to retire while i am still in good health with decent energy. I got started pretty early with my 401K when i was 18, I'm only 19 now so there's not a whole lot in it, but I am happy to have been able to begin early on.

[wever411]

Then work at kmart then.
:rofl::rofl::rofl:

or any of the ****-marts

[texasyankee]

Without knowing each persons age, income and goals, its hard to give personal advice. If anyone has a specific question, PM me. The general rule is that the earlier you start the more you will have because investing works the opposite of an installment loan. As everyone knows, on an installment loan interest is highest in the early years and principal is highest in the last years. An investment works the same, the biggest growth is in the last years. For example, if you have $100,000 invested at 10 percent, your income is $10,000 and the next year the income is $11,000 ( $100,000 plus the $10,000 increase) but if that investment has grown to $1 million the income is $100,000 and the following year the income is $110,000.

Starting early and adding every year is the key so Rawrie has the best chance to have lots of money at retirement.

When you are 43, Bill, you need to put as much as possible away each year both in a retirement account or in an investment account. If you can invest $20,000 to $25,000 per year you should have somewhere between $1.5 and $2 million at retirement. I'm going to repeat myself here: Notice how much more has to be invested at 43 than at 25 to get to the big money. Start early.

My favorite investment has not changed over the past 15 years, Vanguard 500 S&P Index Fund. Even when it went down in the late 90s and early 00s, I kept adding. For me CDs offer too little return even though they are the safest. Investing in just a few stocks is too risky but the index fund invests in common stock of each of the Fortune 500 so risk is spread out over 500 stocks. Real estate can be a great investment but it is not liquid and rental real estate is too much trouble for me. I just don't want to deal with tenants. Stay away from tax shelters and any investment that you don't understand.

[Jay]

people at work say i dont need to worry about retirement....im either gonna eat it on my bike..or get the snot beat out of me in a fight go into a comma and well you know................. i go to work with a black eye here and there, and I never hear the end of it

[Rawrie]

Starting early and adding every year is the key so Rawrie has the best chance to have lots of money at retirement.


I like that :nod: haha. I may PM you for some info, I've been trying to look for other options besides (but along wiht) my 401k

[RACER X]

Starting early and adding every year is the key so Rawrie has the best chance to have lots of money at retirement. +1 if i only knew then what i know now.



When you are 43, Bill, you need to put as much as possible away each year both in a retirement account or in an investment account. If you can invest $20,000 to $25,000 per year you should have somewhere between $1.5 and $2 million at retirement. I'm going to repeat myself here: Notice how much more has to be invested at 43 than at 25 to get to the big money. Start early.

i guess your assuming he has NO savings now?

[BrokebackCowboy]

i have a plan rigth now if i start an ira at the age of 18 and put 2 grand in a yr for 10 yrs by the time im 65 it will boost up to 1,635,000

[RACER X]

^ smart! stay the course!

[gixxerbill]

Starting early and adding everyWhen you are 43, Bill, you need to put as much as possible away each year both in a retirement account or in an investment account. If you can invest $20,000 to $25,000 per year you should have somewhere between $1.5 and $2 million at retirement. I'm going to repeat myself here: Notice how much more has to be invested at 43 than at 25 to get to the big money. Start early.



Dang thanks for telling me now. I am screwed with a wife and two kids no way I can save that much money. Now I am not going to be able to afford some nurse to change my diaper when I get into my 80s and its going to be icky and I going to be a smelly old man. :crying:

I think I need to start doing high speed stunting on the freeway again. I rather go out wheelie'n then with poopoo in pants. :banghead:

[RACER X]

Dang thanks for telling me now. I am screwed with a wife and two kids no way I can save that much money. Now I am not going to be able to afford some nurse to change my diaper when I get into my 80s and its going to be icky and I going to be a smelly old man. :crying:

:

so at your age, you have NO retirement savings?

[gixxerbill]

so at your age, you have NO retirement savings?

I am not total idiot I have real estate, cds and stock. But I am afraid my motorcycle addiction and daughters are going to eat that up with weddings and college. (sheesh why didn't I have boys) And I don't work as much as I use to thanks motohouston.

Why do you ask want to donate to the gixxerbill diaper fund? :D

[MadseasoN]

I don't plan on retiring.

[flipboy326]

60, $1mil+

WE HAVE TO REMEMBER INFLATION...AND CURRENT ACTUAL DOLLAR BUYING POWER

most people will never retire with that amount of money, because they lack judgement in the use of their 401k plan when they're young....or at any age.

You must consider the lifestyle you live at the time of retirement to know what kinda of $$ you need. I would like to retire at 60 with minimum $2million (liquid & aftertax) so i could live a $100k a year lifestyle into OLD AGE

I'm 23 years old, after incentives i will clear $70k this year, i put in 6% tax free, and my compny matches my 6% (free money).....so, 12% of my check will go into my 401k every pay check. I've been working there for 1.5 years, and will be fully vested in the company after 2 years..(July 6th 2008).

The way i have my retirement plan is as follows
40% invested in large cap. growth funds, 25% small cap. growth funds, 25% in large cap. value funds, and 10% international.

[Duck84]

62 yrs/ 800k

[flipboy326]

Oh, and i guess I"m lucky that my mom is a stock broker.....cause otherwise I wouldn't have even thought about it as much.

[JonEric0430]

WE HAVE TO REMEMBER INFLATION...AND CURRENT ACTUAL DOLLAR BUYING POWER

most people will never retire with that amount of money, because they lack judgement in the use of their 401k plan when they're young....or at any age.

You must consider the lifestyle you live at the time of retirement to know what kinda of $$ you need. I would like to retire at 60 with minimum $2million (liquid & aftertax) so i could live a $100k a year lifestyle into OLD AGE

I'm 23 years old, after incentives i will clear $70k this year, i put in 6% tax free, and my compny matches my 6% (free money).....so, 12% of my check will go into my 401k every pay check. I've been working there for 1.5 years, and will be fully vested in the company after 2 years..(July 6th 2008).

The way i have my retirement plan is as follows
40% invested in large cap. growth funds, 25% small cap. growth funds, 25% in large cap. value funds, and 10% international.

What company do you work for? That is a awesome company match.

[flipboy326]

What company do you work for? That is a awesome company match.

Republic National Co.

i relooked at my benefits....they match 4%...my bad

[Steve O Chap]

You're making $70k and you're only contributing 6%? :eek3: I hope you have other savings vehicles because you need to be saving more than that to reach your financial goals. :nod:

I put 17% of my salary in my 401K (my company also matches 6% of that), my wife puts 10% of her salary into her 401K (her lawfirm matches 4%), we also contribute another 3% of my salary to the employee stock purchase program where I get company stock at 85% fair market price. Lastly we have a Roth IRA where we make a yearly contribution as well.

I'm not a financial genius, but I do my research and make sure my investments are smart. For 2007 my personal rate of return on my investments has been over 17%... and that's including the past 4 weeks which have been very poor for stocks.

I'm 27 and plan on "retiring" at 50... I'd like to retire with $5MM pre-tax. After I'm done with corporate America I'd like to open a carpentry store where I'll build custom wood furniture. My dad and I have been doing that for a long time together and he's nearing the point where he's gonna retire soon (he's 53 now).

Just a small piece of advice for some people... I drive a 2002 Frontier and 2001 CBR. I could afford to go out and buy a 2008 F350 and a Ducati 1098, but it's not in the best interest of me and my wife's future. Stop trying to keep up with the Jone's and be happy with what you have. If you do that and make smart purchasing decions, you'll be better off than the Jone's in the future!

[Squoddybody]

Well. considering I'm not even going to START working until I'm around 40, I'll have to put in MAX to have any saved... Probably won't retire early, though, considering everybody in my family lives into their 90's.

[Guitar Man]

Plan on retiring from Continental when I am 53 and then working somewhere else probably. 13 more yrs to go. Then they will probably have to come to my job and haul me away because I will probably work till I die.

[flipboy326]

You're making $70k and you're only contributing 6%?


yes, the way i've tried to set eveything up is to put 2% more per year of work. when i started july 07, i put in 4%, when i hit my year mark i moved it up to 6%, and then again in july 08 (when i'm fully vested), i'll move it up to 8%, and so on and so forth.

and as far as having other vehicles for savings and retirement, my mom is a stock broker for smith barney, so a few thousand a year is given to her to invest for me.

Stop trying to keep up with the Jone's and be happy with what you have. If you do that and make smart purchasing decions, you'll be better off than the Jone's in the future!
if only more people thought like you mr steve, the general population would be in so much less debt. cheers to you sir. :hello:

[Gigolo Jason]

I don't plan on retiring. I enjoy what I do too much.

[Moody]

I don't plan on retiring. I enjoy what I do too much.

:nod:

It is all about having the F You money in the bank and that is about it.

[Squoddybody]

Just a small piece of advice for some people... I drive a 2002 Frontier and 2001 CBR. I could afford to go out and buy a 2008 F350 and a Ducati 1098, but it's not in the best interest of me and my wife's future. Stop trying to keep up with the Jone's and be happy with what you have. If you do that and make smart purchasing decions, you'll be better off than the Jone's in the future!

+1 :nod:

The only debt I have is my mortgage. If we don't have the cash, then we don't buy the toys.

[Moody]

And all the people saying a cool million is great for retirement.... Have you looked at how many years it is until you retire and what inflation may do to that million?

[Gigolo Jason]

:nod:

It is all about having the F You money in the bank and that is about it.

Exactly,

It's an insurance policy.

[Steve O Chap]

and as far as having other vehicles for savings and retirement, my mom is a stock broker for smith barney, so a few thousand a year is given to her to invest for me.


That's a great resource right there... my buddy used to be a stock broker (i have no idea for whom though) and I try to get advice from regarding investments as well.

[Radar]

$1,000,000 today invested and well managed might (optimistically) earn 10% = $100,000 per year. $100,000 - $50,000 (to put back into the original million to keep up with future inflation) leaves $50,000 - $15000 (income tax @30%) = $35,000 left for you to spend. This math compensates for inflation. So --- if you think you'll be happy living on $35,000 income (todays dollars) and have $1,000,000 stashed away TODAY, then sounds like your ready.

[Meaner-n-u]

My Plan comes from a book called Die Broke.

Quit Today, Pay Cash, Don't Retire - DIE BROKE!

(Eventually I'm gonna get to the pay cash part, but for now it's credit)