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$1.8 millions average at retirement. Did/are/can you meet that number?
- Thread starter HuumanCreed
- Start date
I don't know that I will ever not work. But my plan is to quit my career in approximately 10 years (age 55). I'll continue to work so I can have health insurance and not be bored. Other than hunting gear and 2 other hobbies, I'm pretty frugal. I'll be even more frugal once my son finishes college 7 years from now (assuming everything goes to plan)
I think the 1.8M is inflated and likely considers people who have a high cost of living and aren't frugal.
I think the 1.8M is inflated and likely considers people who have a high cost of living and aren't frugal.
Having a mortgage also significantly impacts that number.
I was gonna say the same thing. The more you put away now, the more time it has to grow.
I’ll die at work!
I lost a HUGE amount in 2000, 2008, 2015, and 2018, I lost nearly $3k a month in 2020.
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I lost a HUGE amount in 2000, 2008, 2015, and 2018, I lost nearly $3k a month in 2020.
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My wife and I have decent jobs and I plan on retiring in the next few years from a long career in public administration. She’s younger than me so she has more to do lol! We are frugal, heck I burn firewood to heat my home which is hard work but it help’s considerably with our heating bill and we have two kids still in school. Certainly not rolling in it and neither of us were born into wealthy families but I think we are on track. I have a pension and investments and according to my calculations, I’m on par without SS but that will add another bit to the positive side of the margin. I think one of the best retirement strategies is to have little to no debt, pay yourself first each payday and stick with a budget. We believe tithing is good and blesses you in so many ways.
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None of my business but it is near impossible to time the market, odds are better just putting money in, and keeping some level of diversification.
Recession is maybe coming right? Put more to cash? Here’s the reality: nobody knows.
Recession just means stocks are on sale.
I just plan to sell all my stuff and move from my current cabin to a more remote cabin in the woods. The hard part is going to be telling my wife why I am able to sell all those things for so much more than I told her paid for them….
I'm a tradesman. I have seen way to many guys retire, and die shortly after. Some I wouldn't think. So not just the heavy users.
We buried my neighbor at 64. He was an engineer, took a buy out from the automotive company. Worked part time staying busy afterwards as well.
If focus on tomorrow, I'll miss today. I'm putting stuff away in the market. Hopefully it grows and I have something when its time.
Pray hope and don't worry.
We buried my neighbor at 64. He was an engineer, took a buy out from the automotive company. Worked part time staying busy afterwards as well.
If focus on tomorrow, I'll miss today. I'm putting stuff away in the market. Hopefully it grows and I have something when its time.
Pray hope and don't worry.
The poll needs another option: I don’t make enough to have a retirement account.
My retirement acct is worth 250% of what I've actually put in it. Getting money in early and having years of growth makes it happen.
Yes, always pay your own self firstTrades here too. Is there an option other than work until you die ?
I'll be alright but it does have me thinking... the way retirement is treating my Dad I'm not sure I'd want too! Someone on here said motion is lotion and rest is rust ( you Btaylor?) And that's held true for him. Use it or loose it!
Never tried timing the market. Just keep putting money in. Needed to diversify more. But I was trying to make up some lost years being aggressive in 2020. The rest was normal losses everyone else experienced.
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I own a HVAC company, I don't think I will ever retire. I like working, I like my lifestyle with my current income.
My wife owns a small gym next door to my business and is a worker like me, keeps us busy and young.
Unless my company is worth a lot someday and someone wants to buy it, I will keep grinding, fishing, hunting and traveling.
I tell my kids our retirement plan is to spend all our money, move into the basement of which ever one has the best house.
Have hospice take care of us until they bury us...
My wife owns a small gym next door to my business and is a worker like me, keeps us busy and young.
Unless my company is worth a lot someday and someone wants to buy it, I will keep grinding, fishing, hunting and traveling.
I tell my kids our retirement plan is to spend all our money, move into the basement of which ever one has the best house.
Have hospice take care of us until they bury us...
Don't stop working. Change where you work or how you work. But not working on anything is bad news. My dad has stayed busy. I think he is on 3rd remodel of his house. Takes him longer to do stuff at 74 now. But he still does it.