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$1.8 millions average at retirement. Did/are/can you meet that number?

Did/Are/Can you meet your financial retirement goal?

  • Retired as planned and met goal

    Votes: 1 2.4%

  • Work longer then I wanted to but retire comfortably

    Votes: 1 2.4%

  • Not retired yet, but on path to meet goal

    Votes: 23 56.1%

  • Not retired yet, currently not meeting goal

    Votes: 9 22.0%

  • No idea when I'll retire at the moment, but have plan and not worried

    Votes: 7 17.1%
  • Total voters
    41
HuumanCreed

HuumanCreed

Well-Known Member
SH Member
Joined
Aug 21, 2020
Messages
2,683
Location
Westminster Maryland
You guys got me down the rabbit hole in thinking about my retirement future. Yes, I'm asking advice from known gear whores and enabliers. But I trust your opinion over a forum on financial advice because my quick look at them did not impressed me. Not with their knowledge, but with a sense of suprioirty that I get from them. Like 'I know the asnwer, just listen to me!' kind of vibe. I understand most are trying to be helpful and offering free advice, I'm free to take it or not.

Anyway, based on my reading. Most are saying that you need 1.5-2 millions to retire. Other use simple rate as in age 30, has X1 annual income in saving, age 40, has X3 annual income in saving, etc etc.

I'm turning 40 in 3 months. Based on all calculation I'm way behind those number. And even if I max out annual 401k and IRA contribution, I'm not going to reach that number without doing other things beside 401k and IRA. I don't see how you can reach that 1.5 millions with just maxing annual contribution. You have to invest outside of 401k and IRA.

So if you're comfortable. How is your situation? It is also based on where/how you want to spend your retirement? What actions are you taking to ensure you are meeting your retirement goals? If you ARE retired, any advices? Mistake you don't want other to make?

Not politically, but I don't plan to calculate social security into my plan. It would be nice to have it, but I don't plan to depend on it.
 
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I'm 3 years behind you and think I'm on track, though how the court decides to divide my 401k and carve off some of my savings to give to my soon to be ex definitely factors in a bit.

I'm also lucky that my current job has a pension plan, so as long as I stay another 12-17 years I should be ok.

There's a lot of ifs there, and of course it assumes the stock market follows overall historical trends and such, but I try to invest in my 401k and an additional Roth IRA as much as I can. I've been doing the "stay in the house I don't really like and ride it out for the long term because I can get this mortgage paid off vs moving to a house with more room and a garage" debate lately, not going anywhere soon but having my current mortgage rate/balance vs likely doubling it is definitely a factor.

And some of the gear buying can be treated like investments right ;) (not really financially sound advice lol)
 
I don’t pay in to retirement, sold a gym with 4 locations in my early 20’s and cashed in 7 figures. Only work now to keep busy and I don’t work during hunting season most years since then. I’ve always said I’ll be damn if I work bc I have to past 40. I’m 34 now and haven’t had to work since I was 23 but it’s allowed me to work jobs I want and are interested in. Blessed for sure.
 
I’m mid-30s and honestly I know I’ll never get to retire. Savings? Hilarious idea to me. Three kids and plans for more, working three jobs and one is a family startup business that pays zero dollars, wife works two jobs plus a side hustle…it’s a good thing I’m good at and enjoy my main job because I will be working it for a very long time to come.
 
The_Fit_Ness_Monster said:
I don’t pay in to retirement, sold a gym with 4 locations in my early 20’s and cashed in 7 figures. Only work now to keep busy and I don’t work during hunting season most years since then. I’ve always said I’ll be damn if I work bc I have to past 40. I’m 34 now and haven’t had to work since I was 23 but it’s allowed me to work jobs I want and are interested in. Blessed for sure.
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Yooo you adopting? I'm only 3 years older than you we can make it work lol
 
bowhuntr09 said:
Mention it over in the saddle hunters support thread. Someone will buy them from you. I hear they are great for dragging deer out of the woods, cutting grass, etc.
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Lol I wish, mine haven’t started hunting yet kind of hard to bring them when all I do is bow hunt public land from a saddle or climber. And I will never give up my grass cutting I won’t even let the wife cut the grass. That’s my 1.5 hrs of cardio every week lol only thing my boys are good at are eating us out of house and home.
 
Generally speaking folks will need annually somewhere between 80-120% of their pre-retirement earnings to maintain standard of living. That is going to be influenced by debt load entering retirement and the things you want to do during retirement, etc. Statistically, if you are turning 65 this year, you have a 1 in 4 chance of living beyond age 90 and 1 in 10 to live beyond 95. So if you retire at say 65, you might be wise to plan for 25-30 years of retirement. You can work that calculation and figure a more specific to you base line number for planning. Someone that makes 50k a year will have a lower number than someone that makes 150k a year. I know you said you are not planning on SS but I expect it to be around. Question is what it looks like 20-25 years out. Currently it is designed to generally replace up to 40% of your pre-retirement earnings. That percentage is going to be effected by things like early retirement or if your earnings exceed the cap thus limiting your benefit to a lower pct.
 
Wheres the choice for just working rest of my life til death? As a hunter n being self employed, and no self control, Ill be at it awhile, lottery or inheritance pending.
Glad you guys are in better shape than this guy.
 
I’ll be 36 this year. I’ve maxed out a Roth IRA for several years and I put quite a bit over match into my 401K. I live fairly frugally. I buy used vehicles and drive them into the ground. Hunting and fishing are where most of my extra money goes. I have two ankle biters now so I keep them in mind when I want to splurge on something. I buy used or sell stuff to fund new toys.
 
Retirement Plan: Hitting the lottery! If I win the 1.2 Billion tomorrow, I'm retiring on Thursday and going off grid!! :D

Seriously, I'm in my early 40's. Got some money squirelled away in 401k, but really need to be doing more to not have to work until I die. Hard to save a bunch with 4 kids, but we are going to keep grinding away at it!! It's more important to me right now to have 10x-12x my annual salary in life insurance in case something happens to me. I want my wife and kids to be taken care of. Fortunately my work offer very cheap life insurance options.
 
The_Fit_Ness_Monster said:
I don’t pay in to retirement, sold a gym with 4 locations in my early 20’s and cashed in 7 figures. Only work now to keep busy and I don’t work during hunting season most years since then. I’ve always said I’ll be damn if I work bc I have to past 40. I’m 34 now and haven’t had to work since I was 23 but it’s allowed me to work jobs I want and are interested in. Blessed for sure.
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That's awesome man, congrats. I love hearing about people having success on their own and living their life. That's the dream.
 
bowhuntr09 said:
Mention it over in the saddle hunters support thread. Someone will buy them from you. I hear they are great for dragging deer out of the woods, cutting grass, etc.
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they eat up all the profit tho.
 
7mmremmag said:
That's awesome man, congrats. I love hearing about people having success on their own.
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Thanks and yes it’s awesome especially since I was homeless with a single mother until I was 10ish, but it ain’t always sunshine and rainbows. First thing I learned when falling into the money is it ain’t worth it. I mostly hate that I have to have money to live and do things and the pursuit of it is disgusting at best for me.


@Gator yeah way too much time and 3 of them came after a visectomy and the last one wife was also on IUD. Crazy thing is neither of us ever wanted kids. Guess the man upstairs said hold my beer buck-o.
 
I went through this. I am retired now.
I suggest that you have a current budget. I created one in xcel. Since I was 100% commission I listed expenses by month. That would remind me when things like insurance payments or property taxes popped up.
Then about 15 years before retirement I created a retirement budget. I used on line calculators to estimate my taxes in retirement. This let's you compare state. Federal and local taxes. We wanted a cheep place to retire. Since KY is home for us we compared KY to TN. Since TN has no income tax, you would assume it would have lower taxes. Not so since KY does not tax SS or small pensions. So money you pull from a 401k is your only income taxes are nothing.
Don't guess how much money you will need. Put together a retirement budget and you will know.
Check out:

smartasset.com

Best States to Retire for Taxes 2024 - Tax-Friendly States for Retirees

Some states have taxes that are friendlier to retirees' financial needs than others. Use SmartAsset's set of calculators to find out the taxes in your state.
smartasset.com smartasset.com
 
Forgot to link this on my earlier post. But I went down the Mr. Money Mustache rabbit hole a few years ago. Not realistic for most people. But you can apply some of his principles to shave a few years off of your working life.

www.mrmoneymustache.com

The Shockingly Simple Math Behind Early Retirement

This is the blog post that shows you how to be wealthy enough to retire in ten years. Here at Mr. Money Mustache, we talk about all sorts of fancy stuff like investment fundamentals, lifestyle chan…
www.mrmoneymustache.com www.mrmoneymustache.com
 
HuumanCreed said:
I don't see how you can reach that 1.5 millions with just maxing annual contribution. You have to invest outside of 401k and IRA.
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You’re absolutely right - most can’t get there by saving alone - that is not enough. Most have to INVEST their retirement savings and reap the reward of compound interest for many years in order to get there.
 
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