How prepared are you for retirement?

[KC Jones]

So seeing oldandslow has made it to his retirement and having seen a few early retirements at work recently, I'm curious how many planeteers are on track for this? I'd really like to retire a little early or plan for a sabbatical before I fully retire. Not sure I'm on plan for that though...

What about you?

(poll questions coming, and if you've already retired pick the options that most closely follows your retirement planning)

[Jenson71]

I'm planning on saving 8% for retirement starting off. 6% entirely from my paycheck, 2% from employer. After student loans are paid off, I want to bump it up to 11%.

I don't plan on retiring for another 40+ years, though. It's hard to say that I'm on track.

[Predarat]

Men that wear Bluetooths and demand their Sandwiches get cut in half all the time are typically prepared to retire at an average age of 58.

[Predarat]

For me im at "We've put away a little, but I doubt we're on track." but a fairly recent graduate from paycheck to paycheck.

[KC Jones]

Originally Posted by Literature

I'm planning on saving 8% for retirement starting off. 6% entirely from my paycheck, 2% from employer. After student loans are paid off, I want to bump it up to 11%.

I don't plan on retiring for another 40+ years, though. It's hard to say that I'm on track.

Everything you put away early will be huge! If you are putting money away at that rate early in your career you should be all set. I'm currently putting 12% in my 401k, but looking to start putting extra into my roth. I had a late start to my career and a few years that we didn't put anything away. In 10 years I'll have 2 kids in college though and I'll need cars/insurance for them before that. It's going to get really expensive at that point!

[LiveSteam]

I will work till the day I die. & I'm fine with that.

[Nightfyre]

Virtually my entire generation will have to work second jobs during our retirement because there will be no social security, but we will have to pay in to cover the ponzi scheme. Further, we will have to fix the current fiscal deficit brought on by the generation of excess.

[Slainte]

I started late (mid-40s) and am attempting to catch up from behind. Currently maxing out a Roth plus putting 18% into a mutual fund, 10% in a cash pool and an additional 5% into another investment plan (through work - but not a 401k). According to my money guy (I suck at this -obviously, since I didn't start sooner - so I have to have a financial advisor) I'm on track to retire @ 65, but we'll see...I'm not overly optimistic.

[Kidd Lex]

Originally Posted by Nightfyre

Virtually my entire generation will have to work second jobs during our retirement because there will be no social security, but we will have to pay in to cover the ponzi scheme. Further, we will have to fix the current fiscal deficit brought on by the generation of excess.

One thing we have in our favor is the 4 year election cycle. Any politicians that want to get rid of ss will immediately be thrust out of offcie by that generation, and or have no hope of being re-elected.

They will have to work out a compromise by either taking money from our other sectors like the defense budget or up the age of ss benefits while simultaneously tightening the restrictions on who is eligble for it.

I am 33 and don't currently live paycheck to paycheck, have about $125,000 invested with almost no debt. (Work Vehicle I "own" at 0% interest I owe $20K)

I still feel woefully unprepared for retirement, and not exactly on track. They say you should have $2 million at retirement to keep your lifestyle if you make six figures, and I just don't see how I am going to get there with the crap interests rates, shaky economy, wave of inevitable inflation headed our way, and not personally owning any real estate.

[R8RFAN]

I dump at least 15% of my salary in a 401k so I am at the mercy of the market, when the busy season is in I dump 25% of my salary, I have done this since 1995 and I will have either alot of money or be broke.

No one knows what the future holds or even if I will make it to retirement age (mom and dad died at a below average age) Before I paid off my house in 2009 I was making enough on interest alone in the bank to pay 1/2 to 3/4 of my mortgage payment a month, then the rates got so low, I could not see paying all that mortgage interest when I had the cash to pay it off, so I did. I think that was the best move I ever made even if many people told me not to do it. Of course I don't get that deduction anymore but paying a couple extra grand to the gubment a year is still better than double that in interest to Wells Fargo.

[mlyonsd]

Wife and I are on track for 65 but I'd like to leave my current job at 62 and start up some kind of business we both would enjoy. Bed and breakfast or cafe are leading the list.

I hate sitting around so I see myself working late into life.

[R8RFAN]

Originally Posted by mlyonsd

Wife and I are on track for 65 but I'd like to leave my current job at 62 and start up some kind of business we both would enjoy. Bed and breakfast or cafe are leading the list.

I hate sitting around so I see myself working late into life.

Thats all a great idea but the problem will be health insurance, it will eat you alive.

[TLO]

Well... I went for the first option since none of the other options fit me right now.

I'm 23. Once my career starts I'll start worrying about retirement.

[ReynardMuldrake]

I plan to retire at 55. Right now I'm on track to do that.

[R8RFAN]

Originally Posted by Big Smoke

Well... I went for the first option since I'm 23. Once my career starts I'll start worrying about retirement.

If you put a plan into action now at your age, you will be a very rich man when you retire... Invest in about a million in long term life insurance too.