Life How prepared are you for retirement? - Page 2

KC Jones · 08-19-2012, 08:32 AM

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)

prhom · 08-19-2012, 09:41 AM

No option for moving to Central America? Surely a few people here are considering that move.

**mlyonsd** · 08-19-2012, 09:48 AM

Quote:

Originally Posted by R8ers

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

Once I hit 62 I'm eligible to buy good/subsidized health insurance from my current employer.

I understand that's 10 years down the road and anything can change.

Kidd Lex · 08-19-2012, 09:48 AM

Quote:

Originally Posted by prhom

No option for moving to Central America? Surely a few people here are considering that move.

They have entire regions down there where they are trying to market to US retirees, entire villages of snow birds so to speak, and the land is a paradise to retire in for what we would consider very affordable prices. Has to be a VD haven. Now there's mental image.

LiveSteam · 08-19-2012, 09:49 AM

Quote:

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.

I haven't paid a dime into it in over 20 years.

PunkinDrublic · 08-19-2012, 09:51 AM

Quote:

Originally Posted by prhom

No option for moving to Central America? Surely a few people here are considering that move.

After a few trips down to Costa Rica I'm definately thinking about it.

R8RFAN · 08-19-2012, 09:53 AM

Quote:

Originally Posted by mlyonsd

Once I hit 62 I'm eligible to buy good/subsidized health insurance from my current employer.

I understand that's 10 years down the road and anything can change.

I hope it works out for you man and your dream becomes a reality.

TLO · 08-19-2012, 09:53 AM

Quote:

Originally Posted by R8ers

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.

What exactly should I be doing at my age? I don't know much about saving for retirement.

R8RFAN · 08-19-2012, 09:55 AM

Quote:

Originally Posted by Big Smoke

What exactly should I be doing at my age? I don't know much about saving for retirement.

Employer matched 401k and if you don't have that a Roth IRA.
Just don't put it off if you can, that's what most of us did and I wasted a good 10 years or so before I wised up.

Kidd Lex · 08-19-2012, 09:56 AM

Quote:

Originally Posted by Big Smoke

What exactly should I be doing at my age? I don't know much about saving for retirement.

A big one is Roth IRA's. Zero tax when you pull it out, because its taxed up front. I believe the cap is $6000 a year.

If you had invested a small amount in Southwest airlines in 1975 under the roth you'd have millions in untaxable money now.

**mlyonsd** · 08-19-2012, 09:56 AM

Quote:

Originally Posted by R8ers

I hope it works out for you man and your dream becomes a reality.

Thank, but if it doesn't, my wife is 2 years younger than me and cut a deal when are kids were born. She said for every year she stayed home to raise them she'd work 2 years longer than me.

So technically she should be working 10 years longer than me. We're in contract talks to determine if that can be reduced. My current proposal is I'll cut it to 5 if she works two jobs.

Kidd Lex · 08-19-2012, 09:58 AM

Quote:

Originally Posted by Big Smoke

What exactly should I be doing at my age? I don't know much about saving for retirement.

If I were you I'd pick up a book called "I Will teach you How to be Rich". It isnt anything astronomically new or complicated, just real sound advice for a twentysomething getting started int he financial world. Its main hook is total automation. Sounds liek it would serve you quite well.

R8RFAN · 08-19-2012, 09:59 AM

Quote:

Originally Posted by Big Smoke

What exactly should I be doing at my age? I don't know much about saving for retirement.

Also you can get a Million in TERM life insurance for probably 20 bucks a month at your age to take care of you and your family in case something happens, say if you get a terminal disease God Forbid alot of times the Life Insurance will buy you out for half the value to help the family while you are alive too.

The Roth IRA is taxed when you put it in and is tax free when you retire. Pay now, reap the benefits later

R8RFAN · 08-19-2012, 10:00 AM

Quote:

Originally Posted by mlyonsd

Thank, but if it doesn't, my wife is 2 years younger than me and cut a deal when are kids were born. She said for every year she stayed home to raise them she'd work 2 years longer than me.

So technically she should be working 10 years longer than me. We're in contract talks to determine if that can be reduced. My current proposal is I'll cut it to 5 if she works two jobs.

Good luck with that

I would love to hear that discussion.

ThaVirus · 08-19-2012, 10:01 AM

I've resigned to the fact that ill be middle class my entire life. I'm a pretty good saver but ya just never know.

I fear the day all of our money is worth nothing.

R8RFAN · 08-19-2012, 10:05 AM

To all you young people remember, even though you think you will never get old or die you will.

I am just a blue collar truck driver with a great company and I am living proof you don't have to be broke just because you don't have a brilliant mind or a big time college education.

View Poll Results: Are you on track to retire?
No way! It's a global banker illuminati conspiracy I read about on infowars.com!	3	3.06%
We're just living paycheck to paycheck - I'll worry about that when the time comes.	14	14.29%
We've put away a little, but I doubt we're on track.	27	27.55%
My retirement plan involves a second career, "welcome to walmart!"	6	6.12%
Saving steadily here and believe we're on track to retire at 65.	27	27.55%
I'm looking at early retirement	15	15.31%
I built myself a small fortune early I'm just doing what I want now	4	4.08%
trust fund bro!	2	2.04%
Voters: 98. You may not vote on this poll

08-19-2012, 08:32 AM
KC Jones Genious Join Date: Aug 2000 Location: Colorado Casino cash: $10012761	How prepared are you for retirement? 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)
Posts: 5,366

08-19-2012, 09:41 AM	#16
prhom Veteran Join Date: Nov 2007 Location: Denver Casino cash: $7406013	No option for moving to Central America? Surely a few people here are considering that move.
Posts: 2,267

08-19-2012, 10:01 AM	#29
ThaVirus Searching.. Join Date: Sep 2007 Casino cash: $-1857631	I've resigned to the fact that ill be middle class my entire life. I'm a pretty good saver but ya just never know. I fear the day all of our money is worth nothing.
Posts: 47,048

08-19-2012, 10:05 AM	#30
R8RFAN Molôn Labé Join Date: Sep 2001 Location: North Carolina Casino cash: $8466872	To all you young people remember, even though you think you will never get old or die you will. I am just a blue collar truck driver with a great company and I am living proof you don't have to be broke just because you don't have a brilliant mind or a big time college education.
Posts: 23,182