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I’m banking on the Democrats and Social Security to take care of me!
I have stock, real estate, and a military retirement at age 60 and working on a second retirement check now. I can collect Social Security at age 67, it will be broke long before. |
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Agreed. One of Ric Edelman's "NEw Rules of Money" (that's the title of the book) is that no one ever got rich by paying off their mortgage early. Take the money and invest it! |
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i'm curious as to what your organization has you investing your money in at your age. Mutual funds? load or no-load? annuities? whole-life insurance? are they fee or commission based? |
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Right now I have some money invested in the following: EVBLX FCNTX FDAXX Those were my initial investments mainly to provide some stability to my account. I have been talking to them about a high risk/return investment and they are going to get back to me with their ideas. Foreign investments were mentioned I believe. I have only been working with him for a brief period less than 2 years, but I have had a wonderful experience with them. They are a private firm that works closely with you to work toward your goals as opposed to the larger firms that just want to sell you a fund or policy. IM me if you would like their contact information. James |
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I save, but at 43 its a little early to be "planning" for retirement. If I am ever able to actually retire. A lot can happen in 30 years.
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Yeah, in 30 years you'll be 73 and won't even be able to count to three! Spend it while you've got it.
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That's an interesting question ... what age do you plan to retire?
I was thinking more along the lines of age 60. I'm 33 now. Isn't the average life expectancy for the American male something like 73-74? If you retire at 60 at least then you'll have a good long 13-14 years of retirement. |
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Right now, I am thinking semi-retirement at somewhere between 40 and 45. I'm 38. Don't think I'll be "fully retired" until I am "fully retired". |
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Vangaurd has Roth IRA's starting at $1000 minimum, and personally I fell Vangaurd is a better company for Roth's anyways. |
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+1 on Vanguard. To answer the original question, yes, I save a ridiculous amount of money for retirement each year. I doubt Medicare and Social Security will be much of anything when I retire, so I plan on taking care of myself in the future, and passing on driving a tricked out SUV now. |
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I can and will retire when I turn 50, collecting 3% of my highest years salary for each year worked. I stateed at 22yo. you do the math.
I also have over 300K equity in my house and over $100K in my deferred compensation plan.\ Looking forward to 50. My father retired at 45yo. My grandfather is 95 years old with no medical problems. Nobody in my immediate family has ever had cancer, high blood pressure or heart disease. We live a long time. So I'm gonna have a long retirement. |
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If you can't retire by 50 forget it. Much older and you'll be too busy wiping up drool and changing your depends to worry about money.
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I'm basically just a saver. I put 15% into mutual funds in my 401k, and company matches 5% with stock. I'm saving 6months take-home pay (almost there) for emergencies like unemployment, and then I'll start saving for 20% down payment for a house.
I'm really not doing too well with saving though, I need to quit buying guns. I think I'm going to start putting a percentage straight into savings so I can't touch it. |
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Saving alone for retirement is for chumps.
If you want to retire well then you will need to plan. If you only save you arent going to beat inflation. |
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I have a feeling that those of us that have planned for retirement, will be paying for those who haven't.
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Ya, me too. Those who planned and saved will get taxed out the a$$ for the people who drive the Mercedes with spinning hub caps now... |
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Planner and Saver - Have a Hughes A/C - GM - Raytheon, Navy Reserve, and SSA "pensions" and 401K. Ma D is working on County and SSA pensions, and 401K equivalent.
Had planned on Medical through both Hughes and Navy Reserve, but it appears neither are going to have the full originally promised. Add in the family houses in So Cal and I'm planning to move out of here to a better area. I'm not going to be rich, but I'm not going to have to be too worried about things. Hope to buy where I can put a range in the back yard. |
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I think when people say "save" that sort of includes things like mutual funds, IRA and 401k/403b's and other investment instruments. |
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Hell I wasen't supposed to hit 30 Im 31
hookers ,blow ,corvettes and ARs weee!!! I do have a litle money in some mutual fund cuz hey ya never know |
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At one time I did, but... My wife and had a baby at 40 years old. Her tubes were tied, and it failed 6 years later. Now we have a fabulous 3 year old beautiful girl! She will be in college when I should be retiring. So now retirement doesn't seem certain. My retirement is my rental properties. I won't have a house payment in a few years and the rentals are pure income.
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No, No, you are misunderstanding. Open a Fidelty Roth IRA account. From there you can buy what ever mutual fund you want. That way you can change your fund allocations without doing a roll over. |
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Which is why everyone needs a ROTH IRA! |
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If Congress has no problem with reneging on the healthcare promises made to people who joined the military and served their country, do you think they'll give much of a damn, when crunchtime comes, that Roth IRA earnings are "supposed" to be tax free? The only reason they are tax free now is because Congress says they are. What if they change their mind? I contribute to one but I am not counting on the rules to remain the same forever.
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Same as above except I worked in a Goverment shipyard for 36 years on the waterfront and managed to get out without getting gassed,crushed,disememberd,burned to death or falling to my death like a few people seem to do every year. I get about 70% of my base pay and can stay in the group health plan. Health care is IMHO the real wild card in retirement. I pay the same for insurance as an active employee. Congress can screw this up anytime the need to make a few cuts. I got a few bucks in a Roth IRA, but it came along too late to do me much good. |
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Uhh...yeah,at this time I'm counting on the silver bullet retirement plan.
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I save. I'll retire in six years and will have sufficient resources and then some. I don't plan. There is an old saying. If you want to make God laugh, tell him your plans.
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The wife is into the roths and 401 type stuff. I just keep adding to my rental RE portfolio. If all goes as planned we will have a tidy monthly income in another 17 years when everything is free and clear.
echo6 |
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Except for those of us who make too much to contribute to IRA's (roth or traditional). My, I toss a ton into my retirement account (plan it each year to just about max out on the last paycheck), and toss money into other vehicles as well. I do not personally plan, but I pay a trusted advisor who is pretty much kiking the market's ass in returns for the last three years that I have used him. WOrth every penny in fees. If all goes according to plan, I will be able to retire at 58 with about 150% of my current salary in annual funds to last as long as I can hope to live. Geoff |
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I am 32 and have about $30 in investments. But. I am getting serious now and am plotting my savings/investment thing even before I secured my employment (which has a terrific retiremet plan of its own). I think with some planning I should be able to get 12% a year, taking it into my hands. I am actually getting a graduate degree in investment. That's what presumes my outlandish expectations.
But I'm not taking anything for granted. My mom never planned for retirement and she's working now at 67to make ends meet. No way that is happening to me. |
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+1 to Vanguard - they have very low expense ratios and have a very saver friendly website.
Remember one thing about saving for kid's college vs. savings for retirement (and I'm ripping this from the WSJ) - it's great if you can do both but if it's one or the other, the kids can take student loans, you're not going to get a loan to pay for your retirement. |
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I am in my departments pension plan, have a Roth, a defered comp 457 plan, some stocks and bonds, the house is worth double what I paid for it.
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I have a military retirement pension which pays for the mortage and all my other household bills and the car payments. I'm now working a second job for the DoD which I can earn a higher pension if I convert/sell my military pension to them. I have a third pension with the California Personnel system from my job as an instructor with the Unversity of California. I'm putting 10% into my thrift savings plan which has been doing pretty well.
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Heck yes. And some of my retirement saving is in guns. Lots of cheap milsurps out there and they won't go down in value. I'll seel them off for mad money some day.
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