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Forum » Is anybody else's mind blown as to how much they have to save for retirement?
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Thread: Is anybody else's mind blown as to how much they have to save for retirement?

post 1460603023 09-03-2016, 01:00 PM
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If i have to use my state pension, i will use it to kill myself srs.
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post 1460603153 09-03-2016, 01:01 PM
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Try and become an entrepreneur, brah. Living like a peasant and retiring when your life is almost over is a joke.
post 1460603553 09-03-2016, 01:05 PM
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There has only been one generation in the history of the world that has been able to retire so far....and that was the baby boomers in the US. They did it with pension plan through their companies, social security, and cheap housing/high dollar value.

We're in 2016 now and our economy is run by clowns and criminals who sell out to large business entities for personal enrichment. If youre a doctor or already rich I got some bad news.

Unless some disruptive technology comes along to change the way we won't be retiring on a 401k that will soon be government controlled.

Basic income
Robots
Ai
Driverless cars
3D printed everything
Genetic modification


You can't think of the world in 40-45 years using the same examples that we know of today. Everything is going to be different.
*mod negged crew*
TRUMP 2016
post 1460603813 09-03-2016, 01:07 PM
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30k a year in savings to hit 900k in 30 years? lol how are people on this site so dumb

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post 1460604213 09-03-2016, 01:11 PM
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post 1460604483 09-03-2016, 01:13 PM
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STEM Life. I try and save a lot. Got more financially fiscal around 27.
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Because you had secret evidence, and documents /
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post 1460604543 09-03-2016, 01:14 PM
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Originally Posted By MuscleXtreme⏩
I hope to have enough cash on hand to buy a couple properties when the market crashes. Just imagine if you had $250k cash on hand in '09, buy 10 or so houses for cheap. Rent them out until the market goes back up and sell.

That's my plan for retirement. I don't think I could just sit around doing nothing. I'll either become a professor and teach, or just build a huge portfolio of properties to manage to keep my active and my mind sharp. I hope to start on that in the next 5-6 years or so.
That's a lot of home payments being made mane. If you rode it out until now then you'd be set, but your cash flow would have to be really, really consistent if you wanted to keep them all.

And yeah, that's the key to retirement. You have to have a reason to get out of bed every day.
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post 1460604743 09-03-2016, 01:15 PM
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Originally Posted By Mrlooker⏩
full potato in this thread

the average person knowing fuk all about personal finances is actually how I have got rich

pretty much retired with enough money to live a good life and I am only 28

feels good mane
What did you do to make money? Exploit unsuspecting people?
post 1460605133 09-03-2016, 01:19 PM
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Say you were able to save the $1M.

You'd be earning money on that money all the way up till retirement, and beyond.

Meaning your income in your yrs of work is going to be padded. Even more nearing retirement. Plus, People usually earn the most in their last decade or two of their career.

Personally, I'm not looking to ever fully retire. I find more security in having a few businesses that earn income. Even if I come into do the last few percent of tasks, I can work 20hrs a week and still feel useful, lol.

Negative interest rate possiblity and all the debt has me steering away from financial markets long term.

It'd be foolish to think $1M in stocks and bonds is going to suffice for decades or a century to come.
post 1460605303 09-03-2016, 01:21 PM
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Originally Posted By dyee4613⏩
30k a year in savings to hit 900k in 30 years? lol how are people on this site so dumb

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do the math retard

30 x 30000 = 900000

if you're going to say some stupid sh!t about interest I already said in the OP I was excluding that stuff for the sake of simplicity

the original point still stands... a lot more money is needed to retire than originally anticipated
Death is impossible for us to fathom: it is so immense, so frightening, that we will do almost anything to avoid thinking about it. Society is organized to make death invisible, to keep it several steps removed. That distance may seem necessary for our comfort, but it comes with a terrible price: the illusion of limitless time, and a consequent lack of seriousness about daily life. We are running away from the one reality that faces us all.
post 1460605533 09-03-2016, 01:24 PM
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Originally Posted By BostonRockets⏩
do the math retard

30 x 30000 = 900000

if you're going to say some stupid sh!t about interest I already said in the OP I was excluding that stuff for the sake of simplicity

the original point still stands... a lot more money is needed to retire than originally anticipated
Do you even know the Rule of 70, brah?

You CANNOT just leave out compounding interest.
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post 1460606513 09-03-2016, 01:33 PM
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Originally Posted By Droz88⏩
The entire monetary system in america is a complete fuking scam.

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Think about that. You are not producing. You are not adding value to society or actively improving others lives. But, "the system" is giving you 50k/year to sit around on your fat ass and live. Meanwhile young people are working their asses off to get 50k/year.

Lol it's a scam boyo.
Strong ignorance

We'll assume you mean investment in equity instruments like shares.

By providing your capital you allow the entrepreneur to build the firm to produce the stuff to sell to make everyone's lives better.

You get 50k a year (5% interest or dividends) for taking on risk and it also accounts for some opportunity cost (i.e. consumption now)
Natty poverty maintenance crew

Actual economist crew

Austrian school crew
post 1460606663 09-03-2016, 01:34 PM
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Originally Posted By BostonRockets⏩
the thread was not about accurately calculating through pension and compound interest when I would be able to retire. the thread was about realizing how much money would be needed to retire at X age. whether 30% of it comes from interest and pension or 100% of it comes directly from savings, the point is you need a lot of money to retire and considering how much the average person makes a year, it is an overwhelming amount to think about.
You don't need to save 30K a year if you've got 30 years. The market has averaged 8% for the last 30 years or so. Past performance doesn't equal future results, yeah, I get it.

In 9 years at that rate, your wealth doubles.

In 18 years at that rate, your wealth quadruples.

In 27 years, you have EIGHT TIMES more than what you started with.

30K a year for 30 years? Put in 30K forone yearand leave it. At a consistent 8%, it'll be worth $330,700 by the time you retire.
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post 1460607093 09-03-2016, 01:38 PM
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ITT OP completely ignores market growth.
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post 1460607323 09-03-2016, 01:40 PM
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LMFAO and the rest pal.

Factor in the very real possibility of you having at least 2 kids at 1 mill a pop - you won't be retiring any time soon son.

You'll die in the workhouse son.
fist yourself
post 1460607363 09-03-2016, 01:41 PM
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buy a house for $100k (maybe not doable in high COL cities), pay it off in 10-15 years
rent it out and buy 2nd house
pay off 2nd house faster using income from house 1 and other income, probably 8-10 years

rinse and repeat until you have 5-10 houses and live off rent income. das it mane
post 1460607833 09-03-2016, 01:45 PM
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Originally Posted By mike.hunt⏩
buy a house for $100k (maybe not doable in high COL cities), pay it off in 10-15 years
rent it out and buy 2nd house
pay off 2nd house faster using income from house 1 and other income, probably 8-10 years

rinse and repeat until you have 5-10 houses and live off rent income. das it mane
I honestly don't know if a house that cheap is doable, but if it is, I'd love to just buy one and keep it as a rotter pad.

Renting right now is a ****ing awesome idea though. There's so few vacancies in my city back home that the mayor called it a "crisis." Top dollar right now, brahs.
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post 1460607863 09-03-2016, 01:46 PM
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Originally Posted By sword_⏩
STEM Life. I try and save a lot. Got more financially fiscal around 27.
'financially fiscal'
post 1460607953 09-03-2016, 01:46 PM
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my company paid pension will allot me $4000-6000 a month if I retire at 58
post 1460608063 09-03-2016, 01:47 PM
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Originally Posted By SeymourGains⏩
Ill just sell crack when im 70
Lol kinda funny if you think about it, they're not gonna put a 70 year old in prison anyway
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post 1460608283 09-03-2016, 01:49 PM
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Originally Posted By LaCosaNostra90⏩
my company paid pension will allot me $4000-6000 a month if I retire at 58
Hope it's still around by then.

A family friend used to work at a company that threw huge severance packages around like they were ****ing candy. 200K, 300K type offers. A lot of those guys couldn't even justify working any more because there was so much money on the table.

That was in the early 2000s. The guy is in his 50s now and just got a severance package offered for 30K.

That retirement money's not going to be around forever brah. Hope you grab it while you can.
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post 1460609643 09-03-2016, 02:01 PM
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Originally Posted By iLiRaM⏩
lol @ thinking you have the chance of retiring at 55
LOL at calling $30k/yr a retirement. OP hasn't factored in projected inflation, or the fact that $30k will appear poverty as fuark to him mid-career.
Nah, fukk that. I’m not doing that.
post 1460609853 09-03-2016, 02:02 PM
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Originally Posted By ANumber1⏩
LOL at calling $30k/yr a retirement. OP hasn't factored in projected inflation, or the fact that $30k will appear poverty as fuark to him mid-career.
This is why a million isn't even close to enough.
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post 1460609963 09-03-2016, 02:03 PM
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your expenses are atleast not crazy. 30k a year is pretty easy to achieve.

use a compound interest calculator it will take less than 30 years to achieve 900k invested, assuming you're saving 20k a year


using previous history as an example investing in s&p index, saving even $18k a year for 30 years will = $3.4m assuming an average inflation rate of 3% that means it's worth $1.84m in today money
using a 4% withdrawal rate which is shown to have a 100% portfolio survival rate in toughest periods of history over long term that means you can have $73k/year

read link in sig for MMM wisdom

im on plan to retire before 30, rather live simply than waste my life working
post 1460610003 09-03-2016, 02:04 PM
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lol @ you idiots thinking there will even be such a thing as "retirement" in 30 years.

You'll be working, in some fashion or another, until you drop dead.
Survival. When the jungle tears itself down and builds itself into something new. Guys like you and me, we end up dead. Doesn’t really mean anything. Or, if we happen to live through it, well that doesn’t mean anything either.
post 1460610643 09-03-2016, 02:11 PM
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Originally Posted By jackamo2887⏩
lol @ you idiots thinking there will even be such a thing as "retirement" in 30 years.

You'll be working, in some fashion or another, until you drop dead.
My plan is to take my savings to the third world and bang hookers until one stabs me to death.

It's a pretty good plan, really.

OP is trying to ignore interest to "simplify", so he should just stick with planning to become a Wal-Mart greeter.
Nah, fukk that. I’m not doing that.
post 1460611143 09-03-2016, 02:15 PM
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Originally Posted By aaron501⏩
your expenses are atleast not crazy. 30k a year is pretty easy to achieve.

use a compound interest calculator it will take less than 30 years to achieve 900k invested, assuming you're saving 20k a year


using previous history as an example investing in s&p index, saving even $18k a year for 30 years will = $3.4m assuming an average inflation rate of 3% that means it's worth $1.84m in today money
using a 4% withdrawal rate which is shown to have a 100% portfolio survival rate in toughest periods of history over long term that means you can have $73k/year

read link in sig for MMM wisdom

im on plan to retire before 30, rather live simply than waste my life working
Good post brah. But you've got to factor in taxes too.

If you're paying taxes up front, it's going to take, I don't know, 20% more to hit your target annual contribution.

If you're paying taxes on the back end, you're going to have to adjust your ideal annual income upward.

I'd still rather pay taxes later, but I've got a feeling that single people with disposable income are going to be taxed pretty ****ing hard in these next few decades.
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post 1460611363 09-03-2016, 02:17 PM
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Originally Posted By FA*******⏩
I'd still rather pay taxes later, but I've got a feeling that single people with disposable income are going to be taxed pretty ****ing hard in these next few decades.
If you're low-income - and OP is, or he'd realize he needs more than $30k at retirement - you want to Roth dat chit.
Nah, fukk that. I’m not doing that.
post 1460611373 09-03-2016, 02:17 PM
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Originally Posted By FA*******⏩
Good post brah. But you've got to factor in taxes too.

If you're paying taxes up front, it's going to take, I don't know, 20% more to hit your target annual contribution.

If you're paying taxes on the back end, you're going to have to adjust your ideal annual income upward.

I'd still rather pay taxes later, but I've got a feeling that single people with disposable income are going to be taxed pretty ****ing hard in these next few decades.
oh yeh, in UK we have ISA's for investment where all gains are tax free. sorry ameribrahs
post 1460611583 09-03-2016, 02:20 PM
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Originally Posted By aaron501⏩
oh yeh, in UK we have ISA's for investment where all gains are tax free. sorry ameribrahs
...so it's a Roth account.
Nah, fukk that. I’m not doing that.
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