What are y'all plans for retirement and are you on track? Is $1,000,000 enough?

01-16-2020, 02:10 PM

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#91

elterrible987
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Originally Posted By AltarOfPlagues⏩

rental house not all that passive either when shiit keeps breaking.

house is like not as much of a asset as people want to think, that roof aint getting any younger.

This.

At some point if youre really going to be "retired" you will have to sell your rental properties. There is still work involved and expenses.

01-16-2020, 02:11 PM

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#92

knightofday
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Originally Posted By yeshli2nuts⏩

I think I'm in a good spot, taking after my parents as role models...

Dad was a mechanical engineer then moved into the business side (retired as VP of large manufacturing company but I don't think ever got above $200,000/yr), mom was a preschool teacher who never made more than $40,000/yr. Growing up I lived very modest, my parents were very frugal and my dad was very much into saving for retirement. They both retired by 60 with about $2 million in various accounts.

My wife and I have a mortgage on our house with already about $100,000 in principal (and about $340,000 left on the loan), we have automatic payments of $1,000 a month into index funds with about $50,000 total in them now, we have over $100,000 in our 401ks, and another $30,000 in savings accounts as our rainy day fund. I think we're in good shape to retire by 60 (I'm 32, she's 28). The key to our lives is not paying for stuff we don't need and not paying people to do things we can do ourself and not caring about the Jones's. We live in a nice neighborhood in South Florida and I'm pretty surewe're the only ones that don't have a landscaper, don't have a pool boy, and don't have a cleaning lady, because we do all of that shyt ourself which probably saves us a few hundred dollars a month.

You and your wife sound really smart, you guys are way ahead of the curve for your age especially. All that spending on luxury services that aren't necessary but suck is a major major drain on most people's savings and income, always good to see someone who lives like normal people do and maintain their stuff themselves with a little elbow grease.

01-16-2020, 02:12 PM

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#93

r32gojirra
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Originally Posted By Mr

I want 1.5 million (kangaroo dollars not freedom bucks) to retire with Mrs Beer. No I will not be retiring early bar a lottery win.

Real talk: what’s your thinking on how the government is going to tax retirement income?

Given how low interest rates are do you think they’re going to keep jacking up taxes on self-funded retirees to protect the revenue base?

Originally Posted By elterrible987⏩

This.

At some point if youre really going to be "retired" you will have to sell your rental properties. There is still work involved and expenses.

Just outsource it. Rental agents take care of minor stuff and consult you on major things

01-16-2020, 02:13 PM

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#94

FFailed
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Originally Posted By xMetalocalypse⏩

Is ~200k at 25 in a 401k and ~15k in a roth a good start at 25? Srs I know little about retirement besides investing early. I have no pension or the like.

200k is probably unheard of for people at 25. That would be maxing it out since 18 with some employer matching

01-16-2020, 02:28 PM

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#95

xMetalocalypse
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Originally Posted By FFailed⏩

200k is probably unheard of for people at 25. That would be maxing it out since 18 with some employer matching

Ive gotten a fringe benefit for several years now which goes straight to my retirement account. But otherwise yeah, been contributing 15% since 18.

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01-16-2020, 02:31 PM

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#96

Mike1991
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No plan to retire ever. I'm a farmer and enjoy what I do. I figure by the time I get tired of it self driving tractors would be doing the work for me anyways

RON PAUL 2012

01-16-2020, 02:34 PM

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#97

MuzzieChik786
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Originally Posted By brianphi⏩

My parents had rental homes, four places, duplexes. They were a hassle and while a little profitable ... they hated having rentals and moved on to better things. It isn't bad but can be a lot more of a headache than people realize.

I want to own a paved lot with a fence where people store boats and trailers.... about as passive as it gets for real estate with cash flow ?

That's what property management companies are for.

Our goal is to get a couple apartment complexes in the mid-west, hire a reputable management company to run them, we just deal with the profits and review financials on a monthly basis.

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01-16-2020, 02:36 PM

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#98

KevinHarvick
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Originally Posted By xMetalocalypse⏩

Ive gotten a fringe benefit for several years now which goes straight to my retirement account. But otherwise yeah, been contributing 15% since 18.

I just hit $200k at age 35....and I was doing 20% for about 6-7 years until it maxed at $17500 or w/e it is.

I did just open another roth IRA though as I had to pay federal/state taxes last year even with the 401k deduction.

You're doing it right.

EDIT: I didn't start working until 21.

Ron Paul 2020

01-16-2020, 02:41 PM

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#99

xMetalocalypse
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Originally Posted By KevinHarvick⏩

I just hit $200k at age 35....and I was doing 20% for about 6-7 years until it maxed at $17500 or w/e it is.

I did just open another roth IRA though as I had to pay federal/state taxes last year even with the 401k deduction.

You're doing it right.

EDIT: I didn't start working until 21.

I generally play great defense (investing, saving, etc.) But my offense (earning income) is total shiet. So I'll do great later, but I feel broke now.

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01-16-2020, 02:44 PM

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#100

badreligion
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I plan on dying by 50

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01-16-2020, 02:44 PM

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#101

Consequence18
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i think we are all fuked

01-16-2020, 02:56 PM

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#102

pondus_levo
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I'm shooting for enough that once I retire my retirement fund maintains it's value in my retirement instead of decreases, so once I die I can give my kids and grandkids all the money. I project that at 2.5 mil and retirement at 68.

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01-16-2020, 03:09 PM

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#103

Al.Capone
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annual investment income > annual expenditure = retirement.

When you're able to retire with an investment income of less than 4% of your capital then you're good for life. Inflation doesn't matter if you're outpacing it every year.

If you're frugal then that figure may be far less than $1m. I lol when people say you need $5m to retire.

01-16-2020, 03:27 PM

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#104

Witherman
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wife and I are on track to have about 2.5 million between the two of us.

not in the cards right now, but the plan is to invest in rentals or some sort of passive income stream to supplement.

should be fine come retirement time but a lot can change in 30 years.

Lets Go Brandon
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01-16-2020, 03:34 PM

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#105

VegasLifter26
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yo , if you havent opened a brokerage account do so NOW! Ive made a killing in the stock market just these last few months. My goal is the keep my money in the stocks up until about 2022 then pull out once the recession starts , and then buy up real estate when the prices come down

(these are my opinions i am not a licensed broker by trade)

01-17-2020, 07:43 AM

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#106

MikeLowrrrey

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Originally Posted By VegasLifter26⏩

yo , if you havent opened a brokerage account do so NOW! Ive made a killing in the stock market just these last few months. My goal is the keep my money in the stocks up until about 2022 then pull out once the recession starts , and then buy up real estate when the prices come down

Don't want to think it's that easy, because I know it's not, but I definitely want to get in on this.