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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 1460597853 09-03-2016, 12:18 PM
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Is anybody else's mind blown as to how much they have to save for retirement?

Fuark always heard "save for retirement" and I was like lol fuk that sh!t.

Actually did some math and holy fuk (not even accounting for inflation and all that).

Say I wanted to retire at 55 (considered early these days but whatever) and live off of 30k a year for 30 years. I'd need 900k... and since I'm in my 20s I'd basically need 30k/year saved up.

Even if I wanted to retire at 65 and live off of 20k for 20 years, I'd still need 10k a year saved up. Hardly possible unless you are living like a peasant in your prime (might as well just LDAR then) or you are on that STEMcel time.
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post 1460597933 09-03-2016, 12:20 PM
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lol @ thinking you have the chance of retiring at 55
squeeze your glutes and press
post 1460597983 09-03-2016, 12:20 PM
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You live off the interest not the principal.
1 million invested at 5% return gives you 50k a year without touching the million.
post 1460598023 09-03-2016, 12:20 PM
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You forgot your pension plan bro.
post 1460598253 09-03-2016, 12:22 PM
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but what was compound interest boyo?
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post 1460598543 09-03-2016, 12:25 PM
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Shiiiiiiiieeeeeet bros.

I'm 20.

Sucks I gotta start thinking about saving for when I'm old as fuc already.
post 1460598553 09-03-2016, 12:25 PM
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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.
post 1460598703 09-03-2016, 12:26 PM
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Originally Posted By iLiRaM⏩
lol @ thinking you have the chance of retiring at 55
that's why I was doing the math... to see how much it would take
Originally Posted By KillahJon⏩
You live off the interest not the principal.
1 million invested at 5% return gives you 50k a year without touching the million.
where to get 5% return doe?
Originally Posted By CoolKnees⏩
You forgot your pension plan bro.
My company matches my full contribution (5% of pay) but if I quit I'm pretty sure I lose their contribution and I don't plan on staying where I work forever.
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 1460598723 09-03-2016, 12:26 PM
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Start early and take advantage of compounding interest to offset inflationary forces.

In Canada we have TFSA and RRSP's. Not sure where you live, but look into similar financial instruments to help get tax breaks (either now or later, depending on needs).
waT_-
post 1460599063 09-03-2016, 12:29 PM
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the best way to combat this is to just make a fukktonne of monet'
post 1460599253 09-03-2016, 12:30 PM
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If you're in your 20's now 30k a year is not going to be enough in 30 years man. You're saying you want to retire at 55 but that is going to put you in straight poverty at that point. Inflation is going to make 30k chump change in that time frame.
post 1460599383 09-03-2016, 12:31 PM
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If you don't like it you could always live fast die young op

Live slow die old
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post 1460599703 09-03-2016, 12:33 PM
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Originally Posted By AcHockey11⏩
but what was compound interest boyo?
what interest?
*I posted in the Trey Songz thread Crew*

Canadians for Trump, 2020
post 1460599733 09-03-2016, 12:33 PM
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look up mr. money mustache.
good blog about early retirement
post 1460599883 09-03-2016, 12:34 PM
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Originally Posted By D1Z⏩
Shiiiiiiiieeeeeet bros.

I'm 20.

Sucks I gotta start thinking about saving for when I'm old as fuc already.
lols feels brah.
Originally Posted By AcHockey11⏩
but what was compound interest boyo?
I prefer isolation interest brah.

jk my dad kept saying this lol. I need to learn more for sure. Just started thinking about this crap now.
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.
Rich get richer mane. when will it be my turn?
Originally Posted By Broooseph⏩
Start early and take advantage of compounding interest to offset inflationary forces.

In Canada we have TFSA and RRSP's. Not sure where you live, but look into similar financial instruments to help get tax breaks (either now or later, depending on needs).
Thx I'll look into it.
Originally Posted By OregonBrah⏩
If you're in your 20's now 30k a year is not going to be enough in 30 years man. You're saying you want to retire at 55 but that is going to put you in straight poverty at that point. Inflation is going to make 30k chump change in that time frame.
Fuark all hope is dead. LDARing even in my 80s
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 1460600103 09-03-2016, 12:36 PM
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Ill just sell crack when im 70
post 1460600213 09-03-2016, 12:37 PM
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****ing ridiculous mane.

I've talked with my dad about this, he's getting up there near retirement age, and he's not sure if he would retire with a million. Inflation's a bitch, and there's no real safe havens for your money outside the stock market anymore.

I know some people will say about how the market averages 8% return a year - well, when it craters like in '08, you won't give a **** how much the market averages. You're not getting a cent in interest, so either have a cardboard box ready or be willing to eat in to a principal that just lost 38%.

Early retirement is pretty much the only goal I have. I'm FA and likely unable to have kids anyway, so what else is there to do? And as I get looking at the dollars I'd need to save, the earning potential I'd have as a single male wagecuck, and the risk involved with starting a business, it looks pretty damn intimidating.
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post 1460600313 09-03-2016, 12:37 PM
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OP you're not considering compounding interest. You'd be crazy to not invest most of your free money. Especially for a young person you only need six months of safety net, and rest should be diversified. You can potentially retire even earlier if $30k/yr** is your goal.

** Not taking into account inflation and increased cost of living/healthcare
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.
Is this directed to trust fund babies? Consider the majority of us will take decades to reach a $1M+ portfolio, so you would've put in the work (i.e. "Contribution to Sociey" in whatever field you are in) by that time. And many don't even reach these retirement goals. It's why many babyboomers aren't able to retire in their 60s and are still working. My goal is to retire by 55 *crosses fingers*. Fuk contributing to society when I'm old, I just wanna fap and eat and travel when I'm greying. I'll just volunteer part time or something.
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post 1460600393 09-03-2016, 12:38 PM
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Originally Posted By BostonRockets⏩
Fuark always heard "save for retirement" and I was like lol fuk that sh!t.

Actually did some math and holy fuk (not even accounting for inflation and all that).

Say I wanted to retire at 55 (considered early these days but whatever) and live off of 30k a year for 30 years. I'd need 900k... and since I'm in my 20s I'd basically need 30k/year saved up.

Even if I wanted to retire at 65 and live off of 20k for 20 years, I'd still need 10k a year saved up. Hardly possible unless you are living like a peasant in your prime (might as well just LDAR then) or you are on that STEMcel time.
Open up some investment accounts. Get your employer to match your 401k contributions, contribute to a Roth IRA, get some stock/mutual funds/etfs investments going, get a traditional IRA going as well.

Shouldn't be too hard to retire with a couple million just off those alone.
post 1460600443 09-03-2016, 12:38 PM
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invest your life saving in $MSTX

to the moon
post 1460600583 09-03-2016, 12:39 PM
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Originally Posted By nortonc64⏩
invest your life saving in $MSTX

to the moon
go back to WSB loooooooooooooooooooool aware
post 1460600603 09-03-2016, 12:39 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.
It's because your money is working. You're not doing anything but you're loaning your money out to make economy run through either banks or corporations...
post 1460600633 09-03-2016, 12:40 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.
The amount of ignorance in this post is disturbing.
post 1460600723 09-03-2016, 12:40 PM
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retire....HAH!


awww, now Im sad
Carb Mal-absorption, no breads, sugary snacks, rice, pasta...live off of 30-40g a day.
Eosinophilic eso****itis, cant ingest dairy or my eso****us closes up
post 1460600863 09-03-2016, 12:41 PM
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Originally Posted By Droz88⏩
BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.
Very tempted to neg.
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post 1460600933 09-03-2016, 12:42 PM
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Originally Posted By FA*******⏩
****ing ridiculous mane.

I've talked with my dad about this, he's getting up there near retirement age, and he's not sure if he would retire with a million. Inflation's a bitch, and there's no real safe havens for your money outside the stock market anymore.

I know some people will say about how the market averages 8% return a year - well, when it craters like in '08, you won't give a **** how much the market averages. You're not getting a cent in interest, so either have a cardboard box ready or be willing to eat in to a principal that just lost 38%.

Early retirement is pretty much the only goal I have. I'm FA and likely unable to have kids anyway, so what else is there to do? And as I get looking at the dollars I'd need to save, the earning potential I'd have as a single male wagecuck, and the risk involved with starting a business, it looks pretty damn intimidating.
'08/'09 was the greatest time to invest. Buy low and lots, and you would have a ton of money now.
post 1460601173 09-03-2016, 12:44 PM
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Originally Posted By MuscleXtreme⏩
'08/'09 was the greatest time to invest. Buy low and lots, and you would have a ton of money now.
If you were holding cash, then yeah, 09 was brilliant.

But if the retirement fund you were living off of got hit in 09, I got some bad news.

I've got a few K of cash in hand right now, going to buy some index funds the next time the market corrects. My scientific wild-ass guess is spring 2017.
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post 1460601273 09-03-2016, 12:45 PM
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Silly goose, you'll be dead by the time you can retire in this country.

one cannot be betrayed if one has no people.
post 1460602263 09-03-2016, 12:53 PM
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Originally Posted By FA*******⏩
If you were holding cash, then yeah, 09 was brilliant.

But if the retirement fund you were living off of got hit in 09, I got some bad news.

I've got a few K of cash in hand right now, going to buy some index funds the next time the market corrects. My scientific wild-ass guess is spring 2017.
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.
post 1460602483 09-03-2016, 12:55 PM
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Originally Posted By MuscleXtreme⏩
It's because your money is working. You're not doing anything but you're loaning your money out to make economy run through either banks or corporations...
You're money isn't doing chit. If the economy needs loans to run then the federal government just creates the money literally out of thin air and gives it to the economy. Whether you give the money or not doesn't matter. If the money is needed and nobody has it, then the government will pull it out of their ass. You are just a placeholder.
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