Log In

Your email is not your username

Register

If you were a member of the old Bodybuilding.com forums and would like to reuse your previous username, you can request it below. We use your email only for registration and do not store it. For more information, please see our Privacy Policy.

Confirm your email

A registration code was sent to your email. Enter it here.

Welcome

You have successfully setup your account.

Sign in

Quick Navigation Bottom Misc
Forum » What are y'all plans for retirement and are you on track? Is $1,000,000 enough?
  1. Results 91 to 120 of 107
  2. Page 4 of 4
  3. First
  5. 2
  6. 3
  7. 4

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

post 1595684451 01-15-2020, 08:34 PM
-
#91
  1. MikeLowrrrey
  1. MikeLowrrrey
  3. Join Date: Jul 2018
  4. Age: 56
  5. Posts: 35,133
  6. Subscribers: 2
  7. Rep Power: 120067
The figure $1,000,000 gets thrown around a lot, but I don't see how it's possible. I'm pretty ignorant when it comes to finances, figured I'd see what everyone else's plan is. I hear about compound interest, but that method seems outdated

It just seems like so many people are in unnecessary debt and the retirement age has gotten pushed over the years. Even boomers might be doomed
post 1595684791 01-15-2020, 08:41 PM
-
#92
  1. FrankCostanza
  2. Serenity Now!
  1. FrankCostanza
  2. Serenity Now!
  3. Join Date: Sep 2019
  4. Posts: 17,091
  5. Rep Power: 48469
3 million if you’re under 40
I'm not here for rage. I'm here for revenge!
Anti Covid VAX Superhero
Mein power
Mein pleasure
Mein pain
Trump 2020
Trump 2024
post 1595684851 01-15-2020, 08:41 PM
-
#93
  1. bfdehewdbyywhn
  2. Registered User
  1. bfdehewdbyywhn
  2. Registered User
  3. Join Date: Oct 2019
  4. Age: 56
  5. Posts: 47,380
  6. Rep Power: 103861
tree fiddy
HTC is too skinny for me. Fat Girls only crew. serious
Chubby Chaser and Fat Girls Only crew Founder
post 1595684861 01-15-2020, 08:42 PM
-
#94
  1. TurbanMon
  2. Banned
  1. TurbanMon
  2. Banned
  3. Join Date: Jun 2019
  4. Age: 56
  5. Posts: 2,431
  6. Rep Power: 0
Thailand
Yes

Rural America
You will struggle

Urban america
Slightly above poverty line
post 1595684911 01-15-2020, 08:43 PM
-
#95
  1. DeadlyStriker
  2. Registered User
  1. DeadlyStriker
  2. Registered User
  3. Join Date: Jun 2011
  4. Location: United States
  5. Posts: 24,113
  6. Rep Power: 302177
Get out of debt. Buy property and create revenue stream from renting. Invest in 401k up to whatever the company matches. Max out Roth IRA each year ($6k), then invest in things you enjoy or understand. You can get more into real estate, play in the market or increase amount you invest, start a side business, etc.

I'm personally going to also get into buying and selling vacant land, and eventually finding a land location and amount that I can hold onto for a long time, where the value will greatly increase because of the location.

Who knows what else will come along the way though. 1 million won't cut it though in the future.
post 1595684931 01-15-2020, 08:43 PM
-
#96
  1. 13nick31
  2. AVI at 175 from 4/2013
  1. 13nick31
  2. AVI at 175 from 4/2013
  3. Join Date: Jun 2007
  4. Location: Ohio, United States
  5. Age: 36
  6. Posts: 866
  7. Rep Power: 8770
I thought the new number is like $2 million, withdrawing 4% each year out of it.

Most Americans don't put anywhere near 15% as they should be into a 401K or other retirement account (myself included, but I'm hoping to be there later this year). The hardest part is starting this when you're young or you'll be playing a lot of catch up.
*Left Handed Crew*

"People once believed, that when someone dies, a crow carries their soul to the land of the dead. But sometimes, something so bad happens, that a terrible sadness is carried with it and the soul can't rest. Then sometimes, just sometimes the crow could bring that soul back to put the wrong things right."
post 1595685061 01-15-2020, 08:46 PM
-
#97
  1. JimFromRaleigh1
  2. Banned
  1. JimFromRaleigh1
  2. Banned
  3. Join Date: Jan 2015
  4. Posts: 8,644
  5. Rep Power: 0
Depends when you want to retire. 1 mil to live how long?
post 1595685111 01-15-2020, 08:46 PM
-
#98
  1. RICHSTRONG
  2. Pa BITCHES
  1. RICHSTRONG
  2. Pa BITCHES
  3. Join Date: Mar 2012
  4. Location: United States
  5. Height: 6'2"
  6. Weight: 350 lbs
  7. Posts: 85,329
  8. Subscribers: 14
  9. Rep Power: 1664327
I'll prolly only be at a million if I'm lucky.
See monster0ultra's sig
post 1595685131 01-15-2020, 08:48 PM
-
#99
  1. WinningBrah
  2. Cheers
  1. WinningBrah
  2. Cheers
  3. Join Date: Apr 2011
  4. Location: Illinois, United States
  5. Posts: 5,066
  6. Rep Power: 10390
Despite what the misc says, you can retire off $1m at any age if you don't mind living frugally. You could spend $50k/yr in today's dollars, invest in the S&P 500, only realize long term capital gains, and see your assets increase over time even after inflation.
post 1595685191 01-15-2020, 08:49 PM
-
#100
  1. MoeBettuh
  2. Golden boy
  1. MoeBettuh
  2. Golden boy
  3. Join Date: Aug 2012
  4. Location: United States
  5. Posts: 17,468
  6. Rep Power: 142304
ETA: ^that’s untrue for sure

Assuming a 4% drawdown, 1mm isn’t going to go as far as most ppl think.
MFC

drum, it holds fifty, uh
post 1595685241 01-15-2020, 08:50 PM
-
#101
  1. MikeLowrrrey
  1. MikeLowrrrey
  3. Join Date: Jul 2018
  4. Age: 56
  5. Posts: 35,133
  6. Subscribers: 2
  7. Rep Power: 120067
Originally Posted By FrankCostanza⏩
3 million if you’re under 40
$3,000,000 doesn't seem possible at all though.
post 1595685341 01-15-2020, 08:51 PM
-
#102
  1. DeadlyStriker
  2. Registered User
  1. DeadlyStriker
  2. Registered User
  3. Join Date: Jun 2011
  4. Location: United States
  5. Posts: 24,113
  6. Rep Power: 302177
Originally Posted By MikeLowrrrey⏩
$3,000,000 doesn't seem possible at all though.
How old are you? Are you actually 50?

Age is the biggest factor in this discussion.
post 1595685521 01-15-2020, 08:55 PM
-
#103
  1. Sinergy2010
  2. I gives it straight
  1. Sinergy2010
  2. I gives it straight
  3. Join Date: Dec 2009
  4. Posts: 7,967
  5. Rep Power: 5118
2Million is the F%*CK YOU amount ask JohnGoodman.
My BitCoin wallet if you are feeling generous.
1BCJRAqSraTuqHZKdiqXErb2r8p4JzjVjV
post 1595685821 01-15-2020, 08:59 PM
-
#104
  1. Mr Beer
  2. Here's beer
  1. Mr Beer
  2. Here's beer
  3. Join Date: Nov 2004
  4. Location: In the bar
  5. Posts: 40,965
  6. Rep Power: 141991
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.
"A stupid man's report of what a clever man says can never be accurate, because he unconsciously translates what he hears into something he can understand."
post 1595686021 01-15-2020, 09:02 PM
-
#105
  1. MikeLowrrrey
  1. MikeLowrrrey
  3. Join Date: Jul 2018
  4. Age: 56
  5. Posts: 35,133
  6. Subscribers: 2
  7. Rep Power: 120067
Originally Posted By DeadlyStriker⏩
Get out of debt. Buy property and create revenue stream from renting. Invest in 401k up to whatever the company matches. Max out Roth IRA each year ($6k), then invest in things you enjoy or understand. You can get more into real estate, play in the market or increase amount you invest, start a side business, etc.

I'm personally going to also get into buying and selling vacant land, and eventually finding a land location and amount that I can hold onto for a long time, where the value will greatly increase because of the location.

Who knows what else will come along the way though. 1 million won't cut it though in the future.
Nope, not 50. 29.


Got a question. You ever think about buying other types of real estate outside of houses? Say parking garages or lots? It crossed my mind some time ago.
post 1595686321 01-15-2020, 09:08 PM
-
#106
  1. FrankCostanza
  2. Serenity Now!
  1. FrankCostanza
  2. Serenity Now!
  3. Join Date: Sep 2019
  4. Posts: 17,091
  5. Rep Power: 48469
Originally Posted By MikeLowrrrey⏩
$3,000,000 doesn't seem possible at all though.
It depends on a lot of factors investments, kids, ect. I’m not a trust fund baby. I owned my own business. I’m single with no kids.
I'm not here for rage. I'm here for revenge!
Anti Covid VAX Superhero
Mein power
Mein pleasure
Mein pain
Trump 2020
Trump 2024
post 1595686361 01-15-2020, 09:09 PM
-
#107
  1. EDcellent
  2. You too
  1. EDcellent
  2. You too
  3. Join Date: May 2009
  4. Location: Connecticut, United States
  5. Posts: 14,086
  6. Rep Power: 140306
Personally if you have a paid off house and have 800k+ in a 401k by the time you're 65 you should be good. I personally don't see myself living past 60 but I'm hedging my bets. If I make it to 65 and I'm in relatively good health I'll stick around. If I'm in bad shape I'll probably go skydiving without a parachute, assuming I don't hnnnnnngggg on the way up.
post 1595686441 01-15-2020, 09:10 PM
-
#108
  1. DeadlyStriker
  2. Registered User
  1. DeadlyStriker
  2. Registered User
  3. Join Date: Jun 2011
  4. Location: United States
  5. Posts: 24,113
  6. Rep Power: 302177
Originally Posted By MikeLowrrrey⏩
Nope, not 50. 29.


Got a question. You ever think about buying other types of real estate outside of houses? Say parking garages or lots? It crossed my mind some time ago.
Not really actually. Only have thought about houses, town houses, condos, duplexes, etc. The only other thing I thought about was vacant land. It's finite. It will always have demand. People buy and sell land a lot.

Never thought about that though. You could buy a lot or parking garage and lease it out. Or rent it out for events. I don't know about any other financial aspects like property taxes, insurance, etc on those things though. But could actually be a good idea depending how much money they cost.
post 1595686921 01-15-2020, 09:20 PM
-
#109
  1. snailsrus
  2. 💙💙💙💙💙🪳
  1. snailsrus
  2. 💙💙💙💙💙🪳
  3. Join Date: Apr 2016
  4. Posts: 15,306
  5. Rep Power: 189841
My hubby is with a union he pays retirement into and has about 10 years left

I have real estate and a 401k I pay half of what I make into it unless I have to use my emergency fund which is separate and I keep 20k in, by the time I retire I plan to have over 1m not including what I get from family

Also I’ll get a shiny inheritance (not relying on this) hubby also has a lot of land coming to him that when he retires he wants to run a farm on
SuperHercules crew
cancer survivor crew
Dyslexic crew
Friend of Mr.Wilson crew
Ugly and old cell crew
Cat crew
Insomniac crew
post 1595687051 01-15-2020, 09:22 PM
-
#110
  1. davik
  2. Interlinked
  1. davik
  2. Interlinked
  3. Join Date: Sep 2013
  4. Location: Australia
  5. Posts: 16,052
  6. Rep Power: 40443
owning a small home 100% and having 20k per year until the time i wanna die projected
post 1595687151 01-15-2020, 09:23 PM
-
#111
  1. Notenough22
  2. Registered User
  1. Notenough22
  2. Registered User
  3. Join Date: Dec 2019
  4. Age: 56
  5. Posts: 291
  6. Rep Power: 1754
Yes I am on track
No $1MM is not enough
6'3" Crew
8 Inch Crew
Amex Black Card Crew
HTC Crew
Dade County Crew
post 1595687201 01-15-2020, 09:24 PM
-
#112
  1. MikeLowrrrey
  1. MikeLowrrrey
  3. Join Date: Jul 2018
  4. Age: 56
  5. Posts: 35,133
  6. Subscribers: 2
  7. Rep Power: 120067
Originally Posted By davik⏩
owning a small home 100% and having 20k per year until the time i wanna die projected
Property tax + Utilities + food. You'd need what, $900 a month?

Doesn't sound like a bad plan.
post 1595687321 01-15-2020, 09:27 PM
-
#113
  1. davik
  2. Interlinked
  1. davik
  2. Interlinked
  3. Join Date: Sep 2013
  4. Location: Australia
  5. Posts: 16,052
  6. Rep Power: 40443
Originally Posted By MikeLowrrrey⏩
Property tax + Utilities + food. You'd need what, $900 a month?

Doesn't sound like a bad plan.
you can still work some random job too like 1-2 days a week
post 1595687621 01-15-2020, 09:35 PM
-
#114
  1. bsrkoacar
  2. Banned
  1. bsrkoacar
  2. Banned
  3. Join Date: Jan 2011
  4. Age: 36
  5. Posts: 3,870
  6. Rep Power: 0
I dont think you are taking account of inflation. Might be ok right now but 1 mil won't be enough when I'm ready to retire in 25 years
post 1595687681 01-15-2020, 09:36 PM
-
#115
  1. fate0311
  2. Banned
  1. fate0311
  2. Banned
  3. Join Date: May 2004
  4. Posts: 25,916
  5. Subscribers: 2
  6. Rep Power: 0
suck d1ck for coke.
post 1595689111 01-15-2020, 10:14 PM
-
#116
  1. BigDeeps01
  2. Registered User
  1. BigDeeps01
  2. Registered User
  3. Join Date: Sep 2019
  4. Age: 56
  5. Posts: 26,735
  6. Rep Power: 169715
My plan is no less than 3M, probably more like 3-5M. A lot of real estate and index funds. I imagine it'll take me until I'm 40 ish
post 1595689151 01-15-2020, 10:14 PM
-
#117
  1. Kiop
  2. ™gif me so i can gif you©
  1. Kiop
  2. ™gif me so i can gif you©
  3. Join Date: Nov 2015
  4. Posts: 55,724
  5. Rep Power: 222392
iam not in the trackSrs
post 1595689831 01-15-2020, 10:30 PM
-
#118
  1. jafomofo
  2. Rarely here
  1. jafomofo
  2. Rarely here
  3. Join Date: Jan 2007
  4. Posts: 20,938
  5. Rep Power: 44109
if you are planning to live on 40K per year then sure 1 million will do you fine but realistically you need more like 2.5 million assuming 100K will cover it once you have everything paid off and your income needs are more modest.

Or... you can marry up a younger woman and let her support you in your dotage.
"I'm not like most girls." -most girls
post 1595690061 01-15-2020, 10:36 PM
-
#119
  1. FrankCostanza
  2. Serenity Now!
  1. FrankCostanza
  2. Serenity Now!
  3. Join Date: Sep 2019
  4. Posts: 17,091
  5. Rep Power: 48469
Originally Posted By snailsrus⏩
My hubby is with a union he pays retirement into and has about 10 years left

I have real estate and a 401k I pay half of what I make into it unless I have to use my emergency fund which is separate and I keep 20k in, by the time I retire I plan to have over 1m not including what I get from family

Also I’ll get a shiny inheritance (not relying on this) hubby also has a lot of land coming to him that when he retires he wants to run a farm on
how old is your husband?
I'm not here for rage. I'm here for revenge!
Anti Covid VAX Superhero
Mein power
Mein pleasure
Mein pain
Trump 2020
Trump 2024
post 1595690591 01-15-2020, 10:47 PM
-
#120
  1. Nicklol
  2. Bodybalder
  1. Nicklol
  2. Bodybalder
  3. Join Date: Jul 2010
  4. Location: Toronto, Ontario, Canada
  5. Posts: 59,702
  6. Rep Power: 147685
Yes.
can put in tfsa and get big dividends imo.
or you should have invested that into some real estate and have income for life from it
Doordasher crew (SRS)
Bidet Crew
Nissan Versa 2023 crew
Bald crew
Quick Navigation Top Misc
Bookmarks
Digg.com
Digg
del.icio.us
del.icio.us
Stumbleupon.com
StumbleUpon
Google.com
Google
Facebook.com
Facebook
Posting Permissions
  1. You may not post new threads
  2. You may not post replies
  3. You may not post attachments
  4. You may not edit your posts