Poll: If you're thinking about your retirement...

[lspencer534]

please chime in. Retirement for me is (hopefully) only 7 years away. I'm not worried about what I'll do to pass the time--after all, it's a big, big world. I think I'll be okay on money, with Social Security, SEP account, and hopefully some residual money from my law practice when I sell it.

I read that you need about 90% of your pre-retirement income when you retire; don't know if this is true, but if so, that's gonna be a stretch. They may be right: My home utilities, insurance premiums, food bill, etc. aren't going to change. I really can't think of anything that'll change, except for property taxes.

My question: Are you "set" for retirement? Or do you worry about having enough money to last a lifetime? Lots of unknowns, but what's your realistic assessment?

A few other things: If you're already retired, how secure/insecure are you? If you're a younger person, say under 40, how seriously are you taking your retirement plans?

[kingpin]

I haven't saved a dollar.
Owning your own business my thoughts were to always acquire the things I need to survive quickly and not really have to worry aboot stuff like mortgages.

My plan is that by the time I retire to have acquired enough property that I can sell it off if extra funds are needed.
That doesn't mean I don't plan on having a few million in the bank by then though.

[lspencer534]

Originally Posted by kingpin

I haven't saved a dollar.
Owning your own business my thoughts were to always acquire the things I need to survive quickly and not really have to worry aboot stuff like mortgages.

My plan is that by the time I retire to have acquired enough property that I can sell it off if extra funds are needed.
That doesn't mean I don't plan on having a few million in the bank by then though.

I was just wondering when you are going to make concrete plans for retirement. I understand that things get in the way, but, say, age 50 is too late to be starting retirement plans. Mind you, I'm not preaching nor criticizing.

[DAB]

Way less than 90% of pre-retirement income. Doing fine on about 25-30%.

No mortgage helps a lot. No debts. Not saving for retirement. I'm retired. Duh.

[lspencer534]

Originally Posted by DAB

Way less than 90% of pre-retirement income. Doing fine on about 25-30%.

No mortgage helps a lot. No debts. Not saving for retirement. I'm retired. Duh.

I'd say you are not the norm, and you're extremely fortunate. My house has been paid for for many years, but my family keeps racking up the expenses. Burt, that will change when my kid gets out of law school next year.

[VITE1]

Counting on SS at our age is a poor idea. Sooner or later we will get screwed out of it.

I have been working a plan for retirement for the past 10 years. Today my investments bring in about 70-72% of my current base. I roll over most of it to increase value,I am Maxing out my 401K ( 6K match max from the company) and I have actively been reducing my debt.

At 62 i will be debt free and I should have an income equal to my current base plus some without SS. Anything I get from the .gov will be gravy.

Plan A is to have two homes One in NH and one in FL. I will be a snow bird and terrorize people hopefully for decades. I am on track for this.

Gravy is if the stock options I can exercise between now and retirement come in I get a significant cushion. Plus some performance bonuses. total 400-600K extra. All outside my plan.


But I always have a Plan B

Plan B is to sell the home in NH and live full time in Fl.

[mrvette]

Buy a minimal house in Florida, in a more rural county, a bit inland so you don't get clobbered, the state is only ~200 miles wide at MOST, and so you at the shore in about 45 minits...you pay like I do for a decent enough older location on a hillside, we have CHLORDANE in the foundation, so no termites, it's a block house with stucco outside, so wind and bug/termite proof, on a slab, no stairs to kill your knees, weather is pleasant, paint your roof white to reflect attic heat loading, get a well drilled for irrigation....

my taxes are only 700/year that that includes something like 250 for trash/recycle pickup....seriously....1600' under HVAC outside BBQ deck, atrium/glass roof glass sliding screen tiles porch, 2 car garage, and some storage/work areas double+ wide drive, 1/4 acre so lawn crap is as minimal as can be had....

of course I messed up totally on any 'grand' life plan, so I have a minimal existence, but so I reversed out the mortgage some years ago, about the only smart move I ever did, money wise.....so they are eating my house now....may they break a molar on it....

[kingpin]

Originally Posted by lspencer534

I was just wondering when you are going to make concrete plans for retirement. I understand that things get in the way, but, say, age 50 is too late to be starting retirement plans. Mind you, I'm not preaching nor criticizing.

I'm late. Real late.
My plans which I was so close to achieving was a house paid in cash by 21 and a car also.
I had the car and was $20k short on the house at 20 years old.
Business changed and money went to other things.
Then the bottom fell out.

My realistic goal right now is to buy a house by the end of the year and have it paid off before I'm 40(2 years).
By the time I'm 45 I want to buy this plaza and increase store size to 6-8000sq.ft which include a gallery and art store.

50 years old I want a million in the bank and then retire around 55 with a couple million in cash and at least as much in assets.

So there is a plan but I just need to make sure I make it to 40 first.

I've never been one to worry aboot retirement as long as the house is paid off and there is a car in the garage. I've lived off $5 a day before and I know I can do it again if I had to.

[mrvette]

Originally Posted by DAB

Way less than 90% of pre-retirement income. Doing fine on about 25-30%.

No mortgage helps a lot. No debts. Not saving for retirement. I'm retired. Duh.

The ONLY people that retire on any income like 90% of last earnings, are under a older .gov retirement program....like my ex taking down over 100 grand/year after all taxes and other BS, that's only maybe 5 grand a month with a paid off house....

that's ok, she never did a damn thing for 35 years, and I tell the truth about that town, she is just ONE example.....

so get to work fools, they need your money....dead serious....

[Blademaker]

Originally Posted by DAB

Way less than 90% of pre-retirement income. Doing fine on about 25-30%.

No mortgage helps a lot. No debts. Not saving for retirement. I'm retired. Duh.

with the wood worker, nailed it.

I'm gonna add that I have a great wife, that was a stay-at-home Mom for years. She had told me that eventually, she wanted a degree in education, so that, should the business go to the shitter, we would have an income. She went back to school at age 38, and graduated with honors when she was 45.

I retired when I was 51, but began salting $ away when I was 23. Some years, just a little, but something. When the savings acct was slightly higher than the balance on our mortgage, I paid off our home early, then immediately began saving what our mortgage payment would have been, building up our savings once again.
About that time, our (My brother/partner) business took off. We worked our ever lovin' asses off for 6-7 years, saving everything I could. I bought our retirement home in the mountains of north GA.
Retirement came for me rather suddenly. Crime in the inner city where our business was got crazy to say the least. After more burglaries than I can remember, armed robberies, a drive by, and a carjacking, my wife met me at the door when I came home from work and after some colorful harranguing, insisted I sell the business and hang it up, it wasn't worth getting killed over.
And after over 37 years..........I finally agreed and told my brother the next day that it was over. We found buyers pretty quick, and 6 months later, I walked away from a business that I had been at for over half my life.
I bought a couple of foreclosures for rental propery and have really good tenants.
Between that and my wife's salary, we're good to go, not touching savings.
I wish to add, that retiring does not mean quit working. Or, as I like to say, now I am a full time knifemaker, landlord, housekeeper, cook, grounds keeper and dog washer.
Always busy.

Good luck

[73sbVert]

Lost about 35% of my 401(k) in the last couple of years (even backing off to low/moderate risk sections), so I'm way, WAAAAYYYYYYY behind. I've barely got about 2 yrs of 50%, maybe 3 if I push it.

GOTTA get O-dumbass out of office and let someone who actually knows something about business and economics get in there and unf'k all the damage that has been done, mostly in the last couple of years.

Almost 50 now and I'll be working past minimum retirement age for sure.

This sucks.

[mrvette]

Blade, you story sounds like my family history....

but it would take maybe a entire page, not post, PAGE to type out, and so who cares THAT much....

but WTF, take care man....

[Aerovette]

I am pretty sure I'm hosed. The only upside is that my wife is 8 years younger so her income will keep coming. We plan to scale way back but i have my fears. I was young, young, young, and woke up old one day. Now I'm too late.

I constantly hear Pink Floyd...

Ticking away the moments that make up a dull day
Fritter and waste the hours in an offhand way
Kicking around on a piece of ground in your home town
Waiting for someone or something to show you the way

Tired of lying in the sunshine staying home to watch the rain
And you are young and life is long and there is time to kill today
And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun

And you run and you run to catch up with the sun, but it's sinking
Racing around to come up behind you again
The sun is the same in a relative way, but you're older
Shorter of breath and one day closer to death

Every year is getting shorter, never seem to find the time
Plans that either come to naught or half a page of scribbled lines
Hanging on in quiet desperation is the English way
The time is gone, the song is over, thought I'd something more to say

[Admiral Blue]

I would say that you should not read about what your retirement income spending will be. Everyone is different and lives different lifestyles. Think about how you and your family are accustomed to living and what you will be doing on a permanent vacation.

I have clients that will get a pay raise in retirement--some that are receiving or are on track to receive 125%-130% of their current income. I have others that are budgeting for 40%-50% of their income and will still live very comfortably. Point is that everyone spends differently.

Yes, I am under 40, but have been thinking about retirement for nearly 20 years--before starting work in my early teenage years. I do not think that a full retirement is right for me. I think it will be helpful for me to be working a little bit. My plan is to cut back tremendously around age 45 or 49 and retain a handful of select clients in order to work two or three days a week or as needed/wanted.

[Icedancer]

Originally Posted by lspencer534

please chime in.
My question: Are you "set" for retirement? Or do you worry about having enough money to last a lifetime?

A few other things: If you're already retired, how secure/insecure are you?

I retired about 10 years ago at age 48. I have been heard to say that I will start a 4th career when I get bored, which has not happened yet.

I am financially secure enough to do just about everything that I want to do, but my hobbies are not particularly expensive (from my perspective - all is relative).

I do some consulting, and the occasional "defined goal, brief duration" project for former clients and associates that have challenges that match my skill set, but I will not accept any projects for compensation beyond fuel and lunch expenses.

I may be un-retired in a few months. I am in partnership with an associate of 20 years that I have good synergy with, and who knows my strengths and weaknesses.

Soapbox ON mode...

I understand your concerns for your future security, but have few words of advice without more information.

That said, here are a few shots in the dark.

If you drink - Quit, and invest the same amount each month in your future.
If you smoke - Quit, and invest the same amount each month in your future.
If you gamble - Quit, and invest the same amount each month in your future.

All 3 are expensive habits, and none bring value or satisfaction to your life.

I am not passing judgement - I did 2 of the 3 for many years - but you have much better uses for the money.

Soapbox OFF mode

Good luck to you
Semper Fi

[FasterTraffic]

The wife and I are both savers by nature. We're more likely to find ourselves in the "you can't take it with you" category than the "cut back in retirement" category.

I'm not all that interested in retiring early. I'm only interested in reaching the point where we've hit our financial goals and could retire early. Back when I used to punch a clock, my shift was what I had to work. I always volunteered to stay and work extra hours because, a) I was already there, and b) at that point, I was working because I wanted to not because I was obligated.

[ConstantChange]

I'd love to hear what Harry has to say about this. He seems to know a thing or two about finance.

I'm 32 and have been maxing out a Roth IRA for several years now. I also have a retirement plan at work, but it's nothing special. Currently I live off less than 50% of my take home pay, but I'm single with no kids so that could always change.

I'm giving serious thought into buying a rental property. If things go well with it, I might buy several properties which would (hopefully) generate a nice monthly cash flow in 20 or so years when it's time to think about retirement.

[Blademaker]

Oh yeah..........when you think all retired people sleep 'til noon.......think again.

[Torqaholic]

Apparently we can ride quads on the roads now without licensing/insurance so I will probably replace my vehicles with those to get me back and forth to the woods, lakes, and streams where I'll be getting much of my food. Speaking of which... I'll have lots of time to spend in the garden.

Money to last a lifetime?
Ten years isn't much of a lifetime.

[SharkByte]

I'll be retired from the Air Force at 43 years old. I would get bored off my rocker if I didn't get a new career. The nice part though, is that my military retirement check will cover the mortgage and car payments so my new job only has to cover everything else.