Can we go back to the "Median Boomer Retirement Account $144,000" thread? That one made me feel better about myself than this thread.
Can we go back to the "Median Boomer Retirement Account $144,000" thread? That one made me feel better about myself than this thread.
I am currently 41 and am doing my retirement planning with target age of 65 as the goal but hoping I am in a position where I can consider it at age 60. Unless something drastically changes over the next 20 years with my financial situation I think it's realistic that I could afford to retire between 60-65.
One of our financial advisors plugs all our stuff into some program that comes back with a success rate where it takes all the goals we have set for what we will need to do financially between now and after retirement for expenses like college, new cars, home improvements, and retirement goals etc. amongst things and it tests that against like a 1000 best and worst case scenarios and right now we come back with over 80% success rate. He's actually concerned that we could have too much set away for retirement by that point with our current inputs where we'd have some tax issues with having to pull out of our 401k but I don't know how much of that is him trying to sell us his Roth IRA plans too. Going to pay tax on it 1 way or another either with it going in or coming out of a retirement fund and at least with my employer 401k I am getting a dollar for dollar match up to 6% of my paycheck which I wouldn't be getting if I cut back on 401k contributions and put that into a 3rd party Roth instead. So honestly am a bit confused with his logic because even with taxing the 401k distributions later I can't imagine that all the matching contributions and growth over the years from that is going to be worse than throwing it in to a Roth now instead. Need to do some research on it and I have another financial guy I do business with that provides a lot of the same type of advice that probably would give me his opinion on it too.
Employers can do Roths also. Best to check to see if that is an option, if so you would have the best of both worlds. Being blunt, a Roth is the way to go hands down on any unmatched funds. The gain is to be exempt from taxes (saying to be, because with government you cant guarantee much) so you have a large portion of your retirement fund free and clear. Also, do you project your tax rate to be higher or lower when you retire? I have a hard time believing we don't have higher taxes in the next 10-20 years.
I'm in decent shape. According to T Rowe Price you should have at least 11x your salary. I have close to 10x right now.If you aren't quite up to what people here are stating you are in the same boat as many people.
Not trying to be boastful at all but my goal is to retire at 55 with around $20mil saved up. I've been investing since I was a teenager and have made some great investments as well as stupid ones along the way but overall I've done pretty well. Buying Apple in 2002 with a 10k inheritance from my grandpa was my best investment to date. I'm currently 35 and have mid seven figures saved up and invest around 100k per year depending on how my business performs. If I can average at least a 7% return per year, I should be able to hit my goal at 55. By the time I die, hopefully it will be a lot more and my kids and future generations will bet set for a long time.
I've never really carried any debt but this summer I took out a 375k mortgage on my house at 3% to invest in the stock market, which is an ill advised move by many people. Still have a big pile of it waiting for another drop if it ever happens. We will see how that plays out, but I feel confident I can make a better return in the long run. Wish I did it many years ago.
I'm in decent shape. According to T Rowe Price you should have at least 11x your salary. I have close to 10x right now.
I can't get any good numbers on how much it will cost me to trade my wife in for a newer model when I retire. I am getting the feeling that may force me to have 3X what is recommended. Maybe I can find a rich, new one and it will just even out.
No and not even close. After the first five years of marriage I had plenty of extra time to do retirement planning as "other activities" went to near zero.Just curious also are your spouses as into retirement planning and understanding investing, etc as much as you are? I mean beyond understanding the importance of saving as I believe most spouses understand that.. Getting more into full on retirement planning and what you have to do and when.
I'm shooting for January 2026. I'll be 55 this month, divorced 12 years ago which set me back, remarried a few years later. Because of the industry I'm in 401ks weren't available until the late 90s. Instead we had a defined benefit plan. When that ended I rolled over the meager balance into my 401k. 401k is now just over 900k. In my role as a key employee my employer set up a split $ life insurance plan that will pay out 100k/year for 20 years tax free beginning in 2026. The job is easy and the pay is good at this point, but after 30 years I'm looking forward to stepping away. It's funny that I never used to think much about retirement, but once I hit 50 it's like a switch got flipped.
I'm hoping to set up an arrangement as a "consultant" for my employer for a couple of years after I retire at a reduced salary...I'm thinking $50k ish, and have them cover my/spouse's health care until Medicare eligible.
I was able to lock in 3.25% for 30 years on our mortgage a few years ago-instead of prepaying I have the extra transferred into a mutual fund so that I can pay off at retirement. (Or draw out of the mutual fund and continue to earn on the spread.)
I've worked with my financial advisor on this-we're good to go.
My dad died at age 74 after several years of health problems, so I want to make sure I have time to enjoy retirement while I'm relatively healthy.
No and not even close. After the first five years of marriage I had plenty of extra time to do retirement planning as "other activities" went to near zero.
I'm shooting for January 2026. I'll be 55 this month, divorced 12 years ago which set me back, remarried a few years later. Because of the industry I'm in 401ks weren't available until the late 90s. Instead we had a defined benefit plan. When that ended I rolled over the meager balance into my 401k. 401k is now just over 900k. In my role as a key employee my employer set up a split $ life insurance plan that will pay out 100k/year for 20 years tax free beginning in 2026. The job is easy and the pay is good at this point, but after 30 years I'm looking forward to stepping away. It's funny that I never used to think much about retirement, but once I hit 50 it's like a switch got flipped.
I'm hoping to set up an arrangement as a "consultant" for my employer for a couple of years after I retire at a reduced salary...I'm thinking $50k ish, and have them cover my/spouse's health care until Medicare eligible.
I was able to lock in 3.25% for 30 years on our mortgage a few years ago-instead of prepaying I have the extra transferred into a mutual fund so that I can pay off at retirement. (Or draw out of the mutual fund and continue to earn on the spread.)
I've worked with my financial advisor on this-we're good to go.
My dad died at age 74 after several years of health problems, so I want to make sure I have time to enjoy retirement while I'm relatively healthy.
You got an annuity that will pay $100k per year for 20 years starting in 2026? That is gold my friend.
Plus nearly a MM in the bank. He won't need to touch that thing if he works a bit here and there.
Not trying to be boastful at all but my goal is to retire at 55 with around $20mil saved up. I've been investing since I was a teenager and have made some great investments as well as stupid ones along the way but overall I've done pretty well. Buying Apple in 2002 with a 10k inheritance from my grandpa was my best investment to date. I'm currently 35 and have mid seven figures saved up and invest around 100k per year depending on how my business performs. If I can average at least a 7% return per year, I should be able to hit my goal at 55. By the time I die, hopefully it will be a lot more and my kids and future generations will bet set for a long time.
I've never really carried any debt but this summer I took out a 375k mortgage on my house at 3% to invest in the stock market, which is an ill advised move by many people. Still have a big pile of it waiting for another drop if it ever happens. We will see how that plays out, but I feel confident I can make a better return in the long run. Wish I did it many years ago.
I turn 64 next week, but was recently diagnosed with a terminal lung condition. Kinda put a damper on retirement planning, but I still have the vixen to worry about. I think she'll be more than fine, since she inherited a bit of farm ground from her family.
And you people with $2.5-3 million already....what in the hell do you need Social Security for? Pocket change?