Needs to be 50 or 55.
I'd go with 55 for sure. Manual labor jobs take a big toll on the body.
Needs to be 50 or 55.
One of my main retirement activities will involve sitting outside in the summer with some tunes on and a cold Bud in hand. Simple, cheap and relaxing.
I saved enough so I can drink good beer. And good wine and whiskey.
I saved enough so I can drink good beer. And good wine and whiskey.
I saved enough so I can drink good beer. And good wine and whiskey.
My new job has prudential, anyone have any thoughts on them/experience. Target date of around 2045-2050ish
Ya that's what I've done at my last 2 places, just wasn't sure if anyone had any hidden gemsFor 401K? Just dump as much as you can in it, and choose a good low cost index fund like VTSAX and let it go. And then convert it to vanguard when you move to the next job.
Keep in mind that "prudential" doesn't necessarily mean anything. Your employer has some decisions on what Prudential offers you. With that said, most offer a low cost S&P500 index fund. With 25-30 years until retirement, you don't need to be cute.My new job has prudential, anyone have any thoughts on them/experience. Target date of around 2045-2050ish
Well, these guys have some of the best insurance policies at lower cost, including long term care. You do have to be a member to get a policy though.Just an FYI. Maybe someone else on here has a personal point of reference for cost.
"According to a LifePlans, Inc. survey, the average annual long-term care insurance premium is $2,727. That provides a benefit of $161 per day for nursing home care for a set number of years (four is most common)."
Scary how similar we are (except the salary). I was planning on retiring at 60 but have recently backed it up to 62. All signs show around $2.2mil at that time and until I found a good SS breakeven spreadsheet online last year, I planned on waiting until 67 also. If you run the numbers of being retired and using your own money instead of SS money, the breakeven moves from the oft quoted age of 78 to 88-90. I don't think I will make 88 or 90 so now I plan on taking SS at 62 (and preserve more of my money). Also, if I do die in my 70's, I have thus passed on more of my money. I don't get to pass on the foregone SS payments if I wait to take it at a later age.
The percent replacement quoted by retirement experts is hogwash unless you want a glamorous lifestyle. I have zero debt and can live very comfortably in Iowa for $55k. Throw in some travel and frivolous fun and I come up with $67k per year (today's $) in retirement (little over 50% income). $67k is only taking out 3% per year so ultra safe, although early years will probably be higher to cover insurance and first five years are high expense while exploring your new found freedoms.
I have many, many spreadsheets and information I can clean up and share if there is a way to share files.
People need to stop looking at SS as an investment tool, and remember its stated purpose, which was old age insurance. When I hear people talking about how much better off they would be if they could access that money and invest it, they are forgetting that SS also goes to children that have lost a parent, to those that are disabled, and other causes. Sometimes its not always about YOU.
Reading through these pages, people forget that the people posting on here, are NOT a snapshot of the average American. Most here are college educated, with higher earning potential and take-home pay much greater than the average person.
Young people today do a much better job of investing for retirement than those 60 and over it. Some of those people retired on pensions, therefore did not have to worry about retirement savings, others believed it when the govenment told them they would be taken care of in old age, and many are still working to get by.
Is this rhetorical? Most of us on this board are basically "in the know" because we actually attended Iowa State and got a great education. We didn't go to Kirkwood and buy our fanbase shirts at Walmart and hang out in taverns. That's why we are pretty successful in life.
Having been a loan officer, I can say your savings and salary theory doesn’t hold water. It is more generational than educational. Younger folks seem to save better than the older generations.Really so you are saying that by attending ISU that makes you "in the know" and therefore you are insured a great education and well paying job because of it.
There are many great academic intuitions in this country, not just ISU. I do not consider myself "less" of an ISU fan just because I received my BA from a D3 school and not ISU. My kids do not cheer louder or attend more games at ISU than I do, just because they attended school in Ames and graduated from there.
The point I was trying to make that you linked was college educated people save more for retirement than non college educated because they generally have a larger salary base and can save more of it. That idea would apply whether you graduated from ISU, another school, work in the trades or own a business.
I guess I am just a Tavern CLONE, even though I rarely go into a tavern anymore. I tend to drink at home with my wife from my kegerator saving me money for my FB season tickets and cruises.
Really so you are saying that by attending ISU that makes you "in the know" and therefore you are insured a great education and well paying job because of it.
There are many great academic intuitions in this country, not just ISU. I do not consider myself "less" of an ISU fan just because I received my BA from a D3 school and not ISU. My kids do not cheer louder or attend more games at ISU than I do, just because they attended school in Ames and graduated from there.
The point I was trying to make that you linked was college educated people save more for retirement than non college educated because they generally have a larger salary base and can save more of it. That idea would apply whether you graduated from ISU, another school, work in the trades or own a business.
I guess I am just a Tavern CLONE, even though I rarely go into a tavern anymore. I tend to drink at home with my wife from my kegerator saving me money for my FB season tickets and cruises.
Having been a loan officer, I can say your savings and salary theory doesn’t hold water. It is more generational than educational. Younger folks seem to save better than the older generations.
Younger people are forced to save for retirement because pensions from your employer for the most part have gone away. Education, police and working for the state or city in some capacity are some of few jobs left that actually have a pension plan. Most businesses and factories have switched over to a 401K type of retirement system. So younger people are forced by the system to become educated about their retirement, while the pension plan allowed you to make those donations and forget about them. Both systems have their pluses and minuses.