At what age do you plan to retire or

[Mako19]

Originally Posted by irokcj5

So how much do you think a family of 2 needs to have stashed away to live at their current standard of living?

I'm thinking a minimum of $2 million should give about $4,500/month to live off of, which is not much when you look at car insurance, healthcare, food costs, etc.

Don't want to know anyone's personal info, just what you think is needed for a husband and wife who say make 60k each per year which is pretty avg these days.

It all depends on when you plan to die....that's what makes the decision to retire so difficult. Having some type of alternative income to supplement your 401k is the key. A few rental properties would be nice to have set up once you retire.

["W"]

15 more years to go and I'm done

Will have more than enough clients established guiding so I will not have to touch my retirement




But I could also die before that time so ... Live each day to the fullest

[meaux fishing]

Originally Posted by "W"

But I could also die before that time so ... Live each day to the fullest

exactly... I had a revelation around 10 years ago that chasing more money doesnt=happiness for me. So I decided to become a farmer, have a flexible schedule, enjoy life, and make less money. That being said, I have a Roth IRA I have been putting money in since I was 18

[C-Bass2mouth]

Originally Posted by "W"

15 more years to go and I'm done

Will have more than enough clients established guiding so I will not have to touch my retirement




But I could also die before that time so ... Live each day to the fullest

I think you meant to say YOLO..

["W"]

Originally Posted by C-Bass2mouth

I think you meant to say YOLO..

I had to google YOLO

[Shawn Braquet]

When y'all say your putting "X%" into your 401k, I'm assuming your meaning total combined input, yours plus any matching from the company. My next question would be is your wife doing the same, similar, or nothing. Only reason I ask is I've been putting into a 401k since I was 25. Started at 15% between me and my company and over the years have climbed to where I am now putting in 22% combined. My wife doesn't work however so I have to put in for the both of us. Planning on putting into a Roth IRA when I get my tax return as well. I ask about what your wives put in to see what the norm is. Most wives of the guys I work with don't put into anything so basically I am doing the same as them but putting in more than them. I'm 32 now and hoping to be able to retire around the time I'm 60 but imagining SS will be a thing of the past by then.

[irokcj5]

Originally Posted by Shawn Braquet

When y'all say your putting "X%" into your 401k, I'm assuming your meaning total combined input, yours plus any matching from the company. My next question would be is your wife doing the same, similar, or nothing. Only reason I ask is I've been putting into a 401k since I was 25. Started at 15% between me and my company and over the years have climbed to where I am now putting in 22% combined. My wife doesn't work however so I have to put in for the both of us. Planning on putting into a Roth IRA when I get my tax return as well. I ask about what your wives put in to see what the norm is. Most wives of the guys I work with don't put into anything so basically I am doing the same as them but putting in more than them. I'm 32 now and hoping to be able to retire around the time I'm 60 but imagining SS will be a thing of the past by then.

My xx% does not include company match. I'm fortunate to work for a fantastic company that, if you put in at least 6%, you get 5% match, then they give us another 4% at end of year (as long as business is good), so 9% company provided, plus my 12% I'm at now = 21%. Wife has part time job at a non-profit, so no savings. As soon as daughter finishes college in may, I'll be able to start saving another grand/mo. since I'm at "catch up" age.

In saving, time is vastly important. starting at a young age is the most important thing to do, that way when you're 52 like me, your money will be working for you. Its the rule of 72. Wish I'd understood that years ago.

[Shawn Braquet]

Originally Posted by irokcj5

My xx% does not include company match. I'm fortunate to work for a fantastic company that, if you put in at least 6%, you get 5% match, then they give us another 4% at end of year (as long as business is good), so 9% company provided, plus my 12% I'm at now = 21%. Wife has part time job at a non-profit, so no savings. As soon as daughter finishes college in may, I'll be able to start saving another grand/mo. since I'm at "catch up" age.

In saving, time is vastly important. starting at a young age is the most important thing to do, that way when you're 52 like me, your money will be working for you. Its the rule of 72. Wish I'd understood that years ago.

No doubt on starting young. I didn't have an opportunity to invest before the age of 25, but my company is similar to yours that they match 4% to my 6% but give me an additional 5% in place of the previous pension so I put in 6% and get 15% put in total. I put in 13% now and have it set up to increase by 1% every year. The past 2 years I've bumped it up an additional % when I got my yearly raise also. I regret not putting in more than 6% early, I believe I started adding to it around 27.

[swamp snorkler]

Originally Posted by Shawn Braquet

When y'all say your putting "X%" into your 401k, I'm assuming your meaning total combined input, yours plus any matching from the company. My next question would be is your wife doing the same, similar, or nothing. Only reason I ask is I've been putting into a 401k since I was 25. Started at 15% between me and my company and over the years have climbed to where I am now putting in 22% combined. My wife doesn't work however so I have to put in for the both of us. Planning on putting into a Roth IRA when I get my tax return as well. I ask about what your wives put in to see what the norm is. Most wives of the guys I work with don't put into anything so basically I am doing the same as them but putting in more than them. I'm 32 now and hoping to be able to retire around the time I'm 60 but imagining SS will be a thing of the past by then.

I put into my wifes one all the time, it's when you put it into someone elses wifes one that the trouble starts.

[Average Fisherman]

My wife and I are self employed, so we will likely never retire. We may just let more of the business go, or hire others to do what we do over the years. We would be able to retire much sooner if we didn't travel quite a bit now, and if health insurance wasnt so freakishly expensive for self employed people. And when I say we travel a lot, a lot of that has been finding fun stuff to do within 5-6 hours of home. Several years back I mentioned going to see what it would be like to camp on a Louisiana beach. Now, several years later, we come back several times a year. So basically, we may never retire, but in our slow times, it kind of feels like we are close to being there for a couple months a year. I'm cool with that. Plus, we just made 12 years married today, and still have a blast together. That helps.

[fisheye]

Just don't get divorced.....murder is probably cheaper......

......but I'm not bitter......

[Shawn Braquet]

Originally Posted by fisheye

Just don't get divorced.....murder is probably cheaper......

......but I'm not bitter......

LMAO so I've heard.

[jpd0144]

Originally Posted by fisheye

Just don't get divorced.....murder is probably cheaper......

......but I'm not bitter......

Try 3 ! ...

Retire ... What's that ? Lmao !

[smooth move]

i retired at 55, i'm 66 now. been the best 11 yrs of my life. i have a pension and ss and run a little welding business. started a hot shot co after retirement and did pretty well, but hated being on the road. really think a young fella could do good in the trucking business if he worked hard and had a wife/book keeper to help out. after a couple years of hard work, he would be mainly just dispatching if he played it right.

[kcinnick]

I guess I will never really retire, but I do own a business. People tell me I act like I am retired. Big part of why we don't have to worry about money is we had no debt for years and paid cash for a house. I don't mind a little debt now that I have a paid for cash house and an actual net worth. I think about jumping back in the market, but I can turn that money faster and make more money myself through my business. 32, hitting 33 next month. Our biggest yearly expense is education...

[simplepeddler]

Never

[Baychamp1]

With 2 mil invested you should expect a 5 pct.avg. return in any market. 100k return annually is more realistic

[I make oil]

Originally Posted by Baychamp1

With 2 mil invested you should expect a 5 pct.avg. return in any market. 100k return annually is more realistic

^^^^ This.

I will likely never retire. I love what I do and want to keep on doing it as long as I can. If it ever stops being fun then I will retire. I used to think I wanted to get my Capt license and retire and guide a few days a week but have decided against that.

[Armand16]

Originally Posted by alphaman

have you retired, what age?

I'm 34 and in Law Enforcement. I gave 20 years to go god willing. Ill be 54 when hit 30 years. and plan on doing a year are 2 in the drop.

If your wondering when you can afford to retire, what you will have in after tax dollars compared to what your inflated expenses will be in 20 years, stop by my office and we can run a financial plan.

[alphaman]

I'll be sitting fat after the drop. Lmao. jj