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#22
10-08-2009, 09:57 AM
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that my friend is the great american debate. Average seems to be around at least 10% per year. Some do more, some do much much less.
I drive an older truck thats paid off. I put a "truck note" into my IRA every month. Plus contribute 15% into my 401k. My buddy doesn't put but $50 a month in his IRA, has no 401k, but drives a new Ford King Ranch. I keep telling him our roles will be dramatically reversed come retirement time, yet he doesn't seem to care. Most people our age don't think long term like that. Its a instant gratification world now days. Its really all up to you! Last edited by cmdrost; 10-08-2009 at 10:12 AM. 
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#24
10-08-2009, 10:13 AM
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If you have a company match, at LEAST contribute what they match. My company is only the first 4%, and yet I find it comical that some still don't take advantage of the "free" money.
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#25
10-08-2009, 10:15 AM
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My company matches up to 10% on the 401K after year 10.
Year 1 to 5 is only 2.5%. Year 5 to 10 is 5%. We can also put up to 15%, before taxes, in another account, not matched by the co. We can also set aside up to $9500 per year, in monthly deductions from our check and buy company stock at a 15% discount on the first trading day of the following year. When mine us purchased, I sell right away and get my 15%, then invest in a Mutual Fund and hope for the best.
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#26
10-08-2009, 10:28 AM
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[quote=cmdrost;58567]If you have a company match, at LEAST contribute what they match. My company is only the first 4%, and yet I find it comical that some still don't take advantage of the "free" money.[/quote]
We have guys that work with us...Who lose 6% free money every pay check....We get paid twice a month so its like 12% of there month gross of free money they lose..... Dont understand this  you give 6% they give 6%...easy for me
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#29
10-08-2009, 11:50 AM
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#30
10-08-2009, 02:29 PM
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Bruce, I would say that a married guy with children should save at least 6 % of their goss income. Single guy should save 12 %. Expences that really slow down the retirement savings [House, Vehicle, boat, etc.] should really be well though out. IMO.....most people spend way too much on these major purchase. Something to think about: What did you spend money on in the past week [or month] that you could have just as easily put that money into savings? An not miss what you spent the money on?
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#31
10-08-2009, 03:03 PM
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Good info Mr Gerald.... I try to stuff what money I can away.... If you pay yourself 1st you cant lose.... I was taught that at a young age...... Before you pay anything pay yourself 1st.... I should be able to retire (If all go right) @ 55 and pick up SS (maybe) @62 and live good!!! But this all can change tomorrow!!!
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#32
10-08-2009, 03:14 PM
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#33
10-08-2009, 03:19 PM
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Fo Sho!
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They are screwing everything up!!!!!! Anyone wanna move to the Caymen Islands with me?
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#34
10-08-2009, 03:30 PM
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 Costa Rica baby.
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#35
10-08-2009, 03:34 PM
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Up for it
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#38
10-08-2009, 04:11 PM
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I have fished on the Pacific Coast of Costa Rica. In the off season, my wife and I caught 3 Sails and 3 Mahi. Very quiet country, very laid back people, no beggers like Mexico and other resort countries. Lots of Americans already there. There is an American Medical School and facility there already. Low cost except if you settle in a resort. My wife loved it just as much as I did. They have the same tempertures almost year round. Just have 2 seasons, rainy season and dry season.
We saw ZERO violence and heard of none. They don't have a military, the US military and Coast Guard protects the country. We are already thinking about retirement down there. We are thinking about buying a piece of property on the Pacific side, not on the water but close and want to build a house after retirement and move there. It might sound far fetched, but the Americans we talked to over there said it is paradise. Retirement funds over there go a lot farther than over here.
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#39
10-08-2009, 06:24 PM
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It takes years of planning and saving and wise investments to retire early.
I have been retired [@ age of 53] since early in 2000. During the last couple of years that I worked.....I made a lot more money in the stock market and other investments than what I made working. The down turn of the stock market started [March 2000] shortly after I retired and continued for several more down years. It was frighting to see my investments srink but I have survived the situation........Retiremnet has been great and would not have changed anything. I can go hunting and fishing anytime I want to.....but now my body will not let me go every day without letting me know it needs some rest.
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#40
10-08-2009, 06:48 PM
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I was taught like W. Pay yourself first. When I first started to save for retirement I started off small. Like 4 percent. I was single then and it was hard. But every time I got a raise I would raise the percentage I saved accordingly. I lived by the rule that the money is untouchable. Not only the money saved but the money taken out of each check also. It is like I really dont make that money. If I want to buy a big ticket item I never ever used that income to cover a note. It is not even considered in my reserve for hard times money. It was hard at first to get a big raise and then put a good portion of it to my retirement, but it is now second nature. It it easy to say that you will use 2 percent for a year or so and then go back to saving it. the reality is that you will never get that money back and you probably will never get back to the level you were saving before. Not saying this is the best method but it has worked for me.
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