[DF]

I'm 51 so I do think about it. But I have no idea what I would do with myself

[Pillzilla]

Originally Posted by Nkc

Kinda missing the point here but I guess in OT, anything goes.

I understand that a lot of you might choose to work and may not see the word retirement as feasible in the near future. What I'm asking is what's the figure that would have you completely say, "FUCK IT, I'm done son"? Be it a lottery, inheritance, shit load of income, or even maybe just massive savings.

What I'm more interested in is the end game for everyone. Is it common practice to plan for it or just pointless to even think about unless a certain amount of annual income is made?

For those of you that actually plan/wish for a day that they won't have to work for money, what's the plan and what's the amount required?

I believe the answers to these questions are quite complex and that's why you're not getting straight forward answers. Here are my simple answers.

"Fuck it, I'm done son" = 15 million now after taxes and shit. I can make that last until I'm at least 85.

I do think it is pointless to think about retirement unless you are making a certain annual income or you are extremely frugal. I have no idea what that annual income may be. There will be a lot of people that will never be able to retire or if they do will be in poverty/government assistance.

I'm in my mid 30's and think about retirement quite a bit. I would like to retire or semi retire by the time I'm in my mid to late 50's. I really don't have a solid number that I'm shooting for. There are just too many variables and years left to know what amount I need. My plan is to max out 401k and Roth IRA every year and be smart/satisfied with what I spend money on and save any excess.

[roastbeef]

two retirement plans, and two properties (a third next year). i'm 28. been thinking about retiring since i got my first job.

[John 070]

Originally Posted by Pillzilla

I believe the answers to these questions are quite complex and that's why you're not getting straight forward answers. Here are my simple answers.

"Fuck it, I'm done son" = 15 million now after taxes and shit. I can make that last until I'm at least 85.

I do think it is pointless to think about retirement unless you are making a certain annual income or you are extremely frugal. I have no idea what that annual income may be. There will be a lot of people that will never be able to retire or if they do will be in poverty/government assistance.

I'm in my mid 30's and think about retirement quite a bit. I would like to retire or semi retire by the time I'm in my mid to late 50's. I really don't have a solid number that I'm shooting for. There are just too many variables and years left to know what amount I need. My plan is to max out 401k and Roth IRA every year and be smart/satisfied with what I spend money on and save any excess.

I know what you're saying, but not pointless.....at minimum, everybody should be doing $17,500 to a 401k, and $5,500 to a ROTH, provided you are not phased out (many on a BMW forum will be).

That's starting very simply, if you're not doing the above, figure out how you can. Sometimes it does involve cutting expenses, like a car lease, etc.

imho it doesn't go that if you're not rich, don't think about it. Because savings is a formula, and time is of the essence. I wholeheartedly believe there is a generation (they can be even in their 60's today) who believe in leaving nothing to anybody, reverse mortgaging and living a life of debt and luxury. But that's not right, in my opinion.

[John 070]

Originally Posted by roastbeef

two retirement plans, and two properties (a third next year). i'm 28. been thinking about retiring since i got my first job.

My feeling is a lot can go right, or wrong, for you over the next 50 years. But thinking about things is definitely a good thing. To leave everything to chance is a huge mistake.

[MiddleAgedAl]

Originally Posted by John 070

imho it doesn't go that if you're not rich, don't think about it. Because savings is a formula, and time is of the essence.

Mathematically speaking, the highlighted text is the understatement of the year.

William and James are theoretical twin brothers who are 65 years old today.
At the age of 20, William started an IRA, and put 2K in at the end of the year. After 20 years of annual contributions, he stopped new contributions altogether at the age of 40, and left the funds in that IRA. For the last 25 years, he's been spending that 2K on beer instead of savings.

James was spending that money on beer from the age of 20, and only stopped doing so, and started putting that money into his own IRA when he reached the age of 40 (same time that William quit). He contributed the same $2K per year for 25 years, making his last contribution today. Of course that means that James invested 25% more money in total than William.

What are the values of William’s and James’s IRA funds today, assuming both were the same fund, and earned a consistent 10% ?

William, who contributed from age 20 to 40, then stopped, has $1,365,227.
James, who contributed from 40-65, putting in 25% more money, has $218,364.

The defense rests.

http://www.getrichslowly.org/blog/20...ors-the-young/

[RandomHero]

Originally Posted by MiddleAgedAl

Mathematically speaking, the highlighted text is the understatement of the year.

William and James are theoretical twin brothers who are 65 years old today.
At the age of 20, William started an IRA, and put 2K in at the end of the year. After 20 years of annual contributions, he stopped new contributions altogether at the age of 40, and left the funds in that IRA. For the last 25 years, he's been spending that 2K on beer instead of savings.

James was spending that money on beer from the age of 20, and only stopped doing so, and started putting that money into his own IRA when he reached the age of 40 (same time that William quit). He contributed the same $2K per year for 25 years, making his last contribution today. Of course that means that James invested 25% more money in total than William.

What are the values of William’s and James’s IRA funds today, assuming both were the same fund, and earned a consistent 10% ?

William, who contributed from age 20 to 40, then stopped, has $1,365,227.
James, who contributed from 40-65, putting in 25% more money, has $218,364.

The defense rests.

http://www.getrichslowly.org/blog/20...ors-the-young/

If I didn't know any better, I'd think you were like me.....thinking and planning for retirement 40+ hours a week.

[roastbeef]

Originally Posted by John 070

My feeling is a lot can go right, or wrong, for you over the next 50 years. But thinking about things is definitely a good thing. To leave everything to chance is a huge mistake.

What am I leaving to chance?

[MiddleAgedAl]

Originally Posted by RandomHero

If I didn't know any better, I'd think you were like me.....thinking and planning for retirement 40+ hours a week.

It's always amazing to me how many people are NOT that concerned about funding their retirement. You see what the average Joe is saving, and how long it will have to last considering current lifespans, and how few people have proper pensions, and you gotta wonder how come these people are not shitting themselves.

Maybe they are all OK with the idea of still dragging their ass into work at the age of 78? Maybe they are all just terrible at basic math? Even still, there are lots of free tools on the web where you just need to plug in some numbers without thinking, and it will tell you how much you need to save in order to get to a decent number, and most people are waay off that, and dont seem to have any plan to try and correct that, or even shrink the gap.

I think there will be a lot of people in for a nasty surprise in their golden years, and I don't intend to be one of them....

[Mr Tonka]

Originally Posted by MiddleAgedAl

It's always amazing to me how many people are NOT that concerned about funding their retirement. You see what the average Joe is saving, and how long it will have to last considering current lifespans, and how few people have proper pensions, and you gotta wonder how come these people are not shitting themselves.

Maybe they are all OK with the idea of still dragging their ass into work at the age of 78? Maybe they are all just terrible at basic math? Even still, there are lots of free tools on the web where you just need to plug in some numbers without thinking, and it will tell you how much you need to save in order to get to a decent number, and most people are waay off that, and dont seem to have any plan to try and correct that, or even shrink the gap.

I think there will be a lot of people in for a nasty surprise in their golden years, and I don't intend to be one of them....

You know there will be. The wife tells me of all kinds of people who haven't got a dime put towards their retirement who are spending loads of money on boats, RVs, vacations, etc... it's pretty scary.

[Billup]

Originally Posted by Mr Tonka

You know there will be. The wife tells me of all kinds of people who haven't got a dime put towards their retirement who are spending loads of money on boats, RVs, vacations, etc... it's pretty scary.

My old shop foreman didn't start putting money into his retirement until he was in his early 40's, and had a shit ton of debt built up from things over the years. Pretty crazy how long people will go before they actually realize that they probably won't want to work in their 50's and 60's, but by then it's almost too late anyways.

[UncleWede]

Live fast, die young. This is 'Murica!!!

[Nkc]

Originally Posted by UncleWede

Live fast, die young. This is 'Murica!!!

No, THIS IS SPARTA!!!