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How are you planning for retirement at this point in life?

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Curious to know if the board is preparing for retirement, and if so, what method are you using? These online calculators will change your approach if you're curious to know what you'll have in the next 20, 30, 40 years. What's been your retirement investment plan to this point?

401K
Traditional IRA
Roth IRA
HSA
Social Security
Other

My plan: I'm using a 401K, IRA, HSA combo and am on track to have a significant amount by retirement, but I'm contributing a lot up front (essentially maxing out my 401K contributions through retirement). If it's done correctly, and the economy doesn't come crashing down (shot out to Easy_B), I expect to retire by 60.
 
mrcmd187

mrcmd187

Controversy Creates Cash
BGOL Investor
Started in 94 with my 1st Navy reenlistment bonus (IRAs, Paper Bonds, Small Stock Investment) 1999 2nd bonus got into TSP (Thrift Savings Plan) bigger stock foot print and got into ETFs :thumbsup: . End 2004 Tech ETFs till 2006 cashed out the Stock and ETFs moved half IRAs bought my current house. Retired from the Navy 2013 Retirement pay and 80% Comp Pay every month for the rest of my life IRAs and TSP rolling over start working full time at my current job new 401k back into stock and crypto. The great thing is I only work cause I love the tech and IT field (plus my current boss/child hood bestfriend need someone he could fully trust when he took over the company) but all this wouldn't have been possible if my Navy Chief(RIP) in 94 didn't put me on this path of setting up for the future it was a true blessing.
 
mrcmd187

mrcmd187

Controversy Creates Cash
BGOL Investor
Database Error said:
I have a 401K. My company matches the first 6 percent. Recently looked around job hunting and most places are not matching at all or only 3 percent or less.
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Big reminder if you switch jobs make sure you roll over your old 401k to your new jobs 401k seen a many of people make this mistake cause they either don't know or the company won't tell them they can.:thumbsup:
 
yureeka9

yureeka9

Rising Star
Platinum Member
Hopefully I'll be able to retire in 14 years. My house is paid off now. I'll live on Pension, TSP, IRA and social security. Between all of them I'll pull down 9K a month with minimal living expenses and no mortgage. That should be more than enough to maintain my lifestyle. I also have rental properties in 3 cities and I plan to do photography and maybe teach part time.
 
34real

34real

Rising Star
BGOL Investor
Database Error said:
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Sadly this is a lot of people's retirement plan forreal but luckly for me my parents started telling us about 401k's and ss since we were young.They've known people who cry when it's time to receive ss or have to get a job because the company they worked for gave them bonuses ,stock in the company instead of 401k's and now that company isn't worth shit and after cashing out they had little next to nothing to live on and blew through that money.

401k,roth RIA's,stocks,bonds,silver and gold....I don't want to worry about shit when I get 64.
 
Ceenote

Ceenote

Thinkn with My 3rd Eye!
Platinum Member
Database Error said:
I have a 401K. My company matches the first 6 percent. Recently looked around job hunting and most places are not matching at all or only 3 percent or less.
Click to expand...


401k here to plus i have started long term investing last year. The company i work for matches up to 7% plus 75 cent each hour worked..i will begin to up my percentage next year. Bout to make my brother start maxing his out this year. Hes 55 so its time to play catch up for him.
 
CoTtOnMoUf

CoTtOnMoUf

DUMBED DOWN TO BLEND IN
BGOL Legend
yureeka9 said:
Hopefully I'll be able to retire in 14 years. My house is paid off now. I'll live on Pension, TSP, IRA and social security. Between all of them I'll pull down 9K a month with minimal living expenses and no mortgage. That should be more than enough to maintain my lifestyle. I also have rental properties in 3 cities and I plan to do photography and maybe teach part time.
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That sounds like a good plan! :yes:
 
Jumbodicc

Jumbodicc

Rising Star
BGOL Investor
View retirement like a chair that you sit on, how many legs would you be comfortable with your chair having? If you have a Pension, that's one leg. 401K/403B/TSP etc. that's another leg. Social Security is a leg. Outside retirement savings (IRA, SEP, Keogh plans) are a leg. I'm in my 30's, there ain't NO social security for me to rely on. I have to create that leg for myself. I don't work in the public sector, ain't no pension coming my way. I have to create that leg also. Treating retirement like a dollar amount and not an age requirement may put some things in perspective about how you view your retirement for yourself and your family.
 
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yureeka9 said:
Hopefully I'll be able to retire in 14 years. My house is paid off now. I'll live on Pension, TSP, IRA and social security. Between all of them I'll pull down 9K a month with minimal living expenses and no mortgage. That should be more than enough to maintain my lifestyle. I also have rental properties in 3 cities and I plan to do photography and maybe teach part time.
Click to expand...

Impressive. :cheers:

We've accelerated our mortgage and have a similar financial plan. My wife's job will take care of healthcare and we've both done well w/ planning. We're calling it a day at 60, traveling, and dedicating our time to those who can benefit from it most. There's no way I'm willing to work up until the point my health deteriorates. Life is short and we should all enjoy retirement when the time comes vs being forced to tough it out financially.
 
jack walsh13

jack walsh13

Jack Walsh 13
BGOL Investor
Ya'll some muthafuckin fools in here. :roflmao2: :roflmao2: :roflmao2: :roflmao2: :roflmao2: :roflmao2: :roflmao2:

But seriously, for me, I have 10 more years in corrections left before muy full pension with no penaltys taken out. My goal is to cut that down to 5 with me getting my skiils up playing bass and guitar. Hopefully I can get some night club gigs and start playing for various recording artists. Also looking into getting into cryptocurrency with my friend. He's already made some serious money wit it less than a year.


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Helico-pterFunk

Helico-pterFunk

Rising Star
BGOL Legend
- Property was paid off in 2009 - assessed value now is just under double what it was at purchase
- Been contributing to RRSP portfolio since college years in 2000 - mom said to get into the habit of contributing (no matter how much) even as a broke college kid to develop good habits over time
- Have varied the contribution levels over the years - but usually contribute about 80% or more of max now annually ^
- Been maxing the TFSA since that came about in 2009
- CPP and MPP - Canada Pension Plan / Municipal Pension Plan ... as well as OAS in the future
- Employer used to also match RRSP contribution prior to MPP
- Have a healthy amount set aside in some of our other savings & emerg' accounts
- Hope to retire around 58 - 60. Would like it to be closer to 55 though
 
mailboxpimp

mailboxpimp

Rising Star
BGOL Patreon Investor
some of you who are more savvy post some stuff for the small business / do it ya self/ home business people on the board who may not know...

money market accounts
life insurance
types of banks
stocks
bonds
ect
 

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