by "Wobbles the Mind" (wobblesthemind)
Published 02/26/2017 at 16:56
by "Wobbles the Mind" (wobblesthemind)
Published 02/26/2017 at 16:56
Tags: Money Talk
STARS: 2
How much do you, specifically YOU,
want
to be paid out annually when you retire? Now, without doing the math, how much would you like to spend annually when retired? Lastly, have you considered a spouse’s income being added to that amount?
Now for the second part:
How much do you, specifically YOU, want to be paid annually at any point in your life? How much would you like to spend annually? Lastly, have you considered a spouse’s income being added to that amount?
"BrianGriffin thinks “reliable” is just a state of mind" (briangriffinsprius)
02/26/2017 at 17:04, STARS: 0
I’m expecting to have much nicer tastes and more time to travel when I retire. On the other hand, no kids, so income amount might be a wash.
If I keep earning the same annually, inflation adjusted, now through death, that’d be okay.
"fintail" (fintail)
02/26/2017 at 17:11, STARS: 3
If I am lucky enough to make it to retirement (private sector - no gilded pension and bennies, by the time my demographic makes it there, average age will probably be ~70), I hope to live a modest quiet life. I’d rather travel and have fun when I am physically able, and will enjoy it more because of this. I see too many people hobbling around when traveling, which doesn’t look as enjoyable. I don’t want to be a creaky old man with an impossible to maintain mcmansion and an insecurity-shouting Ferrari. No spouse, and not complaining. Been single for a little bit now, and not complaining. Also no kids, which opens things up.
Also, my dad passed unexpectedly just before 70, which put me in kind of a “live for today” line of thought. As long as you put something away and spend less than you make, enjoy today, in some ways, these are the good old days. I expect to have an income a bit lower than my working income now, with commensurately lower expenses.
"jimz" (jimz)
02/26/2017 at 17:18, STARS: 4
I’m really not expecting to be retired for very long. Hopefully, I’ll work until I can’t anymore, then the instant I start having trouble caring for myself then hopefully I’ll have legal options for Kevorking myself. If not, saddle up on the bike and find a wall or a cliff.
"Chuckles" (chucklesw37)
02/26/2017 at 17:20, STARS: 4
I’m in my early 30s, and I don’t think about retirement much because I get the impression that most people my age won’t have the luxury of retirement, at least not at 65. I also assume that I won’t live long enough for it to matter. Morbid, I suppose, but that’s how I feel.
"sm70- why not Duesenberg?" (sm70-whynotduesenberg)
02/26/2017 at 17:38, STARS: 0
Good grief, everyone on here is pessimistic or morbid or both.
"Toby F., Manager" (itsmefromhr)
02/26/2017 at 18:02, STARS: 1
I’m 22 and was brought up modestly in a modest household by modest immigrant parents who came to the US with little to nothing; giving away the security they left back in their home country (they met here by the way). Everything they’ve done and sacrificed has allowed them to raise my sibling and I in a comfortable middle class environment and climb above the poverty they were in.
With that said, I don’t have a figure for the first three questions. I do however have a ballpark for the last three. At 22 and entering the workforce full-time and professionally, I want to make as much money as I can as possible comfortably and smart; so that I may save, invest, help give back to my parents, and own a nice home in my city. I feel that $50k is appropriate at this current point due to my age and experience; but, I’m hoping and striving to near the $80-90k in a few years; whether that means promotion, personal growth, and more responsibilities; or multiple streams of income, personal growth, and more responsibilities. Secondly, I already don’t have much expenses, and I plan to maintain the same lifestyle, but one can never have “too much” to set aside for the future - for family, kids, college funds, a toy or two or three, a home, travel, emergencies, retirement, etc. My rationale and hope is that I’ll be comfortable to take it easier and be “okay” once I’ve created the security and saved $300-400k. Lastly, I don’t have a spouse; but, the idea has crossed my mind multiple times; and, I feel it’s why dating/finding a significant other with similar goals and mindsets towards focusing a healthy amount of their energy on life, finances, and their career has been made more challenging (A lot of people my age that I’ve met just want to party, do unwise things with their unearned finances, and/or only focus on the short term).
"Stephenson Valve Gear" (stephensonvalvegear)
02/26/2017 at 18:45, STARS: 2
Although I have specific numbers for those questions, I am choosing not to post them on a public forum... even using the burner account... :D
BUT:
I’ve been actively saving for retirement since I was 23 and I am presently somewhere in my mid 40's. Assuming nothing major happens, I should have my finances arranged so I c-o-u-l-d retire when I am 55. Income will be similar to my present income, but monthly obligations should be less due in no small part to having the house paid off by that time. My wife works, but her income is less than mine, as is her retirement savings.
My advice to anyone who will listen: Start saving NOW. I know most young people say they can’t afford it. I was one of those young people. Time is your friend. Save something. Anything. I don’t care how ridiculously small it is. Put it in a retirement account where you can’t just access it willy-nilly. BEHOLD THE POWER OF COMPOUND INTEREST!
/end of rant
"richups" (richups)
02/26/2017 at 19:51, STARS: 0
Does anyone think that they could retire on 50 k a year and 250k in bank .However you don’t own a home but you also have no debt..
"DC3 LS, will be perpetually replacing cars until the end of time" (dc3ls-)
02/26/2017 at 19:51, STARS: 0
I guess my plan is to have a house payed off by the time I retire. That way I could just live off being a substituent teacher or something if I had too. I’d definitely prefer to do more stuff prior, but it’s just hard to get the time off and whenever I think about “Will this trip really be worth it?” and I usually wind up saying no. So I guess I’d rather just get a job where I travel sometime soon.
"OPPOsaurus WRX" (opposaurus)
02/26/2017 at 20:42, STARS: 0
realistically I plan on retiring the day I die. I hope to eat least be happy with life that day.
"davesaddiction @ opposite-lock.com" (davesaddiction)
02/26/2017 at 21:41, STARS: 2
I’m optimistic, but I’m also fontunate enough to be gainfully employed and find myself in the position that my wife & I will be completely debt free this year.
But I was pretty optimistic when I had a crappy job and we had a bunch of dumb debt, too.