Retirement

[jediuser598]

So, retirement to put it simply, is to make enough to cover your expenses without having to work?

Retirement is living after you've quit working a job. People can afford to retire when they have enough money from sources other than work income, which usually consists of some combination of their own retirement savings (401k, selling assets like a home or other property, 403b), Social Security, and possibly a pension or annuity from a prior job.

Save a lot early on, and you increase your chances of retiring earlier or having more money to live on when you retire. Teachers frequently retire around 55 because by that time they are fully vested in their pension and can afford to live off that and SS by that time. Most private sector companies no longer provide pensions, so it is up to the individual workers to save for their retirement. The standard age for retirement used to be 65, but it's probably close to 70 now.

Jedi, how old are you? Even an estimate will give us a better idea of what your current plan should be.

Well my inquiry here is trying to make retirement simple. Retirement is just about money, yes? So you earn set amount, and that amount determines when/if you can retire. So the goal should be to earn that amount. Say your amount is $1 mil. Then your goal from 18 til 55 is to earn 1 million, yes? And you have 37 years to do so.

[Viktorthepirate]

So, retirement to put it simply, is to make enough to cover your expenses without having to work?

Retirement is living after you've quit working a job. People can afford to retire when they have enough money from sources other than work income, which usually consists of some combination of their own retirement savings (401k, selling assets like a home or other property, 403b), Social Security, and possibly a pension or annuity from a prior job.

Save a lot early on, and you increase your chances of retiring earlier or having more money to live on when you retire. Teachers frequently retire around 55 because by that time they are fully vested in their pension and can afford to live off that and SS by that time. Most private sector companies no longer provide pensions, so it is up to the individual workers to save for their retirement. The standard age for retirement used to be 65, but it's probably close to 70 now.

Jedi, how old are you? Even an estimate will give us a better idea of what your current plan should be.

Well my inquiry here is trying to make retirement simple. Retirement is just about money, yes? So you earn set amount, and that amount determines when/if you can retire. So the goal should be to earn that amount. Say your amount is $1 mil. Then your goal from 18 til 55 is to earn 1 million, yes? And you have 37 years to do so.

Like they said, depends on your plan.

Retiring in Seattle is different then retiring in Texas for example.

[DBTrek]

Never retire to Seattle.

That brings up another great way to retire though - work hard in places that have lots of job opportunities. Cost of living is higher, thus pay is higher, thus property values are higher.

When you retire go somewhere cheap. The money you’ve saved and the windfall you earn selling your home will go a lot further in a state with more vacant real estate than jobs.

This is why half of New York retires to Florida. You know how much New Yorkers make, or pay for dwellings in NYC, compared to Florida?

Damn.

[Fife]

Never retire to Seattle.

Amazon delivers the cheap toasters there though, right?

Or are bathtubs already outlawed as an environmental crime against the People and Gaia?

Asking for a friend.

[floam412]

Buy a house. Pay off the mortgage as soon as possible. Improve it. When you want to retire, Reverse Mortgage it for 20 years or so, until Social Security & Medicare kick in, then move and live on that. If you need more, use the Social Safety Net, you'll be old, playing dominos and bitching will be all you're doing anyway.

Lol @ the thought of people my age bracket (mid-late 20's) having social security to rely on.

Here's my plan. Keep putting in as much money I get matched in my 401K and whatever I have left over to comfortably throw around willingly I will pay off student loans while also throwing a couple bucks into stocks of my choosing through the robinhood app. The big thing I tend to focus on is getting rid of all debt as soon as possible.

[Martin Hash]

Buy a house. Pay off the mortgage as soon as possible. Improve it. When you want to retire, Reverse Mortgage it for 20 years or so, until Social Security & Medicare kick in, then move and live on that. If you need more, use the Social Safety Net, you'll be old, playing dominos and bitching will be all you're doing anyway.

Lol @ the thought of people my age bracket (mid-late 20's) having social security to rely on.

Here's my plan. Keep putting in as much money I get matched in my 401K and whatever I have left over to comfortably throw around willingly I will pay off student loans while also throwing a couple bucks into stocks of my choosing through the robinhood app. The big thing I tend to focus on is getting rid of all debt as soon as possible.

Retirees are the largest Voting Bloc, Social Security ain't going anywhere. Every problem that can be solved by firing up the printing presses, will be solved that way. Social Security will be at some subsistence level but that's all you need, really. Better than working really hard your whole just to have a second home in Florida.

[Fife]

Buy a house. Pay off the mortgage as soon as possible. Improve it. When you want to retire, Reverse Mortgage it for 20 years or so, until Social Security & Medicare kick in, then move and live on that. If you need more, use the Social Safety Net, you'll be old, playing dominos and bitching will be all you're doing anyway.

Lol @ the thought of people my age bracket (mid-late 20's) having social security to rely on.

Here's my plan. Keep putting in as much money I get matched in my 401K and whatever I have left over to comfortably throw around willingly I will pay off student loans while also throwing a couple bucks into stocks of my choosing through the robinhood app. The big thing I tend to focus on is getting rid of all debt as soon as possible.

Lol @ the thought of people born in the age of Apollo imagining in their wildest dreams having social security to rely on.

That shit has been FUBAR for 50+ years.

In fact, anyone who has any a priori brain cells firing knows that it was FUBAR the day it was shit down FDR's wife's leg.

[floam412]

Buy a house. Pay off the mortgage as soon as possible. Improve it. When you want to retire, Reverse Mortgage it for 20 years or so, until Social Security & Medicare kick in, then move and live on that. If you need more, use the Social Safety Net, you'll be old, playing dominos and bitching will be all you're doing anyway.

Lol @ the thought of people my age bracket (mid-late 20's) having social security to rely on.

Here's my plan. Keep putting in as much money I get matched in my 401K and whatever I have left over to comfortably throw around willingly I will pay off student loans while also throwing a couple bucks into stocks of my choosing through the robinhood app. The big thing I tend to focus on is getting rid of all debt as soon as possible.

Retirees are the largest Voting Bloc, Social Security ain't going anywhere. Every problem that can be solved by firing up the printing presses, will be solved that way. Social Security will be at some subsistence level but that's all you need, really. Better than working really hard your whole just to have a second home in Florida.

Maybe they will still kick the can down the road when I'm in retirement age... but let's put it this way, I won't be holding my breath when I get to retirement age to expect the government to help me out. ...

Were people shocked when businesses started taking away pensions? I feel the same thing will happen where there will be a short amount of outrage, but nothing will come of it.

Sure, retirees might make up the largest voting block now, but doesn't that prove my point? Do you really think the government will care about helping people retire when the economy is going down the shitter and countries are collecting debts on the US?

[Martin Hash]

??? Pissed of voters elected Trump. My guess is that a vast majority of them were retirees.

You'll get SS, plan on it. In fact, any other money you "save" may get eaten up in inflation, so follow my "buy a house and reverse mortgage" suggestion.

[Viktorthepirate]

??? Pissed of voters elected Trump. My guess is that a vast majority of them were retirees.

You'll get SS, plan on it. In fact, any other money you "save" may get eaten up in inflation, so follow my "buy a house and reverse mortgage" suggestion.

Your plan sounds like a good one.