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- Thread starter CincyInterloper
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Fungo Squiggly
Mortal enemy of all things Bucky
Yahoo Pickem Champ
Former Game Champion
'18 BPCFFB II Champ
'18 Keeper League Champ
Pretty sure it’s a pre-requisite these days. Hell, I might be disqualified for not being depraved enough.
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Zurp
I have misplaced my pants.
So... serious questions here. And don't answer if the question is too personal. But how have you saved for retirement and when did you start?
When I was about 22, they sat me down and showed me the consequences of waiting even 5-10 years to start saving. "Start saving and investing now, and save/invest as much as you can." As a result, 25+ years later, the interest is WAY more than any contributions I make from month to month. WAY more. So I've already been telling my kids - save as much as you can, as early as you can.
I've heard people say that they can't afford it now. And I say that's bullshit - unless you plan to work until you die (not me!) then you can't afford NOT to start saving now.
Another one I heard is a guy who is planning on retiring off what he inherits from his parents. I guess that if that's your thing, then cool.
When I was about 22, they sat me down and showed me the consequences of waiting even 5-10 years to start saving. "Start saving and investing now, and save/invest as much as you can." As a result, 25+ years later, the interest is WAY more than any contributions I make from month to month. WAY more. So I've already been telling my kids - save as much as you can, as early as you can.
I've heard people say that they can't afford it now. And I say that's bullshit - unless you plan to work until you die (not me!) then you can't afford NOT to start saving now.
Another one I heard is a guy who is planning on retiring off what he inherits from his parents. I guess that if that's your thing, then cool.
sparcboxbuck
What happened to my ¤cash?
We started day 1 and attempted to maximize 401Ks, IRA every year. Over the weekend my wife and I were looking at some details regarding our contributions this year. Since we're 55 we're allowed the catch up 401K and we had to put our catch up amounts in to Roth 401Ks. She dug out the amount of our portfolio that was based on principal and growth in her 401K that was tied to only company match. Suffice it to say, she could easily afford to pay cash for a new Ferrari with it. 30-years of working and just a moderate matching contribution in the 401Ks is flipp'n huge. The fact that she and I both did this? It probably is the difference between she and I retiring at 55 as opposed to 60+.
To your point, save as much as you can. I don't think that we ever really sacrificed (and I'm forever grateful for that, I realize it's not common), but we also tried to live well below our means. We never were house poor, car poor, etc. For the past few years we've been living off of less than one of our incomes and saving the rest.
Once we hit that inflection point where the portfolio is kicking out more than we are, that's the idea behind the FI part of FIRE. FI is awesome, looking forward to the RE in a couple of weeks.
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buxfan4life
The future's so bright, I've gotta wear... shades.
I am 51, turn 52 in November. Due to the path that my choices in life took me, I just started saving/investing for retirement about 16 years ago, but put the pedal to the metal once I could. In that time I have done enough to technically retire now. I was planning on retiring at 55, but probably going to keep working my job until I feel like walking away because I still enjoy what I do for the most part. Even when I retire, I will most likely still consult to keep me busy and my mind sharp.
Just had this conversation with my son (28). I told him that even $10 a paycheck into a savings is better than nothing and will add up over time.
It's bullshit beyond a certain level of income, below that and it isn't bullshit. It's math.
There are a lot of working poor in this country. They aren't all stupid and lazy.
Capitalism is the least bad economic system we humans have come up with but it still sucks at distribution.
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Zurp
I have misplaced my pants.
I’m not going to get into a political debate. But your first two paragraphs are correct. I should have clarified that I meant the people in my company who say they couldn’t afford to save. These guys are driving around in new cars every 3 years and doing other things to show “expendable income”.
I also know people who take their families to Disney every 5 years. You can afford to save for retirement.
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calibuck
Too soon old, too late smart
You young folk have the Roth IRA's to work with. Those came along after the time when funds (and tax consequences) were available. Anyway, got our 31-year-old daughter interested, about five years ago, when she received a bequest from a relative. Had (made actually) her make investment choices, so she could get 'some skin in the game' instead of just doing it for her. This generation will in all probability not have retirements like we have, as it seems to be 'matching' 401(k) up to 6% of salary. Much different than earning credits based on length of service, and income combination. Ergo, you gotta have a bigger source of funds in retirement. There are some nice ETFs and Index funds out there that will grow, and hopefully provide a level of income for retirement that's not making one scrape together food/rent money.....
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Disagree. The math is in everyone’s favor.
Stupid and lazy…probably not. Priorities of alcohol, tattoos, weed, and consumer debt…more than likely.
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The purchasing power of a dollar has eroded massively over the past 40 some years. Deepening on where you look and what stats you like the median "adult package" of a house, cars kids, education has outpaced core inflation to the order of ~ 25-40% less purchasing power than the 1980's.
That isn't in anyone's favor.
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