Aldeer.com Forums Alabama Deer Talk Aldeer General Forum How do folks retire?

It's easy with a pension, but for everyone else, how do folks actually retire? It seems like you'd need at least a couple of million to confidently retire in your 60's, with the chance of living to 90.
I just don't see how people do it. Doesn't seem like most folks save hardly any.

When the Lord calls I'll retire. Till then it's the salt mines every day. Whish he would hurry up.

Couple million , investing it wisely and living only on income , never touching principal , plus SSI, anyone can't live on that is living too high on the hog IMO.

No debt live modestly within your income. It'll still take $3-4000 per month plus inflation unless you want to live like a pioneer. You can't spend like there's no tomorrow

I guess that was my point. How many people actually have a couple million saved up? Of all the old people in my extended family, I guarantee you none of them had that kind of money. I think that's why most really old folks are dang poor and frugal.

I hate to be pessimistic but I truly think you will see less and less people actually retiring in the future. I save for it. To the point that I struggle a little because I want to at least have a chance at it but the way prices skyrocket, I just don't see it actually happening.

I dream of the day. Right now I'm a good 35-40 years shy and a whole lotta money short of it.

I like looking at calculators to figure out what I think I'll need. Here's one you can plug and play with. Give you an idea of what you'll be able to draw while it's still being invested and what not.

Also no debt at retirement would be helpful
http://www.calculator.net/401k-calculator.html

I had my retirement figured around the wages that I had been making for the past 11 years up till March 1st when I took a $7hr pay cut. It took me till August 1st to find a new job and replace most of that income. That missed income and the deficit that I still have hsa set me back at least 2 years on retiring. Looks like I'll be working to 66 1/2 now.....or longer

It's different generations, too. The frugality was just something ingrained in our great-grandparents and grandparents. You did not throw away ANYthing that could maybe be used again. Tinfoil got washed and folded or saved. Rubber bands. Any old screws, nails, wire, whatever. Coffee cans - saved to put the nails and screws into. Bricks? Saved - might need to line the flower bed or something.

Think about their generation growing up before and after the Depression, during the wars and all. So it's easy to see why they, now, cannot fathom the throw-away lifestyle. Our blender breaks? We go get another. Theirs lasted 132 years. Ours lasted seven and we don't think about it. Just get another.


As for retirement, we've been saving since our first jobs 30 years ago. My wife and I are 51. We probably will have to work at least 15-20 more years, which drives me $*@($# insane to think about. I'm going to be 70, probably, when I retire and then may not be able to do what I want to do. Pisses me off. I'll do what I can but whatever dreams of land ownership, going and doing stuff, enjoying "retirement" and life - I don't have those dreams anymore.

I honestly don't see how our kids and/or this current and future generations will do it I think by the time they get to be my age the United States will have European things in place for incredibly high taxes and "free" things like college, health care, etc. The libs look at Sweden, Denmark and Europe and think all that is gravy. Younger generations think that way, too, and will push for that. Just look at the Bernie mentality.

I hope I'm wrong. If not, I hope I'm dead by the time that happens.

Agree Clem,

And our kids in school are learning how to buy things vs making things. When I was growing up, Home Ed and shop class was mandatory.

Dang Clem, your future is made! You will inherit that multi-million dollar tackle empire Charles built!

It's a long ways off for me but I know I can't go wrong with 10% of each check and a 5% match.
Let it compound early and aggressively

IF you can pay off your home in your mid 50's, live without $150 per month cell phone bill, $150 per month cable-internet bill, beer, cigarettes, expensive cars and trucks, don't eat out very often, grow a garden and can and freeze, eat wild game and catch a few fish you can save enough to retire in your mid 60's. This ASSUMES you are in decent health and have 2 Social Security checks. Most people won't accumulate enough wealth to maintain their working lifestyle in retirement.

im just going to enjoy myself while im young enough to do the things i want to do. i put a little back but i probably wont be able to get around when im 65

You'll really love it when you can contribute 60- to 75-percent of it to the "good of society" once the liberals change all the retirement fund rules in another 15 or so years and take almost all your savings.

But, hey, "doing the right thing for the good of everyone" already is being ingrained into society with hunting regulations and limits, allowing immigrants rights only afforded to citizens, trying to give immigrants a free pass to citizenship and other Euro-centric liberal crap. Going after retirement funds to help those who don't have one will just be another chip chip chip knocked away by those wanting everyone to be happy.

Hope my current job will last at least 6 more years. Probably will have to scale back on spending when i retire. No deer hunting leases, maybe management areas if my health permits it. Fishing will occupy most of my spare time. Working around the house and golfing will be the rest of it. My Dad made it on $1600 a month just fine. Saving %21 plus company %5 will help my 401K. If the job last i will probably keep working past 66 y/o.

No idea on retiring.

-Currently only 4yrs in on 401K at 10% @ 6% match.
-Just purchased a new house on a 30yr, but will pay-off in under 15.
-Oldest will be in college in 3yrs, so that is going to be 100k out the door
-Then in 16yrs, I'll have another one to put through college (Already Saving for hers)

To retire,at a decent age, I would really need my wife to go to work and we would need to invest 100% of her income.

Financially, for retirement dreams, I need my wife to go back to work and also invest every penny she makes as well. But, I'm willing to make the sacrifice right now for her to be able to stay at home with our boys. That's just very important to me. I don't think I could ever 100% "not work" but if I can retire and work some part time job to cover insurance that would be fine with me as long as it's something I WANT to do and not something I feel like I have to do.

Well, I hope to at least "semi" retire at 65, which will be when my school teacher wife can retire.I have my home on the farm paid for and will be finished with my main residence in four months or less.Between both our SS and her pension we will be able to live fairly well without touching savings, which we do have, though not in the $ millions.It helps that the home I bought for $80,000 in 1984 is now worth about $400,000 plus.My plan is to hopefully work 10-20 hours a week for my current employer for play money and because I like what I do. Even with 320 acres to play with it won't keep me busy full time and I would not do well just sitting around.

I hope to find out in a couple years. I will be 57.