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

And the average house was 1600 sq ft. It's now 50% bigger. All of these are built into what we call the new cost of living.

For me, I’ve already told my wife I want to retire as early as I can. It’s a big reason I stay away from investment strategies that involve money I can’t touch until I’m a certain age. But I’m the same way. There is not telling how much money we save just reusing sammich bags and tinfoil.

My wife and I have decided we aren’t funding our kids to go off to college anywhere unless they meet some criteria. Basically we aren’t paying for them to go to UA to major in communications or a generic business degree (2 biggest at the university). We will pay for them to go off to college IF they are majoring in something that will get them to med school, dental school, optometry, or pharmacy school. Or we’ll pay for them to go to Athens or UAH and major in something there so they can do an internship with Redstone. We have the ability to pay for them to go and I want them to be able to without being saddled with debt for doing so. We just aren’t paying out the nose for them to go off to UA and party.

I put 25% of my salary in my 401k and my wife puts 6% with a 6% match for a total of 12%. Without my pension to go along with our 401k there would be no way we could retire without lifestyle change.

Dang, y'all are depressing me.

Nah, just make good decisions and you'll be fine!

Absolutely this... if you can apply this knowledge you'll be able to retire and life will be grand

welcome to the club

If I could turn the clock back 40 years I could be retired now. Stupid when I was young.

We are working hard on being prepared. I am 39 have two rentals paid for and a substantial amount in a 401k. We just purchased a small farm and will build a permanent residence there. Unfortunately with my special needs daughter my wife can't work so I have to fully fund both of our retirements. She will feed the cows and other livestock as I have an hour commute each way to work and routinely work 10/hr days plus 2hours of driving. I am fortunate in being an engineer/contractor and knowing how to build or fix a lot of things. I do side construction jobs solar installs and that sort of thing for extra income when's good opportunity arises. We buy used cars and drive them 10 years, no excessive hobbies i.e. Razors, expensive boats, etc. I hunt out west every year on public land and do a side job to avoid pulling money out of the family budget.

As for college I will help my girls with certain requirements, good grades, a science or technology major no finger painting or marketing,with the first two years at a quality junior college unless they get a scholarship. I hope to be able to semis retire at 55 and do some consulting while running my hobby farm for income.

My current firm does not not do a match or make any 401k contribution which is weighing on me.

I have been fortunate, but have tried to put in my fair share of work to get there as well. I have no clue how some will ever be able to retire with current social trends.

Here is something else to consider. America has turned into a MORE materialistic culture. Consumer driven, stuff, stuff, stuff. All you have to do is look at construction to see the truth.

What did the typical everyday suburban home look like in 1940? Look at Homewood or West End for prime examples:
Small, 3 br/1 bath typical, with small closets (key feature to notice). Wood framed with porches.

1950's-1960's after the economic boom of WWII AND the relatively new trend of dual income families construction changed. The typical suburban home changed. Larger ranch style homes became the new normal, with extra \bathrooms or master suites and added dens in addition to formal living rooms. Closets were substantially larger to hold all the clothes and stuff.

1960's-today: Lots of architectural differences but some common themes: 2 stories with living space basements (not just storage space). Garages replaced carports. Square footage size dramatically has increased for the typical family with 2.2 kids and a dog. Huge master suites with sitting areas, huge walk in closets everywhere. Simple architecture (craftsman bungalo and ranch styles) went away to Intricate architecture (styles with tons of set backs/offset, high roofs, and cladding that were much more costly.) The craftsman style with porches and neighborhood feel is back trending again but in much larger homes than ever before.

Ergonomics, Convenience, Extra Room for more Stuff, Space, Looks, "Grandness"---these have taken the place of simple utility.

Even our new schools follow the same path. For a state with no money for education, we build the most design oriented and elaborate school buildings. We waste millions of dollars to appeal to the modern consumer senses. A safe, simple, functional CMU building with a plain exterior would save millions of dollars each year that could go to actually improving education inside the class room. But that is so not "in". We have to be "grand!"

And that is the symptom of the root of the problem. We, including myself, can be easily amused and seek out status through objects. It's akin to the love of money---the love of status or image. The core is a material self focus (pride). Bigger is better, newer is nicer, and so on.

Now if you have discretionary income to live a lavish life style with the newest, latest and greatest...that's awesome---enjoy it but keep the perspective that status and image are not eternal traits. If budgeting your money is needed then if we are wise, we will not be so material or status driven and learn to be more happy with the simple things being careful 'not to lust after the rich man's gold', to borrow from Lynyrd Skynyrd.

Now I live in a nice house in a nice neighborhood with big closets...so I'm addressing myself here too. I drive a 10 year old truck that's paid for and I don't have a 4 wheeler or boat. I'm not always simple oriented, but occasionally I am.

My retirement? I'll retire when they bury me most likely unless I take my own advice and go to a very simple way of living. I do have a plan in place that will eventually pay me a monthly residual income outside of my retirement savings in hope that I can retire from my full time work. Hopefully that will work out as I've planned.

This is true.

When it happens, the liberals and those who don't believe they're liberals but really are won't see a thing wrong with it. Spreading the wealth, "no one needs all that money" and whatnot. And the ones who implement it, like HRC or Bernie, already will have figured out how to protect theirs while not giving a chit about anyone in the citizenry.

True

My plan is to live like I'm poor as hell and slum it till my mid 30's and moving out of every house once I get it fixed up, and have more than 65% equity value. Then rent them jokers for 3 times the monthly payment.

If I live in each one, I'm familiar with them. Know what's about to go out, what needs attention etc. Use the rent money to double down on payments until paid off, and save the other third for maintainence, taxes, insurance.

When they're paid off, use the 2/3 to invest in other places till I can buy a yeti cooler.

Some people will disagree but real estate is about the best passive income there is.... if done right

A quick Google search:

"The average retirement savings of all American families is $95,776"

bawahahaha

I smh at folks who are young that worry too much about some things.

If the libtards do succeed in passing deal that will raid our 401ks, what will prevent us from taking it out and paying the income tax and penalty? Unless it is an instant executive order or retroactive move then how can they stop it? And if we did that the market would suffer.

Ain't nothing passive about rentals.

I sure hope some of y'all don't die with a pocket full of cash wishing you had lived life and enjoyed it more