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35 members (gradythemachine, sw1002, BCLC, CAL, MikeP, BC_Reb, mzzy, Gobble4me757, Jdkprp70, Canterberry, Morris, Mack1, taggedout, cullbuck, Dixiepatriot, knock him down, JHL, jwalker77, Ron A., leroyb, twaldrop4, AUdeer88, pass thru, 4Tigers, bhammedic84, coalfire, Vernon Tull, lthrstkg1, akbejeepin, BradB, ALMODUX, burbank, 3 invisible),
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Key:
Admin,
Global Mod,
Mod
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Joined: Jun 2002
Posts: 4,180
10 point
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10 point
Joined: Jun 2002
Posts: 4,180 |
I’m 40 and WAY ahead of the average 60-69 year old...according to this article!!
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Joined: Oct 2006
Posts: 8,245 Likes: 1
14 point
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14 point
Joined: Oct 2006
Posts: 8,245 Likes: 1 |
I saw an article where it listed state by state what an individual needed to retire. Alabama total was a little over a million dollars. Probably to live comfortably.
I meet with Fidelity next week to take a look at my numbers and what the guessamation is for my numbers in the future. Since I'm within that 10 yr window of retirement. Again, these numbers are so individual. 1 million might be fine for someone for 30 years, another may burn through that in 4 years. True - depending on chosen lifestyle. My biggest fear isn't having enough to retire - it is health, which can make a wealthy man/woman poor.
"The struggle you're in today, is developing the strength you need for tomorrow."
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Joined: Sep 2006
Posts: 3,958
10 point
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10 point
Joined: Sep 2006
Posts: 3,958 |
It’s ironic. You work hard all your life and save and just as you reach your goal your focus turns to how to get rid of it
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Joined: Oct 2000
Posts: 7,876
14 point
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14 point
Joined: Oct 2000
Posts: 7,876 |
It’s ironic. You work hard all your life and save and just as you reach your goal your focus turns to how to get rid of it But if you don’t have it because you’ve squandered it away then you have become a burden and a bloodsucker on society. Why should society support anyone that enjoyed their money along the way to the point that now they have nothing. That’s like the kid that ate all of his cookies and now he trying to eat some of everyone else’s.
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Joined: Jan 2018
Posts: 5,422
12 point
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12 point
Joined: Jan 2018
Posts: 5,422 |
The best word of advice I got was to make interest work for you, not against you.
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Joined: Mar 2003
Posts: 16,022
Old Mossy Horns
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Old Mossy Horns
Joined: Mar 2003
Posts: 16,022 |
I’m 40 and WAY ahead of the average 60-69 year old...according to this article!! Same here, in fact most the people i know my age are in similar shape.
Do you want to hear him gobble, or do you want to kill him.
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Joined: Dec 2013
Posts: 22,904 Likes: 2
a.k.a. Dingle Johnson
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a.k.a. Dingle Johnson
Joined: Dec 2013
Posts: 22,904 Likes: 2 |
I’m 40 and WAY ahead of the average 60-69 year old...according to this article!! Same here, in fact most the people i know my age are in similar shape. If I were you guys, I wouldn't look at any of those numbers, know that you are above those, and say to yourself... "Hey! I'm doing good!" Those numbers are surprisingly low in my opinion. I am very fortunate to have a pension. I say "fortunate," I knew what I was doing and actively worked my ass off to get a job with one of the few companies that still had one years ago. That said, I am only counting on that pension for about a third of my retirement income. Another third will come from my 401k and the last third will come from my Social Security. That's at my current levels of contribution, yet I still plan on contributing more starting next month, just to have a little breathing room. And even after all that I still plan on doing some things in retirement that will bring in some cash flow. Things that I enjoy doing and that I can do sort of as a sideline hobby for fun. I will have a fairly substantial Social Security check and a nice pension check, but I'm still shooting for trying to have at least $500k (Hopefully closer to $650k or $750k) in my 401k when I retire. I think the things that folks (like the people in that survey) need to do is: 1. Work towards being debt free at retirement. (No car, house or credit card payments.) You can live pretty cheap if you don't owe anything.  2. If you feel that you can accomplish that then the next thing to do is to develop a budget that you will need to realistically live on in retirement under those circumstances. 3. Figure out a plan to come up with the level of income that you will need when you retire including your Social Security as a supplement . 4. Start now to execute both of those plans. I will also say to the above, it is not too late. Mrs. Irish and I both basically started over financially when we got married 11 years ago.
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Joined: Jul 2017
Posts: 591
4 point
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4 point
Joined: Jul 2017
Posts: 591 |
I agree with Irish.... I don’t compare myself to anyone’s plan but my own. I have an age in mind that I want to be debt free by, I want to save hard cash above and beyond my retirement in those debt free years and be done with it all by my late 50s with a certain number of cash total. If I’m not tracking towards that then I adjust. Experts usually mean the best but not for my particular situation.
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Joined: Dec 2009
Posts: 5,517
12 point
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12 point
Joined: Dec 2009
Posts: 5,517 |
I to am very fortunate to work somewhere that has a pension. Me and my wife have saved as much as we could and still enjoy life a little for the last 15-20 years. We are hoping to retire in 7-10 years at the age of 57-60 with basicly the same income we have right now if everything works out.
If you're gonna be stupid you better be tough.
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