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Unless you got hit by a bus tomorrow, in which case it wouldn't pay off.
This is the problem with all the comments in this thread, it completely ignores the very real possibility that one dies before they hit retirement age, if that occurs then retirement savings was a complete waste.
I don't think ignores that at all but since it is not a certainty would rather be prepared.
I'd rather have some choices in my life in my 50's and beyond rather than making it paycheck to paycheck.
But again we all have to make those decisions, much like my friend sleeping in a tent.
How do you appropriately price the potential of a death before retirement? Retirement savings is a very small portion of an average income, like 15%. 85% to live in the now and enjoy life, 15% so you can have a comfortable future. This is not such a difficult concept.
Where do you folks get the money to contribute $500 to $800 a month to a retirement fund? I just don't understand it.
It's all pretty much relative to how much one makes -- However, One should probably think about a minimum of 10-15% of their gross income --Most company-sponsored 401K's also offer matching or at least 50% matching, therefore, if one makes $60K and contributes 12% pre-tax; and the company matches another 6%, then one has added about $800 per month to their 401K/IRA.
I've been gobsmacked reading all these posts. Because I'm still sitting here wondering WHY the OP is so dead-set against retiring. Good Lord, I'm actually looking forward to getting older (62) so that I can tell the job in my own sugar-coated way to go screw themselves, then enjoy LIFE the way I really want to. I really, really can't understand someone wanting to work their entire lives.
And, yes, I've been putting away money into a retirement account for many years. I won't be rolling in dough but I think I'll be fine.
How do you appropriately price the potential of a death before retirement? Retirement savings is a very small portion of an average income, like 15%.
I don't consider 15% a small portion of one's income. Also, I'm not sure how one should price such a potential, I'm just pointing out that people aren't pricing it.
Quote:
Originally Posted by maschuette
This is not such a difficult concept.
Right, saving 15% is not a difficult concept, but the question is not about the difficulty of the notion itself, but whether or not it makes good sense or not.
I've been gobsmacked reading all these posts. Because I'm still sitting here wondering WHY the OP is so dead-set against retiring.
I'm not dead-set against retiring, rather I have little interest in retiring. If you like your work and have plenty of things you'd like to do, most of which can make money, then what exactly is the point of retiring?
I can understand how some people would want to retire, but this is just my point, how one handles retirement is relative to the person, there is no one size fits all solution. The lines about saving 15% of your income, etc are tiresome.
I'd rather have some choices in my life in my 50's and beyond rather than making it paycheck to paycheck.
This comment, like most here, is creating a false dilemma. Just because someone does not save for retirement does not mean they live paycheck to paycheck. I have never lived paycheck to paycheck in my life, even when I went away to college I had a few months living expenses at any given point.
I don't consider 15% a small portion of one's income. Also, I'm not sure how one should price such a potential, I'm just pointing out that people aren't pricing it.
Right, saving 15% is not a difficult concept, but the question is not about the difficulty of the notion itself, but whether or not it makes good sense or not.
It does make good sence, tax break, investment, and security blanket for the unseen future. But maybe your right, maybe i get hit by a bus....but then it is extra money for my loved ones. Personally, i get satisfaction from saving, more satisfaction than i would get from blowing it on crap.
I'm not dead-set against retiring, rather I have little interest in retiring. If you like your work and have plenty of things you'd like to do, most of which can make money, then what exactly is the point of retiring?
I can understand how some people would want to retire, but this is just my point, how one handles retirement is relative to the person, there is no one size fits all solution. The lines about saving 15% of your income, etc are tiresome.
You are fortunate to enjoy your work so much. Most people don't, at least not enough to keep going. And more and more people are going to feel forced to keep working, which is the pits when it's against their will. (I know what I speaketh, because many of us at my place of employment are resentful because we can't retire yet as planned. It's that healthcare thing that keeps us clinging.)
My oldest brother (79) went back to work because he was bored out of his mind. Like many men of his generation he never stimulated many interests to keep himself busy. Boy, I sure wouldn't have that problem!
It's really going to take $600-700-800K in a retirement account to retire - minimum - and that's with Social Security. $1-2-3 million is much better. So you are going to have to do something!
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