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Personally, i get satisfaction from saving, more satisfaction than i would get from blowing it on crap.
That's your choice if you wish to spend it on crap, rather than spend it on something that will bring you a happier death, more peace of mind in the face of a vastly reduced income.
As they say: Nothing brings you closer to eternity than travel.
With my continual uncertainty that I wouldn't live long enough to enjoy world travel, I've traveled the entire globe, just to make double-sure I saw it all
before my first retirement check hit my mailbox.
Now? I've seen it all! Won't need that extra money anymore.
And who wants to climb around Greek ruins, Macchu Picchu, climb the Great Wall at 65?
That's a helluva lot of work, will you have the strength to do it at 65?
Now, now, now, is the time to do it, don't postpone it one single second, unless you plan to travel on cruise ships!
Last edited by tijlover; 11-12-2010 at 08:56 PM..
Reason: add phrase
You don't need to go to hell, I mean Vegas, to find a lower cost of living. The mid-west is very cheap, you can easily find a house in a nice small community for under $100k.
I find it interesting that people assume they will have the option to keep working until the day they die. In in most companies interest to weed out older workers to save costs. Older workers tend to be paid more because of their experience and time served and, cost more in health care related expenses so, its in most businesses interest to get rid of older workers at a certain point. So, you might enjoy working and want to work but there is no guarantee that you won't be let go. Not a problem for me since I have never wanted to work and plan to retire by 63. You can never have too much money saved. There are always unexpected expenses and, if you don't have decent long term care insurance, you stand a good chance of spending your savings to pay for home care or custodial care for yourself or spouse eventually. I'm not someone who lives a frugal lifestyle to become wealthy but, you have to put away a good bit of income to deal with the realities of old age--its never pretty those last couple of years.
I come from a family where no one retires... they just start slowing down.
Mom's side are all farmers... there is always something to do on a farm for any age or ability.
Dad was in his 70's getting chemo and dialysis and would get real annoyed when he couldn't get 7 am appointments... he said he had a business to run and people depending on him... it kept him going till his last 6 weeks.
My idea of retirement is the ability to pursue what interest me without having to answer to someone...
Last edited by Ultrarunner; 11-12-2010 at 10:40 PM..
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.
Worked for a long time... since I was 12 paying into Social Security.
Never worked for a place that matched 401k's... I've heard such a thing exisits... no one in my family or extended family has the advantage of a 401k match either.
After years of dismal 401k results with 8 funds to choose from and high management fees... I opted out...
We're living in a global word today, it will catch up with you if you go overseas, guaranteed!
With the real estate market crash in AZ & NV you can pick up a retirement place there cheaper than you can in Mexico or elsewhere.
And groceries. On a par with oil worldwide. First thing I did when eyeing potential places to retire in Mexico, Central and South America, check out the grocery stores. And? Prices cheaper in the U.S., thanks to heavily subsidized agriculture.
Oil prices? Cheaper here, unless you go to Venezuela.
There are investors picking up quality 1300 SF townhouses in a well-managed townhouse complex here for as little as $25k. Find a bargain like that in Mexico, ain't gonna find it!
And for another culture, we have Mex-town in North Las Vegas and our Chinatown district.
Good points, my Dad does charity work in Nicaraugua where people make a dollar a day, and he says gas prices there are higher than here.
That's your choice if you wish to spend it on crap, rather than spend it on something that will bring you a happier death, more peace of mind in the face of a vastly reduced income.
As they say: Nothing brings you closer to eternity than travel.
With my continual uncertainty that I wouldn't live long enough to enjoy world travel, I've traveled the entire globe, just to make double-sure I saw it all
before my first retirement check hit my mailbox.
Now? I've seen it all! Won't need that extra money anymore.
And who wants to climb around Greek ruins, Macchu Picchu, climb the Great Wall at 65?
That's a helluva lot of work, will you have the strength to do it at 65?
Now, now, now, is the time to do it, don't postpone it one single second, unless you plan to travel on cruise ships!
I work hard, save hard, and invest so i can be financially independent by 40, then i can do all those things and have a nice retirement. I know i'm sacrificing my youth, but its better to bust @ss while my @ss can take it.
I work hard, save hard, and invest so i can be financially independent by 40
I absolutely love to see attitudes like this and wish you the best, but keep some balance man. If for some reason you don't make it by 40 and have to work until 50, you might look around and really regret not having taken advantage of your youth a little more.
We're aiming for financial independence by mid 40s, good luck to you my friend I hope you hit your number.
boy mid 40's.hope you can do it.that would be fabulous..whether you decide to work or not isnt the issue,its that if you do work its because you want to not because you have to. it makes a big difference in attitude.
Worked for a long time... since I was 12 paying into Social Security.
Never worked for a place that matched 401k's... I've heard such a thing exisits... no one in my family or extended family has the advantage of a 401k match either.
After years of dismal 401k results with 8 funds to choose from and high management fees... I opted out...
Over the years (retired in 2008), I workedd for 4-5 companies, none of which ever matched LESS than 50%. Perhaps times are changing -- We never invested less than 12-15%, which to some seems high. The way to do it is to increase one's deferred 401K/retirment savings gradually out of raises and promotions. The deferred part means that one doesn't pay taxes until they actually start withdrawing funds (after retirement).
I was certainly not satisfied with 401K performance and fees either. The overall value always seemed to drop faster than it ever went up. However, one can roll their company 401K over into their own self-managed IRA. Since I'm not much of a portfolio manager, I found some annuities that guaranteed a 6-7.5% income-based return (plus keep the underlying investment) -- If one invests those (say 10-years away from retirement)-- they will have a guaranteed income for life at retirement!
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Matching 50% of 401K
