Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
No kidding. We've got a ways to go, but we just got our SS projections not too long ago. Personally, we don't trust SS and have completely factored it out of our retirement planning. However, if it remains solvent, we will get enough to pretty much cover our mortgage and living expenses on SS alone. Of course, we live in a mid-sized city in the South. I personally don't know how retirees in California or the Northeast manage. The COL in those places is off the chain.
The two easiest things to save money are to never get married or have children. Both of those will suck the life and money from you.
As with other posters, getting married supercharged our personal finances. Not only did two high incomes mean we could save more, it reduced our overall financial risk and allowed us to be a little more aggressive with our investing. With the bull market of the last several years, it has really paid off.
The topic, based on an article shared is "why everyone should save like they'll retire early"
That means: singles, couples, widows, widowers, divorced, engaged, with kids, without kids, homeowners, apartment dwellers.
- Those who read the article and think saving simply cannot be done are in denial. It can be done. Even a little at a time in the beginning starts to add up. It's a matter of priority.
- Those who claim few people get RIF'd/furlough'd/laid off/fired or whatever other euphemism one chooses to use, and may not be able to get back into the workforce at a comparable level in their 50s, are in denial. I know people to whom it happened. It's actually a fairly common occurrence.
- It doesn't matter what your job is or how special or valuable you are, the article is about why saving is important.
- No one has to retire early if they don't want to, but if someone finds themselves without a job, as inevitably some do, they'll never be sorry they have a nest egg, and if they're in the financial position that they don't need to work anymore at all or don't need full-time employment, they're in a good position.
- Those who read the article and think saving simply cannot be done are in denial. It can be done. Even a little at a time in the beginning starts to add up. It's a matter of priority.
- Those who claim few people get RIF'd/furlough'd/laid off/fired or whatever other euphemism one chooses to use, and may not be able to get back into the workforce at a comparable level in their 50s, are in denial. I know people to whom it happened. It's actually a fairly common occurrence.
- It doesn't matter what your job is or how special or valuable you are, the article is about why saving is important.
- No one has to retire early if they don't want to, but if someone finds themselves without a job, as inevitably some do, they'll never be sorry they have a nest egg, and if they're in the financial position that they don't need to work anymore at all or don't need full-time employment, they're in a good position.
Yup. To your point:
When I was single, my first job out of college paid literally at poverty level. So I took a second job and got a cheap apartment within walking distance of my office. Every dime I made at the second job went into savings. It meant I didn't have cable TV. It meant I read a lot of library books. It also meant I didn't go out to eat (Spend $6 a day on fast food x 200 working days a year = $1,200. In after-tax income, that's really closer to $2,500). But I managed to pay my bills and have something left over every month. So when the transmission went out on my car, I could pay the bill without hitting up my mother.
Another instance? Just the other day, I got a statement from one of my 401ks. I literally worked at this job a year and had matching contributions made by my employer. I'm pretty sure when I left, the total amount in the thing was $2,500. Never added another dime to the account. Never gave it another second of thought. The only thing I've ever done is notify them of my changes of address. Twenty-five years later and it's sitting at $27,000--something like a 10% annualized return. Move the calendar another 15 years at the same rate (Always a dangerous assumption but, hey, let's go with it for fun), and that $2,500 is sitting at somewhere around $113,144.
As with other posters, getting married supercharged our personal finances. Not only did two high incomes mean we could save more, it reduced our overall financial risk and allowed us to be a little more aggressive with our investing. With the bull market of the last several years, it has really paid off.
That only works with 2 high incomes and both being on the same page with regard to finances.
A non-working spouse, or a spendthrift, will have the opposite effect on your finances.
That only works with 2 high incomes and both being on the same page with regard to finances.
A non-working spouse, or a spendthrift, will have the opposite effect on your finances.
Depends on the life situation. For example, when we had three kids in short order, it made zero sense for my wife to work. Essentially she would have been going to work to pay for daycare, her business attire, and the wear and tear on the car while commuting. Instead, she stayed at home, tended the kids, and kept the house running smoothly. The first day our youngest entered first grade, my wife got a part-time consultancy gig. It was like rocket fuel to our finances.
And, of course, a spendthrift is an impediment in any marriage.
As with other posters, getting married supercharged our personal finances.
Quote:
Originally Posted by Serious Conversation
As long as people stay married, married households tend to have higher net worth than singles or just cohabitating couples.
Good marriages are better than being single, in so many matters, including savings and path towards retirement. Bad marriages are inferior to just staying single.
As with nearly all matters, so much is contingent on one's geographic area, and the local economy. Let's suppose that fortune smiles on Serious Conversation. He furthers his career, gets a more lucrative job, saves and invests. Whom would he marry? Who is available in his local market, who'd be a suitable partner, in finances/career/values, besides of course the other matters of intimate partnership? Indeed, one might argue, that the better that Serious Conversation does for himself as a single-person, the further he "prices himself" out of the market.
This nowise implies that a single-person should desist from saving money! But it does complicate the dynamics of saving-for-two vs. saving-for-one. Indeed, in some cases it is better to vigorously segregate one's romantic dalliances from one's retirement strategy.
The topic, based on an article shared is "why everyone should save like they'll retire early"
That means: singles, couples, widows, widowers, divorced, engaged, with kids, without kids, homeowners, apartment dwellers.
- Those who read the article and think saving simply cannot be done are in denial. It can be done. Even a little at a time in the beginning starts to add up. It's a matter of priority.
- Those who claim few people get RIF'd/furlough'd/laid off/fired or whatever other euphemism one chooses to use, and may not be able to get back into the workforce at a comparable level in their 50s, are in denial. I know people to whom it happened. It's actually a fairly common occurrence.
- It doesn't matter what your job is or how special or valuable you are, the article is about why saving is important.
- No one has to retire early if they don't want to, but if someone finds themselves without a job, as inevitably some do, they'll never be sorry they have a nest egg, and if they're in the financial position that they don't need to work anymore at all or don't need full-time employment, they're in a good position.
That sums it up perfectly.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
