U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 01-09-2012, 11:48 PM
 
Location: In my view finder.....
8,521 posts, read 13,991,872 times
Reputation: 8079

Advertisements

What kind of advice would you give to the "under 40y/o crowd" as it relates to planning for retirement?

It could be anything related to saving more, pay off debts, enjoy life more,etc..........



Share your wisdom with us.



Thank you and your years of service is appreciated!

Last edited by Ron.; 01-10-2012 at 12:22 AM.. Reason: typo
Reply With Quote Quick reply to this message

 
Old 01-10-2012, 12:15 AM
 
Location: Los Angeles area
14,018 posts, read 17,744,100 times
Reputation: 32304
This has been said by others in other threads, but here is my own summary of the message. Avoid the extremes.

One extreme would be spending everything you make, and then some. No thought for tomorrow, after all you'll have Social Security, won't you? If you can't enjoy life, what's the point of it? I'm all for enjoyment, but living on Social Security alone can be pretty miserable, depending on the particulars of one's situation. Avoid this by giving some thought to retirement and by making a habit of saving.

The other extreme would be saving every dime that doesn't go for food, shelter, and other absolute necessities. One doesn't travel much because that will happen during the wonderful retirement years for which one is saving like a fiend. Ditto with other hobbies of the expensive variety. Well, one might develop serious health problems, especially after 60 or 65, which make it impossible to do the things one has dreamed about. Avoid that situation by living life fully as you go. Yes, save some, but also spend some on things you really enjoy. After all, some people die before they reach 65 (or any other given age).

And above all, the best chance of enjoying retirement is with a healthy and active mind and body, so take care of yourself. Stop smoking, drink only in moderation, eat in a healthy manner (extremism not required), engage in some kind of regular physical activity, control your weight before it gets way out of hand, and try to get enough sleep even if that's not possible every single night. These practices are not only with retirement in mind, but will make possible a more energetic and enjoyable life during the younger years as well.
Reply With Quote Quick reply to this message
 
Old 01-10-2012, 04:44 AM
 
10,139 posts, read 23,299,590 times
Reputation: 8290
Practice acceptance.
Reply With Quote Quick reply to this message
 
Old 01-10-2012, 05:26 AM
 
701 posts, read 1,532,099 times
Reputation: 792
Quote:
Originally Posted by Wilson513 View Post
Practice acceptance.
I would agree with that.

I think the best advice I got was to pick a partner I wanted to grow old with. Not that there is any assurance you will get to do that, of course.
Reply With Quote Quick reply to this message
 
Old 01-10-2012, 05:48 AM
 
Location: SW MO
23,605 posts, read 31,492,863 times
Reputation: 29076
Don't put off living today with the expectation that you'll have most of life's adventures once you've shuffled off the coil of having to work for a living. You may not live that long!
Reply With Quote Quick reply to this message
 
Old 01-10-2012, 06:00 AM
 
Location: Florida
2,291 posts, read 4,948,319 times
Reputation: 5236
Pay yourself first, invest in a 401k at work, open an IRA, have a systamatic investment plan and let the money grow.

And, enjoy your younger years, getting old ain't for sissies!

To me, if you don't plan, you plan to fail.
Reply With Quote Quick reply to this message
 
Old 01-10-2012, 07:35 AM
 
Location: Virginia
18,717 posts, read 26,917,465 times
Reputation: 42861
1. Some people are able to work their whole lives. Some people are able to work into their 70s, and even beyond that. That's great, but......

Don't assume that you will be one of those people.

Maybe you will, or maybe you won't. Maybe your body will have other news for you. (Or... maybe your employer or unforeseen circumstances will force you into retirement). It's fine to plan on working until your 80s if that's what you want to do, but be prepared just in case that doesn't work out.

2. I know I'm obsessing on this quite a bit right now, but be aware that your spouse may die before you. Therefore:

a) Make sure both of you know important information such as a master list of all investments. Have it all written down somewhere and then put that information in a secure place. Make a will.

b) Your spouse may be all the companion you need in your younger years, but I think it's important to make a few additional friends as we get older, or at least have a group of friendly people who are glad to have you around (even if its just for superficial chit chat). They won't replace your spouse, of course, but they're an important part of getting through the senior years of life, especially after a spouse dies. IMO, of course.
Reply With Quote Quick reply to this message
 
Old 01-10-2012, 07:45 AM
 
Location: Center City
6,861 posts, read 7,806,872 times
Reputation: 9487
1. Save for the future but enjoy life along the way.
2. Enjoy the work you do, but invest your love in people. Your job cannot love you back.
3. Start exercising while you're young and never stop. You only get one body and need take care of it: If you start now, you'll be glad later.
Reply With Quote Quick reply to this message
 
Old 01-10-2012, 08:06 AM
 
Location: Virginia
18,717 posts, read 26,917,465 times
Reputation: 42861
Quote:
Originally Posted by jm02 View Post
1. Save for the future but enjoy life along the way.
2. Enjoy the work you do, but invest your love in people. Your job cannot love you back.
3. Start exercising while you're young and never stop. You only get one body and need take care of it: If you start now, you'll be glad later.
1. Excellent advice.
2. This one is even more excellent. I very much agree with this.
3. And this one is the most excellent of all. Great list!
Reply With Quote Quick reply to this message
 
Old 01-10-2012, 08:17 AM
 
Location: Tennessee
34,691 posts, read 33,700,331 times
Reputation: 51915
Envision your retirement as a new adventure in life and not just an escape from your job. Give a lot of thought to what you want to do with your weekdays. You've probably been living your non-worklife at night and on the weekends. There will be a shift to day time activity in retirement to fill some of those 35 - 40 hours when you used to be on the job. What will you do with yourself? What can you do during the week where you live? Investigate that. You might be surprised at what activities are available in your area during the day that you never paid attention to before. If you plan to move in retirement also look at that as a new adventure and not just as an escape from some intolerable condition (harsh weather, relatives, traffic, taxes, cost of living, rude people, crime, etc.). What do you like to do and where can you do it with frequency, variety and with the quality you expect? If you are just looking to escape from location or job, the thrill will wear off pretty quickly and you'll be asking yourself in a few months, "Now what do I do with myself?" A happy retirement is not just about financial planning.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top