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 04-16-2010, 11:39 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,546 posts, read 39,924,861 times
Reputation: 23663

Advertisements

I started saving for retirement at age 15 (working 3 jobs), left home at 16, got full eldercare responsibility of a disabled parent @ 18, so the party was over for next 30 yrs. I did learn the value of having LTC insurance (which my parent did not have).

I kept living off my part-time jobs most of my life and banked / invested 100% of my full-time paycheck. Bought my first house at age 19 and was at property #20 by the time I pulled the plug at age 49.

Not rich by any means, but also not keen on being employed. Currently health care and property tax expense alone is 10,000x my hourly pay when I was age 18. (i.e. = 5 yrs wages). I live on less that those 2 expenses (includes food, clothes, transportation, house payment, entertainment)

Lesson: start saving much earlier than age 15! or... consider another place than USA to retire... maybe Bangladesh or Dominican Republic.
Reply With Quote Quick reply to this message

 
Old 04-17-2010, 05:32 AM
 
Location: Tampa, FL
27,798 posts, read 26,200,766 times
Reputation: 14611
Started at the age of 27 after earning my college degree and working fulltime - full contribution to IRA and also separate mutual funds. Saved well over 20% of my paycheck for retirement.
Reply With Quote Quick reply to this message
 
Old 04-24-2010, 03:42 PM
 
Location: Tampa, FL
27,798 posts, read 26,200,766 times
Reputation: 14611
8-great-companies-to-retire-from.html: Personal Finance News from Yahoo! Finance (http://finance.yahoo.com/focus-retirement/article/107923/8-great-companies-to-retire-from.html?mod=fidelity-changingjobs - broken link)

No reference to military retirement - 20 yrs gets you 50% of your salary for life, usually starting at an early age (40's) - with a cost of living adjustment as well as medical care for you and your family. Great deal serve your country then be rewarded.
Reply With Quote Quick reply to this message
 
Old 04-24-2010, 05:06 PM
 
Location: Texas
2,847 posts, read 1,958,565 times
Reputation: 1747
Quote:
Originally Posted by Rita Mordio View Post
I'm just curious if my situation is abnormal.. or the norm for people here.

When I was 16, I got my first job and opened my first bank account. With the account, I got a savings account, checking account, and fee-free IRA. Without any financial obligation, I put a large portion of my check into the IRA, $50 into my checking, and the rest into savings.

Now, I'm 20. I got a better job and I've got financial responsibilities with my apartment... so I'm putting a lesser percentage (but around same amount) into the same IRA. I recently got a letter stating that because I've been so good about keeping my eye on the IRA, they're raising my interest rate!

So my question is: when did you start saving for retirement?
keep it up. you have the right program. I started much the same when I was 18. Now 61 and retired and quite comfortable. Do not count on others or the government. Do it to and for yourself, you will not be sorry.
Also I retired 20 years ago at 41.
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