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.
I’ll be honest, I do keep 5% in PMs, just because I’ve always read very successful people do it. If they do it, there’s a reason. So I kinda just go along. It’s not my retirement plan, just a back up plan. Propup is correct about Venezuela and it’s monetary crisis.
However 25% or more a year in a 401/403 along with maxing a Roth is a ideal successful position to be in. I cannot quite make it to those levels yet, but I think I will in the future when my spouse goes back to work.
I’ve also never liked or felt comfortable with the fine print under the retirement plans information section that reads: Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
Nah, I just have that kind of face. Seriously, I've been rodentraiser all over the internet since I got my first computer (first one that would run) back in '05. That name was given to me by my coworkers one place I worked at and I've never changed it.
Sarcasm is my middle name, though.
I was thinking you were the poster from a high cost of living area, Maybe Bay area or Seattle who seemed in a rut and didn't know how to get out despite the good advice from posters on City-Data forum. Maybe he or she won the lottery and bought an island and is too busy to post.
I max out 401K and catch-up contributions, plus I pay a bit more on my mortgage to position myself to pay that off at retirement. That's the best I can do for now.
I was thinking you were the poster from a high cost of living area, Maybe Bay area or Seattle who seemed in a rut and didn't know how to get out despite the good advice from posters on City-Data forum. Maybe he or she won the lottery and bought an island and is too busy to post.
Well, could be me. I tend to get crabby or ignore most people who like to lecture me about what I "should have done" because it's so hard to go back in time. Maybe it's easier now than it used to be.
I'm a she and I am from the Bay Area, but I left almost 20 years ago. Would go back in a heartbeat if I could afford it, though. But I'm in a pretty good place now. Not rolling in money or anything, but at least I have some hope for the future. It was looking pretty dark there for a while.
I am saving money right now (not this freaking month, though - because, Christmas) and it goes into a savings account that pays about .01% interest. I simply don't want to lock it up long term at this point in time.
We no longer are "saving for retirement" as we've been retired for 8 years. We do save what we have left over from our income each month. What is "left over" is widely variable, as some months, like this one, we pay a few annual expenses (like car insurance, health club membership, etc) in a lump sum rather than the monthly installment way. So some months we are fully spending our regular monthly income, others we can put away about 20% of our retirement income into short term savings/emergency fund, to be used later for some of those lump sum payments, a home project or repair, or big splurges like a cruise vacation. We like to keep the balance in that account at a sum equal to about 25% of our annual income, but it fluctuates.
The OP asked how we structured our income in retirement.
60% = his and hers pensions
20% = his SS
20% = vacation rental income
I will try and hold off on taking my SS until I reach FRA (about 7 more years). We reserve my equity investments as a backstop for health emergencies, major purchases like a car, or unknowns.
FYI, OP, no harm in asking but many in this forum don't like talking about their finances.
What do you intend to do with the information you do get?
I think you might be in the minority camp there. Most people here like to boast about what awesome savers they are and how modest of a lifestyle they lead
I am very frugal...dont spend much money at all...and i dont have a family to support and I live with my parents.
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.
Seriously, I've been rodentraiser all over the internet since I got my first computer (first one that would run) back in '05. That name was given to me by my coworkers one place I worked at and I've never changed it.
