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Please be aware that your retirement is not guaranteed. I have had a couple of friends cash out (die) between 45 and 50 years old from heart failure. Several more are living with cancer. I suggest you work enough to cover current expenses, your kids college and possible business start up costs and worry less about your future.
I strongly suggest living now because the future is not guaranteed.
Why save for your kids college when they might not live that long? Or save to startup a business, those fail at an exponentially high rate ?
Why save for your kids college when they might not live that long?
Time to raid the college funds! Those racing quad copters aren't going to buy themselves.
I'm just going to leave this for copy/paste purposes later...
Dear relationships forum, it looks like my wife is leaving me due to financial reasons. How can I make sure she doesn't go after the remaining college funds for our kids?
thanks for the congrats. now that i am here myself i can say " you can't freakin ever save to much " i don't think anyone without a pension ever walked out of that last day of work and didn't think to themselves gee i wish i saved more .
it depends upon your income and your out-go. If your current annual income is half a million, you could be saving 10% of after tax and you'd be really well off, eh? If your salary is 50k, gross, with 2 kids, you're starving, just to get ready for their college. and you'll probably have nothing at all for retirement. Maybe a paid for house (that you might well be unable to sell).
I confess that I didn't read this entire thread. I vote for saving as much as you can. If you don't want your kids to inherit too much of your savings, give some of it to charity or put it in a trust for the grandchildren. It's your money; you can do whatever you want with it.
Life expectancy in my family is pretty high; I have an uncle who just turned 92. My dad died at 82, and he smoke and drank for most of his life. My grandmother died at 87 from lung cancer after smoking for over 50 years. I have to plan to live until at least 95. If I retire at 70, that means I'll possibly live another 25 years. Even $1 million doesn't seem like enough when you're looking at that kind of time. I'm scared that I'll eventually need long term care as well, but the cost of a long term care insurance policy? Forget it.
Mathjak107, congratulations on your retirement! I hope you can enjoy many years of leisure and happiness!
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