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Someone retires when they're almost 71 and you say best advice so far and then you get upset when I challenge that assertion?!
That would be ohio_peasant who said best advice, not me. I'm not responsible if other people here like what I've said and I'm certainly not responsible for what ohio_peasant has written. You might want to learn how to read and interpret quotes in forum posts.
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Most people working that long do so out of necessity, not by choice. Most people would like to be retired long before they are 71. Better advice for someone young is to plan for retirement now so you don't have to work until your 70's.
The OP asked for advice, and I gave my own experience and whatever wisdom I've gained from living it in an attempt to help. You're the one who decided to attack me for apparently giving what you consider bad advice. I've never claimed everyone's experience is going to be the same or that my experience is golden wisdom coming down from above. You're the one judging what I've said and done, not the other way around.
I'll leave it to the OP to decide whether what I've said is of value to him.
Dude, calm down. We all (try to) make desisions that are best for us. Sadly, for too many, they have no savings and must work until they drop.
AlaskaErik was judging my advice to the OP as bad advice - if you doubt that, reread my post and his response to it. No problem, since he's now on my ignore list.
I certainly agree. I don't believe I implied otherwise.
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Originally Posted by fluffythewondercat
Working for idiots doesn't suit everyone's temperament, either. Who do you think is going to look after your best interests, you or some spineless manager?
Why must you be so binary? Not all bosses are idiots. Not all employers are bad.
Is it not possible to look out for one's own interests by working for someone else? Why must it be so all-or-nothing?
Why the name calling with "spineless" just because someone doesn't do things as you do?
Is there really only one best way?
I know someone who "works for himself' and he's old and broke and still working out of necessity. I'm 20 years younger and work for someone else, but could live ok for years without a paycheck. There's more than one way to skin a cat.
And stop whining about "being an introvert" and other inconsequential crap.
Actually, I think introverts are better about being prepared than the populace at large. People writing early retirement blogs are almost exclusively introverted.
AlaskaErik was judging my advice to the OP as bad advice...
How unfortunately easy it is to wade into controversy!
It’s really a tortoise-and-hare scenario. The essence of the matter, I think, is that even if we start young, save vigorously, invest wisely, and arrive at middle-age enviably high net-worth, good health, no debts and minimal expenses, well, even then, retirement remains dicey. Whatever the constrains or indignities of work, a steady paycheck confers so many benefits, material and psychological.
Assuredly, we shouldn’t rely on remaining healthy-enough and productive-enough to keep working into our 70s. But those who manage this, even if starting late, even if frittering away their youth, have something of an advantage over the overachieving-kid who studies hard, graduates from law-school at 24, makes partner at 30, litigates and wins a blockbusters case at 40, and burns out at 45 – even as a multi-millionaire.
Social Security is based on an average of qualifying earnings over 35 years. If employee #1 earns $200K/year for 20 years, and then retires, but employee #2 spends his 20s playing video-games, then awakes at 30, earns $60K/year for the next 35 years, and then retires – well, guess who gets a larger payout, upon reaching age 65? The typical defined-benefit pension works similarly.
Comfortable retirement isn’t congruent to the building of wealth. The two have some overlap, but only some. Much of the “game” favors delay and forbearance, rather than good initial positioning and vigor in early-life.
Just over a generation removed from college, not quite a generation before full retirement age, I’m overwhelmed by how long life really is. I have coworkers who weren’t even born when I officially began my engineering-career. I have coworkers who are old enough to be my parents. Why do humans have to live so long? Why do humans have to fret so much?
Someone retires when they're almost 71 and you say best advice so far and then you get upset when I challenge that assertion?! Most people working that long do so out of necessity, not by choice. Most people would like to be retired long before they are 71. Better advice for someone young is to plan for retirement now so you don't have to work until your 70's.
Although many lawyers, doctors, professors, and politicians among many others including some self-employed people, do enjoy working to age 71 and way beyond 71 into their late 70's and 80's.
This is probably sort of inconceivable to former military, those formerly in public sector jobs, physical laborers whose bodies wear out and others who often retire at 55 or sooner.
Last edited by matisse12; 01-18-2018 at 07:23 PM..
so I am 31 now and started my 401k. it has 6% match and I am adding 10% in from my own income.
after I am done remodeling my house, I am thinking of saving and buying an apartment or town house and renting it out, so in 20 - 30 years, I can refinance to whatever I have left and have more residual income
thats about it. Not sure what I should do. I was wondering if you all have advice, please share the knowledge
I feel like I started off way too late and I should have started in my early 20s. BUt having a rough start, i am starting in my 30s
Don't worry I had to start over from zero in my 40's, but I saved/invested like a warrior & retired in 20 years or so.
- don't ignore the Roth IRA, it will probably be revoked in coming years & it can save you a lot of money in your later years by bringing you to a lower tax bracket
- after investing in all sorts of things in the beginning, (men believe they are investment geniuses when they learn the basics & try to get fancy & ultimately lose $, I did a bit in the beginning too & you will see a lot of the bitcoin "geniuses" lose out in the future too) use low cost market index funds & never pull your money from them when the bottom drops out, it's scary but buy more S&P500 shares when the market crashes, & you don't need any bonds until you are probably late 40s/50s.
- don't smoke tobacco
- Real estate is excellent but requires time, effort, & maintenance, don't put all your eggs in the RE basket in case RE loses value just as you are looking to retire: diversify
-finally, don't neglect having fun & traveling now & doing what you want to do when you have the chance
Live beneath your means. Start contributing to your 401k as early as you can even if it's a small amount. Over time your can contribute more. Buy used cars. If you buy a new car then pay it off early and own it no less then 10 years. Don't have credit cards. Buy and pay off your home. Have an emergency saving account.
... - Real estate is excellent but requires time, effort, & maintenance, don't put all your eggs in the RE basket in case RE loses value just as you are looking to retire: diversify
If you own Real Estate hoping that it appreciates, then if prices drop will be disappointed. I agree.
Real Estate that I have owned, I never considered appreciation. Each property brought with it income, they paid for themselves, they sheltered my salary income from taxation, and they built equity.
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Originally Posted by pll
... Don't have credit cards. Buy and pay off your home. Have an emergency saving account.
In the 1970s getting a CC was difficult, today it is easy. Things have changed.
Today vehicle rental pretty much assumes that you have a CC to begin the process.
I have had CCs for many years, I see them as an asset.
You never want to carry a balance on them. Pay them off completely every month. The problem some have with CCs is when they carry a balance and begin charging interest.
We use our CCs for those rare emergencies. Instead of having a savings account.
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