Retirement Planning

I'm curious to see how many people here are saving for retirement, and what your plan looks like?

I recently opened up a ROTH IRA and a traditional IRA through USAA Financial. I rolled one of my old government accounts (not fully vested) into my traditional 401K, and I just opened the ROTH so I can kick some change into as my income raises.

This is all in addition to my companies 401K which I contribute 6% with a dollar for dollar company match up to 6%. The mutual funds I choose were primarily oil and pharmaceutical companies.

 

I have my standard 401K. I put in 8% and my company matches 5%. I also get stock awards from my company as long term compensation and those are kept in an investor account. My wife and I have also invested in real estate. We have bought a couple properties in the Philippines as long term investments. A house we bought a few years ago has appreciated theoretically by almost 40%. Who knows what the market will look like when we want to sell, but for now we are doing well.

I have considered putting more money into the stock market either through direct investment or mutual funds. I always find a reason not to, but one of these days I should.

I am still at least 20 years from retirement so who knows what other schemes I might get into.

My mother has a unique way of making money in her retirement. She buys state tax liens. She seems to make pretty good money at it and it seems like a pretty sure bet because if you don't collect the cash from the tax lien you can foreclose on the house.

 

I put 15% of my corporate pay (3% employer match) into a 401K plus 15% of the adjunct pay from one of my adjunct gigs. I have considered switching that to 100% this year for the adjunct gig. My former employer (a large medical company) had a pension plan and I worked there for 13 years. If I retire at 55 and start to draw from it I will get $780 per month, if I wait until 65 I will get $1,750 per month.

 

I have a 457b (gov't employee version of a 401k), a modest state pension (current crop of politicians are trying to kill it but that's the topic of another discussion), some old fashioned savings in a savings account, and some real estate purchased for investment.

I doubt you'll see me shopping at a Mercedes dealership the next time I need a car but I should be able to maintain a nice, modest lifestyle. No complaints.

 

lol.......

 

For American culture, that is 1% chance. lol

 

39, and the goal is to retire when I'm old enough (59) to start collecting my 401K. I've got 12 years in the military, and just made Major. If I get out as a Lieutenant Colonel right at 20, I'd get a little over $4.2K per month in retirement before taxes, with medical covered.

My 401K through the Air Force (Thrift Savings Plan) is diversified between a couple of pretty aggressive plans. Minus the 2008 crash year, both plans have averaged 14-18% return over the last decade. Even if that levels out to around 10% between now and retirement, I still should have enough in the account to collect equal to the Air Force retirement without running out of money before I kick off

If I retire at 47 from the Air Force, I'm hoping to make enough on the civilian side for those 12 years before full retirement that I can just bank the Air Force check, and pay cash for 2 retirement houses when I turn 59. One in a cool weather location (Pacific Northwest or Colorado) for the summers, and warm weather (SC, GA, or FL) for the winter months.

$7K or so per month (not taking into account inflation, which we get COL adjustments for each year) and the houses paid for should be enough to be comfortable on. I'm not even bothering to figure SS into the equation.

 

I hit 19 years on Active Duty with the military this summer and have a small retirement check coming whenever I decide to punch. Besides that, I contribute to IRAs for the wife and me as well as to my TSP account (think 401k for government employees). We role the wife's retirement accounts into her IRA everytime I get transferred and she has to change jobs.

At 38, I am still a long way away from real retirement.

 

I am currently 29, but will be 30 on this Friday. I do not see I will be retiring anytime soon. I just started 401k because of having kids and family. Before, I did not I believe I would live pass the age of 67. I do have about $150,000.00 in saving, but hope to purchase a house next year in Texas by paying cash. So, I do not have to worry about mortgage. Which that can help me not paying $400,000.00 interests in 30 years on a house. I am getting my Ph.D to hope that I can teach part-time to save that money for retirement. As for my generation, I do not rely on social security at all.

 

That's a pretty good chunk at that age. Maybe not a mansion, but that will get you a pretty nice house in all but a few areas of Texas.

 

I am looking at similar to this one for $177,700. URL: 18527 Regatta Road, Humble TX - Trulia

 

Darn nice house, TEKMAN..and huge, by our standards. It's almost 3 times the square footage of my son's house, built in 2007. Would cost maybe 3 or even 4 times the price shown in my part of Canada. We've had neither the benefits nor the plagues of a "sub-prime meltdown."

Johann

 

Just realized - it's 1600 sq.ft. bigger than both my sons' houses, combined!

Johann

 

I am planning to die at my desk.

 

Can I have your cherished red stapler?

 

Retirement is where working for the Feds pays its dividends.... Once age and service equal 85 (with at least 30 years service), I get 70% of my salary as pension (though I'm 16 years away from having 30). Though right now, I cannot see me getting to that service - while I have a very good career, I'm disillusioned by the organization I work for and am looking for alternatives.

 

Mine is grey and probably made in 1950. It never jams, it will punch through a board and in a pinch would make a very good weapon. Yes. When I die you can have it.

 

Airtorn,


Why do you need his stapler for? It can't protect you...but your Second Amendment does.

[video=youtube;_tRYJuQnNLY]http://www.youtube.com/watch?v=_tRYJuQnNLY[/video]

 

Wow! But at least real estate in Canada not bad at all.