Retirement Planning

Discussion in 'Off-Topic Discussions' started by NorCal, Jun 10, 2013.

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  1. Ted Heiks

    Ted Heiks Moderator and Distinguished Senior Member

    I'll have to check with Chip regarding the moderators' retirement plan.
     
    Ted Heiks, Jun 11, 2013
    #21
  2. SteveFoerster

    SteveFoerster Resident Gadfly Staff Member

    Location, location, location.... :wink:
     
    SteveFoerster, Jun 11, 2013
    #22
  3. airtorn

    airtorn Moderator

    He's been matching my 401k contributions.
     
    airtorn, Jun 11, 2013
    #23
  4. Ted Heiks

    Ted Heiks Moderator and Distinguished Senior Member

    So, Chip has been matching airtorn's 401k contributions and he has Kiz's retirement invested with the Illuminati. Where's my retirement, Chip?
     
    Ted Heiks, Jun 11, 2013
    #24
  5. ryoder

    ryoder New Member

    I put 5% of my pay in and my employer doubles it and adds 4% of my pay to a pension so I am socking away 14% yearly. That may need to accelerate as I am in my late 30s now. I do have a rental property that will be paid off in 15 years providing some extra income, probably $1500 monthly by then but there are other costs like insurance, taxes, and repairs.
     
    ryoder, Jun 11, 2013
    #25
  6. Johann

    Johann Well-Known Member

    When? Just curious -- and joking, of course. :jester:

    Johann
     
    Johann, Jun 11, 2013
    #26
  7. Johann

    Johann Well-Known Member

    Prices have gone very high - fuelled at least in part by unheard-of low mortgage interest rates. Rates are about half what they were when I retired, paid-off the balance of $2,500 and sold my last house (1993). When rates return to normal --as they have to, at some point, there will be a "day of reckoning."

    It won't be a wholesale slaughter, as it was in the US; our Government doesn't stand for "sub-prime" banking antics. Those are not a danger. My prediction: Prices will decline -- not by all that much. Some say 20%. I think considerably less - maybe 10-12%. Then prices will be relatively flat -- for maybe as long as 10 years. Then they will take off again. It's happened before.

    I just have no idea when all this will happen. :question:

    Johann
     
    Last edited by a moderator: Jun 11, 2013
    Johann, Jun 11, 2013
    #27
  8. Johann

    Johann Well-Known Member

    Since Chip is likely still mulling over his reply, Ted - here's a suggestion. Sock away $10 every time you feel like posting on DI. You'd have over $109,000 in the retirement kitty, so far. Lord! Even I would have more than $11,000! More than 30K if I could get "transfer credit" for my postings elsewhere!

    Just joking, of course. :jester:

    Seriously - just giving up 2 German beers a day (they're expensive here) has saved me $13,000 in the past 8 or nine years --and yes, I managed to put every penny of that away (and then some.) Then again, I'm already retired - for 20 years now - so I have time to figure this stuff out. :smile:

    Johann

    Auf Wiedersehen, Herr Grolsch, Herr Beck und Herr Holsten! :jester:
     
    Last edited by a moderator: Jun 11, 2013
    Johann, Jun 11, 2013
    #28
  9. NorCal

    NorCal Active Member

    What does your investments translate too? (Stocks, Bonds, Mutual Funds, Garbage Pale Kid Collectable cards, ect . . .)

    Currently I'm in a 50/50 split, Stocks & Mutual Funds; pharmaceutical and oil. If that doesn't work I'm going to put all my effort into donating sperm; I hear you can make good money hand over fist. . . .
     
    Last edited by a moderator: Aug 11, 2013
    NorCal, Aug 11, 2013
    #29
  10. Maniac Craniac

    Maniac Craniac Moderator Staff Member

    I recently had nearly 3/4 of my savings wiped out from certain events in my life. While I'm frustrated to see all that work just disappear in a flash, I'm also glad I had the money to cover it all- in essence, my savings accomplished exactly what I intended it to do as I was saving.

    That does mean that I have little left to put towards retirement, but I'm working on it. I throw money into my Roth whenever I can and aim to, soon, have enough stability and income so that I can fully fund it each year.

    Ultimately, my plan for retirement is as follows:

    1) Fully fund that darn IRA, every single year.

    2) Buy a meager place to live. Not a house, no. A small condo or coop. Or a trailor :thinking:. Probably not a trailor, but you get the idea. I have a fair bit more Thoreau in me than Trump.

    3) Have job skills that I can apply to per diem or freelance work. I think this is key. Even as a "retired" person, if I needed to work 1 day per week or even once every few weeks, it would be very helpful to have the ability to do so. If all else fails (inflation, tragedy, the social security debacle) and my savings isn't enough, I can still do a little here and there to get by.

    4) Eat healthfully and exercise regularly. The lower my healthcare bills, the more easily funded retirement will be. Also, the healthier I am, the more able I am to work (as per above) if necessary.

    5) Be nice to people and have a lot of friends. Call that a contingency plan ;)
     
    Last edited by a moderator: Aug 11, 2013
    Maniac Craniac, Aug 11, 2013
    #30
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