Retirement Thoughts

Discussion in Retirement Plans started by Gavin • Aug 27, 2014.

  1. Gavin

    GavinMember

    Joined:
    May 27, 2014
    Threads:
    13
    Messages:
    76
    Likes Received:
    13
    Reading about people who have had some anxiety about being in their 30's with nothing saved up.

    I'm in the beginning of my thirties and am working on a strategy to build up enough money to retire comfortably. I have some friends who are older that think I'm foolish for doing so, but I don't think my life style reflects who they are, and their life style doesn't reflect who I am. I'm a saver and a math kind of guy. I like to have money and spend it wiseley. My years of partying have passed and I have a daughter and wife to think about and a house I want to pay off.

    With all that said, no matter how old you are or how young, its never too early or too late to start a plan to bring about a conclusion that you want. You have to go into the first forty thinking about the back forty. If you have a rough go at the beginning of a game, does not mean you aren't able to win at the end. So, retirement is out there and I hope it happens for everyone. You have the ability to shape your own future. You are your own you. You're the one who is ultimately responsible for what you do and how you do it.

    People will try to convince you to sometimes save a lot or don't save at all. Friends will come along with crazy vacation ideas that might not match up to what you're capable of doing. Don't fall for those traps. Enjoy the good times, have fun! I mean yes of course have fun, but don't have fun to the point that you're paying 20% interest to Visa on your fun.

    That's harder said than done sometimes. Our entire lives are about growing up and changing and one day we have to acknowledge we're past our prime. That's false a terrible lie! Your prime is now. Every time you draw a breath you have a chance to do something. In order for you to get better at spelling, you spelled words. In order for you to get better at math you had to study. In order for you to get better at finance you have to spend, save, lose, gain and most of all find someone dependable to teach you. Budgeting, investing and spending. It should be as simple as a swipe of the debit card, but its not. Its really not.

    You're your own you. Today is a good day to put some money away. Even a dollar can become a million with the right steps involved.
     
  2. Parker

    ParkerWell-Known Member

    Joined:
    Mar 31, 2012
    Threads:
    38
    Messages:
    2,118
    Likes Received:
    59
    The sooner you start saving the better off you will be. You can retire with a sizable retirement fund early. It's smart to be not overly concerned about what you friends are doing.

    I started saving early for retirement, but I hit some bumps along the way. I wish you better luck. It seems like you have a great head on your shoulders.

    I also don't plan on fully retiring anyway. I will not punching someone's time clock. I will be running my own business or ventures. I want to stay active as I can.
     
  3. MindyT

    MindyTActive Member

    Joined:
    Sep 24, 2013
    Threads:
    11
    Messages:
    341
    Likes Received:
    7
    I don't think I will ever retire. I might work less hours, but I think it is my responsibility to stay active in the community and earn my own money. I don't want to rely on everyone else, just myself.
     
  4. CoolCat

    CoolCatMember

    Joined:
    Aug 23, 2014
    Threads:
    13
    Messages:
    80
    Likes Received:
    17
    I'm 27, and I'm working hard on my retirement fund already. I currently have 14% of my salary going into my 401k, and my company gives me a match of 3%. I'm extra lucky because my company offers both a traditional 401k and a Roth 401k, so I can split my contribution and get the benefits of both. (The employer match has to be done as traditional 401k funds, because you aren't paying tax on it when you receive it.) I know that my expenses are at their lowest right now, because I don't have kids or a mortgage yet, so I have the most freedom to contribute. I also know that my contributions now will be worth a lot more than the same amount in 20 years, so I can feel good about it.
     
  5. deathbyprayer

    deathbyprayerActive Member

    Joined:
    Mar 14, 2014
    Threads:
    58
    Messages:
    869
    Likes Received:
    18
    Yeah I'm already almost 21 and I still can't find a job that would make me financially stable. Almost all of my jobs either pays me enough just to cover my expenses or pays big but once you get it the tax deductions just soar out of the freaking window. But I do save a lot of money now it's better to save a few thousand dollars each year than nothing at all.
     
  6. beccagreen

    beccagreenActive Member

    Joined:
    Aug 16, 2014
    Threads:
    15
    Messages:
    375
    Likes Received:
    7
    I'm already in my 20's and ever since I hit my 18th year in this planet I started to save up for my retirement. I don't want to work for the rest of my life. My plan is to retire at the age of 40 or 50 so I have a lot of work to do for the next 20 or so years. It's really good if you start saving up as early as possible. That's what most people get wrong though, they tend to spend their money as soon as they got it which is really not good for the future.
     
  7. CoolCat

    CoolCatMember

    Joined:
    Aug 23, 2014
    Threads:
    13
    Messages:
    80
    Likes Received:
    17
    Out of curiosity, how are you saving several thousands of dollars a year if you don't have a job that makes you financially stable? Don't you need to have enough money coming in to actually cover your taxes before you can set some aside for later? Also, if you are 20 and having trouble finding suitable employment, I would consider going back to school in some manner. Even going to a community college or taking a certification program can make a big difference if you have a clear goal in mind. 20 is too young to be set in a direction that won't take you where you want to go.
     
  8. Denis Hard

    Denis HardWell-Known Member

    Joined:
    Sep 22, 2013
    Threads:
    991
    Messages:
    4,335
    Likes Received:
    790
    Instead of saving early I'm focusing on investing early. I'm thinking that if I start making money from whatever investment pays off, instead of working till I'm old, once I'm sure that I can get enough money to live on [from the investments] I could retire early and that's exactly what I'm aiming for. For those of you who want to retire early, why not just invest your cash? In ten or 15 years you could be seriously thinking about retiring.
     
  9. H.C. Heartland

    H.C. HeartlandActive Member

    Joined:
    May 8, 2014
    Threads:
    246
    Messages:
    874
    Likes Received:
    148
    No matter how little a person makes, it is wise to set some aside in savings. My husband and I have several CDs that make hardly anything interest wise but the money is locked in and cannot be used. Once we put something away like that, it is as if we have already spent the money and it is gone. I don't know if it just helps my state of mind, knowing that we have something set aside for a rainy day or what - but I think its a good idea to do it. There are CD's out there where you can put in as little as 500.00. Mind you, you will only earn enough to pay for your gas going up to the bank to take it out - but like I said, its a way to save and not allow yourself to take out of it. My parents are still working and they are well into their 60s, so I am assuming I will be doing the same. But we never know when our health might give out and not allow us to work like we would like. Its nice to know we have something to help us get by while we find something else that will enable us to work. Everyone has to retire at some point, but I think the hardest part is knowing how to start and a little 'nest egg' for retirement can help us all not go into debt doing it.
     
  10. Gavin

    GavinMember

    Joined:
    May 27, 2014
    Threads:
    13
    Messages:
    76
    Likes Received:
    13
    This little thread exploded and I'm really excited about it.

    I think I'll go into detail with some of the specifics in other threads, but the idea that 10% of your income to savings and 10% to retirement in your 20's is a good one. I started my own retirement accounts when I was 24. Before that I was living pay check to pay check and ended up with a lot of debt.

    There's still a little bit of debt but there's a lot more life. I have an account that makes about 13% a year. Another account is in its infancy and is pushed to aggressive mutual funds. That made about 79% this past year. That is NOT standard so I'll probably move it once its sum is something more substantial. My wife has a couple of accounts and they make up a pretty small amount of money but I do believe any amount is a good amount. We're entering our 30's and outside of people on forums like this it seems like we are truly in the minority of people who make visits to financial planners, have a will as well as an accountant and the such. Without the professional help we'd probably be with 40k worth of debt instead of a house, paid off cars, investments and like 20% of that.

    Our big issue now is student loans. My wife is still in school and as any woman might know, when you have the first baby and you work full time and now you try to go to school full time its a slow process but one she wants to complete. Here's to fighting the good fight.
     
  11. jmoriarty630

    jmoriarty630Banned

    Joined:
    Aug 31, 2014
    Threads:
    0
    Messages:
    39
    Likes Received:
    0
    While it is never too early to start thinking about retirement, I think that it needs to be a long term goal. It's great to have anything set up and prepared, and have some goals about what your financial situation should be the moment you decide to retire, what age exactly should you be, etc. However, I see more and more people starting to think about retirement too early, which I don't think is a good thing.
     
  12. ReDGuNNeR

    ReDGuNNeRMember

    Joined:
    Sep 1, 2014
    Threads:
    3
    Messages:
    60
    Likes Received:
    1
    Everyone I know is retiring later and later these days because they didn't save up enough for their twilight years. I highly suggest that everyone think and start planning about their future. Open up a Roth IRA account, look into some long-term SAFE investments. It's NEVER TOO LATE and should not be ignored. Even if you don't have your dream job it doesn't mean you should put this off. You don't need your own financial planner in order to make small steps to financial solvency in your future.
     
  13. iam911

    iam911Member

    Joined:
    Apr 8, 2012
    Threads:
    15
    Messages:
    53
    Likes Received:
    0
    I just started working, and I already have plans to start saving for my retirement. However, before I start saving, I want to pay off my student loans first. I think it's a better option to be cleared of debt before trying to save. I am also starting an emergency fund that will last me about 6 months, so if I lose my job or get in an accident, I will have that to fall back on. After all of that is done, I plan on maxing out my Roth IRA, while contributing to my 401k up to the amount that gets matched by my employer, which is 6%. I also plan to retire later so that I can get the most out of my retirement.
     
  14. Sweetkymom

    SweetkymomActive Member

    Joined:
    Mar 3, 2014
    Threads:
    64
    Messages:
    361
    Likes Received:
    9
    I'm in my early 30's and I started my 401k just 6 years ago. I put 2% of every payday in it. Its not much but then again, I have a crappy job and don't make much. Something is better then nothing. I do hope to get a better job and put in a better percentage and have company matching.

    With everything the way it is, I don't see there ever being a way to retire with a comfortable amount of money. The economy is only getting worse, not better.
     
  15. ACSAPA

    ACSAPAWell-Known Member

    Joined:
    Jul 10, 2012
    Threads:
    52
    Messages:
    3,093
    Likes Received:
    240
    I haven't even started saving for retirement yet because I'm saving for my daughter's college education. I have to make sure she's squared away before I can worry about myself.
     
  16. deansaliba

    deansalibaActive Member

    Joined:
    Nov 7, 2012
    Threads:
    5
    Messages:
    816
    Likes Received:
    29
    I have been planning my retirement since I was at school and yet I have done NOTHING to save towards it yet, and I'm 36 this month! I'm not too worried about it as I'm going to start saving towards it when I'm 40, I'm going to put money into various ISAs (individual savings account), plus I'm going to smuggle some money away into micro loan sites that are very reputable.

    Then when I'm old and wrinkly, I'm going to cash it all out and buy a lovely little bungalow in a little seaside town in East Sussex called Seaford and live out my days by the sea. :)
     
  17. Strykstar

    StrykstarActive Member

    Joined:
    Apr 6, 2014
    Threads:
    140
    Messages:
    721
    Likes Received:
    7
    I'm 28 with a baby on the way and I'm definitely feeling that anxiety as well - If I didn't save for retirement until now, how will I manage to now that my expenses will go into overdrive?
    It's definitely a weird feeling to have, especially still being quite young, but I'm sure everything will turn out alright :)
     
  18. TuRon Davis

    TuRon DavisActive Member

    Joined:
    Aug 10, 2014
    Threads:
    26
    Messages:
    207
    Likes Received:
    8
    I don't worry too much about future finances because I plan to be retired by the age of 40. With all of the mega millions that can be made online today, I don't see the need to plan on working until 50-60. Unless I own a lucrative business, I will be making my income solely online once I find a business that works for me. In any event though, the quicker you start saving, the more you will have.
     
  19. Colebra

    ColebraActive Member

    Joined:
    Jul 15, 2014
    Threads:
    81
    Messages:
    334
    Likes Received:
    29
    I think people should focus on creating assets.

    I see a lot of people wanting to invest, and they are given the most ridiculous advice ever: "You should let a professional handle that"
    It's YOUR Money. Why would you put all the responsability on someone else?

    Even if you end up seeking the advice of a professional, you still gained knowledge. And Money is all about knowledge...

    I also wish I had waken to this reality a bit sooner. 30's are coming soon.
     
  20. Timetrvlr

    TimetrvlrMember

    Joined:
    Oct 4, 2014
    Threads:
    13
    Messages:
    55
    Likes Received:
    3
    Many people have the goal of buying their own home while young and paying it off before retirement. It's a good strategy because most first homes are purchased with low down payments and the balance is financed. Assuming that home prices will increase over the long term as they have since WWII, it's a pretty good investment.
     
Loading...
Similar Threads - Retirement ThoughtsForumDate
The Best Time To Start Saving For Retirement.Retirement PlansNov 6, 2017
Never Saved For Retirement, Now What?Retirement PlansSep 6, 2017
What Is The Right Age To Start Saving Up For Retirement?Retirement PlansAug 10, 2017
Not Allowed To Link Retirement Accounts.Retirement PlansJan 26, 2017