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Retirement...how much and when.

View Poll Results: When will you retire and what % of your net income do you put away every year

Voters
31. You may not vote on this poll
  • 0-5%

    4 12.90%
  • 10%

    6 19.35%
  • 15%

    3 9.68%
  • 20%

    2 6.45%
  • 25% or more

    4 12.90%
  • I will retire at 50 years old or less

    7 22.58%
  • 55 years old

    2 6.45%
  • 60 years old

    2 6.45%
  • 65-70 years old

    5 16.13%
  • I will work like a slave until I die

    8 25.81%
Multiple Choice Poll.
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  1. #1
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    Retirement...how much and when.






    Retirement what % of your net income do you put away every year and at what age do you plan to retire.
    EDIT: THIS IS MULTIPLE CHOICE SO YOU CAN PICK 1 OF EACH.
    Last edited by TJ Cline; 06-22-2005 at 08:53 PM.
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    I haven't even thought of retirement because I'm doing something that I love and will hopefully be doing until I'm old and in the ground. However, I still try to save between 5-10% a year since I'm not going to get a pension and I'm pretty sure that any seniors benefits will be gone in 40 years. Since starting my own business that has become tougher - that whole pay yourself first thing doesn't work if you can barely pay your rent!
    Today I can do what others will not so that tomorrow I will do what others cannot.

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    i will retire at 41 years old then probably buy me a boat and a house in croatia and chill there, my sister already had a big apartment building there that she rents out so i plan to do the same to make some money and make my future stable...

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    well I 'm 52 and been retired for 11 yrs. Did put money away when I lived in Vegas. After I ran off with a younger lady my ex wife decided that the saving was her's. The judge agreed. So now no savings and only drawing one half of my pension as the ex also gets the other half, you can understand why I now reside in Baja Ca. Mexico. True story but Baja is like living in a candy store when you need gear. Shoppimg can be very fun

  5. #5
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    Quote Originally Posted by Tough Old Man
    well I 'm 52 and been retired for 11 yrs. Did put money away when I lived in Vegas. After I ran off with a younger lady my ex wife decided that the saving was her's. The judge agreed. So now no savings and only drawing one half of my pension as the ex also gets the other half, you can understand why I now reside in Baja Ca. Mexico. True story but Baja is like living in a candy store when you need gear. Shoppimg can be very fun
    Yet another story to inspire me never to get married again.
    That sucks Tough, it just isn't fair. We need to have a permanent don't get married thread to help these young kids.
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  6. #6
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    Shouldn't this be multiple choice so I can pick how much and when?

    Actually I am retired, I'm just doing this job to support my hobby. My hobby is paying my bills.
    Coarse edged youth, the irish pendants string from their smiles
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  7. #7
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    prolly work until I get feeble...I hate spending money, I'm a cheap ass mofo...
    So I will keep working...Even if it's a shitty part time job.

    Unless social security is up to par by then...But at this rate, it'll be much worse...so I guess i will work work work

  8. #8
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    I plan on hitting the Powerball Lotto and retiring next week
    NEVER write a check with your mouth that you can't cash with your ASS!!

    I can run faster mad than you can scared

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  9. #9
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    I had always maxed out my 401K contributions and Roth IRA contributions before. not that I am self employed I plan on maxing out my SEP contributions as well along with some real estate investments. I am definetly planning on being retired by 50, working sucks ass !
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

  10. #10
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    Quote Originally Posted by maniclion
    Shouldn't this be multiple choice so I can pick how much and when?

    Actually I am retired, I'm just doing this job to support my hobby. My hobby is paying my bills.
    It is multiple choice.
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  11. #11
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    Foreman, great thread and topic.

    At 35, I probably will not be able to retire in the U.S., but I still kee trying to save, and put as much as I can in tax-derred saving, i.e., ROTH IRA, and a 401K when I'm in the states.

    I've always believed that I should save atleast 20% of my net income when I am working in the U.S.

    Tax-deferred funs (IRA, ROTH)
    Real-estate cash flow (house rental)
    Savings and CDs.
    It's an accurate statement that our current spending will not be increasing the debt We've stopped spending money that we don't have.

    -- Jack Lew, then director of the Office of Management and Budget, in Feb. 16, 2011 testimony before the Senate Budget Committee.

  12. #12
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    Quote Originally Posted by Mr_Snafu
    Foreman, great thread and topic.

    At 35, I probably will not be able to retire in the U.S., but I still kee trying to save, and put as much as I can in tax-derred saving, i.e., ROTH IRA, and a 401K when I'm in the states.

    I've always believed that I should save at least 20% of my net income when I am working in the U.S.

    Tax-deferred funs (IRA, ROTH)
    Real-estate cash flow (house rental)
    Savings and CDs.
    Retiring outside of the USA is something I plan to do as well. You can live like a king in some great countries off a middle class American income. I started my first IRA at 18...put in the max every year, opened up a Roth IRA next and max the bitch out + a 401K and several investments in other stocks and real estate....there is no way I'm working past 49! My father deserves 100% of the credit for my early interest in financially setting up for my future.
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  13. #13
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    Quote Originally Posted by ForemanRules
    Retiring outside of the USA is something I plan to do as well. You can live like a king in some great countries off a middle class American income. I started my first IRA at 18...put in the max every year, opened up a Roth IRA next and max the bitch out + a 401K and several investments in other stocks and real estate....there is no way I'm working past 49! My father deserves 100% of the credit for my early interest in financially setting up for my future.
    Your family provided you with the best education possible--financial education. IRA at 18....smart, smart, move.

    I know a lot of people who retired in the 40s and 50s overseas and they have very good and easy lives. I have learned a lot from them.

    The US is so expensive as for housing and medical care and prescription drug costs. And these costs, are going to increase even more.

    And, if someone had to have a first-class operation for some reason they can fly to Singapore or Bangkok, for top quality and qualified treatment.

    Someone wants to go back to the US to visit family or get back to Americana for a while, easy. Just get on the plane.


    Almost everyone doesn't know how easy life is here. People would not believe how good you can life on so little.
    It's an accurate statement that our current spending will not be increasing the debt We've stopped spending money that we don't have.

    -- Jack Lew, then director of the Office of Management and Budget, in Feb. 16, 2011 testimony before the Senate Budget Committee.

  14. #14
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    bump
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  15. #15
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    Quote Originally Posted by ForemanRules
    bump

    Yes, you are doing alot of Bumping today.
    Quote Originally Posted by kbm8795 View Post
    Oh, I think Americans understand that the one thing conservatives hate the most is the idea of spending American tax money on Americans. . .in America.


    Your tax money is safe. . .in Iraq.
    Total ownage.

  16. #16
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    The new Roth 401k takes effect Jan 1 06. I plan on putting 10% every week into that. You pay taxes on it up front then it grows tax free from then on.
    I currently have a mandatory retirement and a 401k. I will add the Roth 401k to it.




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  17. #17
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    Quote Originally Posted by dg806
    The new Roth 401k takes effect Jan 1 06. I plan on putting 10% every week into that. You pay taxes on it up front then it grows tax free from then on.
    I currently have a mandatory retirement and a 401k. I will add the Roth 401k to it.
    The Roth 401k is a great idea and should render traditional 401k plans obsolete. You will have to ask your employer to add the Roth provision b/c you cannot do it yourself as an employee--it's not like an IRA, it's a qualified retirement plan provision requiring a plan amendment.

    As for myself, I plan on retiring in the next 5-7 years after I sell my company. I don't think 401k plans provide a reliable income stream to cover one's entire life.

  18. #18
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    I put away about 50% of my income each week in the form of malted barley and hops.
    If sense were common, everyone would have it.

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  19. #19
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    Quote Originally Posted by Decker
    The Roth 401k is a great idea and should render traditional 401k plans obsolete. You will have to ask your employer to add the Roth provision b/c you cannot do it yourself as an employee--it's not like an IRA, it's a qualified retirement plan provision requiring a plan amendment.

    As for myself, I plan on retiring in the next 5-7 years after I sell my company. I don't think 401k plans provide a reliable income stream to cover one's entire life.
    The city I work for is offering it.




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  20. #20
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    Saving between 15-20%. Will retire at 55 in 12 years. Good 401k program and pension where I work.

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    About 10% into retirement plans, however I see my retirement ultimately being from my company, so basically I will never really retire.

    If all goes as planned IronMagLabs will grow into a multi-million dollar empire in the next 5-10 years.





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  22. #22
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    Quote Originally Posted by Decker
    I don't think 401k plans provide a reliable income stream to cover one's entire life.
    it's not really supposed to. that's why a smart investor always has a diversified portfolio. you need money invested in stocks, bonds and cash reserves as the net effect is lower volatility on your returns.

    An older investor with a shorter investment horizon might want to allocate 60% to stocks, 30% to bonds and 10% to cash while a younger investor could probably get away with 80% stocks, 10% bonds and 10% in cash reserves.

    along with my SEP contributions I have also ventured into some foreign markets to escape having to pay capital gains on some of my investments. I haven't really figured it out by I probably invest about close to 40% of my net income right now.
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

  23. #23
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    My employer matches 3 % to the 6% I put into my 401k, so 9%.

    I haven't even thought about retiring yet though & have no guage on when I'd be able to do it.

    People always seem to die right after they retire...

  24. #24
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    Quote Originally Posted by LAM
    it's not really supposed to. that's why a smart investor always has a diversified portfolio. you need money invested in stocks, bonds and cash reserves as the net effect is lower volatility on your returns.

    An older investor with a shorter investment horizon might want to allocate 60% to stocks, 30% to bonds and 10% to cash while a younger investor could probably get away with 80% stocks, 10% bonds and 10% in cash reserves.

    along with my SEP contributions I have also ventured into some foreign markets to escape having to pay capital gains on some of my investments. I haven't really figured it out by I probably invest about close to 40% of my net income right now.
    Right now less than 37% of american businesses offer retirement plans. Those that do often provide horrible investment advice or no advice other than minimum 3 investment choices directed by Sec. 404c self-directed plans. I am in the business of qualified plans--I have a master of laws in employee benefits--and I have a company that provides third-party administration to businesses with qualified plans.

    I'm conservative to the bone when it comes to investment. I'm the type of guy who loves annuities and thinks investing in the market should not comprise more than 50% of one's assets. But that's me. Everyone's different. I know one employer who put all his retirement plan money in non-qualified assets--several lamborghinis--and he saw his investment do astonishingly well. Of course he couldn't drive the cars but that's another matter.

  25. #25
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    I sell financial coaching for a living right now, and within the next 3 years I will have a coach. Once I do, I will be able to retire within 10 years, on 80%+ of the income I make now. If I keep working that goes up substantially.
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  26. #26
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    right on premo, I am thinking about becoming a Financial Planner


    Lam- What kind of business do you have, is it something to do with mortgages?

  27. #27
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    Quote Originally Posted by Cold Iron
    Lam- What kind of business do you have, is it something to do with mortgages?
    yep...i'm a mortgage broker
    William F. Buckley describes a conservative as, "someone who stands athwart history, yelling Stop." - and then proceeds to drag civilization back to times best left in history's dungheap.

  28. #28
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    Quote Originally Posted by ForemanRules
    Retirement what % of your net income do you put away every year and at what age do you plan to retire.
    Age: 35.

    Plan to retire: I don't think I'll be able to in the U.S. - but in South East Asia I will be able to on (2005 dollars) the equilvalent of 900 USD per month.

    What I have:

    401K rollover into IRA and IRA

    Some MSFT stock bought in 1995 (not much).

    What I need to do:

    Dollar Cost Average DCA tax deffered

    DCA into index funds with low fees like Vanguard

    Purchase a total of 4 residential real-estate homes to rent out in the future for a) appreciation and b) positive cash flow.

    NOTE: I don't want to pay into Social Security because I will lose money.

    Will I actually do this?

    I don't know.

  29. #29
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    Quote Originally Posted by ForemanRules
    Yet another story to inspire me never to get married again.
    That sucks Tough, it just isn't fair. We need to have a permanent don't get married thread to help these young kids.
    A buddy of mine was married for 11 years. After about 15 or so years in the Navy when he got divorced (he was still in the Navy, planning on putting in 20 years) his wife, who has a lot of money, and more money than him, could have got about 43% or so of his pension. She refused it, because she didn't need it.

    My buddy said some guys did a full twenty years in the military and after the court's calculations were giving the ex 50% until she dies or gets re-married, they didn't even apply for retirement. They walked away with nothing.

    Forget that folks.

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    bump
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