Realistically, when do you think you can retire?

OK OK you were scaring me for a second. I am also not depending on SS, I am just stating it will be there.

Yes, I rolled over 4 times in my life, not a problem.........multiple people I know just spent that money.

I might be in a bag too..........mountain bike accident, fell off a cliff, rolled a Tacoma down a 45° hillside......

 

Yea....I have a pair of 401s that need to rolled into our investments. But they have been earning well, so left them alone. Still holding their own, but I should get off my butt to do the roll over.

 

This is possible of course, look at Polaroid for one.

That said, my current workplace I cannot see leaving anytime soon at least.

 

Provided I dont absolutely screw something up, option to retire at 43. Realistically closer to 50 to have more of a safety net.

Dual income, no kids is the way to be.

 

Before the foundations came to the rescue and the unions agreed to the 4.5 % and other cuts, Detroit pensioners were looking at at least a 50% cut. I’ve read it could’ve been upwards of 80% or more.

Moral of the story, don’t rely on anyone but yourself for your financial well-being. If work-based and Social Security is still available when you retire, they should be considered excess income outside your retirement budget.

Start now, put what you can in your own plan.


https://www.michiganradio.org/post/...pension-funds-could-trip-other-municipalities

 

I've actually been of this mindset for a while now. I don't see pensions or retirements as a reliable source of income. It's best to put in the work you can do yourself and make your own savings plan based on your income budget.

 

Tomorrow I guess, but it’s better to have health insurance paid for. And working isn’t so bad.

 

Yes true in some ways.

But not working for someone else tastes so really good.

 

Here’s a question about retirement. When are you going to take SS. I don’t need it so I was thinking at 62 to invest it. Yes you get more the later you collect but you also pass up years of collecting.

 

For sure. I work for myself. Wife’s job provides the health insurance.

 

There is something to be said for this but watch that tax bite if you have other income.

 

Exactly. My company is pretty generous with the 401K match so I drop a lot in there.

I agree. One reason I've stayed put is the pension which yes, anything is possible, but I would be shocked if my company ceased to exist is all I prefer to say here (ask on DM if you like though).

Plus the insurance is good and I have a FSA that I get a nice contribution from them, plus drop in several thousand pre-tax a year. If I leave that money is still mine.

 

There are lots of opinions on taking the bigger amount vs the smaller/earlier amount. I believe if you plan to live a long time because you're in good health, you actually end up making more money by taking it early.

 

Luckily i married a gal that was financially responsible. She made sure that we were ready for this stage of life. All the years i was working , getting home late , overtime are now paying off. I have a pension , SS and plenty of investments. Then one day i was in a gas station and a friend bought some lottery tickets . I had never bought any , but did . I spent a hundred bucks and won a lil over 250 grand. I haven't bought a ticket since.

 

Living right!!

 

Lol yeah. All i could do to keep from getting a new Tacoma.

 

Me: "Welcome to Walmart!".

 

The capital gains would have been an ass kicker.

 

Why in the world would you want to retire?
Work is fun. No where in the Bible do people retire.
Retirement started in Germany. When a evil politician saw that those who would resist him were all over 65 or so.
I have a nice "retirement" account but I don't ever plan to stop working.
Everybody I know who stops working, gets sick and miserable. The heck with that!

 

I agree with most of that. My body was worn out after 40 years at UPS. Jumping in and out of that truck took its toll. Its playtime now.