I'd be interested in hearing what everyone thinks or have been told what their retirement savings need to be? 500k, 1 mil, 2 mil... I know it's age dependent.
Retirement thread
- Thread starter CloneGuy8
- Start date
I spent the last 12 years of my life coaching and teaching at one of the highest paying public school districts in Texas... Working from 6:30am to 6:30pm most days...Football Season it was more like 8 and gamedays were more like 12 or 1... teaching AP Biology, Coaching Football, Wrestling, Softball, driving Buses, Working the Clock at Basketball Games and doing Summer Camp...
my top salary after 31 years was 83,000... and my best 5 year average was around 81,000...
My Public School Pension is worth 55,000 before taxes... I'm 56, so I still have plenty of life left, so I went and got a Private School teaching job for 55,000 a year...
So for the next 10 to 12 years I'll make 110,000 or better working 8-3:30... no coaching...
I'll be totally out of debt, including the house payment and the kids college loans in 4 years... I'll spend the next 8 years making our house what Natalie and I want it to be for the rest of our lives...
With no debt, and my 55k and her 403b + pension from Chevron... we should be ok the rest of our lives...
I mention this only because Scott Walker in Wisconsin and Greg Abbott in Texas are doing everything they can to destroy Public Employee Pension Systems... It's so awesome when Millionaires tell people who make 82k when they are at the top of their profession, that a decent retirement is just too expensive...
I took less than my classmates over 31 years in part because of the Pension package at the end of it...Take that away and why would anyone do this job?
my top salary after 31 years was 83,000... and my best 5 year average was around 81,000...
My Public School Pension is worth 55,000 before taxes... I'm 56, so I still have plenty of life left, so I went and got a Private School teaching job for 55,000 a year...
So for the next 10 to 12 years I'll make 110,000 or better working 8-3:30... no coaching...
I'll be totally out of debt, including the house payment and the kids college loans in 4 years... I'll spend the next 8 years making our house what Natalie and I want it to be for the rest of our lives...
With no debt, and my 55k and her 403b + pension from Chevron... we should be ok the rest of our lives...
I mention this only because Scott Walker in Wisconsin and Greg Abbott in Texas are doing everything they can to destroy Public Employee Pension Systems... It's so awesome when Millionaires tell people who make 82k when they are at the top of their profession, that a decent retirement is just too expensive...
I took less than my classmates over 31 years in part because of the Pension package at the end of it...Take that away and why would anyone do this job?
But I agree with what you're saying that they should just be able to tell you by your age or something like that.
Like when you're 40, you should have $45k or something like that if you want to retire when you're 55. At least we'd know if we were ahead or behind.
I'd like the option of investing my social security, too. Who knows what the government is doing with it, now. I read earlier in this post that 11% is what you should guesstimate for an annual return. Is there a way to see what Uncle Sam is earning with our SS money?
LOLOLOLOLOLOLOLOL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I would love to save more, but basically all of my wife's take home pay goes directly to daycare costs for our kids. I'm also one that is of the thought that I would rather spend my money while I'm able to do things that are fun and fully be able to enjoy them. No reason to save up all your money for retirement and not be able to fully enjoy it. And if I end retirement(die) with a considerable amount of money still in the account what was the point of it all?
I fully believe people should be saving for retirement, but all these people that say you should sock it all away and miss out on things while able bodied are, in my opinion, thinking about it all wrong. (Ok, I'll get off my soap box).
Did you see that post from Chris with the spare change website?
Just something to think about if they're really talking about taking your pension away.
It would go to your wife/child. Seems fairly worthwhile.
What type of stuff are you doing now that you couldn't do when you're 55? Unless you're laying carpet for a living, I don't think 55 is wheelchair territory.
Okay, so I signed up for the spare change thing. Do you think that's a decent way to save?
I'm pretty into finances too. I read a lot of Motley Fool, so I guess you could call me a "hobbyist," of finances if there is such a thing, lol. I go to Vanguard's web site and read sometimes but haven't pulled the trigger on doing anything.
Any advice for a 37 year old state employee outside of IPERS? I currently have around 75K but I have loans against most of it but I still count it, lol
It sounds like a really good way to save to me. Chris does it and I think he got $5 from anyone who signed up and mentioned his account, just like the DishNetwork deal.
As far as what else to do, I don't have any idea. I'm a novice at this. I'm glad there are people on here who are helping with ideas.
One thing that I don't understand with compound interest is why they don't figure it more than once a year. Seems like it would benefit everyone if they did it quarterly.
Or am I missing something?
Just about everything is more enjoyable during my late 20s/early 30s than I assume it would be in my late 50s/early 60s. I'm not saying I wouldn't be able to do it, just that I'm pretty sure I can enjoy it more now.
I look at my parents right now, they are nearing retirement and at that late 50s/early 60s spot in their life. They are definitely slowing down and having some body integrity issues. They've also been ones to have saved pretty decently for retirement, but have always spent their money on trips and whatever they really wanted. They always have done multiple vacations every year since I've been out of highschool and even when I was younger we always went on trips and did things.
I think you're missing something. Most of my credit cards compound interest every day, seems like the balances increase very quickly that way.
I get what you're saying, but I think the key is to not go crazy, which is doesn't sound like you are. You're still saving.
I have a friend who is trying to sell me a small alpaca herd right now. I think 12 qualifies as a herd.
He knows my family has a few acres to keep them and he says that I won't have to worry about retirement at all if I manage them correctly. I've never even had a pet, but I'm 99% sure I'm going to do it. He said their meat is really lean and will replace beef in most restaurants. I doubt it goes that far, but their fur is also in demand for jewelry.
If anyone has interest in them, let me know and I'll get you his info.
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I thought that the good interest only accumulates at the end of the year.
Maybe the banks/credit card companies are able to compound the bad interest daily because they have more time?
I've thought about getting a part time job now that my kids are older and just putting 100% of what I earn from the part time job into retirement.
I wonder if that might be how Chris got started on CF.
Anyway, the only thing I'm lacking right now is the actual part-time job. If I could make $10/hour and work 10 hours a week, I'd be looking at another $5200 a year. That would go a long way especially if I could get the interest to compound.
I wonder if that might be how Chris got started on CF.
Anyway, the only thing I'm lacking right now is the actual part-time job. If I could make $10/hour and work 10 hours a week, I'd be looking at another $5200 a year. That would go a long way especially if I could get the interest to compound.
here you go everyone...enjoy this...and by all means, make all of your current decisions based on this.
https://www.ssa.gov/oact/STATS/table4c6.html
https://www.ssa.gov/oact/STATS/table4c6.html
I'd say start a side hustle that interests you over going to work for the man for 10 hours per week for $10 per hour. Do something you enjoy. And if you aren't worried about living off it, anything you do make is gravy. Plus you'll actually enjoy the work!
I've been listening to financial independence/early retirement (FIRE) podcasts and reading some and I think retiring in 5-10 years (I'm 35) is definitely within reach assuming I can knock back my expenses to $35-$40k per year (not sure that's something I want to do) but outside of continuing to focus on our real estate portfolio - I have no idea what I'd do with myself.
