zeke
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Peekaboo slot 2023
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Post by zeke on Mar 12, 2017 16:15:10 GMT -8
More in my IRA than others in my age group, and I also get Union pensions.
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balzaccom
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Waiting for spring...
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Post by balzaccom on Mar 12, 2017 16:19:28 GMT -8
Way, way over average--and no debt. But then, I am reasonably good at playing Monopoly. All this was planned since our first daughter was born more than thirty years ago.
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Post by Sleeping Bag Man! on Mar 12, 2017 16:20:33 GMT -8
I am not familiar with this word......"retirement"
Sounds French
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Hungry Jack
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Living and dying in 3/4 time...
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Post by Hungry Jack on Mar 12, 2017 19:52:04 GMT -8
Yikes
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tomas
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Post by tomas on Mar 13, 2017 4:59:56 GMT -8
I'm having a very tough time believing that people have that little saved for retirement.
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kenv
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Post by kenv on Mar 13, 2017 6:22:24 GMT -8
My 401K is way ahead of the curve presented in your link (60 - 69 age bracket.) Plus I have a lifetime pension that I'm already drawing on, plus I have an annuity quite a bit larger. And essentially no debt. Mortgage is paid off and cars are paid off. I did buy some furniture on credit, but that account has zero interest. Based on my parents' age I figure I'll reach the high 90s and maybe low 100s if I continue to take care of myself. So I plan to work till at least 70. Maybe longer. So I should be good to go at retirement time. I'm having a very tough time believing that people have that little saved for retirement. Oh I believe it and considering that's an average, half the people have LESS than that saved. Many very likely zero. They will be totally dependent on Social Security, which was never designed to provide a comfortable living, but rather bare survival. And then they'll scream "How does anyone expect me to live on Social Security!!" and demand more. It'll be the $15 minimum wage battle all over again.
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desert dweller
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Power to the Peaceful...Hate does not create.
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Post by desert dweller on Mar 13, 2017 7:46:04 GMT -8
Terrible and I don't care. I'm fully ready to become a vagabond relying solely on Social Security and meager savings. I have no kids or anyone to envy or be concerned about my disposition. I plan to work for 8 more years and start collecting SS benefits of about $2400 a month. I can certainly live on that. I'll spend my last days, if I live that long, in a VA old guys home reminiscing about my spent youth, the many fantastic relationships/friendships I've had and recounting every trail I've hike till I can no longer remember my name. If I'm lucky I'll have that heart attack on some remote trail, fall off the cliff and land in an area where no one will ever find my body. After my older brother and mom die, I'll tell my two nephews know that if they don't hear from me for a couple of years, I'm probably dead.
Sound dreadful? Not at all. It's the life I've chosen. It's a selfish one. But, it's mine.
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rebeccad
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Writing like a maniac
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Post by rebeccad on Mar 13, 2017 7:51:55 GMT -8
desert dweller I don't think it sounds selfish. You have a plan, and you don't have dependents, so why feel bad that you don't plan to die rich? As for us, our retirement is in pretty good shape, which is good, because the spouse has set the date. I will quit my job then so that we can travel freely, though I'll keep writing. Which almost pays for the coffee habit that fuels that writing...
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Deleted
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Post by Deleted on Mar 13, 2017 8:45:40 GMT -8
My 401K is way ahead of the curve presented in your link (60 - 69 age bracket.) Plus I have a lifetime pension that I'm already drawing on, plus I have an annuity quite a bit larger. And essentially no debt. Mortgage is paid off and cars are paid off. I did buy some furniture on credit, but that account has zero interest. Based on my parents' age I figure I'll reach the high 90s and maybe low 100s if I continue to take care of myself. So I plan to work till at least 70. Maybe longer. So I should be good to go at retirement time. I'm having a very tough time believing that people have that little saved for retirement. Oh I believe it and considering that's an average, half the people have LESS than that saved. Many very likely zero. They will be totally dependent on Social Security, which was never designed to provide a comfortable living, but rather bare survival. And then they'll scream "How does anyone expect me to live on Social Security!!" and demand more. It'll be the $15 minimum wage battle all over again. Actually, the medians are quite a bit worse than the averages (page 8): Individual Retirement Account Balances, Contributions, Withdrawals, and Asset Allocation Longitudinal Results 2010–2014: The EBRI IRA Database
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reuben
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Post by reuben on Mar 13, 2017 10:12:07 GMT -8
I'm having a very tough time believing that people have that little saved for retirement. Me, too, but I also personally know some who have far less, as in 0. All good people. Sometimes life isn't fair. Sometimes we have bad luck, do stupid things on our own, or just don't care all that much, like dd (not saying that that's a bad thing). Lord knows my life has taken some wild and long swings over the decades. Nothing wrong with being a dirtbag backpacker/camper/hiker/fisherman/climber either in youth, or in our twilight. desert dweller seems content, as does markskor , reveling in his dirtbagness. Dirtbaggedness. Dirtbaggyness. You know what I mean. That reminds me. After buying hikerjer a beer on his trip, I need to stop by Tuolumne Meadows to deliver some beer or whiskey or something to the guy with the grey ponytail behind the counter before heading of to the desert to quaff an ale with DD. Oh I believe it and considering that's an average, half the people have LESS than that saved. No, that would be the median, not the mean (average).
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Hungry Jack
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Post by Hungry Jack on Mar 13, 2017 10:51:09 GMT -8
I'm having a very tough time believing that people have that little saved for retirement. That was my thought, and the provocation for my "yikes" comment. I have not saved nearly enough (hoping to change that) but apparently am well ahead of the "curve." To be honest, my father and father in law have accumulated staggering amounts of savings. Barring something unforeseen, my wife and I will not have to worry about anything (we plan as if otherwise). Both were professional types (my father an academic heart surgeon; in law a corporate HR executive), but I tend to think that things were a bit easier, or maybe simpler for them. The stock market returns during the 1980s and 1990s were extraordinary (17.6%, and 18.2% annually). That's phenomenal. And this was the peak earning time for each of them. If each of them had started 1980 with a $40,000 portfolio, they would have ended the millennium with $1.095M in assets. So any person who invested in US stocks during this time is likely in very good shape. I don't expect that situation to ever repeat itself. I would be happy with 8% annualized.
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toejam
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Hiking to raise awareness
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Post by toejam on Mar 13, 2017 11:17:07 GMT -8
I'm much more afraid of running out of life than running out of money.
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amaruq
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Call me Little Spoon
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Post by amaruq on Mar 13, 2017 11:56:55 GMT -8
After converting to Canadian dolleridoos, I find myself looking in two directions. Being 29.6 years of age, I'm somewhat straddling the arbitrary groupings.
I'm either being compared to people up to nine-years my junior of whom I have vastly more or people up to nine-years my senior of whom I'm a few grand short. Better the latter, I suppose.
That being said, at my current age I'm thinking that I don't plan on a 'hard' retirement. Maybe short work weeks, employer willing. Engineering is soft enough on the body (barring unforeseen circumstances) to keep at it for as long as the mind allows.
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reuben
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Post by reuben on Mar 13, 2017 12:05:24 GMT -8
I would be happy with 8% annualized. 7% and you double your money every 10 years. Not that investments work smoothly like that (other than bonds in some cases). The good news is that it's an exponential function, which beats the heck out of linear. So - playing the odds, just put as much away as you can as early as you can. Let time work for you. Better late than never. No guarantees, however. On the other hand, I may decide to become a late-in-life desert dweller, head southwest to meet DD, and help a grey-bearded dude out on a cross-country bike trip along the way. Far worse could happen. Heck, I may just move to southern Chile someday. Far worse could happen.
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reuben
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Post by reuben on Mar 13, 2017 12:31:14 GMT -8
Having lost literally everything in '08, I'm pretty sure my retirement will be in cheap tents. S'ok. I know a bunch of backpacking people. S'ok. We got extra tents and stuff.
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