Retirement

Found something interesting online. Figured I should share:

https://www.fidelity.com/viewpoints/retirement/8X-retirement-savings

I should be close to 3x, but my retirement accounts are just above 2x.

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Comments

N2IT

Fantastic post.

Thanks for sharing, I have been on it for a long time. Since my days with the DoD, I've been socking away into a 401k and maxing out my Roth every year since I was 18 (except for 2 years were I was unemployed), I am 39 now.

I see it now, my father retired after a long career from the DoD as a GS 14 and now he is in his late 70's and that money isn't going as far. In fact my mother still works as a COBOL program and her extra 140,000 year is their saving grace.

Blink and few times and retirement will have arrived.

pramin

As a general rule you should plan on being able to having yearly "income" during your retirement years as much as you do during your working years.

Also make sure you are debt free as much as possible when retired; especially your mortgage should be paid off.

IT-Fella

What is that on the boat's deck on the picture - a huge iPhone?

higherho

N2IT wrote: »

Fantastic post.

Thanks for sharing, I have been on it for a long time. Since my days with the DoD, I've been socking away into a 401k and maxing out my Roth every year since I was 18 (except for 2 years were I was unemployed), I am 39 now.

I see it now, my father retired after a long career from the DoD as a GS 14 and now he is in his late 70's and that money isn't going as far. In fact my mother still works as a COBOL program and her extra 140,000 year is their saving grace.

Blink and few times and retirement will have arrived.

Bank on that TSP and of course the government offers a pension plan on top of it. It is hard to get that pension plan in the private sector (finance sector and high grossing IT companies offer it that I know of). Max a govy can get is 80% of there annual salary if they stay in for 40 years. 70% if you stay in for 30.

N2IT

@ higherho True they were on the pension plan and had a 401k, I believe they were on FEHR's? Does that sound right?

I believe White Castle, Federal Reserve and Starbucks all offer a pension still. Just an FYI

markulous

IT-Fella wrote: »

What is that on the boat's deck on the picture - a huge iPhone?

Good eye.

higherho

N2IT wrote: »

@ higherho True they were on the pension plan and had a 401k, I believe they were on FEHR's? Does that sound right?

I believe White Castle, Federal Reserve and Starbucks all offer a pension still. Just an FYI

Yes I'm on the FERS system you have to pay into your pension but its only like 4%. They match on the TSP/ ROTH I think up to 5% I forget I need to check my account.

anhtran35

I'm going to retire overseas. Cambodia; Thailand; Vietnam. I use to live in B Huts and Connex housing in Iraq/Afghanistan. Should be the same size of the brothel room when I pass.

Deathmage

I've already been convinced I'll die a single hermit nerd. So that will be a good fiscal savings; I focused sooo much on computers the last 24 years I will admit I'm almost 30 and never had a long-term relationship before ever. With 30 only a month away, I'm almost convinced I'll just be a total-career nerd, the other aspect of my life I just don't got the people skill or womenizer in me to be....

But I started investing when I was 21 and now I'm in the high 2x now.

N2IT

@ higherho They are on the other one then. The one with the pension.

N2IT

anhtran35 wrote: »

I'm going to retire overseas. Cambodia; Thailand; Vietnam. I use to live in B Huts and Connex housing in Iraq/Afghanistan. Should be the same size of the brothel room when I pass.

Well played

Cyberscum

Military ret should give me about 5k a month...7 more years to go

Guess I will start putting away some money, I have been paying off my house.

To pay off mortgage, build a HUGE retirement, or make own investments...hmmmm?

Good read...

http://www.richdad.com/Resources/Rich-Dad-Financial-Education-Blog/August-2013/The-Worst-Way-to-Invest-Your-Retirement-Money.aspx

anhtran35

I got caught up living like a balla for several years. I should be debt free including mortgage by 2020. I'm an older guy at age 40. YIKES! I have been looking into retiring overseas. I've seen many ex pats and even have a younger girl friend who decided to become a digital nomad and lives in SE Asia. I also know some that lives in Mexico( avoiding the Cartel areas ). I still date quite a bit but after seeing the majority of my friends end up divorce with kids I'm leery of marriage. I'm comfortable with living in a tiny home due to my past experience living in connex housing as a contractor. Only issue would be my cooking skills. Need to improve that and I'll be sweetttttttttttttttttttttttttttttttttttttttttttttttttttttttt.