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  1. Senior Member
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    #1

    Default Are you ready for retirement?

    I bet a lot of people here are nearing retirement or are pretty close. My self i have another 25 years or so, still I don't think thats a lot of time.

    Even though I tried to be mindful about retirement through the years i still think i could have done better with more investments or more savings.

    So, are you ready for your retirement?

    I'm thinking about this plan at the moment.
    I live in a coop apartment about 1 hour commute from my work. In the next 2 years I'll have my mortgage paid off. After I've done this I'm hoping I'll also have saved another 40k-50k in the next 2 years.

    At that point I'll look to rent my coop (currently in my area my apartment would go for about $1800) and move 30 minutes to 1 hour further away from my current job and buy a house by using the 40k-50k down payment. Hoping my salary plus the rent income would cover the mortgage payment at the new house.

    By doing this, I'm hoping when I retire in 25 years I'll have 2 houses. One to live and hopefully paid off and one to get income from which will allow me and my wife to have a somewhat middle class life.

    I'm also in the process of saving for my kids college so i wont have to pay huge amounts when they go to school.


    I'd like to hear other people's retirement approach to compare plans and ideas i guess.
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  3. Senior Member scaredoftests's Avatar
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    #2
    I am not ready, even though I am 58. My hubby and I have saved a lot, but will a million dollars be enough to retire on? No way. You have a 'coop'? Or a co-op? Sorry, in that type of mood.
    Never let your fear decide your fate....
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    #3
    I am 41, and the day I will die, you will have to take my keyboard and mouse from my hard cold hands No plan to retire, slowing for sure, but would I stop working to get at home and trying to play at home with the same thing I would do at my job Better be paid
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  5. They are watching you NetworkNewb's Avatar
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    #4
    Bitcoin
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  6. Senior Member
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    #5
    My retirement will start about five minutes after I die at my desk. I have no illusion to being able to build any kind of retirement at my age at my current income. I was a financial adviser for over a year and I have a good idea of what is needed
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  7. Stayed at a Holiday Inn.. the_Grinch's Avatar
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    #6
    I get a pension from my current job, but like most of you retirement will start 5 minutes after I die. Just hoping to get my student loans paid off before that. I did start using Acorn, which is an app that rounds your purchases to the nearest dollar and places them in an index fund.
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  8. Senior Member
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    #7
    Oh man i was hoping to get better reaponses. I'm surprised people dont think about their retirement.

    Ps. I meant co-op
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  9. Surf Guitar Guy tedjames's Avatar
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    #8
    I'm eligible to retire from the gubment in 2521 days, 8 hours, 43 minutes, and 59 seconds. Make that 58, 57, 56... (That's just under 7 years).

    I'm eligible and will get a pension and all that jazz. Currently exploring ways to invest some of my savings.

    Not sure if I'm going to retire when I'm eligible. Not sure if I'll be able to afford it. Maybe I'll double dip (take retirement, take a month off, and go back to work). I may just love what I'm doing so much that I won't want to quit. Maybe I'll finally become a full time musician! Could look into temp or contract work. Who knows that far away?
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  10. Senior Member
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    #9
    Financially yes. Would I want to retire? Maybe not full time. I actually enjoy what I do for a living and there is only so much gardening and farming to accomplish in 2.5 seasons.

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  11. Gaming Tech Expert Dakinggamer87's Avatar
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    I'm prepared and have started the foundations when I started saving in my 20's. I enjoy the financial side of investing and looking at passive income streams its fun
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  12. Dude
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    #11
    Interesting question. I am not ready to retire, financially OR mentally and I'm 53. I hope I will be financially ready when I'm 65. When I do retire, I don't know what that actually means for me. I can't just putz around the house because I'll drive my wife crazy! There is a dude I work with who is 62 and he just convinced the company to let him work 30 hours per week instead of 40 and he'll probably do that as long as they'll let him. There is another dude I work with that is 70! Life is good as long as you're on the top side of the dirt I guess...
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  13. Senior Member
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    #12
    Wow too many workaholic people in here. Really people? You want to go to work when you are 70+ or until you kick it anf listen to your manager and co-workers complain about everything and anything? Lol.

    Why not invest your time teaching and playing and spend more time with your family and grand kids or change your lifestyle and try to live longer. Why waste your remaining hours in an office lol.

    Theres so many things to do and see in this world.
    Very disappointed that people are conditioned to accept working until their final hours.
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  14. Senior Member
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    #13
    Quote Originally Posted by beads View Post
    Financially yes. Would I want to retire? Maybe not full time. I actually enjoy what I do for a living and there is only so much gardening and farming to accomplish in 2.5 seasons.

    - b/eads
    What do you usually grow?
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  15. Senior Member
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    #14
    Quote Originally Posted by TheFORCE View Post
    So, are you ready for your retirement?
    Based on the numbers, I could survive on retirement in early 50s but aiming to fully retire at 62-63. Having already put a kid through college, I want to enjoy the time before I start slowing down.

    Quote Originally Posted by TheFORCE View Post
    Oh man i was hoping to get better reaponses. I'm surprised people dont think about their retirement.
    Maybe the people who have good plans for retirement were working instead of surfing the internet. :P
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  16. Senior Member scaredoftests's Avatar
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    #15
    What is so wrong about wanting to keep working? Look at George Burns or Georgia O'Keefe.. If I am capable .why not?
    When I DO think about it though..I'd like to be at a beach with a dog walking business.
    Never let your fear decide your fate....
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  17. They are watching you NetworkNewb's Avatar
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    #16
    Quote Originally Posted by TheFORCE View Post
    Why not invest your time teaching and playing and spend more time with your family and grand kids or change your lifestyle and try to live longer. Why waste your remaining hours in an office lol.
    .
    Teaching sounds awful to me personally. As far as spending more time with family/grand kids, I'd assume they would have school and jobs to go as well so you really wouldn't be much more time with them. But being around other folks during that time, working together and actually being useful to society sounds more interesting than playing golf all the time to me. Obviously you would have to have job you like to do. Maybe consulting or doing something else which involves interacting with people. I wouldn't choose a job where I would be a cube my whole day to do.

    I'd would start trying to change your lifestyle right now to live longer instead of waiting until retirement too :P

    I max out my 401k, put a chunk into investments each month, and should have my house paid off within 15 years so hopefully I'll have a little money when I get older (am 33 right now). But not having any job to do sounds like it would get pretty boring after awhile. Maybe just a part time job at least...
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  18. Member
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    #17
    Retirement...... what is that. I will probably work until I'm near 60 (another 30 years). Have another house to get in that time, hopefully paid off. The sucky part to saving is for two kids college and weddings. Putting the minimum into my 401k for company match, the only good thing I have going for me is VA disability. I'm sure before I retire I will plan another couple of trips to the desert, can't pass up that ~2.5-3x the pay, compared to the states, that should help any retirement/house payments.

    When I retire I will probably have a hard time finding things to do, also not sure if I can put up with the wife...
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  19. Senior Member scaredoftests's Avatar
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    #18
    Quote Originally Posted by Rakurai View Post
    Retirement...... what is that. I will probably work until I'm near 60 (another 30 years). Have another house to get in that time, hopefully paid off. The sucky part to saving is for two kids college and weddings. Putting the minimum into my 401k for company match, the only good thing I have going for me is VA disability. I'm sure before I retire I will plan another couple of trips to the desert, can't pass up that ~2.5-3x the pay, compared to the states, that should help any retirement/house payments.

    When I retire I will probably have a hard time finding things to do, also not sure if I can put up with the wife...
    or she put up with you?
    Never let your fear decide your fate....
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  20. Gaming Tech Expert Dakinggamer87's Avatar
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    #19
    Quote Originally Posted by TheFORCE View Post
    Wow too many workaholic people in here. Really people? You want to go to work when you are 70+ or until you kick it anf listen to your manager and co-workers complain about everything and anything? Lol.

    Why not invest your time teaching and playing and spend more time with your family and grand kids or change your lifestyle and try to live longer. Why waste your remaining hours in an office lol.

    Theres so many things to do and see in this world.
    Very disappointed that people are conditioned to accept working until their final hours.
    I will be constantly traveling that is for sure and looking at new hobbies!!

    I may work here and there but it's doing life purpose fulfillment and not working to work
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  21. Senior Member
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    #20
    Quote Originally Posted by jamesleecoleman View Post
    What do you usually grow?
    Oh I have been rehabbing some of the worst or lack thereof soil you've ever seen. Really it was sand on most of the plot but the 45 came with a lovely 80 year old apple orchard - now 100 year old apple orchard. Today I can harvest two crops of alfalfa inter-mixed with buck wheat, Austrian peas, hair vetch and other non-crop/soil building plants.

    In the less damaged areas I grow new almonds, walnuts, hickory, hazelnuts, trazelnuts, apples, peaches, pears, currants, blueberries and paw-paw. Basically whatever I can get away with in 4b/5a. Its both as the diving line runs through the property.

    By the time I am at retirement age in say another decade plus I forsee remote work being more common. Heck, where I am now should eventually allow me to remote just to save space. Downside is I spend most of my day in meetings.

    - b/eads
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  22. Senior Member
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    #21
    Quote Originally Posted by NetworkNewb View Post
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    LOL yes.
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  23. Member
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    #22
    My wife and I are maxing our retirement accounts for the future. The thing is that I just don't see myself retiring. I enjoy the field and I enjoy working. Maybe I will be an independent contractor or something down the road and just work a bit part time.

    After 20 years in the industry, I am in my mid 40s and feel I am just hitting my stride when it comes to IT. I have done network engineering, security, management, and now I am in sales. What a wild ride! I feel that the next 20 years will be even more exciting.

    In short, hope for the best but plan for the worst. I will be ready to retire when I hit 60, but I probably won't be retiring.
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  24. Member NuclearBeavis's Avatar
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    #23
    Quote Originally Posted by NavyMooseCCNA View Post
    My retirement will start about five minutes after I die at my desk. I have no illusion to being able to build any kind of retirement at my age at my current income. I was a financial adviser for over a year and I have a good idea of what is needed
    Sounds about right.

    I have a high quality backpack and sleeping bag so hopefully I won't freeze to death if I become homeless. Does that count as a retirement plan?
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  25. Senior Member
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    #24
    Quote Originally Posted by NuclearBeavis View Post
    Sounds about right.

    I have a high quality backpack and sleeping bag so hopefully I won't freeze to death if I become homeless. Does that count as a retirement plan?
    My wife wants us to move to Vietnam (where she is from) when we retire. I don't mind wintering there, but I don't know about being there in the Summer...
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  26. Darth Lord of the Sith ITSpectre's Avatar
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    #25
    I hope to own my own IT business in the Future so I wont have to retire. I can just pass the reigns on to the next of kin. And enjoy the fruits of my labor.
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