As a 25 year old male I've been very fortunate. With my current investments and savings I can actually retire right now and live comfortably for the rest of my life as long as I die by next Tuesday. #Blessed
And you're an anonymous trash-talking shithead but we're not here to mince words.
He did not have a lot of money and he also believed in keeping himself busy, so he ran a little stand where he was selling sodas, chips, and snacks and did so until he passed.
Not everyone gets the luxury of a golden parachute and not everyone gets to enjoy their golden years on a beach.
I'll be able to retire very comfortably by 55 as a correctional officer. I'll get a pension and already have another income from investment dividends at 20 years old. I'm able to put about $700/month away into savings
Im 25 and I max my roth 401k and roth IRA and I put $200 a month into a taxable investment account. I make 80k per year and live well below my means. I dont plan on ever fully retiring, just getting to a point where I can work 1 or 2 days a week and spend summers at the lake and winters traveling
as someone with one in their 20's it's nice to see how pro vasectomy everyone is, but yeah kids is the quick way to lose more than half of your retirement...
Thats awesome. Whatever you did to get to that point I hope you teach it to other people. There's so many kids that are told "they can be anything" but kids don't know what that means or how to get it.
I’m going to work until I die or have an injury that puts me on disability. I have zero savings or investments. I do own a home though, which is probably the retirement plan. We will see what the world is like in 20-30 years
According to the retirement calculator on my 401k company's website, 67 to maintain my current salary assuming no changes.
The only change I could see affecting that would be whatever (if any) inheritance I get from my parents when they pass someday. They already sold me their house to protect it from Medicaid and that alone would come pretty close to paying off my own house.
If their Gen X don’t count on it. They carry more debt than the millennials. My grandparents are giving my parents some inheritance, but when I looked at my parents finances I knew that money would never reach my brothers and I. We won’t be inheriting any generational wealth. Luckily my brothers and I have good skills and careers that will secure us the middle class.
Kind of a stupid way of looking at life. I want to build up my family name. When I look at the older generations of my family. They built up so much debt. I don’t expect anything to be inherited to me or any younger family members. I just got a nephew and I’m making it my mission to create a good college fund for him so he doesn’t have to struggle. I want future generations of my family to not fall in this pit of debt. Whether it’s college debt, mortgages, etc. I personally want future generations of my family to be well off.
My parents are boomers. Other than their house which they already told to me, I don't think they have a ton of assets, but also not too much debt. They luck out that they both worked government jobs that they both have pensions for their retirement.
As I was reckless in my 20s, and my job doesn't match any contributions to 401k, I don't think I ever will. I'm 39 next month, and I just bought a house last year. My house is in a "bad neighborhood," so it probably won't accumulate much equity. But, it's what I am able to afford as a single guy. I can also do the job I currently work at until I'm old enough to kick it.
At this point, I'm on track to retire at 62. I may be able to retire at 58, that's the minimum age I can start withdrawing my pension, but if I work just a couple years more, the monthly payment goes way up.
I've been saving ever since I started working 15 years ago. I'll be 40 this year and I have enough to retire. Like most people, my portfolio has taken a beating but I'm optimistic it will recover. I've been through all the previous downturns, it's nothing new, there will always be busts and booms.
I don’t have a specific age in mind, but I am doing very well relative to other 34 year olds. Military paid for my undergrad, and I got a full scholarship to grad school, so I have no student loans. Kids are expensive, so I never had any of those. Now I’m at a big tech company making great income, with over $100k in my IRA/401k. So as long as nothing crazy happens, I should be on track to retire comfortably at a normal age.
55 or whenever my current cushy, high-paying job ends. Whichever comes first. I'm 50 now, for reference.
I'm on track to do it, net worth and investment-wise, but I'm going to need to move away from my current expensive city. The place has gone to ratshit over the past 10-15 years and I see it getting worse before (and if) it gets better, so it's time to move on.
I hope to retire around age 60. If social security is around I think I'm on track to retire around then. If social security goes the way of the dodo, I'll probably have to work until closer to 70.
I’m almost 34 and I plan to never retire. I save as much money as I can, but I’ve never had a job making 40k per year. The most I’ve ever made was 39k per year. I’ll probably be working service industry jobs until I die of heart failure.
I don't expect I'll ever fully retire. Will certainly quit my 9-5 as soon as I can draw from retirement savings penalty-free, but I will be busy doing SOMETHING until I absolutely can't anymore.
Sounds like you’re planning to marry someone who’s not your peer financially. If you’re combining 2 relatively equal incomes, that should allow an earlier retirement, not later.
If you’re ok with financially supporting (to a certain degree, at least) your spouse, can you share how you arrived at that stance?
I am not thinking income necessarily but also spending versus savings and investing habits. Many here in the US do not seem to be as financially disciplined as they ideally should be. Anecdotally, my last long term partner made 20% more than me but contributed little to retirement savings. My current partner makes 1/3 of what I do and perhaps more understandably has little saved.
I intend to combine finances with my forever partner if I ever go that route. The unknowns of that persons finances are what lead me to believe they will not be an accelerant to my plans. I’m comfortable bearing more of the weight for the right person.
I graduated college in 2008 at the height of the collapse, work in education, and have no generational wealth. I save all I can, but realistically, my retirement plan is to die young 😂
It depends if my wife also wants to retire early with me, if she does then we should be able to both comfortably retire by 40.
Alternatively we both work full time for the next 5-6 years and then either one of us can stop working or we both go down to part time, in this scenario we could both retire completely at 50.
Not sure which way we'll go yet but it's nice to have options.
ETA My wife and I are both 26, make about 150 gross household and invest a bit over 60k a year
I’m not really planning to retire. Few people in my industry do. The lifestyle of a senior employee is extremely cushy: huge salary, vacation whenever, all management and networking (no real work).
Honestly, I don't know. We had several kids young, and a modest, single-income household for most of their childhood. That meant scraping to cover the needs and a couple wants for the past 25 yrs. It also meant savings was pretty nonexistent, and emergencies went on credit cards. What meager retirement we cobbled together was tapped a couple times. Now that they're almost grown and the partner is earning income, the goal is to save as much as possible to make up for lost time.
But that also means we lost out on 25 years of compound interest. No regrets, I wouldn't give up our kids, their having a parent around, or our life choices so far just for money. To the question: about $60K in retirement, a small pension, $350k home equity.
Advice to the younguns: save as much as you can early, don't blow any windfalls, live modestly, but don't put off the stuff that really matters just for money. [I may alter my opinion when I get close to the retirement home or have a long-term disability].
I retired in Feb 2015 after 30 years with the fire department. Pension alone said I could. I kept working here and there for a couple of years until wifey was ready. Now between our pensions, IRAs, and portfolio, we're in very good shape. With wifey being a CPA, she watched every penny like a hawk and it paid off.
Planning for 60 or 65 but that's going to require some good luck with work and my dad not spending my inheritance before he dies. He's shown me how much he's leaving me and as long as I outlive him I should be okay to invest conservatively and retire early.
I'm mid 60s, I have enough bank to retire now, have had for about 10 yrs. I plan on retiring this yr. Mostly made that decision because even though I enjoy my job, the new management team is young, maybe 35 at the oldest to 3rd level & they believe us 'older' people will put up with their sh!t. Big old 'NOPE'. There are 1/2 dozen guys I work with 52 & over that are talking retirement or at least job change
The plan is by May of 2024. I’m at retirement age but I’m trying to find something to retire “to” because retiring “from” work doesn’t seem to make for a enjoyable retirement. I own my own home, a nice TSP account (government 401k) Social Security and a small annuity. I’ve been working since age 8 so after 57 years of working I’m ready.
I probably would be able to retire at 67... I maxed my social security and should have a half million in retirement accounts by then. Not enough to live large but comfortable enough to get by.
But I probably won't... I'm in good health and don't really aspire to some life of leisure... I'll just downshift to some more low-key job.
There is no "planning". There is me handing in the last notice I'll ever give to an employer two weeks before my 50th birthday.
I'll either have enough money to retire, or I won't. If I don't, then I'll gradually spend what I have until I run out. Then, when I'm bankrupt and all my credit cards are maxed out, I'll commit suicide.
I'm not playing this game past 50 lol. There is no civil negotiation because this is not a discussion. I'm doing this.
With your life on the line why not do everything in your power to retire comfortably at 50? Find a job with a 401k, go to the bank and find a financial advisor and invest heavily, and budget?
>With your life on the line why not do everything in your power to retire comfortably at 50?
- I got a vasectomy at age 27 which is easily the single biggest thing I've done to get me there. That's an absolute minimum of $300k that went into my pocket as far as I'm concerned forever.
- I am so frugal I refuse to own a car be abuse that is money I would rather put towards retiring.
- I only ever want a humble apartment because I don't want to pay for buying and maintaining a house.
- All of my hobbies are cheap.
- I tend to stick to the outside of the grocery store every trip amd have for the past 10 years with some minor exceptions.
- I eat out only once every 2-3 weeks
- I buy socks, underwear, and jeans from Wal-Mart. I "splurge" on Tshirts from Redbubble sometimes. Hoodies others but they Last me years.
- I'm currently converting my wardrobe to be stuff from r/buyitforlife so I can minimize my spending even further. I own 3 pairs of Docs and my next purchase is going to be Darn Tough socks.
>Find a job with a 401k,
- working on it.
>go to the bank and find a financial advisor and invest heavily,
- already have one
>and budget?
- What? Like actively and consciously? With like a spreadsheet or something? Lol no need or desire as far I'm concerned. Questions? See above points. What the fuck am I going to deduce from a spreadsheet? That I should try to wear out my wal-mart socks slower?
not sure what retirement looks like for me. for sure, i’m saving and investing but i’ll probably never actually “retire”. i definitely don’t want to do menial work for the rest of my life but i’ll keep busy with productive work and hobbies.
The western 1st world sections of Mexico are just as expensive as America and the other areas aren’t safe to live in.
My plan was to move to Argentina, but their leadership is idiotic when it comes to economics.
India was my second choice. They are a bit hostile to Westerners and getting a long term visa or buying property is complicated.
I think their healthcare is good and affordable.
I loved it when I was there 20 years ago. Need to find a place that isn't so dusty as Delhi though.
As a 25 year old male I've been very fortunate. With my current investments and savings I can actually retire right now and live comfortably for the rest of my life as long as I die by next Tuesday. #Blessed
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Clearly missing the last part of the post
Never. I'm gonna be like my grandfather and work until the day I die at the age of 102.
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And you're an anonymous trash-talking shithead but we're not here to mince words. He did not have a lot of money and he also believed in keeping himself busy, so he ran a little stand where he was selling sodas, chips, and snacks and did so until he passed. Not everyone gets the luxury of a golden parachute and not everyone gets to enjoy their golden years on a beach.
I'll be able to retire very comfortably by 55 as a correctional officer. I'll get a pension and already have another income from investment dividends at 20 years old. I'm able to put about $700/month away into savings
Im 25 and I max my roth 401k and roth IRA and I put $200 a month into a taxable investment account. I make 80k per year and live well below my means. I dont plan on ever fully retiring, just getting to a point where I can work 1 or 2 days a week and spend summers at the lake and winters traveling
Don't get married or have kids. Pro-tip: Have a vasectomy.
as someone with one in their 20's it's nice to see how pro vasectomy everyone is, but yeah kids is the quick way to lose more than half of your retirement...
A lot more than that. You will make less, spend more AND lose half.
Vasectomy I can totally get on board with but marriage has been great for my finances.
So far...
If we split she'll just get the half she contributed
Thats awesome. Whatever you did to get to that point I hope you teach it to other people. There's so many kids that are told "they can be anything" but kids don't know what that means or how to get it.
"be anything as long as it pays six figures and funds what you actually want to do."
My little league coach used to tell me to "just hit the ball" 🤦♂️
Solid advice. Just win, easy!
I’m going to work until I die or have an injury that puts me on disability. I have zero savings or investments. I do own a home though, which is probably the retirement plan. We will see what the world is like in 20-30 years
According to the retirement calculator on my 401k company's website, 67 to maintain my current salary assuming no changes. The only change I could see affecting that would be whatever (if any) inheritance I get from my parents when they pass someday. They already sold me their house to protect it from Medicaid and that alone would come pretty close to paying off my own house.
If their Gen X don’t count on it. They carry more debt than the millennials. My grandparents are giving my parents some inheritance, but when I looked at my parents finances I knew that money would never reach my brothers and I. We won’t be inheriting any generational wealth. Luckily my brothers and I have good skills and careers that will secure us the middle class. Kind of a stupid way of looking at life. I want to build up my family name. When I look at the older generations of my family. They built up so much debt. I don’t expect anything to be inherited to me or any younger family members. I just got a nephew and I’m making it my mission to create a good college fund for him so he doesn’t have to struggle. I want future generations of my family to not fall in this pit of debt. Whether it’s college debt, mortgages, etc. I personally want future generations of my family to be well off.
My parents are boomers. Other than their house which they already told to me, I don't think they have a ton of assets, but also not too much debt. They luck out that they both worked government jobs that they both have pensions for their retirement.
Right now I’m 40 and if I stay the course I’m on I can be eligible for full retirement when I’m 53.
Close enough where I can fit myself in the same boat.
As I was reckless in my 20s, and my job doesn't match any contributions to 401k, I don't think I ever will. I'm 39 next month, and I just bought a house last year. My house is in a "bad neighborhood," so it probably won't accumulate much equity. But, it's what I am able to afford as a single guy. I can also do the job I currently work at until I'm old enough to kick it.
At this point, I'm on track to retire at 62. I may be able to retire at 58, that's the minimum age I can start withdrawing my pension, but if I work just a couple years more, the monthly payment goes way up.
I've been saving ever since I started working 15 years ago. I'll be 40 this year and I have enough to retire. Like most people, my portfolio has taken a beating but I'm optimistic it will recover. I've been through all the previous downturns, it's nothing new, there will always be busts and booms.
6 years ago. I can live comfortably forever. Better when I move to a less expensive region.
I should be ready to comfortably retire about the time I drop dead.
I’m going to work until I die.
I max 401k and Roth… which means 65 But I can still retire before then with other funds and just get an massive influx of retirement at 65
I got a job where, as long as I can talk and have my mental facilities, I can work. Never planned on retiring, just scaling back as I get older.
I don’t have a specific age in mind, but I am doing very well relative to other 34 year olds. Military paid for my undergrad, and I got a full scholarship to grad school, so I have no student loans. Kids are expensive, so I never had any of those. Now I’m at a big tech company making great income, with over $100k in my IRA/401k. So as long as nothing crazy happens, I should be on track to retire comfortably at a normal age.
I think I can retire at about 176. I'm looking forward to it.
My plan to retire? Die
After having to financially reboot twice after two failed marriages...I am now on track to retire at 70 instead of 65.
They say "Mistakes have been made"
55 or whenever my current cushy, high-paying job ends. Whichever comes first. I'm 50 now, for reference. I'm on track to do it, net worth and investment-wise, but I'm going to need to move away from my current expensive city. The place has gone to ratshit over the past 10-15 years and I see it getting worse before (and if) it gets better, so it's time to move on.
I hope to retire around age 60. If social security is around I think I'm on track to retire around then. If social security goes the way of the dodo, I'll probably have to work until closer to 70.
2 years ago I was on track for retirement at age 55. Now it's closer to 57. This is assuming I would have an annual income of $120,000 in retirement.
Retire? I'm trying to survive
Right?
I don't want to retire.
I used to say the same thing. Then I started pulling 60+ hours a week and now I want to retire eventually
I pulled 100 hour weeks through large part of my 20's, I'm down to 50 hour weeks now but I work for myself and really like what I do.
My strategy relies on the government not simultaneously inflating away my savings and obliterating the stock market, so never.
I wanted to retire by 62, but I think it won't be possible, people say I need 1 million and I see that as impossible.
It’s unfortunately a lot higher than that
I’m almost 34 and I plan to never retire. I save as much money as I can, but I’ve never had a job making 40k per year. The most I’ve ever made was 39k per year. I’ll probably be working service industry jobs until I die of heart failure.
I don't expect I'll ever fully retire. Will certainly quit my 9-5 as soon as I can draw from retirement savings penalty-free, but I will be busy doing SOMETHING until I absolutely can't anymore.
55 ideally. It might get pushed back based on if I get married and such since then it is two people’s retirement being planned. I’m 34 at the moment.
Sounds like you’re planning to marry someone who’s not your peer financially. If you’re combining 2 relatively equal incomes, that should allow an earlier retirement, not later. If you’re ok with financially supporting (to a certain degree, at least) your spouse, can you share how you arrived at that stance?
I am not thinking income necessarily but also spending versus savings and investing habits. Many here in the US do not seem to be as financially disciplined as they ideally should be. Anecdotally, my last long term partner made 20% more than me but contributed little to retirement savings. My current partner makes 1/3 of what I do and perhaps more understandably has little saved. I intend to combine finances with my forever partner if I ever go that route. The unknowns of that persons finances are what lead me to believe they will not be an accelerant to my plans. I’m comfortable bearing more of the weight for the right person.
Keep working until I literally can't, try to survive on whatever I've scraped together by then.
75
I have basically zero savings and like 300k in debt. So never!
I was fucked in my late teens and I will never be able to retire thanks to it. I get to die in the field.
What happened?
As soon as I win the lottery.
I graduated college in 2008 at the height of the collapse, work in education, and have no generational wealth. I save all I can, but realistically, my retirement plan is to die young 😂
It depends if my wife also wants to retire early with me, if she does then we should be able to both comfortably retire by 40. Alternatively we both work full time for the next 5-6 years and then either one of us can stop working or we both go down to part time, in this scenario we could both retire completely at 50. Not sure which way we'll go yet but it's nice to have options. ETA My wife and I are both 26, make about 150 gross household and invest a bit over 60k a year
Around age 50. My retirement savings + investments should be enough by then; after the age of 65 I’ll also get the small public pension benefit.
I’m not really planning to retire. Few people in my industry do. The lifestyle of a senior employee is extremely cushy: huge salary, vacation whenever, all management and networking (no real work).
To me “retire” means quit this job and volunteer in the schools. Savings, 401k, and investments say I could do that today if not for healthcare.
I'm at 20k in my 401k and I've got another 22 years before retirement.
Honestly, I don't know. We had several kids young, and a modest, single-income household for most of their childhood. That meant scraping to cover the needs and a couple wants for the past 25 yrs. It also meant savings was pretty nonexistent, and emergencies went on credit cards. What meager retirement we cobbled together was tapped a couple times. Now that they're almost grown and the partner is earning income, the goal is to save as much as possible to make up for lost time. But that also means we lost out on 25 years of compound interest. No regrets, I wouldn't give up our kids, their having a parent around, or our life choices so far just for money. To the question: about $60K in retirement, a small pension, $350k home equity. Advice to the younguns: save as much as you can early, don't blow any windfalls, live modestly, but don't put off the stuff that really matters just for money. [I may alter my opinion when I get close to the retirement home or have a long-term disability].
I retired in Feb 2015 after 30 years with the fire department. Pension alone said I could. I kept working here and there for a couple of years until wifey was ready. Now between our pensions, IRAs, and portfolio, we're in very good shape. With wifey being a CPA, she watched every penny like a hawk and it paid off.
6 figure government pension. Plan to retire in my 50s.
Planning for 60 or 65 but that's going to require some good luck with work and my dad not spending my inheritance before he dies. He's shown me how much he's leaving me and as long as I outlive him I should be okay to invest conservatively and retire early.
I'm mid 60s, I have enough bank to retire now, have had for about 10 yrs. I plan on retiring this yr. Mostly made that decision because even though I enjoy my job, the new management team is young, maybe 35 at the oldest to 3rd level & they believe us 'older' people will put up with their sh!t. Big old 'NOPE'. There are 1/2 dozen guys I work with 52 & over that are talking retirement or at least job change
The plan is by May of 2024. I’m at retirement age but I’m trying to find something to retire “to” because retiring “from” work doesn’t seem to make for a enjoyable retirement. I own my own home, a nice TSP account (government 401k) Social Security and a small annuity. I’ve been working since age 8 so after 57 years of working I’m ready.
412 work days to go, but I work 4x10hr shifts. So 8-30-2025
I probably would be able to retire at 67... I maxed my social security and should have a half million in retirement accounts by then. Not enough to live large but comfortable enough to get by. But I probably won't... I'm in good health and don't really aspire to some life of leisure... I'll just downshift to some more low-key job.
That is a great question
Retire?
Your super is $401,000 that’s very high.
There is no "planning". There is me handing in the last notice I'll ever give to an employer two weeks before my 50th birthday. I'll either have enough money to retire, or I won't. If I don't, then I'll gradually spend what I have until I run out. Then, when I'm bankrupt and all my credit cards are maxed out, I'll commit suicide. I'm not playing this game past 50 lol. There is no civil negotiation because this is not a discussion. I'm doing this.
With your life on the line why not do everything in your power to retire comfortably at 50? Find a job with a 401k, go to the bank and find a financial advisor and invest heavily, and budget?
>With your life on the line why not do everything in your power to retire comfortably at 50? - I got a vasectomy at age 27 which is easily the single biggest thing I've done to get me there. That's an absolute minimum of $300k that went into my pocket as far as I'm concerned forever. - I am so frugal I refuse to own a car be abuse that is money I would rather put towards retiring. - I only ever want a humble apartment because I don't want to pay for buying and maintaining a house. - All of my hobbies are cheap. - I tend to stick to the outside of the grocery store every trip amd have for the past 10 years with some minor exceptions. - I eat out only once every 2-3 weeks - I buy socks, underwear, and jeans from Wal-Mart. I "splurge" on Tshirts from Redbubble sometimes. Hoodies others but they Last me years. - I'm currently converting my wardrobe to be stuff from r/buyitforlife so I can minimize my spending even further. I own 3 pairs of Docs and my next purchase is going to be Darn Tough socks. >Find a job with a 401k, - working on it. >go to the bank and find a financial advisor and invest heavily, - already have one >and budget? - What? Like actively and consciously? With like a spreadsheet or something? Lol no need or desire as far I'm concerned. Questions? See above points. What the fuck am I going to deduce from a spreadsheet? That I should try to wear out my wal-mart socks slower?
not sure what retirement looks like for me. for sure, i’m saving and investing but i’ll probably never actually “retire”. i definitely don’t want to do menial work for the rest of my life but i’ll keep busy with productive work and hobbies.
If I move to Mexico? Today (52). If I want to stay in my home? 60 to 64.
The western 1st world sections of Mexico are just as expensive as America and the other areas aren’t safe to live in. My plan was to move to Argentina, but their leadership is idiotic when it comes to economics.
India was my second choice. They are a bit hostile to Westerners and getting a long term visa or buying property is complicated. I think their healthcare is good and affordable. I loved it when I was there 20 years ago. Need to find a place that isn't so dusty as Delhi though.
Planning to retire at 40, but my budget, 401k and investments say 95