Is anybody else's mind blown as to how much they have to save for retirement?

[BostonRockets]

Fuark always heard "save for retirement" and I was like lol fuk that sh!t.

Actually did some math and holy fuk (not even accounting for inflation and all that).

Say I wanted to retire at 55 (considered early these days but whatever) and live off of 30k a year for 30 years. I'd need 900k... and since I'm in my 20s I'd basically need 30k/year saved up.

Even if I wanted to retire at 65 and live off of 20k for 20 years, I'd still need 10k a year saved up. Hardly possible unless you are living like a peasant in your prime (might as well just LDAR then) or you are on that STEMcel time.

[iLiRaM]

lol @ thinking you have the chance of retiring at 55

[KillahJon]

You live off the interest not the principal.
1 million invested at 5% return gives you 50k a year without touching the million.

[CoolKnees]

You forgot your pension plan bro.

[AcHockey11]

but what was compound interest boyo?

[D1Z]

Shiiiiiiiieeeeeet bros.

I'm 20.

Sucks I gotta start thinking about saving for when I'm old as fuc already.

[Droz88]

The entire monetary system in america is a complete fuking scam.

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Think about that. You are not producing. You are not adding value to society or actively improving others lives. But, "the system" is giving you 50k/year to sit around on your fat ass and live. Meanwhile young people are working their asses off to get 50k/year.

Lol it's a scam boyo.

[BostonRockets]

lol @ thinking you have the chance of retiring at 55

that's why I was doing the math... to see how much it would take

You live off the interest not the principal.
1 million invested at 5% return gives you 50k a year without touching the million.

where to get 5% return doe?

You forgot your pension plan bro.

My company matches my full contribution (5% of pay) but if I quit I'm pretty sure I lose their contribution and I don't plan on staying where I work forever.

[Broooseph]

Start early and take advantage of compounding interest to offset inflationary forces.

In Canada we have TFSA and RRSP's. Not sure where you live, but look into similar financial instruments to help get tax breaks (either now or later, depending on needs).

[Yachty]

the best way to combat this is to just make a fukktonne of monet'

[OregonBrah]

If you're in your 20's now 30k a year is not going to be enough in 30 years man. You're saying you want to retire at 55 but that is going to put you in straight poverty at that point. Inflation is going to make 30k chump change in that time frame.

[NotANun21]

If you don't like it you could always live fast die young op

Live slow die old

[ikepen]

but what was compound interest boyo?

what interest?

[KillahJon]

look up mr. money mustache.
good blog about early retirement

[BostonRockets]

Shiiiiiiiieeeeeet bros.

I'm 20.

Sucks I gotta start thinking about saving for when I'm old as fuc already.

lols feels brah.

but what was compound interest boyo?

I prefer isolation interest brah.

jk my dad kept saying this lol. I need to learn more for sure. Just started thinking about this crap now.

The entire monetary system in america is a complete fuking scam.

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Think about that. You are not producing. You are not adding value to society or actively improving others lives. But, "the system" is giving you 50k/year to sit around on your fat ass and live. Meanwhile young people are working their asses off to get 50k/year.

Lol it's a scam boyo.

Rich get richer mane. when will it be my turn?

Start early and take advantage of compounding interest to offset inflationary forces.

In Canada we have TFSA and RRSP's. Not sure where you live, but look into similar financial instruments to help get tax breaks (either now or later, depending on needs).

Thx I'll look into it.

If you're in your 20's now 30k a year is not going to be enough in 30 years man. You're saying you want to retire at 55 but that is going to put you in straight poverty at that point. Inflation is going to make 30k chump change in that time frame.

Fuark all hope is dead. LDARing even in my 80s

[SeymourGains]

Ill just sell crack when im 70

[FAPhaggot]

****ing ridiculous mane.

I've talked with my dad about this, he's getting up there near retirement age, and he's not sure if he would retire with a million. Inflation's a bitch, and there's no real safe havens for your money outside the stock market anymore.

I know some people will say about how the market averages 8% return a year - well, when it craters like in '08, you won't give a **** how much the market averages. You're not getting a cent in interest, so either have a cardboard box ready or be willing to eat in to a principal that just lost 38%.

Early retirement is pretty much the only goal I have. I'm FA and likely unable to have kids anyway, so what else is there to do? And as I get looking at the dollars I'd need to save, the earning potential I'd have as a single male wagecuck, and the risk involved with starting a business, it looks pretty damn intimidating.

[inq]

OP you're not considering compounding interest. You'd be crazy to not invest most of your free money. Especially for a young person you only need six months of safety net, and rest should be diversified. You can potentially retire even earlier if $30k/yr** is your goal.

** Not taking into account inflation and increased cost of living/healthcare

The entire monetary system in america is a complete fuking scam.

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Think about that. You are not producing. You are not adding value to society or actively improving others lives. But, "the system" is giving you 50k/year to sit around on your fat ass and live. Meanwhile young people are working their asses off to get 50k/year.

Lol it's a scam boyo.

Is this directed to trust fund babies? Consider the majority of us will take decades to reach a $1M+ portfolio, so you would've put in the work (i.e. "Contribution to Sociey" in whatever field you are in) by that time. And many don't even reach these retirement goals. It's why many babyboomers aren't able to retire in their 60s and are still working. My goal is to retire by 55 *crosses fingers*. Fuk contributing to society when I'm old, I just wanna fap and eat and travel when I'm greying. I'll just volunteer part time or something.

[MuscleXtreme]

Fuark always heard "save for retirement" and I was like lol fuk that sh!t.

Actually did some math and holy fuk (not even accounting for inflation and all that).

Say I wanted to retire at 55 (considered early these days but whatever) and live off of 30k a year for 30 years. I'd need 900k... and since I'm in my 20s I'd basically need 30k/year saved up.

Even if I wanted to retire at 65 and live off of 20k for 20 years, I'd still need 10k a year saved up. Hardly possible unless you are living like a peasant in your prime (might as well just LDAR then) or you are on that STEMcel time.

Open up some investment accounts. Get your employer to match your 401k contributions, contribute to a Roth IRA, get some stock/mutual funds/etfs investments going, get a traditional IRA going as well.

Shouldn't be too hard to retire with a couple million just off those alone.

[nortonc64]

invest your life saving in $MSTX

to the moon

[Yachty]

invest your life saving in $MSTX

to the moon

go back to WSB loooooooooooooooooooool aware

[MuscleXtreme]

The entire monetary system in america is a complete fuking scam.

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Think about that. You are not producing. You are not adding value to society or actively improving others lives. But, "the system" is giving you 50k/year to sit around on your fat ass and live. Meanwhile young people are working their asses off to get 50k/year.

Lol it's a scam boyo.

It's because your money is working. You're not doing anything but you're loaning your money out to make economy run through either banks or corporations...

[Bluestar92]

The entire monetary system in america is a complete fuking scam.

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Think about that. You are not producing. You are not adding value to society or actively improving others lives. But, "the system" is giving you 50k/year to sit around on your fat ass and live. Meanwhile young people are working their asses off to get 50k/year.

Lol it's a scam boyo.

The amount of ignorance in this post is disturbing.

[Zerafian]

retire....HAH!


awww, now Im sad

[FAPhaggot]

BRB I have a million dollars "invested" (in what exactly??) and I get 50k/year for doing absolutely nothing.

Very tempted to neg.

[MuscleXtreme]

****ing ridiculous mane.

I've talked with my dad about this, he's getting up there near retirement age, and he's not sure if he would retire with a million. Inflation's a bitch, and there's no real safe havens for your money outside the stock market anymore.

I know some people will say about how the market averages 8% return a year - well, when it craters like in '08, you won't give a **** how much the market averages. You're not getting a cent in interest, so either have a cardboard box ready or be willing to eat in to a principal that just lost 38%.

Early retirement is pretty much the only goal I have. I'm FA and likely unable to have kids anyway, so what else is there to do? And as I get looking at the dollars I'd need to save, the earning potential I'd have as a single male wagecuck, and the risk involved with starting a business, it looks pretty damn intimidating.

'08/'09 was the greatest time to invest. Buy low and lots, and you would have a ton of money now.

[FAPhaggot]

'08/'09 was the greatest time to invest. Buy low and lots, and you would have a ton of money now.

If you were holding cash, then yeah, 09 was brilliant.

But if the retirement fund you were living off of got hit in 09, I got some bad news.

I've got a few K of cash in hand right now, going to buy some index funds the next time the market corrects. My scientific wild-ass guess is spring 2017.

[The_Albatross]

Silly goose, you'll be dead by the time you can retire in this country.

[MuscleXtreme]

If you were holding cash, then yeah, 09 was brilliant.

But if the retirement fund you were living off of got hit in 09, I got some bad news.

I've got a few K of cash in hand right now, going to buy some index funds the next time the market corrects. My scientific wild-ass guess is spring 2017.

I hope to have enough cash on hand to buy a couple properties when the market crashes. Just imagine if you had $250k cash on hand in '09, buy 10 or so houses for cheap. Rent them out until the market goes back up and sell.

That's my plan for retirement. I don't think I could just sit around doing nothing. I'll either become a professor and teach, or just build a huge portfolio of properties to manage to keep my active and my mind sharp. I hope to start on that in the next 5-6 years or so.

[Droz88]

It's because your money is working. You're not doing anything but you're loaning your money out to make economy run through either banks or corporations...

You're money isn't doing chit. If the economy needs loans to run then the federal government just creates the money literally out of thin air and gives it to the economy. Whether you give the money or not doesn't matter. If the money is needed and nobody has it, then the government will pull it out of their ass. You are just a placeholder.