The figure $1,000,000 gets thrown around a lot, but I don't see how it's possible. I'm pretty ignorant when it comes to finances, figured I'd see what everyone else's plan is. I hear about compound interest, but that method seems outdated
It just seems like so many people are in unnecessary debt and the retirement age has gotten pushed over the years. Even boomers might be doomed
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01-15-2020, 07:34 PM #1
What are y'all plans for retirement and are you on track? Is $1,000,000 enough?
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01-15-2020, 07:41 PM #2
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01-15-2020, 07:41 PM #3
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01-15-2020, 07:42 PM #4
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01-15-2020, 07:43 PM #5
Get out of debt. Buy property and create revenue stream from renting. Invest in 401k up to whatever the company matches. Max out Roth IRA each year ($6k), then invest in things you enjoy or understand. You can get more into real estate, play in the market or increase amount you invest, start a side business, etc.
I'm personally going to also get into buying and selling vacant land, and eventually finding a land location and amount that I can hold onto for a long time, where the value will greatly increase because of the location.
Who knows what else will come along the way though. 1 million won't cut it though in the future.
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01-15-2020, 07:43 PM #6
- Join Date: Jun 2007
- Location: Ohio, United States
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I thought the new number is like $2 million, withdrawing 4% each year out of it.
Most Americans don't put anywhere near 15% as they should be into a 401K or other retirement account (myself included, but I'm hoping to be there later this year). The hardest part is starting this when you're young or you'll be playing a lot of catch up.*Left Handed Crew*
"People once believed, that when someone dies, a crow carries their soul to the land of the dead. But sometimes, something so bad happens, that a terrible sadness is carried with it and the soul can't rest. Then sometimes, just sometimes the crow could bring that soul back to put the wrong things right."
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01-15-2020, 07:46 PM #7
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01-15-2020, 07:46 PM #8
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01-15-2020, 07:48 PM #9
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01-15-2020, 07:49 PM #10
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01-15-2020, 07:50 PM #11
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01-15-2020, 07:51 PM #12
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01-15-2020, 07:55 PM #13
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01-15-2020, 07:59 PM #14
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01-15-2020, 08:02 PM #15
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01-15-2020, 08:08 PM #16
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01-15-2020, 08:09 PM #17
Personally if you have a paid off house and have 800k+ in a 401k by the time you're 65 you should be good. I personally don't see myself living past 60 but I'm hedging my bets. If I make it to 65 and I'm in relatively good health I'll stick around. If I'm in bad shape I'll probably go skydiving without a parachute, assuming I don't hnnnnnngggg on the way up.
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01-15-2020, 08:10 PM #18
Not really actually. Only have thought about houses, town houses, condos, duplexes, etc. The only other thing I thought about was vacant land. It's finite. It will always have demand. People buy and sell land a lot.
Never thought about that though. You could buy a lot or parking garage and lease it out. Or rent it out for events. I don't know about any other financial aspects like property taxes, insurance, etc on those things though. But could actually be a good idea depending how much money they cost.
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01-15-2020, 08:20 PM #19
My hubby is with a union he pays retirement into and has about 10 years left
I have real estate and a 401k I pay half of what I make into it unless I have to use my emergency fund which is separate and I keep 20k in, by the time I retire I plan to have over 1m not including what I get from family
Also I’ll get a shiny inheritance (not relying on this) hubby also has a lot of land coming to him that when he retires he wants to run a farm onSuperHercules crew
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01-15-2020, 08:22 PM #20
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01-15-2020, 08:23 PM #21
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01-15-2020, 08:24 PM #22
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01-15-2020, 08:27 PM #23
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01-15-2020, 08:35 PM #24
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01-15-2020, 08:36 PM #25
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01-15-2020, 09:14 PM #26
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01-15-2020, 09:14 PM #27
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01-15-2020, 09:30 PM #28
if you are planning to live on 40K per year then sure 1 million will do you fine but realistically you need more like 2.5 million assuming 100K will cover it once you have everything paid off and your income needs are more modest.
Or... you can marry up a younger woman and let her support you in your dotage."I'm not like most girls." -most girls
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01-15-2020, 09:36 PM #29
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01-15-2020, 09:47 PM #30
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