What are y'all plans for retirement and are you on track? Is $1,000,000 enough?

[MikeLowrrrey]

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 I hear about compound interest, but that method seems outdated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

[FrankCostanza]

3 million if you’re under 40

[bfdehewdbyywhn]

tree fiddy

[TurbanMon]

Thailand
Yes

Rural America
You will struggle

Urban america
Slightly above poverty line

[DeadlyStriker]

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.

[13nick31]

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.

[JimFromRaleigh1]

Depends when you want to retire. 1 mil to live how long?

[RICHSTRONG]

I'll prolly only be at a million if I'm lucky.

[WinningBrah]

Despite what the misc says, you can retire off $1m at any age if you don't mind living frugally. You could spend $50k/yr in today's dollars, invest in the S&P 500, only realize long term capital gains, and see your assets increase over time even after inflation.

[MoeBettuh]

ETA: ^that’s untrue for sure

Assuming a 4% drawdown, 1mm isn’t going to go as far as most ppl think.

[MikeLowrrrey]

3 million if you’re under 40

$3,000,000 doesn't seem possible at all though.

[DeadlyStriker]

$3,000,000 doesn't seem possible at all though.

How old are you? Are you actually 50?

Age is the biggest factor in this discussion.

[Sinergy2010]

2Million is the F%*CK YOU amount ask JohnGoodman.

[Mr Beer]

I want 1.5 million (kangaroo dollars not freedom bucks) to retire with Mrs Beer. No I will not be retiring early bar a lottery win.

[MikeLowrrrey]

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.

Nope, not 50. 29.


Got a question. You ever think about buying other types of real estate outside of houses? Say parking garages or lots? It crossed my mind some time ago.

[FrankCostanza]

$3,000,000 doesn't seem possible at all though.

It depends on a lot of factors investments, kids, ect. I’m not a trust fund baby. I owned my own business. I’m single with no kids.

[EDcellent]

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.

[DeadlyStriker]

Nope, not 50. 29.


Got a question. You ever think about buying other types of real estate outside of houses? Say parking garages or lots? It crossed my mind some time ago.

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.

[snailsrus]

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 on

[davik]

owning a small home 100% and having 20k per year until the time i wanna die projected

[Notenough22]

Yes I am on track
No $1MM is not enough

[MikeLowrrrey]

owning a small home 100% and having 20k per year until the time i wanna die projected

Property tax + Utilities + food. You'd need what, $900 a month?

Doesn't sound like a bad plan.

[davik]

Property tax + Utilities + food. You'd need what, $900 a month?

Doesn't sound like a bad plan.

you can still work some random job too like 1-2 days a week

[bsrkoacar]

I dont think you are taking account of inflation. Might be ok right now but 1 mil won't be enough when I'm ready to retire in 25 years

[fate0311]

suck d1ck for coke.

[BigDeeps01]

My plan is no less than 3M, probably more like 3-5M. A lot of real estate and index funds. I imagine it'll take me until I'm 40 ish

[Kiop]

iam not in the trackSrs

[jafomofo]

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.

[FrankCostanza]

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 on

how old is your husband?

[Nicklol]

Yes.
can put in tfsa and get big dividends imo.
or you should have invested that into some real estate and have income for life from it