Let's talk about retirement

[PunkInDrublic]

Been hating work lately. We use to do important stuff that made the world a better place but lately it feels like the exact opposite. Keep thinking about how great it would be to just retire. Kinda worried that I won't have anything to do and will get bored very quickly. What age do you plan on retiring? Any plans for when you do?

 

[Gen]

I'm a student now so I barely consider myself ~in the workforce~ but with the economy, my current financial situation (as in, no retirement savings other than the automatic paycheque deductions which probably have a total amount of a couple grand maximum), and the uncertainty of the future, I assume I'll be working until I'm quite old. Unless you wanna get married Punk and I'll retire with you Hopefully my arts degree will lead to many prosperous career options (......nobody tell me otherwise) so I'll be able to retire when I want to and not have to keep working forever just because I need to. I'm not super knowledgeable about how Canada Pension Plan works, just that I keep hearing that it might not exist by the time I'm old? I should probably think more about it or start planning a bit, but I haven't really.

My parents were able to retire relatively young with good pensions and savings, so they basically just travel a lot, and have taken up hobbies like gardening more and learning instruments. My mom is always busy hanging out with her other retired friends or biking all over the city, pretty sure she has more friends than I do, haha. I'm really happy that she was able to retire at an age where she's young and healthy enough to enjoy herself, and if my retirement looks anything like hers, I'd be stoked.

Not sure how old and whatever you are, but if I was financially ready to retire but not sure about it, I'd probably just quit whatever job and try doing something else. Like for example maybe I'd write a novel or do some kind of low-paying work that I really liked. I'd probably volunteer at least, just to make sure I had incentive to get up and outside every once in a while. Maybe take interesting courses or something. Probably I'd get bored if I had idle hands so I think I'd want to be productive in some way, whether it's working part-time, volunteering, etc. Or I'd just retire and spend my time reading all the books I feel too busy to read

 

[JerryBoBerry]

My current retirement plan is to rob a bank. Either i get away with the money for retirement or food, shelter and medical are provided by the federal government.

 

[zippypinhead]

Never really walked a conventional career path, so retirement has never really been part of my future plans. To be honest, at this point in my life, it would be nice to be able to work at a job that's stable enough for me to consider eventual retirement from it. Don't know if I'll ever get that, though.

 

[HiGirlsRHot]

Been hating work lately. We use to do important stuff that made the world a better place but lately it feels like the exact opposite. Keep thinking about how great it would be to just retire. Kinda worried that I won't have anything to do and will get bored very quickly. What age do you plan on retiring? Any plans for when you do?

i retired really young. Overall while there are things I miss about working, at the end of the day. "work is a four letter word." I will say that best month were working (cause of making the world a better place and such) but my worst month being retired is way better than my worst months working. I was very fortune to have jobs since college that ranged from good to "wow they are paying me", but being financially independent gives you amazing freedom to do what you want, volunteer, travel, learn, and or hell just get a chance to finish your favorite computer game, netflix series, or books or post on internet forums . Considering how many jobs are soul sucking, I think figuring out to escape them should be high priority for most people.

A friend of mine and his wife just retired at age 29, this summer. They both were young teachers in Vegas, and made less than a top 100 camgirl combined probably closer to top 250. They have accumulated well over $1 million in net worth primarily in real estate but also via the stock market. They are taking off next month for awesome hiking trip through out Europe and probably will never have to worry about money again.

If you under 40 and looking at getting out of the rat race sometime in your 40s. I highly recommend Mr Money Mustache website and forum. If you are over 40 PM me and I"ll give you some other resources.

 

[StacySins]

With the way the economy is right now and the fact that I won't be qualified for my future career until I'm 29 then I imagine I won't be retiring until I'm in my 70s.

For the past 7 years I've been stuck in dead end jobs for minimum wage or just over minimum wage, paying off debts that I raked up as a stupid teenager, still got ~£3000 worth of debts to get rid of then I'll focus on saving up a nest egg.

 

[Ann_Sulu]

I already felt as though if I were to retire, I'd probably get into a rut and that would drive me crazy. I figure I'd have to do something that would at least let me feel productive or as though I'm contributing to something important in some way.

Thankfully, as has been mentioned in previous posts, the economy is so bad that I doubt I'll ever have to worry about retirement.

 

[Ambers Troll]

I actually do not believe in retirement...for real.

 

[JubalCobb]

relevant mfc emot

 

[HiGirlsRHot]

I actually do not believe in retirement...for real.

Why?

 

[AmberCutie]

Been hating work lately. We use to do important stuff that made the world a better place but lately it feels like the exact opposite. Keep thinking about how great it would be to just retire. Kinda worried that I won't have anything to do and will get bored very quickly. What age do you plan on retiring? Any plans for when you do?

Cool topic idea!

Hmm. I'd like to retire before age 50... but I imagine I'll retire from my current gig earlier than that, since I don't really envision myself camming past 40. If things work out the way I'd like them to, I'll hopefully be able to find a part time job situation to keep me socially and mentally stimulated after camming that doesn't have to be super serious. I think we are being smart with our money and investments in our young adulthood and could get away with full retirement around 50 if things continue this way, with some smart-budget world traveling and relaxation in our older years.

 

[Kickaz]

I'm thinking of retiring in the next 3-4 years or so. Problem is that I am scared I will be bored out of my mind and probably still cam for fun.
I will deff travel more and maybe do something to help animals. I have thought about opening an animal shelter in Eastern Europe but it's easier said than done.

 

[LenaSpanks]

I never want to retire, maybe retire from this job as I see myself doing hundreds of different things, but I love to keep busy & really want to own my own business one day. I say if you don't like what you're currently doing, keep looking!

 

[HiGirlsRHot]

I'm thinking of retiring in the next 3-4 years or so. Problem is that I am scared I will be bored out of my mind and probably still cam for fun.
I will deff travel more and maybe do something to help animals. I have thought about opening an animal shelter in Eastern Europe but it's easier said than done.

Couldn't you open a shelter in the US? I do know people who have been bored in retirement and went back to work but it is a definite minority. It is more common for young retires to be more active once they retire. I know plenty of folks who posted daily on the retirement forums planning their retirement and discussing current events and investments. But once they actually retired they say "sorry I got to much stuff going on to post, I don't know how I found time to work."

 

[Shaun__]

I am not planning to work past 60, since I will be able to draw from my 401K without penalty at 59 1/2. If my outside investments do well I might retire earlier than that though.

 

[Ambers Troll]

Why?

Too much more to learn, and too many challenges to have a go at solving.

 

[VeronicaChaos]

i want to make enough camming that I can spend my more grown up years making art that may or may not make any money.

Pretty much my plan is to become Lloyd Kauffman.

 

[Bocefish]

Always hoped to be living off the grid somewhere in Alaska on my own land by retirement age until health issues kinda side tracked that for the immediate future. Time will tell... My ex that was a total city girl from NY when I met her recently bought a lodge in Alaska and considers herself semi-retired now, go figure... I'm really happy for her.

Sometimes things work out for reasons we will never understand, but I'd probably be dead by now if I was on track for retirement. Silver linings and all that...

 

[DuoShi]

IDK. I like to make applications, and it's easier for me to get ideas for stuff to make at work. So, maybe I won't retire. Who knows? I'm not really an investor or anything like that. So, I wouldn't say I'm anywhere near "set for life" at this point.

 

[HiGirlsRHot]

BOSTON—According to a report released Monday by Boston University's School of Lifestyle Management, more than 180 trillion leisure hours were lost to work in 2004.

A Detroit resident spends valuable leisure hours at an auto plant.
"The majority of American adults find work cutting into the middle of their days—exactly when leisure is most effective," said Adam Bernhardt, the Boston University sociology professor who headed the study. "The hours between 9 a.m. and 6 p.m. are ideally suited to browsing stores, dozing in front of the television, and finishing the morning paper. Daytime hours are also the warmest and sunniest of the day, making them perfect for outdoor activities. Unfortunately, most Americans can't enjoy leisure during this time, for the simple reason that they're 'at work.'"

In addition to surveying 12,000 citizens nationwide, researchers studied data from seven different government agencies.

Deborah Kletter, an expert in the field of rest and relaxation, emphasized the pervasive nature of the problem, which she said affects 96 percent of employable Americans year-round.

"Week after week of potential relaxation time is squandered to jobs, with millions of would-be leisurers prohibited from sleeping in, working on hobbies, or taking trips," said Kletter, executive director of the Five-To-Nine Foundation. "An average employed person's ability to stroll aimlessly around his town and 'do whatever' is basically nonexistent 49 weeks out of the year."

Kletter said there is a vast disparity between the U.S. and Europe, where a strong leisure ethic is taught during youth.

"Americans simply can't keep up with the European leisure force," Kletter said. "In such fields as suntanning, skiing, and cooking elaborate meals that can be eaten over the course of an entire evening, Europe has us beat."

 

[Zoomer]

Ideally I'd like to retire in 10-15 years - before I'm 50.
Realistically - retire at 69 like most.

The interesting thing isn't asking when people want to retire, it's how they're planning to achieve it.

 

[StacySins]

This thread is really making it more apparent that I need to invest in stuff. Don't have a scooby where to start with that though

 

[JerryBoBerry]

This thread is really making it more apparent that I need to invest in stuff. Don't have a scooby where to start with that though

Easy suggestion. Ameritrade (or other online stock investment sites). You can start a regular account but also 401K accounts: both traditional and Roth. Invest the max allowed each year in the 401K's if you have the extra money. Then if you still can budget more put it in the regular accont. Basic strategy is look up the top 100 or 250 companies to invest in and do a little amount in many of them. That way you diversify across sectors and have a good basic portfolio for long term growth.

While you're young you can still do a percentage of your investment in slightly higher risk investments that may return more money. But as you age decrease that amount and stick mostly with the safer bigger name stocks to safe guard your money.

Then don't worry about it on a daily basis. It will go up some days and down the others. Think long term as in years.

If you get into it a bit more you can also easily do money market funds or exchange traded fund (ETF's). Those diversify your investment for you that way. Money market funds are generally considered as safe as a bank account yet give higher return, not much but still better.

Just food for thought. Best ETF's this year.
http://money.usnews.com/funds/etfs


If you can start out with $2000 and invest $3600 a year for 40 years (age 20 till 60) you could have around a million and a half dollars at only 9%. Many of the ETF's on that list go higher.
You can invest more than that in your 401K's every year by the way.

http://investor.gov/tools/calculators/compound-interest-calculator

 

[StacySins]

Easy suggestion. Ameritrade (or other online stock investment sites). You can start a regular account but also 401K accounts: both traditional and Roth. Invest the max allowed each year in the 401K's if you have the extra money. Then if you still can budget more put it in the regular accont. Basic strategy is look up the top 100 or 250 companies to invest in and do a little amount in many of them. That way you diversify across sectors and have a good basic portfolio for long term growth.

While you're young you can still do a percentage of your investment in slightly higher risk investments that may return more money. But as you age decrease that amount and stick mostly with the safer bigger name stocks to safe guard your money.

Then don't worry about it on a daily basis. It will go up some days and down the others. Think long term as in years.

If you get into it a bit more you can also easily do money market funds or exchange traded fund (ETF's). Those diversify your investment for you that way. Money market funds are generally considered as safe as a bank account yet give higher return, not much but still better.

Just food for thought. Best ETF's this year.
http://money.usnews.com/funds/etfs
View attachment 55391

If you can start out with $2000 and invest $3600 a year for 40 years (age 20 till 60) you could have around a million and a half dollars at only 9%. Many of the ETF's on that list go higher.
You can invest more than that in your 401K's every year by the way.

http://investor.gov/tools/calculators/compound-interest-calculator

View attachment 55392

Is that a US only thing? I'm from Scotland

 

[JerryBoBerry]

Is that a US only thing? I'm from Scotland

Why yes it is. Forget the 401K's. Not sure if you have any equivalent. Perhaps ISA's?

As an alternative to Ameritrade: http://www.stocktrade.co.uk/

There's bound to be other online stock trading sites available to you as well. That's just a quick google search.

This one seems nice too. Can trade international stocks easy as UK stocks.

 

[LoonaVision]

I'm thinking of retiring in the next 3-4 years or so. Problem is that I am scared I will be bored out of my mind and probably still cam for fun.
I will deff travel more and maybe do something to help animals. I have thought about opening an animal shelter in Eastern Europe but it's easier said than done.

Kicka, i just opened an animal shelter 19 days ago, it was in Finland and trust me it would be way easier to open shelter in Eastern Europe, in Finland it took me 1 year and 4 months to get all papers ready, in Eastern Europe it would take 2 months max.
and about topic i don't plan to retire, i love this job, it makes me so happy and satisfied... most of times... so i plan to do it as long as possible, and one day i will be LoonaGrandMaVision )))))))

 

[StacySins]

Why yes it is. Forget the 401K's. Not sure if you have any equivalent. Perhaps ISA's?

As an alternative to Ameritrade: http://www.stocktrade.co.uk/

There's bound to be other online stock trading sites available to you as well. That's just a quick google search.

This one seems nice too. Can trade international stocks easy as UK stocks.

From what I believe, ISA's are just high interest savings accounts. What are 401Ks?

 

[JerryBoBerry]

From what I believe, ISA's are just high interest savings accounts. What are 401Ks?

It sounds very similar.
A traditional 401K lets you deduct the amount you invest from the gross income you pay taxes on. But when you withdraw from it at retirement you pay tax then on what you take out each year.

A Roth IRA you invest with your money you have left over after you have paid taxes. But at retirement you don't pay on what you withdraw at that time.

From what I can gather on ISA...

 

[HiGirlsRHot]

This thread is really making it more apparent that I need to invest in stuff. Don't have a scooby where to start with that though

Here is a free or nearly free ($1) short ebook
If You Can: How Millennials Can Get Rich Slowly.

I think it is an excellent starting point, it's focused on US investors but the principals are pretty much universal. The Mr Money Mustache forum has a fairly large number of international members, I can think of 1/2 UK folks off the top of my head. They'd be a good resource for which UK brokerage, and how the National Insurance system works

 

[ramblin]

It sounds very similar.
A traditional 401K lets you deduct the amount you invest from the gross income you pay taxes on. But when you withdraw from it at retirement you pay tax then on what you take out each year.

A Roth IRA you invest with your money you have left over after you have paid taxes. But at retirement you don't pay on what you withdraw at that time.

From what I can gather on ISA...
View attachment 55393

For those in the States, note that most folks setting up a plan themselves will set up a Traditional or Roth IRA. They will usually have access to a 401k only if it's offered by their employer. It is, however, now possible to establish yourself as a self-employed Sole Proprietor and establish a 401k for your company, of which you are the only employee/employer/401k member. It's a lot more work, but most major investment firms are doing what they can to simplify it. Key terms are "Solo 401k" or "Individual 401k". https://en.wikipedia.org/wiki/Comparison_of_401(k)_and_IRA_accounts