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Are you prepared for one of the biggest changes?
#1
Readings Dave's comments in the defense forum about preparing for retirement, I thought tossing out this thread would be worth while. It is one of those topics that we all are guaranteed to face, but not everyone takes the time to prepare for it.

Dave sounds like he has a good plan.

I know Rhonda and I met with our financial planner twice last month to make sure we have everything in order. We have about 13 years to go and plan on retiring then. Rhonda will have more than enough years in at the post office, she just has to wait til she is old enough to leave without taking a penalty (57 1/2). The studies show when you retire, you should have a retirement income of 70-80% of your current income to not have to change your quality of life. Rhonda has worked hard at saving for her retirement and currently she is setup to retire with 118% of her income. Nothing like retiring and getting an 18% pay increase. My retirement is currently on schedule to hit the 80% mark. 

Back when I was just starting to work, my dad was on me about putting money away into retirement. He and I had several heated arguments on it, but thankfully, I listened to him. Because of his wisdom, not mine, I started into a retirement program at 21. Now, we will be prepared to retire and enjoy life while we are still active. 

It is sad in some ways how many people haven't taken the time to prepare. We were at a retirement party a couple weekends ago for one of the mail carriers. As I was talking with some of Rhonda's co-workers, a few who were the same age (or close to) Rhonda's age and they hadn't done anything or just minimal amount for retirement. I got talk to them about how much they thought they would get in retirement and realized that couple of them thought they were covered under the Civil Service Retirement, which when I pointed out their start dates, they are actually covered under the Federal Retirement System (FERS). There is a BIG difference in monthly payout under FERS. I showed the one guy who was excepting that he would get about $4,000 a month, that under FERS, if he retires at 58, he would get about $1,700. I encouraged them all to get with their benefits coordinator or see a financial planner to help them out. 

Retirement is one of those that a little preparation early in life can make a big difference later on.
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#2
Both my wife and I contributed to our retirement plans from the get go and finally maximized our contributions the last 15-20 years. It made a big difference. My wife retired at 55 after teaching for 30 years. I retired at 57 with 30 years (worked 36 years but jumped around the first 6). I took an early out with a significant cash incentive. Because of our contributions/investments our nest egg was quite large and has continued to grow under Trump's economy. In fact we made more off our investments this year than I used to make in salary and we don't even need to touch them. We also both turned 62 last year so started drawing social security. Frankly an unneeded bonus but take it while/when you can. Our house, cars, hunting property and RV are paid for so we have little if any debt. Both of us are in good health. Life is good and we are living the American dream.
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#3
macc66, that is great! That is the hope for Rhonda and I.
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#4
I've started to work some overtime.  Worked both Saturday and Sunday.  Scheduled for next Saturday as well.  Our home is paid off, has been for years.  We have a small amount of debt, basically whats left of my car loan.  Plan is to have one overtime day go towards paying that off and the next goes into deferred comp.  I'm going to try for a couple of overtime days a pay period if it's available.  It also increases the contribution to my main retirement fund as well.  Planning on working till 59 1/2 but if we reach our goal prior to that I may just retire earlier.  We'll see how it goes.

My son is 19 and we've already talked with him about setting up a Roth or deferred comp or whatever may be available through where he works.
Governmental dependance makes for poor self reliance.

"What could possibly go wrong with a duct tape boat?"  Cody Lundin

The best defense against evil men are good men with violent skill sets.
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#5
Retired at 54 ( after 32+ yrs ,started at 21 ).. and yes planning is def needed. I orig planned for 85% of working monies.
Kept the 457plan at max for over 25yrs, that plus 66% pension and now SS makes it work with leftovers.... NY is costly !!

Would have stayed a few more yrs but the wife got sick, and just in case wanted to spend more time with her ( all good now )

One thing is you also need hobbies/thing to keep you busy or you'll go crazy which many forget.... you don't want to be the guy following the wife around like a puppy so she gets sick of you home.

All the tight pockets early in life are now paying off... glad I did it.
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#6
Staying/getting healthy to enjoy your retirement is a big factor. I went through a series of medical issues just prior to retiring. In fact it was those issues (many of them stress related) which convinced me to retire (along with our investments and early out incentive). Once retired I got all the medical issues (knee, ankle, foot, guts) fixed and have been pretty good ever since.

My advice to those still working....

-Have a plan. A general idea of how much you need to retire, where you want to go, what you want to do.
-Sock away as much as you can, maximize your retirement investments, specially now that the economy is booming.
-Stay/get healthy. You never know what's going to happen but staying healthy is the key to staving off illness. Both my parents and my wife's parents are still alive and in their 90s so we both have longevity in our genes. Anything can happen but it's likely that we still have a long trip ahead of us. As they say, old age ain't for sissies.
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#7
I live within my means.

I saw a web site a few days ago. It gave two figures of net assets by age group. It was shocking!

One figure included home equity. The other was net assets minus home equity.

For my age group, the average cash equivalent savings was $68,000. It is shocking, given some figures I have spent in the last few years - $13,000 for a new sewer line to the street. $5000 for painting. $2000 electrical. $2000 for gasline and additional money for a new water heater and external casing. $3000 for fence gates with multiple locks. I am having two more implants and crowns as well!
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#8
What is retirement? In all seriousness, I don't have a concept of it. At least not the "Golden Years" BS that has been proposed by our banking system.

Corporate wealth is not supported by financial responsibility. Subsequently, .Gov and everything connected to also does not really worry about that. In fact - millions of people not able to care for themselves actually is a GOOD thing for .Gov if you are about expanding you size, importance, and control (and they are...)

But yes - MOST prepares are prepared for a 10k round gunfight that they wouldn't survive anyway, but not the loss of a job, or a single serious illness.

And when your job gets automated, you'll find that out....
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#9
(10-11-2018, 02:00 AM)Bob Wrote: What is retirement?  In all seriousness, I don't have a concept of it.  At least not the "Golden Years" BS that has been proposed by our banking system.  

Corporate wealth is not supported by financial responsibility.  Subsequently, .Gov and everything connected to also does not really worry about that.  In fact - millions of people not able to care for themselves actually is a GOOD thing for .Gov if you are about expanding you size, importance, and control (and they are...)

But yes - MOST prepares are prepared for a 10k round gunfight that they wouldn't survive anyway, but not the loss of a job, or a single serious illness.

And when your job gets automated, you'll find that out....

Everybody stops working sooner or later, some through death, some through retirement. The goal is to have enough money stashed away to live comfortably for the rest of one's life.  I got into prepping (called survivalism back then) when Jimmy Carter was elected president. One of the things I prepped for was old age when I no longer could or wanted to work. That was to make sure that if the world didn't self destruct there would be some money left over to not just survive but to thrive, i.e, live The American Dream.

 The world didn't end despite all the bad things the .gov. leftist/commie/pinkos and crony capitalists have managed to invoke.  Nor is the world likely to end anytime soon which forces me to face the possibility that I just may have to grow old on my investments and pension.  I'm living the American Dream and as long as it lasts I promise to do the best I can.
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#10
Not going to say it's the "Golden Years "... it's better than that and I'm not that old yet !

But not working, and ( big list ) of doing all the things I wanted to while still have the monies to do so is pretty freaking good

I try to tell the younger guys I know, to save and study for promotion... those two things will allow to have a great non working life barring any health issues
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