Retirement investing...

[Nessism1]

Today’s youngins need to read what some BITOG members are posting about how they saved / invested for retirement.

I also have multiple retirement accounts, IRA, pension and SS.

Younger folks need to stop complaining about older folks with money and get serious about their retirement…… not buying the new stupid iPhone that comes out every year and then say they can’t contribute towards retirement.

40 years of 10% off the top into a 401K does wonders!

I'd have more, but I messed up a couple of times, one time bad, by moving my money during a dip in the market. I preach to those that will listen, don't move your money (assuming index funds) when the market sags. Wait it out!

Best thing I ever did was to buy my ex out of all my investments during "the divorce". Had to take a loan against my 401 at the time, but that was a solid decision!

 

[Mechanician]

You're making me nervous!

That price is on a paper they gave me with my retirement paperwork package. I thought it was cheap, also. It clearly shows "per month" on the paper. Fingers crossed.

My wife and I had a short transition period before the Medicare kicked in - 2021 - Cobra was $1400 a month for two.

 

[Nessism1]

My wife and I had a short transition period before the Medicare kicked in - 2021 - Cobra was $1400 a month for two.

What medical plan did you have? With mine, Kaiser is cheaper than PPO.

 

[Mechanician]

What medical plan did you have? With mine, Kaiser is cheaper than PPO.

View attachment 283460

Ours was a good BC/BS plan - we overpaid compared to what we could have gotten elsewhere- but it was a short transition without changing providers etc... as it was the same plan we already had, and only had to change things over afterward.

 

[Dave Hess]

I retired on Monday! Yeah!

Got two 401K's, with about $1M in each. All money in S&P index funds. Thinking of moving half to bonds? Or maybe all? I'm 63.5 years old, and have enough cash to bridge to 65, and Medicare. Thinking of taking SS then. Oh, and house is paid for.

What say ye?

What career field were you working in if you don’t mind me asking ?

I got $1M+ for retirement and work in healthcare.

 

[Nessism1]

What career field were you working in if you don’t mind me asking ?

I got $1M+ for retirement and work in healthcare.

I'm an engineer. 21 years working for an Asian OEM automaker, and 19 years working for an aerospace component manufacturer. Low level manager grade. Had a lot of fun, and learned a LOT.

 

[scoot]

What career field were you working in if you don’t mind me asking ?

I got $1M+ for retirement and work in healthcare.

You need to talk to a pro , so many options , don't do it yourself

 

[IveBeenRued]

What career field were you working in if you don’t mind me asking ?

I got $1M+ for retirement and work in healthcare.

How many more decades do you plan on working?

 

[Dave Hess]

How many more decades do you plan on working?

This might be my last year at work.

I hit my official ‘retirement goal’ and zero financial worries due to good planning.

As mentioned previously, younger folks need to get serious about their retirement contributions and not squandering money on crap.

 

[IveBeenRued]

This might be my last year at work.

I hit my official ‘retirement goal’ and zero financial worries due to good planning.

As mentioned previously, younger folks need to get serious about their retirement contributions and not squandering money on crap.

I’m in my late 30s and have about $660K in my retirement savings (33% of which is in Roth accounts), $190K in my brokerage account, and about $320K worth of equity in my home after I subtract the remainder $155K worth of 2.75% mortgage. A majority of my peers are in similarly prepared.

 

[99Saturn]

I’m in my late 30s and have about $660K in my retirement savings (33% of which is in Roth accounts), $190K in my brokerage account, and about $320K worth of equity in my home after I subtract the remainder $155K worth of 2.75% mortgage. A majority of my peers are in similarly prepared.

Do you have a target number ($X million) for savings by retirement?

 

[rijndael]

Do you have a target number ($X million) for savings by retirement?

You really need to know the age at which you want to retire too.

For example, $2M when you retire at 67 may go a lot furuther than $2M at 50.

 

[99Saturn]

You really need to know the age at which you want to retire too.

For example, $2M when you retire at 67 may go a lot furuther than $2M at 50.

100% agree. And location, plans in retirement, etc. etc.

 

[Dave Hess]

I’m in my late 30s and have about $660K in my retirement savings (33% of which is in Roth accounts), $190K in my brokerage account, and about $320K worth of equity in my home after I subtract the remainder $155K worth of 2.75% mortgage. A majority of my peers are in similarly prepared.

Both sons are in a similar situation and we are glad they’re not dumb.

 

[Pablo]

Both sons are in a similar situation and we are glad they’re not dumb.

I figured your kids would just be waiting for the inheritance

I kid I kid!! But I do see this. So bad

 

[gmt800lover]

This might be my last year at work.

I hit my official ‘retirement goal’ and zero financial worries due to good planning.

As mentioned previously, younger folks need to get serious about their retirement contributions and not squandering money on crap.

Well there are plenty of people out there who cannot make enough money to pay the bills, rent and put money away at the same time. Not saying the people you're talking about don't exist but I find it quite arrogant to paint everyone with the same brush, especially if you're from a generation that would have had a very good opportunity to put money away in the long run.

One thing that seems to never change is people getting old and then pointing the finger at the younger generations. Since I'm no longer young and not yet old I get to work with older people and people half my age and I don't get this generational prejudice.

 

[Pablo]

Well there are plenty of people out there who cannot make enough money to pay the bills, rent and put money away at the same time. Not saying the people you're talking about don't exist but I find it quite arrogant to paint everyone with the same brush, especially if you're from a generation that would have had a very good opportunity to put money away in the long run.

One thing that seems to never change is people getting old and then pointing the finger at the younger generations. Since I'm no longer young and not yet old I get to work with older people and people half my age and I don't get this generational prejudice.

Agree. Blaming "boomers" is getting real old. I don't blame younger or older people for anything, and yes sometimes I do say things about certain generations being screen addicted, loafing sponges. But then I know this can apply to anyone.

Anyway, this is interesting

 

[Mechanician]

Well there are plenty of people out there who cannot make enough money to pay the bills, rent and put money away at the same time. Not saying the people you're talking about don't exist but I find it quite arrogant to paint everyone with the same brush, especially if you're from a generation that would have had a very good opportunity to put money away in the long run.

One thing that seems to never change is people getting old and then pointing the finger at the younger generations. Since I'm no longer young and not yet old I get to work with older people and people half my age and I don't get this generational prejudice.

I didn't read his post as painting all younger people with the same brush. But I can see where that could be read into it.

 

[gmt800lover]

I didn't read his post as painting all younger people with the same brush. But I can see where that could be read into it.

It was a comment I've seen him say at least once before and it comes across like "young people these days need to learn to"....

In my like of work I get to work with all ages and I see the entitled older person 60+ and the younger (20-30 y/o) hard workers that will do anything asked of them. And then there are examples of the reverse as well.

 

[Mechanician]

It was a comment I've seen him say at least once before and it comes across like "young people these days need to learn to"....

In my like of work I get to work with all ages and I see the entitled older person 60+ and the younger (20-30 y/o) hard workers that will do anything asked of them. And then there are examples of the reverse as well.

Unfortunately there are so many Boomers that didn't do any better for themselves, and are in terrible financial shape in their retirement.
I took this as simply good advice, for anybody that still has time to right the ship.

Edit: I forgot to mention that Boomers probably had better opportunity in their youth in general. Back when this country was the industrial powerhouse of the world. Still so many failed to plan properly.