What retirement strategy other than SS?

[ZZman]

What retirement strategies do you use other than expecting SS in the future? Stocks? Bonds? 401k, Roth? Pension? Real estate/income properties? , rich parents? etc.. I am one of the lucky few to still get a pension. That is it for me.

 

[Mr Nice]

Me: Company pension Voluntary pension 401K IRA Brokerage account Wife: Company pension Voluntary pension 401K IRA Brokerage account Military pension - Air Force Reserve Major We never include the value of house in our retirement picture...

 

[Virtus_Probi]

We have 401ks, Roth IRAs, annuities, real estate, and brokerage accounts. The real estate is probably going to be a terrible investment for us, but it's property we enjoy that will, hopefully, be worth something when we finally sell it. I thought it would be a good place to retire, but the wife is dead set against that. Pension was never going to be an option for me. EDIT - my wife might get a modest inheritance, but I hope all that money goes to others in her family that will really need it (single mom and single dad among them).

 

[ZZman]

Originally Posted By: Mr Nice

Me: Company pension Voluntary pension 401K IRA Brokerage account Wife: Company pension Voluntary pension 401K IRA Brokerage account Military pension - retired Air Force Reserve Major

Nice!

 

[Donald]

Well one of my retirement strategies is I am still working at 64+. And getting company pension. Will pick up another small company pension when I am 65. Wife will have state employee pension. SSA house will hopefully be paid off.

 

[Lyman]

Company pension, 401k, SS, Work till I die.

 

[dave123]

Sugar Ma Ma

 

[redhat]

I am 26 years old with a generous 401k plan. My employer's match is unbelievable. Besides that... savings account that keeps working. I have thought a lot lately about different retirement strategies. I have no idea on what IRAs are and the differences, but would like to set one up. Any suggestions?

 

[Alfred_B]

Early death.

 

[Astro14]

In order of magnitude/importance: My work 401(k) My USN pension Wife's USN pension Wife's GS pension My SS Wife's SS My IRAs Wife's IRAs

 

[BJD78]

Currently retired,age 57, Military pension ARMY, 100% VA disability, and a Roth IRA mutual fund from USAA.My wife a part time chef makes about 2-3 k per month depending on the gig. That is the strategy,by this August we will be down to one vehicle, daughter ff to college and will get the Tuscon and we will sell the Sonata, just the 2 of us we really do not need 3 vehicles any more. My wife is semi retired and works maybe 20 hrs per week as a chef. My wife has no pension as she was a stay at home mom. That hurts her social security some but we are ok with it. It was nice not having to pay a daycare and was better for our kids. She will have some SS but probably less tha 1k per month... maybe $500 per month. She had nearly 35 years of stay at home. No regrets We are still able to sock away a a good 2k per month into the roth ira most months,though now with daughter going to college this fall we will be paying that to the college costs. Nice to have a pension that is for sure, fewer and fewer jobs do anymore. Most rely on 401K which are at the whim of the market cycles.

 

[Astro14]

Originally Posted By: redhat

I am 26 years old with a generous 401k plan. My employer's match is unbelievable. Besides that... savings account that keeps working. I have thought a lot lately about different retirement strategies. I have no idea on what IRAs are and the differences, but would like to set one up. Any suggestions?

Start reading. Seriously. Education about investing and the market is critical. You need to have an understanding of the financial landscape before you talk to an advisor or open an account. Get the books from Amazon, or borrow from your local library. Start with something like Jane Bryant Quinn's guide to finances. It's old, but a good comprehensive overview. Anything on this list would be excellent: http://www.bobbrinker.com/books.asp

 

[Patman]

My wife and I are only 48 but we're going to be retiring in just 4 years time. She has been a teacher for 22 years so she will get a very good pension, but in addition to that we bought a new home in March 2016 (that is still under construction so we actually don't move into it until August) and the home prices up here having risen dramatically so our plan is to sell that house in 2022 and move further away from Toronto where home prices are a lot lower. That alone will give us a $1,000,000 nest egg to play with, possibly more. In addition to that, both of us have mutual fund RRSPs through our banks (I have two actually, one which my employer contributes to) But we won't be drawing from those RRSPs until we are 65 (same with our Canada Pension Plan) The plan is to spend our winters in Florida (we will rent, not buy property though) and the rest of the time here in southern Ontario (we are most likely going to settle in the Niagara region)

 

[ZZman]

Originally Posted By: redhat

I am 26 years old with a generous 401k plan. My employer's match is unbelievable. Besides that... savings account that keeps working. I have thought a lot lately about different retirement strategies. I have no idea on what IRAs are and the differences, but would like to set one up. Any suggestions?

Well you are already ahead because you're thinking about the future. Compounding interest is the big one along with starting early. And of course scooping up every bit of company match that you can get

 

[MNgopher]

Me: State Pension, 457(b)plan (like a 401(k), but for government employees), IRA, and a brokerage account. Wife: State Pension, 403(b) plan (also like a 401(k), but often used by school employers), IRA, and a brokerage account. And we do qualify for SS, assuming its still around when the time comes...

 

[bigjl]

I retired at 41. My NHS Pension is currently £635 a month and is linked to inflation so it goes up every April. The Tax Free Lump Sum was mainly invested in our Care Company. Plan is to sell that as a going concern and use the funds to retire or to put in place Managers and take a set Salary monthly from it.

 

[Mr Nice]

Originally Posted By: redhat

I am 26 years old with a generous 401k plan. My employer's match is unbelievable. Besides that... savings account that keeps working. I have thought a lot lately about different retirement strategies. I have no idea on what IRAs are and the differences, but would like to set one up. Any suggestions?

Keep contributing to your 401K. As for your IRA..... low cost index funds over a 30 year timeframe will do very well. You can open an IRA through Fidelity, TDameritrade, Vanguard, etc... your wife can also have an IRA even if she's not working, you are the spouse with the 'earned income' so it's a Win - Win for retirement.

 

[csandste]

I've been retired seven years and my net worth has increased several hundred thousand dollars since retirement. I saved everything I could, maxing IRA's and 457. I have a nice pension which pays me about half of my three highest years salary and my AGI is quite a bit higher than when I worked. I have only two regrets: I wish I'd done more traveling when I was young (usually one week a year 800 mile a day trips to show the kids stuff, but I was drained after these marathons) and I wish I'd put more money directly into the market instead of funding my pre-Roth IRA to the max-- my MDR is killing me, paying capital gains would have been less painful. My girl friend got roped into some variable annuities and that's the one thing I would avoid-- huge hidden fees and you can't get out of them easily. She was even sold annuities within her IRA, something that makes no sense to me. Of course I have a pension which will cover me until I kick. I was greatly influenced by a grandfather who was almost wrecked by the depression and constantly talked about it coming back. This made me really frugal.

 

[North to Alaska]

I have my retirement in my hands...just waiting for the numbers to get drawn tonight. Lol 457b with matching funds for state employees IPERS, defined benefits fund. Inheritance from oil executive inlaws lol. ...edit. Seriously not looking foward to that though. I like them alot. Although the mother-in-law is a bit of a pain.

 

[zorobabel]

Originally Posted By: Alfred_B

Early death.

Smart LOL