So how many of you youngsters are saving money for retirement?

[CosmicCowboy]

Lets say you are 25 and think that $60,000 is a "living wage".

If inflation rates stay at their historical average of 3.88% Then by the time you are 65 you are going to need to have/be making $275,000 a year to maintain the same lifestyle.

If you want to retire at 65 and assuming you live to 85 and want to maintain the same "living wage" lifestyle you are gonna need to have over 7 million dollars equivalent banked when you retire.

feel free to refute my numbers or explain to me how social security will bail you out.

[Koolaid_Man]

This what I plan to be doing...I'm not relying on SS...got a special burnt sauce too :lol

http://i9.photobucket.com/albums/a68/Koolbreezey/cos1_zpscd8b36f4.jpg

[CosmicCowboy]

This what I plan to be doing...I'm not relying on SS... :lol

In other words you are now spending all your cash on bling and have shit for a net worth. Got it.

[mrsmaalox]

In other words you are now spending all your Daddy's cash on bling and have shit for a net worth. Got it.

fify

[CosmicCowboy]

fify

:lol

Silly me. You are most likely right.

[Koolaid_Man]

In other words you are now spending all your cash on bling and have shit for a net worth. Got it.

I don't wear bling Cosmic...but in your 1950's antiquated mind I can see how you might think that...I'm handsome enough to pull without selfies, bling, or needing a drink...my folks set me up nicely...pops won't let me touch the money anyway till I'm 40...he figures I'd would have been through several bad relationships by then and worked all the pussy chasing out of my system...Pops has another thing coming :lol

[Koolaid_Man]

fify

there's something about you Maalox that makes me want you...I like your avi and I do think we'd make good sticky love together...

[CosmicCowboy]

I don't wear bling Cosmic...but in your 1950's antiquated mind I can see how you might think that...I'm handsome enough to pull without selfies, bling, or needing a drink...my folks set me up nicely...pops won't let me touch the money anyway till I'm 40...he figures I'd would have been through several bad relationships by then and worked all the pussy chasing out of my system...Pops has another thing coming :lol

LOL if this story (unlike all your other stories) is true then your dad is clearly a lot smarter than you are. There is still plenty of time for him to realize what a piece of shit you are and give it all to charity.

[Koolaid_Man]

LOL if this story (unlike all your other stories) is true then then your dad is clearly a lot smarter than you are. There is still time for him to realize what a piece of shit you are and give it all to charity.

I'm a loving guy...just because you clearly have mental problems and seem a bit unstable in your ethics and morals doesn't give you the right to malign me...if anything you're the fake one..wearing your heart on your sleeve like a 16 yr old. Plus your a racist living in the 50's...you can dish shit out but can't take it...and all you do is whine and complain about everything...you're just mad that a Black man is in office...get over it...personally I'm having the best years of my life since O has been in office...deal with it..yall have ruled the white house since the beginning...we get one black guy in office and all yall rednecks go screaming for the hills...I maintain when this life is over God has a special place for hate filled people like you..and I for one can't wait for people like you to get your comeuppance...:hat

[Katherine Robinson]

If one learns to use the stock market as a minimal returns savings method, their funds will be safe from inflation. The only con is that one must regularly keep up with their invested sectors.

[DUNCANownsKOBE]

I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.

Most people my age are terrible savers though :lol, they live in the most expensive apartment possible and buy much nicer clothes than their job requires.

[DMC]

I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.

Most people my age are terrible savers though :lol, they live in the most expensive apartment possible and buy much nicer clothes than their job requires.

As you know the bulk of your savings is going to come from the money you put in now. People will start doing that later in life thinking it's the same, but most of them are math stupid.

[CosmicCowboy]

I'm a loving guy...just because you clearly have mental problems and seem a bit unstable in your ethics and morals doesn't give you the right to malign me...if anything you're the fake one..wearing your heart on your sleeve like a 16 yr old. Plus your a racist living in the 50's...you can dish shit out but can't take it...and all you do is whine and complain about everything...you're just mad that a Black man is in office...get over it...personally I'm having the best years of my life since O has been in office...deal with it..yall have ruled the white house since the beginning...we get one black guy in office and all yall rednecks go screaming for the hills...I maintain when this life is over God has a special place for hate filled people like you..and I for one can't wait for people like you to get your comeuppance...:hat

:lmao

Leave it to you to try to make it about race...:lol

And in case you haven't figured it out yet, it doesn't really matter who is President.

[CosmicCowboy]

I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.

Most people my age are terrible savers though :lol, they live in the most expensive apartment possible and buy much nicer clothes than their job requires.

You got it figured out. Props.:toast

[DUNCANownsKOBE]

As you know the bulk of your savings is going to come from the money you put in now. People will start doing that later in life thinking it's the same, but most of them are math stupid.

Yeah and I understand how liberal arts majors are math stupid when it comes to this stuff, but I'm referring to people who work in accounting/finance, i.e. people who shouldn't struggle with the concept of interest accrual :lmao

The thing that really baffles me is how NO ONE my age realizes we should be dumping as much as possible in Roth IRAs/Roth 401ks. They all say, "Fuck that, I don't want to have to pay taxes on the money now when I can avoid taxes with a regular 401k!" while I'll be avoiding the cap gains tax after my money appreciates for 30+ years.

[mrsmaalox]

I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.

Most people my age are terrible savers though :lol, they live in the most expensive apartment possible and buy much nicer clothes than their job requires.

Not to mention the money they waste on fancy cars.

[DMC]

Yeah and I understand how liberal arts majors are math stupid when it comes to this stuff, but I'm referring to people who work in accounting/finance, i.e. people who shouldn't struggle with the concept of interest accrual :lmao

The thing that really baffles me is how NO ONE my age realizes we should be dumping as much as possible in Roth IRAs/Roth 401ks. They all say, "Fuck that, I don't want to have to pay taxes on the money now when I can avoid taxes with a regular 401k!" while I'll be avoiding the cap gains tax after my money appreciates for 30+ years.

You have that genetic cheat code though so you cannot fault them for being behind the curve, plus you'll need people to work for you when you open your own firm.

[CosmicCowboy]

Yeah and I understand how liberal arts majors are math stupid when it comes to this stuff, but I'm referring to people who work in accounting/finance, i.e. people who shouldn't struggle with the concept of interest accrual :lmao

The thing that really baffles me is how NO ONE my age realizes we should be dumping as much as possible in Roth IRAs/Roth 401ks. They all say, "Fuck that, I don't want to have to pay taxes on the money now when I can avoid taxes with a regular 401k!" while I'll be avoiding the cap gains tax after my money appreciates for 30+ years.

These same people are the ones screaming that it is not fair that investment income is taxed at the cap gains rate instead of ordinary income rate. If they get what they want (fuck those greedy rich people) they are gonna be pissed when they retire and start tapping their 401K's and the government takes 30% right off the top.

[DUNCANownsKOBE]

You got it figured out. Props.:toast

Parents drilled it into me, teaching their kids about saving money was the one thing they always agreed on :lol

When I was younger and all my friends got a PS2/xbox within a month of when they were released and I was pissing and moaning like a little bitch about it, my parents held their ground and said shut the fuck up and wait 6 months till the price is 1/2 of what it is now. In 08 when the market crashed and a lot of those same friends' parents came within inches of losing their newly remodeled house and neither my mom nor my dad were in any trouble at all, everything became pretty clear to me.

[TDMVPDPOY]

Not to mention the money they waste on fancy cars.

better then investin in shoes, how many shoes do you really need maalox? with or without the shoes, i do you good....

[DUNCANownsKOBE]

These same people are the ones screaming that it is not fair that investment income is taxed at the cap gains rate instead of ordinary income rate. If they get what they want (fuck those greedy rich people) they are gonna be pissed when they retire and start tapping their 401K's and the government takes 30% right off the top.

Well regardless of political opinion on what the cap gains rate should be, bottom line is the government is gonna have to eventually raise it because it's going to need to to pay off a $16T debt. I also think they're gonna eventually take the ability to shelter cap gains income in a Roth 401k/IRA away completely some time in the next 10-20 years, and by that point it'll really be too late.

[DMC]

better then investin in shoes, how many shoes do you really need maalox? with or without the shoes, i do you good....

She just might not understand a fucking word you say in the process.

[DUNCANownsKOBE]

better then investin in shoes, how many shoes do you really need maalox? with or without the shoes, i do you good....

What the fuck are you talking about?

[CosmicCowboy]

Well regardless of political opinion on what the cap gains rate should be, bottom line is the government is gonna have to eventually raise it because it's going to need to to pay off a $16T debt. I also think they're gonna eventually take the ability to shelter cap gains income in a Roth 401k/IRA away completely some time in the next 10-20 years, and by that point it'll really be too late.

Nah...they will try to inflate their way out of it first. It will be the politically expedient way to kick the can down the road. A government that can print money out of thin air at will doesn't have to worry about income = expenditures. Of course, you will still get hurt. Double the inflation rate to 7% and you would need to be making $998.000 a year in 2054 to equal a $60,000 a year job now and you would need to have 43 million in savings equivalent at 65 to survive 20 years at your 60K 2014 "living wage"

[Sportcamper]

I will refute those numbers…One needs to use a retirement calculator that factors in monthly annuities and S.S....If someone had a 401 plan that follows from multiple employers they can have guaranteed annuities that pay 4k a month based on a salary of 64k per year…

[CosmicCowboy]

I will refute those numbers…One needs to use a retirement calculator that factors in monthly annuities and S.S....If someone had a 401 plan that follows from multiple employers they can have guaranteed annuities that pay 4k a month based on a salary of 64k per year…

Thats why I said savings equivalent. if you think that you are going to get social security for that 20 year period you can subtract the present value of those future payments from the savings equivalent at 65. One can assume that in year 66 when you start drawing down your 401K retirement savings that you will still be receiving investment income after taxes (declining every year as you draw down your principal to zero) so you can subtract the present value of those future payments as well. Bottom line in the second example is if you are 25 you are going to have to have a 2.2 million average gross income a year at a 7% assumed inflation rate to live a 2014 $60,000 a year lifestyle in your "golden years" from 65-85.

[Koolaid_Man]

Nah...they will try to inflate their way out of it first. It will be the politically expedient way to kick the can down the road. A government that can print money out of thin air at will doesn't have to worry about income = expenditures. Of course, you will still get hurt. Double the inflation rate to 7% and you would need to be making $998.000 a year in 2054 to equal a $60,000 a year job now and you would need to have 43 million in savings equivalent at 65 to survive 20 years at your 60K 2014 "living wage"

Booooring toooopic....all this shit i learned when I was 12. Yawl act like saving is some sort of revelation. Only those like Cosmic care about how much a Denny's grand slam will cost in 20 yrs. Lol.

Cosmic will be older than dirt anyway. Why does he care so much? Life is too short to be so wrapped up in governt. Affairs ...live , drink, be merry, fuck ho's , laugh and chill...you caring wont make a difference anyway especially since you're going to hell anyways. Lol

[CosmicCowboy]

Booooring toooopic....all this shit i learned when I was 12. Yawl act like saving is some sort of revelation. Only those like Cosmic care about how much a Denny's grand slam will cost in 20 yrs. Lol.

Cosmic will be older than dirt anyway. Why does he care so much? Life is too short to be so wrapped up in governt. Affairs ...live , drink, be merry, fuck ho's , laugh and chill...you caring wont make a difference anyway especially since you're going to hell anyways. Lol

LOL

40 years from now with that attitude Kool is gonna be one fat, bitter, broke ass nigga with his hand out cussin whitey while beggin for his handouts.

[Soul_Patch]

In other words you are now spending all your cash on bling and have shit for a net worth. Got it.

I just turned 36 and I should probably be doing more, but I put 8% into a 401k and my employer matches it 100% plus tosses in another 5%.

So, I think I am probably doing ok.

[CosmicCowboy]

I just turned 36 and I should probably be doing more, but I put 8% into a 401k and my employer matches it 100% plus tosses in another 5%.

So, I think I am probably doing ok.

Sounds like a plan. Thats 21% of your annul income. You should be golden. Don't forget to throw Kool a ten when you see him standing on the street corner holding a sign.

[Sportcamper]

Those are daunting numbers CC…I just know that in my field retirement annuities follow an employee from job to job and that throws standard retirement calculations off…Two co workers recently retired after they sat down with experts and learned that they had more wealth than they thought…

In any case I plan to remain in the workforce and be a burden to the lazy and self-entitled Gen X & Y…

[CosmicCowboy]

Those are daunting numbers CC…I just know that in my field retirement annuities follow an employee from job to job and that throws standard retirement calculations off…Two co workers recently retired after they sat down with experts and learned that they had more wealth than they thought…

In any case I plan to remain in the workforce and be a burden to the lazy and self-entitled Gen X & Y…

The numbers are oversimplified but are a lot smaller for those of us in our 50's. I figure I'll only need about 3.5 million after tax at 66 to maintain current lifestyle.

[blkroadrunners]

I'm hoping to set up my 401k soon, like this month. Growing up I was somewhat negligent about investments, but from studying up on IRAs it's best for the LT obviously. I did manage to save about $32K thanks to being a cheapskate.

[CosmicCowboy]

I'm hoping to set up my 401k soon, like this month. Growing up I was somewhat negligent about investments, but from studying up on IRAs it's best for the LT obviously. I did manage to save about $32K thanks to being a cheapskate.

I was late starting to save too. Hell, it's fun to blow money having fun. I kept a second home in Crested Butte for years past when I should have gotten rid of it but it was just too much fun. If I had invested all the money I blew on me and my family snow skiing and playing in the mountains in the summertime I could retire today...:(

[Sportcamper]

blkroadrunners-Having 30k in the bank is no small feat…Congratulations...The majority of the people I work with make a decent salary but they still live paycheck to paycheck…When the slow season hits and they only work two to three days a week their lives are chaotic…

I read a book many years ago “Swim with the sharks without being eaten alive” and learned to buy used cars, inexpensive clothing and to only make expensive purchases when things are on sale…

[Blake]

Bought a new car one time.

Never again.

[Koolaid_Man]

The numbers are oversimplified but are a lot smaller for those of us in our 50's. I figure I'll only need about 3.5 million after tax at 66 to maintain current lifestyle.

^ who you kidding...:lol Naaah bruh you don't need nowhere close to $3.5M for your current lifestyle...with Shishkabob's like this you gone be good with 100k flat...:lmao



http://i9.photobucket.com/albums/a68/Koolbreezey/redneckshishkabob_zps181d5d21.jpg

[CosmicCowboy]

^ who you kidding...:lol Naaah bruh you don't need nowhere close to $3.5M for your current lifestyle...with Shishkabob's like this you gone be good with 100k flat...:lmao

Meh. I could live frugally at the ranch and be happy if I had to. It's paid for and taxes are only $1200 a year. I don't have to live nigga rich like you do.

[Koolaid_Man]

Meh. I could live frugally at the ranch and be happy if I had to. It's paid for and taxes are only $1200 a year. I don't have to live nigga rich like you do.

cuz you can't :hat

[CosmicCowboy]

cuz you can't :hat

Or won't. I'm puttin back half of what I make every year. I'm not living off daddy and acting like I'm hot shit. You have bragged about the six figure car you drive, the fancy clothes you style, The incredible bachelor pad you have, the expensive perfume you use to cover your smell, all the white bitches you fuck that are wowed by your nigga rich lifestyle. We get it.

[Koolaid_Man]

Or won't. I'm puttin back half of what I make every year. I'm not living off daddy and acting like I'm hot shit. You have bragged about the six figure car you drive, the fancy clothes you style, The incredible bachelor pad you have, the expensive perfume you use to cover your smell, all the white bitches you fuck that are wowed by your nigga rich lifestyle. We get it.

grow up old man :lol

[Koolaid_Man]

Cosmic would you like a sneak peak at me?

[CosmicCowboy]

Cosmic would you like a sneak peak at me?

Oh fuck. Now he wants PM e-sex with ME.

BTW Kool, CF looks nothing like you imagined. Think a taller Betty Page.

[Koolaid_Man]

Oh fuck. Now he wants PM e-sex with me.

just thought it would make you feel better about yourself

[CosmicCowboy]

just thought it would make you feel better about yourself

That you wanted to have e-sex with me?

[Koolaid_Man]

Oh fuck. Now he wants PM e-sex with ME.

BTW Kool, CF looks nothing like you imagined. Think a taller Betty Page.

I only wanted to fuck her..because she's claimed to be a sex crazed good looking lezbo with some nasty lezbo friends...nothing else matters

[CosmicCowboy]

I only wanted to fuck her..because she's claimed to be a sex crazed good looking lezbo with some nasty lezbo friends...nothing else matters

Well, clearly she didn't want to fuck you and you crashed in flames in the clear view of the whole Spurstalk community and made a total ass of yourself in the process. Own it bitch.

And no, I'm not interested in having e-sex with you either.

[cute_spursfan]

I'm 24 and blow all my money,lol.

I wanna enjoy life now, not when I'm 65+

[apalisoc_9]

I just turned 23 and have been pretty much blowing up all my money. But the last 4 months or so have been brutal for me financially, and it's only now i realize how important saving is for the future. Thanks for the heads up.

I think If I put in 500 Dollars every month from now on in my retirement savings. I'd have about 200k when I turn 52 year olds. That's not bad IMO, considering most Canadians gets a decent amount of retirment money every month from the government.

[Rogue]

CC speaks the truth imho, as much as I dislike that affluent parvenu. The best way to get prepared for retirement is invest your money in bonds/stocks so you'll live a comfortable life collecting dividends. Or you may pursue a doctorate's degree like DMC did, so you don't have to work like a dog, and so you can continue working until you die.

[Rogue]

The ownership (or at least co-ownership) of a business is the best financial plan for retirement imho.

[DUNCANownsKOBE]

I was late starting to save too. Hell, it's fun to blow money having fun. I kept a second home in Crested Butte for years past when I should have gotten rid of it but it was just too much fun. If I had invested all the money I blew on me and my family snow skiing and playing in the mountains in the summertime I could retire today...:(

Serious question though, do you really want to retire today even if you could? People who retire early die early, and that's been proven by studies. My 86 year old grandma is still selling real estate like crazy and making money she doesn't need, but because she's still working she's 86 and has no signs of slowing down.

Don't get me wrong, I still think spending everything you have is retarded, but even if I have the ability to retire in my 50s I'm not sure if I will. I'm only gonna retire if/when I have something else set up, like charity work, volunteer tax planning, etc.

[CuckingFunt]

I'm not saving now, but I recognize the importance of doing so and plan to put aside as much as I can in as many different ways as I can as soon as I'm able. I've held onto a lot of my real estate, but otherwise I took all my savings to fund my education and to live as close to debt free as possible while in school.

[CosmicCowboy]

I'm not saving now, but I recognize the importance of doing so and plan to put aside as much as I can in as many different ways as I can as soon as I'm able. I've held onto a lot of my real estate, but otherwise I took all my savings to fund my education and to live as close to debt free as possible while in school.

That was a good plan for you. Your real estate is hopefully appreciating and at least keeping up with inflation.

[CosmicCowboy]

]Serious question though, do you really want to retire today even if you could? People who retire early die early, and that's been proven by studies.[/B] My 86 year old grandma is still selling real estate like crazy and making money she doesn't need, but because she's still working she's 86 and has no signs of slowing down.

Don't get me wrong, I still think spending everything you have is retarded, but even if I have the ability to retire in my 50s I'm not sure if I will. I'm only gonna retire if/when I have something else set up, like charity work, volunteer tax planning, etc.

Good question. I'm not really ready to retire now and may never completely retire. Right now I'm working from 6am to 6pm every day building up the business for a sale in ten years and it's a high stress job. Although it's emotionally and financially rewarding I'm not sure I want to be doing that when I'm 70. I think I'd rather sell the primary business and get more liquid and then do something else a little more low key...

[Rogue]

Serious question though, do you really want to retire today even if you could? People who retire early die early, and that's been proven by studies. My 86 year old grandma is still selling real estate like crazy and making money she doesn't need, but because she's still working she's 86 and has no signs of slowing down.

Don't get me wrong, I still think spending everything you have is retarded, but even if I have the ability to retire in my 50s I'm not sure if I will. I'm only gonna retire if/when I have something else set up, like charity work, volunteer tax planning, etc.
You guys just couldn't stop making money, that's the way you live and exist imho.

[pawe]

What can small business owners do for retirement who doesn't have 401k?

[CosmicCowboy]

What can small business owners do for retirement who doesn't have 401k?

A lot of my net worth is wrapped up in the business and property. My plan is to sell the business (to be moved to another location if I haven't already moved it) and then sell/develop the property. If that isn't an option you should be doing IRA's and 401K's. The problem with selling small businesses is they have to reach a critical mass before they are really attractive. Banks really want a 4-5 million annual gross before they get comfortable loaning money to buy a business.

[pawe]

That's what my accountant hinted too since my business is anchoring 2-3 investment properties. Funny how accountants never go into details and seem to be always in a hurry when you ask for free advice.

[SnakeBoy]

IRA's & 401k's are great for the slow and steady approach but I think everyone should put a small percentage of their savings towards playing the stock market themselves. It is incredibly easy to get far greater returns than you can get anywhere else once you figure out a trading strategy that works for you. Paper trading accounts are a good way to practice, make the dumb mistakes everyone does, and figure out your strategy without putting any real money on the line.

I'm doubling my money every 3 - 5 months following 3 rules...

1.) Don't try to win the lottery on any one stock
2.) Don't try to catch a falling knife, you'll get cut
3.) Don't grab the ass end of a rocket, you'll get burned

Pretty simple rules that can take a while to learn how to follow.

[Koolaid_Man]

I'm not saving now, but I recognize the importance of doing so and plan to put aside as much as I can in as many different ways as I can as soon as I'm able. I've held onto a lot of my real estate, but otherwise I took all my savings to fund my education and to live as close to debt free as possible while in school.

:lol ^ that made me chuckle.... and then the clean-up

[Koolaid_Man]

A lot of my net worth is wrapped up in the business and property. My plan is to sell the business (to be moved to another location if I haven't already moved it) and then sell/develop the property. If that isn't an option you should be doing IRA's and 401K's. The problem with selling small businesses is they have to reach a critical mass before they are really attractive. Banks really want a 4-5 million annual gross before they get comfortable loaning money to buy a business.


:lmao ^ whistling Dixie

[Koolaid_Man]

this thread is such a joke...all the shit that's basic common sense trying to be masqueraded as some sort of intelligence

[CosmicCowboy]

this thread is such a joke...all the shit that's basic common sense trying to be masqueraded as some sort of intelligence

By your own admission it isn't common to you.

[Samuel Eto'o]

Lets say you are 25 and think that $60,000 is a "living wage".

If inflation rates stay at their historical average of 3.88% Then by the time you are 65 you are going to need to have/be making $275,000 a year to maintain the same lifestyle.

If you want to retire at 65 and assuming you live to 85 and want to maintain the same "living wage" lifestyle you are gonna need to have over 7 million dollars equivalent banked when you retire.

feel free to refute my numbers or explain to me how social security will bail you out.

Oh boy! Thanks for the lesson pops!

[DMC]

You'll need 7 million if you want to live like you do now, or absolutely nothing if you want to live on welfare and have free health care, equal opportunity and don't ever have to worry about losing your job.

[pawe]

What is Koolaid Man's problem? I always see it post stuff that's totally unrelated to the topic.

[CuckingFunt]

What is Koolaid Man's problem? I always see it post stuff that's totally unrelated to the topic.

Recently much of it has to do with the fact he was trying to fuck me for some reason and I rejected him publicly.

[pawe]

That's embarrassing.

[Spanklin]

OP can't do simple fuckin math and can't calculate simple return in retirement. Sounds like your typical texas bunker buildin sister fucker tbh

[Rogue]

Money saved is money wasted imho. You ain't beating inflation rate no matter how much you've saved, that's why smart people would store their money in the form of stock or real estate rather than deposit their money in a bank and let the bankers gradually take the value away.

[JudynTX]

Yes, I'm saving and have been for years. Then getting the hell out of here.

[blkroadrunners]

blkroadrunners-Having 30k in the bank is no small feat…Congratulations...The majority of the people I work with make a decent salary but they still live paycheck to paycheck…When the slow season hits and they only work two to three days a week their lives are chaotic…

I read a book many years ago “Swim with the sharks without being eaten alive” and learned to buy used cars, inexpensive clothing and to only make expensive purchases when things are on sale…

My intent is to use it back on school or a house w/o going through many loans. One of my biggest fears was going broke where it would be difficult to support my family, so saving was sort of a paranoia for me.

[daslicer]

Most people will not retire in this country due to a lot of variables. First to retire you need at least 1.5 to 3 mil if you want to live a middle class lifestyle. Keep in mind millionaires are only a little less then 1 percent of our population. So basically everybody has to become a millionaire which is not possible. A few variables can destroy your ability to save which is divorce, kids expenses,mortgage payments, and a health disaster. I think the way america is now its very difficult to work past 50 since most jobs tend to lay you off at the age. 50 is the new 60 with that being said your window to save is now shortened. I'm kind of mixed about home ownership being a great investment. A big problem with the boomers is that they can't sell their houses because the target market to buy their homes the millenials are poor. With that all being said I would still encourage people to save and invest just so they have a safety net to rely on whenever they lose their job.

[Koolaid_Man]

Recently much of it has to do with the fact he was trying to fuck me for some reason and I rejected him publicly.

:lol....twiddle dee

[vy65]

Lets say you are 25 and think that $60,000 is a "living wage".

If inflation rates stay at their historical average of 3.88% Then by the time you are 65 you are going to need to have/be making $275,000 a year to maintain the same lifestyle.

If you want to retire at 65 and assuming you live to 85 and want to maintain the same "living wage" lifestyle you are gonna need to have over 7 million dollars equivalent banked when you retire.

feel free to refute my numbers or explain to me how social security will bail you out.

Begs the question of what are/are not appropriate ways of saving. Let's say a 28 year old decides to dedicate a portion of their monthly savings to mortgage payments. Does that work?

[vy65]

Also lol retirement. Fuck that.

[Bender]

for a while I was considering retiring as an expat. Wouldn't need millions.

[daslicer]

for a while I was considering retiring as an expat. Wouldn't need millions.

Unfortunately I think that is the only way to go for a majority of people. I have been thinking about that for a while now and I'm still in my 20's.

[TDMVPDPOY]

for a while I was considering retiring as an expat. Wouldn't need millions.

that shit could only happen if that other country costs of living doesnt increase faster then inflation...

nothing beats cheap living and cheap pussy

[Frank Dux]

I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.

Most people my age are terrible savers though :lol, they live in the most expensive apartment possible and buy much nicer clothes than their job requires.

Dude, you're killing it. Such a difficult thing to grasp at 23. Old age seems so far away. Ha. By the time you're 30 you're going to have a nice nest egg. I wish I would have got serious about this right after college but didn't start until my late 20's. Oh well.

[leemajors]

I save about $1,200 a month off my salary. $400 a Roth 401k (will become $800 once I'm eligible for employer matching) and $800 in savings for when I want to go back to school/buy a house. That's not great but I'm only 23 and just put my entire bonus in savings.

Most people my age are terrible savers though :lol, they live in the most expensive apartment possible and buy much nicer clothes than their job requires.
Do you have to wait 6 months for them to match?

[Blake]

I've got a part time biz going that I want to take full time in a few years. The only thing that concerns me is insurance. It's currently paid for by my current employer.

I wonder if I'll be able to find a good deal on the Obamacare marketplace.

[DUNCANownsKOBE]

Do you have to wait 6 months for them to match?

You have to wait a year, then they match 6%, but they have a rule that helps me a lot. If you contribute 6% or more of your income, the minimum they contribute annually is $6,000, so if 6% of your annual income is less than $6k (which mine is :lol), then they do a lot more than match.

[leemajors]

You have to wait a year, then they match 6%, but they have a rule that helps me a lot. If you contribute 6% or more of your income, the minimum they contribute annually is $6,000, so if 6% of your annual income is less than $6k (which mine is :lol), then they do a lot more than match.

ahh ok. mine does 6% too.

[AFBlue]

I have my employer-matched Roth 401k at 8% in a target retirement fund that decreases risk as I age. Plus I rolled over two previous employer 401ks into a Brokerage IRA that I can adjust daily if I prefer. I'm also saving an additional 5% on top of that to go toward whatever my next priority is...probably pre-school for my son.

And though my employer doesn't have a pension, they do tack on somewhere between 3-9% in 401k contribution based on age relative to retirement. So that could be 25% of my income in my latter years going toward retirement.

[AFBlue]

I'm also going to look into a hybrid Life Insurance/Long-term Care policy.