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

[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. , 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 re ed, 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 re ed, 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 re ed, 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.

^ 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.

^ whistling Dixie

[Koolaid_Man]

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

[CosmicCowboy]

this thread is such a joke...all the 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 me for some reason and I rejected him publicly.

[pawe]

That's embarrassing.

[Spanklin]

OP can't do simple in math and can't calculate simple return in retirement. Sounds like your typical texas bunker buildin sister er 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 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 me for some reason and I rejected him publicly.

....twiddle dee