Planning for Retirement / Investing

[rychehitman]

Just curious...

How often do you guys actively think about retirement? Do you have plans in place? Do you have goals in mind?

[kal-el]

You mean all those foil and variant covers I bought in the 90's won't be enough to retire on when I'm ready too in 25 years

[Argonus]

I have a Retirement IRA; besides that, my ex-wife's attorney got his claws into everything else, which is amusing since she never has to work a day of her life (nor has she, outside of her family's enterprises), and I do (and want to). :laugh:

I'm not buying another house any time soon, so at least that's less stress (sort of). :laugh:

Does this qualify as my usual "answering your question without answering your question", Rob? :tongue:

[nbr3bagshotrow]

Me and Mrs Hobbit both have 401K's and I've been shifting many of my investments from high growth to income producing stocks. When the market was down, I chose to pump a lot of cash into our 401K's and it's paying off now. Give me about 5 years and the income produced will cover my take home pay I get now.

I think about retirement daily and follow all my stocks very closely. I check all news articles and my Schwab account gets me investment advice from Schwab, S&P, Reuters, and a few others.

[Cage]

Me and Mrs Hobbit both have 401K's and I've been shifting many of my investments from high growth to income producing stocks. When the market was down, I chose to pump a lot of cash into our 401K's and it's paying off now. Give me about 5 years and the income produced will cover my take home pay I get now.

I think about retirement daily and follow all my stocks very closely. I check all news articles and my Schwab account gets me investment advice from Schwab, S&P, Reuters, and a few others.

Hobbit how far away are you from retiring?

[rychehitman]

Hobbit how far away are you from retiring?

it's got to be any day now...right?:laugh:

[Bullseye]

Wasn't the hobbit already retired before most of us were born.

[nbr3bagshotrow]

it's got to be any day now...right?:laugh:

Let's just say I've got an investment that when it hits, I'll be buying the master replicas Millenium Falcon & x-wing, the new ST Enterprise, and a few other grails.

[nbr3bagshotrow]

Wasn't the hobbit already retired before most of us were born.

:laugh:

[Daredevil]

Statues are my investment plan.

I hope they will beat the stock market ;)

[Daredevil]

Let's just say I've got an investment that when it hits, I'll be buying the master replicas Millenium Falcon & x-wing, the new ST Enterprise, and a few other grails.

Show me how, old wise one.. although I 'm about 30+ years away from retirement.

[MONSTER]

I thought comic art and statues were my retirement plan.

Retirement is always on my mind but over the last few years its become a priority. I've seen too many people in their 50s and 60s lose everything and I don't want to be in their shoes.

I contribute to my 401k at work and my company matches me on the first 5 percent. I also contribute to a Roth account and dabble in the stock market. The other big thing I'm working on is making sure my house will be paid off well before I plan on retiring. The last thing I want to worry about is a mortgage payment during retirement.

[tedmic]

Work till death or lottery for me!

[nbr3bagshotrow]

I thought comic art and statues were my retirement plan.

Retirement is always on my mind but over the last few years its become a priority. I've seen too many people in their 50s and 60s lose everything and I don't want to be in their shoes.

I contribute to my 401k at work and my company matches me on the first 5 percent. I also contribute to a Roth account and dabble in the stock market. The other big thing I'm working on is making sure my house will be paid off well before I plan on retiring. The last thing I want to worry about is a mortgage payment during retirement.

Look at KMP, ETP, BWP, TGP. Pay real nice dividends and are in an industry I feel has lots of growth potential.

[Tetragrammaton]

I've been actively thinking about retirement for about the last 3 years (I'm 43 now).

The good news is that I have no debt and my expenses are relatively light as I have no dependents, the home is fully paid for, and, aside from collecting, have no expensive habits.

The plan is a simple one;

a. Continue to work full-time until age 55,
b. Work part-time until age 65, (earn 25% of current income)
c. Start collecting military pension at age 55, (provides 50% of current income)
d. Start drawing on retirement income from savings at age 65, (can expect a return equal to 10-20 % of current income)
e. Start collecting federal pension at age 67 (earns about 25 % of current income).

[MONSTER]

Look at KMP, ETP, BWP, TGP. Pay real nice dividends and are in an industry I feel has lots of growth potential.

Will do. Thanks! :thumbs2:

I've been actively thinking about retirement for about the last 3 years (I'm 43 now).

The good news is that I have no debt and my expenses are relatively light as I have no dependents, the home is fully paid for, and, aside from collecting, have no expensive habits.

The plan is a simple one;

a. Continue to work full-time until age 55,
b. Work part-time until age 65, (earn 25% of current income)
c. Start collecting military pension at age 55, (provides 50% of current income)
d. Start drawing on retirement income from savings at age 65, (can expect a return equal to 10-20 % of current income)
e. Start collecting federal pension at age 67 (earns about 25 % of current income).

Looks like you are all set.

[HalJordanFan]

I'm banking on the investment I've recently made into this manufacturing co. I have 2 partners and we've put a substantial amount of $ into it. I'm hoping to kick ass for a few years (5) and either sellout to a larger company or to my current partners.

I also have and IRA for the Mrs and a Simple Plan for myself. She can bank $5,000 tax free a year and I can go $11,500 or $13,500 per year.

[lord odin]

I plan on setting fire to one of my apartment buildings and dying in the explos uh I mean the tragic fire that claimed my life and having my girlfriend collect the life insurance I have then she's got to go.
After her passing i'll join one of the cartels in Mexico i'm leaning towards Los Zetas then you can call me the mad Russian.

[uvajosh69]

Don't get divorced. Otherwise you will have to work forever.

[Matches Malone]

I have a good government pension that I contribute to. While I could live off that and the eventual federal pension everyone gets I do still contribute to RRSP's (Canadian equivalent of 401k's) and have become more aggressive in my investing over the last couple years. 25 years of service to retire with a full pension for me but I will only be 45 when that milestone comes. Save for a lucrative job with a different employer I will likely work for 10 years past that.

[Argonus]

Don't get divorced. Otherwise you will have to work forever.

:laugh:

[wktf]

My wife and I've had a financial planner who helped us put a plan in place about 8 years ago. I'm well diversified, actively invest in the market at all times, continue to invest monthly both through 401k and outside of the company plan (dollar cost averaging is a powerful principle and practice), and review my plan semi-annually. As well, we have an estate plan, ample insurance and wills in place.

I do plan to keep working until 60 and have hopes retirement will be possible at that point.

[Underdog07]

One piece of advice - everyone should have a will, especially if you have children. And look into life insurance.

[Royd]

I must admit that I'm looking at utilising an option available with the Australian Government's Commonwealth Superannuantion Scheme (CSS) to retire just short of my 55th birthday (which will occur in 2013) where I will be able to maximise my benefits with a pension for life plus a lump sum (defined benefits scheme).

The CSS scheme was changed about 20 years ago at least in part due to the odd 54 years 11 months clause which is so lucrative in its payout. Thankfully when the change came about, I opted to stay with the old scheme!

I will always treasure the advice I received from an older officer who said "Stay with the old scheme my son, the government's not putting in place this change to do you any favours!" I plan to continue working past 55 and may change careers - who knows!

[wizardjones]

Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing :laugh: and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.

[nbr3bagshotrow]

Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing :laugh: and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.

IMO, for someone who doesn't have a lot of experience in the stock market, is to start with low risk, high yield stocks. You can buy stocks through Schwab, ING Direct, Fidelity easily. A good place to start is with utilities. They are rather stable and pay decent dividends. Enroll in their DRIP (dividend reinvestment program) and you can usually send in a minimum of $25 - $50 per quarter as optional cash investments. Go to a local library and research using publications like Value Line or Standard & Poors to find utilities that are stable and have a good growth perspective. You won't get rich on these but they start to build a good retirement vehicle. Once you are comfortable with these, then start to branch out into other industries you are familiar with. I don't invest in something that isn't easy to understand what they do.

[Underdog07]

Look into whatever investment will give you tax advantages.

That is why owning a house is so advantageous as you can deduct th interest you pay. Of course AMT comes into p,ay and can screw you

[Mean Green]

Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing :laugh: and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.

You can invest in lots of different types of things in your IRA account. It's just a type of account, not locked into any single type of investment. I would suggest doing some research on the internet and not listening to us. Someone may tell you to invest in statues on this board... :laugh:

[lord odin]

Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing :laugh: and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.
http://i143.photobucket.com/albums/r131/taxx10/drugs-gun-knife.jpg:confused2

[wizardjones]

:confused2

:laugh:

Mean Green I always research stuff but honestly I asked the question because, A. it is a conversation topic and B, I like seeing what some other people are looking into and trying. The world is a difficult place sometimes and not everyone can know anything. Plus I think some of you guys are cool. :penguin:

[Mean Green]

:laugh:

Mean Green I always research stuff but honestly I asked the question because, A. it is a conversation topic and B, I like seeing what some other people are looking into and trying. The world is a difficult place sometimes and not everyone can know anything. Plus I think some of you guys are cool. :penguin:

Heh, in that case, I'll pass on a piece of valuable advice I got from one of my professors recently:

You should have three types of investment accounts - Traditional IRA (or 401(k) which you already have), Roth IRA, and regular investment account (for short term goals). And since you're young, you can bear to take on riskier portfolios in your 401(k) and Roth IRA accounts. Doesn't mean you don't look at them ever after the initial setup because you should still review your goals and rebalance quarterly; just realize that you have over 30 years to recover sudden losses.

[moon_knight1971]

Any tips on how to get started for a younger guy? I am 27 and right now I have a 401k going but I went to the bank the other day and noticed that the IRA accounts that I could start have about the same % rate as my current savings account.
Also, I noticed from a bunch of you guys that getting married is typically a bad thing :laugh: and buying a house just seems like it's an even worse idea unless I have saved quite a bit before the purchase.

And get a good expensive life insurance policy while you're still young. A buddy of mine has a $500K policy and just pays $25 a month for it. The older you get the more expensive the premium gets plus physicals become more necessary.

[Sithlord32]

Me and Mrs Hobbit both have 401K's and I've been shifting many of my investments from high growth to income producing stocks. When the market was down, I chose to pump a lot of cash into our 401K's and it's paying off now. Give me about 5 years and the income produced will cover my take home pay I get now.

I think about retirement daily and follow all my stocks very closely. I check all news articles and my Schwab account gets me investment advice from Schwab, S&P, Reuters, and a few others.

Same here. I had a major fallout in my mid 20's and had to take the penalty to empty my 401K to save my ass and have sense then reallocated monthly funds to another.
If your young go high risk and build fast. Take advantage of any matching that might be offered through your employer. I made a point to set aside a whole year where i did very minimal spending and put all that extra into my 401K.
I have done that off and on for a total of about maybe 5 years. When i reached my mid 30's i started moving out of high risk into more stable playing fields.
I took a big hit when the economy went south on us and ill probably never regain that capital that i lost. Its the risk one takes.
I am by now means rich hell i wouldn't even say im well off. I work a 9 to 5 like everyone else but i don't live check to check and have some savings for retirement and i can find piece of mind in that.

Look into things that will pay out long term like life insurance bonds and mutual funds. Anything that has guaranteed return on it. Dump money into it/them and let time do the work. Yes your right about the house but its the same with a car. Anything you dont own than you owe money on is considered a liability as well as possibly an investment item. Marriage really depends where you live as far as laws and funds go. Follow your heart and not your pocket book but dont be blind to whats going on around you. Ill tell you this,when time comes around its all the memories and moments that you create that matter in the long run.

[Tetragrammaton]

I've been actively thinking about retirement for about the last 3 years (I'm 43 now).

The good news is that I have no debt and my expenses are relatively light as I have no dependents, the home is fully paid for, and, aside from collecting, have no expensive habits.

The plan is a simple one;

a. Continue to work full-time until age 55,
b. Work part-time until age 65, (earn 25% of current income)
c. Start collecting military pension at age 55, (provides 50% of current income)
d. Start drawing on retirement income from savings at age 65, (can expect a return equal to 10-20 % of current income)
e. Start collecting federal pension at age 67 (earns about 25 % of current income).

These last 4 years can't happen fast enough. I was working this Friday with a coworker almost exactly 1/3 my age.

https://i.ibb.co/MBQnDFc/fullSize.jpg (https://ibb.co/xFdhSx1)

[Mister H]

These last 4 years can't happen fast enough. I was working this Friday with a coworker almost exactly 1/3 my age.




Lol, I’m now working alongside an adjunct who I taught several years ago.