Retirement

[Bassn Blvd]

Aside from social security, what is your retirement plan? I am just curious as to how others plan for their retirement and at what age they intend to retire.

Do you put money aside each week or month into a special account?

Do you send extra money every month on your mortgage to pay your house off quicker?

Do you plan on working part time after you retire?

Are you moving after retirement?

I want to retire at age 50. I do not intend on working after retirement unless I WANT to. I would like to tow my boat throughout the southeast (for starters) and fish all popular lakes/rivers. I also want to move closer to Stick Marsh and make that my home lake.

Realistically though, I'm worried about affording medical/dental coverage so I may have to keep working. Affording medical coverage probably wouldn't be a problem if my house was paid off.

[Branuss04]

Well being that I'm only 23 I have a ways to go.  But I started putting into a 401K at the at of 18 with my first job.  While I no longer work for that company (Target) the money is still sitting there and doing whatever it does.  

With my current company I am also investing in a 401K.  But this company matches your contributions 100% up to 3% that you put in.  anything above 3% they match 25% of every 1%.  So I put in 5% of my paycheck every week and they match it with 3.5%.  They also give us a vary generous Pension Plan as well.  While I'm not knowledgeable in the details these two areas, i do know that I have been able to save quite a bit over the past year.  If I stick with this company for the rest of my working career I think I'll be "alright" when it comes to retiring.  

As far as after retirement.  Alaska here I come!!   ;D

[pa mountain man]

I work for the gov't, we have a good plan, I put 5% of my pay in, and they match it. I don't recall what the interest rate currently is.

[cart7t]

Retirement plan.

Build a portfolio.

Watch greedy wall street investors and mortgage houses crash it to the ground.

Start all over again.

After 51 years of living I've found it's impossible to "plan" for anything.  It's amazing what life can throw at you on a lazy Tuesday afternoon when you least expect it.

I seriously doubt I'll ever be able to fully retire.  I'm not even sure I would want to unless I had a sack of money under the bed which allowed me to really live life the way I wanted to.  I certainly look forward to the day when the daily grind of going to work everyday becomes less of an issue.  I'd love to have the ability to take more time off.  Something that becomes more important as you grow older.

As for your plans.  Health care is the most important aspect of living after 50. Since medicare doesn't kick in until you turn 55 at the earliest, (I think),  you'll have to shoulder the burden yourself.  Healthcare coverage costs really start escalating after age 50 because that's when most peoples bodies start falling apart (literally).  Not too mention,  it's often wise to have additional coverage beyond what medicare offers.  

[Grey Wolf]

Retirement plan.

Build a portfolio.

Watch greedy wall street investors and mortgage houses crash it to the ground.

Start all over again.

After 51 years of living I've found it's impossible to "plan" for anything. It's amazing what life can throw at you on a lazy Tuesday afternoon when you least expect it.

I seriously doubt I'll ever be able to fully retire. I'm not even sure I would want to unless I had a sack of money under the bed which allowed me to really live life the way I wanted to. I certainly look forward to the day when the daily grind of going to work everyday becomes less of an issue. I'd love to have the ability to take more time off. Something that becomes more important as you grow older.

As for your plans. Health care is the most important aspect of living after 50. Since medicare doesn't kick in until you turn 55 at the earliest, (I think), you'll have to shoulder the burden yourself. Healthcare coverage costs really start escalating after age 50 because that's when most peoples bodies start falling apart (literally). Not too mention, it's often wise to have additional coverage beyond what medicare offers.

Medicare kicks in at age 65.

[Bassn Blvd]

Retirement plan.

Build a portfolio.

Watch greedy wall street investors and mortgage houses crash it to the ground.

Start all over again.

Tell me about.  I spent 22 yrs building my up and lost over 50k in the last 1.5 yrs.  I realize 50k isn't much but that money would have off set my medical.  LUCKILY, that money was in addition to my pension.

[burleytog]

State employee retirement fund.

[Branuss04]

State employee retirement fund.

Unless you live in Cali!!  :

[SirSnookalot]

Realistically though, I'm worried about affording medical/dental coverage so I may have to keep working. Affording medical coverage probably wouldn't be a problem if my house was paid off.

It will be very costly. I closed my business in 97 and with it I closed my group blue cross plan and was forced into a personal non group plan, the coverage is nowhere as good as group and scripts for example are not covered, along with higher co pays and limits on coverage. An employee under a group plan would never be aware of the differences in coverage. The bad part is the insurance companies are holding us hostage, I cannot legally move as Florida b/c is a separate from Michigan they may not write new policies due to your prior medical history. Just about everyone over 55 or 60 will have a pre existing condition.

Once I turn 65, next year I qualify for Medicare, but it isn't free, it's deducted from your social security and you will need a supplemental plan as well, but at least the law says they have to write you.

For those that are fully insured now, it will change , even now coverages are not what they were 10 or 20 years ago. Your employers will get cheaper plans or may have to eliminate your coverage altogether, depending on the size of the company. The insurance companies, AMA and drug companies have 1 object, to make as much money as they can and your health is a remote secondary consideration. If you think differently do some research and discover where we stand as compared to other countries, high infant mortality rate and our life span is shorter than those living elsewhere, just name a couple.

Just mentioning healthcare industry as not to get into politics, that's another animal altogether.

[Dan:]

fwiw, those are correlations not necessarily cause and effect.

[Catt]

If you really want financial peace then you need to check this out; you will be totally amazed at what you can accomplish.

http://www.daveramsey.com/fpu/home/

[burleytog]

State employee retirement fund.

Unless you live in Cali!! :

Then isn't it a good thing I don't live in Californistan?

[MitchIsFishin]

Then isn't it a good thing I don't live in Californistan?

Wait around, it's coming to YOUR state too!  

[cart7t]

Retirement plan.

Build a portfolio.

Watch greedy wall street investors and mortgage houses crash it to the ground.

Start all over again.

After 51 years of living I've found it's impossible to "plan" for anything. It's amazing what life can throw at you on a lazy Tuesday afternoon when you least expect it.

I seriously doubt I'll ever be able to fully retire. I'm not even sure I would want to unless I had a sack of money under the bed which allowed me to really live life the way I wanted to. I certainly look forward to the day when the daily grind of going to work everyday becomes less of an issue. I'd love to have the ability to take more time off. Something that becomes more important as you grow older.

As for your plans. Health care is the most important aspect of living after 50. Since medicare doesn't kick in until you turn 55 at the earliest, (I think), you'll have to shoulder the burden yourself. Healthcare coverage costs really start escalating after age 50 because that's when most peoples bodies start falling apart (literally). Not too mention, it's often wise to have additional coverage beyond what medicare offers.

Medicare kicks in at age 65.

65?  Ouch.  That's 15 years of providing your own healthcare coverage if he wants to retire at 50.  

[grimlin]

I always join the 401k plan my job has to offer....I don't see any retirement for me until i can't move or work anymore. Basically working till i can't work anymore. :-/

[=Matt 5.0=]

Retirement plan?

Drop dead with a cardboard box in my hands.

[Bassn Blvd]

  The insurance companies, AMA and drug companies have 1 object, to make as much money as they can and your health is a remote secondary consideration.

You ain't kidding.  A bit off topic but pharmaceutical companies are making a TON of money.  Example; There is a very common pill made that cost the pharm. company .50 cents to make.  The same pill in a 30 day script will run you about $600 w/out insurance.  On my plan it would cost me $20.  

[Bassn Blvd]

SirSnookalot and other retirees,

Aside from health insurance, do you spend more money being retired then you did before retirement? If so, what percentage more?

I would think you would spend more since part of your day isn't consumed by the job.  

[SirSnookalot]

65?  Ouch.  That's 15 years of providing your own healthcare coverage if he wants to retire at 50

I have never had a job, always my own business or an independent contractor, paid my own healthcare since I entered the workforce, call it 40 years for argument sake.  As it mentioned medicare is not a free ride, it's deducted from your social security and a supplemental plan is more than a good idea.

As far as I'm concerned we are getting  2nd rate coverage at twice the price.  

The guy that said about retirement dropping dead with a cardboard box, even that is gonna cost you or someone 10k at today's prices.

[SirSnookalot]

Bassn, your insurance company is picking up the difference of the 600, but you are correct.  There are certain medications that may cost couple of hundred a month here, but in other countries the total charge could be 5 bucks.

Hard to say if I spent less or more before retirement.  My Florida expenses are much higher than back in Michigan and I did little recreation in the cold months, but I did have a lifestyle .  My last 10 years or so I was a broker working from home and my work day ended 9-10 in the morning and I only worked a few days a week, so I was playing golf nearly every day 18 and many times 36 holes.  Down here I just replace xraps that on lose on the rocks everyday.

To set the record straight, my business may sound great but I neglected to mention the trials and tribualtions of the years where I made next to nothing.  That is something that everyone goes thru regardless of career.

[preach4bass]

If you really want financial peace then you need to check this out; you will be totally amazed at what you can accomplish.

http://www.daveramsey.com/fpu/home/

I'm a huge Ramsey fan.  His plan is what my wife and I are using.  We're debt free, have been maxing out our Roths for a few years, and save additional funds for investments that we are interested in.

I highly reccomend his 7-step plan.

[=Matt 5.0=]

The guy that said about retirement dropping dead with a cardboard box, even that is gonna cost you or someone 10k at today's prices.

My meaning was, I have no retirement in sight. I will work until I drop dead delivering packages. That's why I have all my fun now, before I turn into my father, hospital ridden with all systems failing... at age 63.

[Bankbeater]

10% of my weekly net goes into my 401K, but I don't plan on a full retirement until both of my kids are out of school.

[Muddy]

I come from an old Italian family, we all take care of eachother

[grizzly1654]

If you really want financial peace then you need to check this out; you will be totally amazed at what you can accomplish.

http://www.daveramsey.com/fpu/home/

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