Sneakystiffler21 Posted July 31, 2013 Report Share Posted July 31, 2013 I'm an IT guy with a 401k, the wife is a CPA, we don't expect to see one cent from social security. If the wife and I keep pushing money in our 401k like we are, we should have a $2.5-3 million saved up by the time we hit late 50s- early 60s. I guess we'll strech that as long as we can and hope our kid likes us enough to take care of us when it runs out... Quote Link to comment Share on other sites More sharing options...
Harbor_SS'n-it Posted July 31, 2013 Report Share Posted July 31, 2013 I'm an IT guy with a 401k, the wife is a CPA, we don't expect to see one cent from social security. If the wife and I keep pushing money in our 401k like we are, we should have a $2.5-3 million saved up by the time we hit late 50s- early 60s. I guess we'll strech that as long as we can and hope our kid likes us enough to take care of us when it runs out... LOL! Quote Link to comment Share on other sites More sharing options...
JF-03-SS Posted July 31, 2013 Report Share Posted July 31, 2013 You have too ... We'll be making runs for the border on a pretty regular basis at some point ... I'm not gonna wait until I retire for that, lol. I need SOME now! Quote Link to comment Share on other sites More sharing options...
Stitches040 Posted August 1, 2013 Author Report Share Posted August 1, 2013 I'm not gonna wait until I retire for that, lol. I need SOME now! I'm game anytime ... I'm down below the 12pk threshold, that's legally allowed by law ... Quote Link to comment Share on other sites More sharing options...
JF-03-SS Posted August 1, 2013 Report Share Posted August 1, 2013 I'm game anytime ... I'm down below the 12pk threshold, that's legally allowed by law ... Couple more weeks and I'll be allowed back into the country Quote Link to comment Share on other sites More sharing options...
Cramer Posted August 2, 2013 Report Share Posted August 2, 2013 Retire, as in not having to work, and get your money from the past that you worked your ass off for? Probably never. At my current job I can retire at the age of 62 and receive my full pension if I am not working. If I work and collect my pension at or after 62 I can only draw a max of 40% till 67 then I can draw my whole pension and my SS and my 401k's. I have a complex assortment of investments/retirement funds that I will have to roll one to the other and the others to this and that. But in the end by the time I am 60 (28yrs away) I should have the means to retire with more than enough money to enjoy. I put over 20k a year in my portfolio and get between 10-14% return on average. My company also matches my contributions up to 1600 a month and 50% from 1601-2000. I roll all my bonus's and my profit sharing into the mix and take my interest that I get every year and put that into a high yield savings account. Then to add to the mix a local bank has a program for a kids savings account that is kind of like a college savings plan. Each kid was started out with 1k in the account and we can put in to the account a max of 1500 a year. The savings plan started out with a 18% interest rate and each year till 15 years the accounts interest rate decreases. Then from 15-18 the account stays at 3% interest. They can only withdraw the funds from the account early with a reason of hardship or entering secondary schooling before the age of 18. At the time of 18 or graduation they can withdraw it all or what is needed. For them this is just money they will have as they will have college paid for. My wife is a teacher and a professor at a college and that means that our kids can go and get their MBA for free at that college or one of their partner colleges. So to break it down. By the time I am eligible to retire, there will not be any social security, and who knows about stocks. My biggest investment is in myself and my family. Give the investment to yourself and family in knowledge and know how. Use of common sense and being able to work with your hands will get you farther and ahead in life more than a degree. Quote Link to comment Share on other sites More sharing options...
Krambo Posted August 8, 2013 Report Share Posted August 8, 2013 For me, it is all in how retirement is defined so: So by definition, I will retire at 62 as long as the “rules” don’t change By my own definition, I will retire by 50, 13 years to go. I do not have a pension or any special incentive so my wealth will be built on my own. It isn’t how much money you earn but how much you spend or intend to spend in retirement. My goal will be to get to 50 and then do something I wholeheartedly WANT to do, regardless of pay. I am busting my ass now to be comfortable later. I am fortunate in my career choice and am finally realizing financial reward for my hard work. Quote Link to comment Share on other sites More sharing options...
T-Bag Posted August 8, 2013 Report Share Posted August 8, 2013 should have a $2.5-3 million saved up by the time we hit late 50s- early 60s. I'm sorry how much again? Quote Link to comment Share on other sites More sharing options...
Sneakystiffler21 Posted August 8, 2013 Report Share Posted August 8, 2013 I'm sorry how much again? Wife's a CPA, that's why we have nice things, although medical bills are starting to hurt. Quote Link to comment Share on other sites More sharing options...
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