Posted on 07/18/2018 7:45:57 AM PDT by C19fan
Millennials may have only a little saved for retirement, but they still want to retire early.
A recent Bankrate.com survey asked millennials, classified as Americans ages 18 to 37, what the perfect time to retire would be. Their answer: 61 years old.
(Excerpt) Read more at cnbc.com ...
You might want to look at those mutual funds and start moving them to longer term income funds. A stock market expansion the likes of which we’ve seen is not going to last forever. And when it hits...its going to hit hard, deep, and fast.
Adapt, Improvise, and Overcome ...
Dave Ramsey is your friend ...
The key is to have enough money and interest to retire. Sitting at home all day isn’t going to be fun for long but there is plenty of stuff to do in retirement without a paid job. I have $20k/year budgeted for travel for the wife and I in retirement and another $10k/year for fun stuff to do. I realize most people couldn’t do that, but you could travel within the US for a lot cheaper than the $20k I have budgeted for mostly international travel.
THAT'S Awesome - I just "buried" 'Clinton Era vehicle' for a 15 year old Avalon - I'm living in luxury !!!
I never understood why courses on economics and financial planning are not required in high school. (Democrats fear losing mush heads?) Anyway, parents should be assuming responsibility in this area if they are at all concerned about their children's future. I taught my daughter how to analyze stocks and trade options before she entered college. One of her profs was amazed at her savvy.
Yup, It’s coming. Along with a drive for a Minimum Basic Income to be sent to you before you retire. (Until we slip into a complete economic collapse)
Yup - putting 6-10% of your income into 401k + match from 24 to 64, and the vast majority of families will retire as millionares if the S&P continues to return 8-10% annually (with dividends), not even counting double income families.
“No reason anyone living in this country can’t be a millionaire by the time they’re 60 if they practice frugal living and have a work ethic.”
Agreed. A million isn’t that much anymore when it comes to retirement. I retired at 62 with no change in life style. Even if you are a janitor you should be able to retire in your 60s and continue your lifestyle. All it takes is the discipline to save.
Indeed - I bet they still as a group do better than those that don’t.
Indeed - same here.
At the end of 1999, I was 54. I retired 31Dec99 and never looked back. Love it.
Where do you think those longer term income funds get their money (hint: stocks and investments riskier than stocks, sometimes less liquid too)? If the stock market collapses for long periods of time, those converted pension companies could easily go bankrupt and then you have nothing. Even after 08-09, the market rebounded quickly. If the market crashes 30-40%, just limit your spending/withdraws and it will rebound. They are also great opportunities to add more.
Everyone has their own threshold for pain. I did not mean to imply that I could/should suggest define that for you.
If you have the time to recover, then crashes are a buying opportunity. After getting whacked twice in the last 20 years, I am headed towards the finish line.
Based on the timing for us X’ers...we’ll probably get a huge depression six months before we retire!
Good for you!
It is not the choice to retire or not. It is the ability to choose to work. Think about what you enjoy doing. I know a guy who drives the launch at the marina. He ferries people back and forth to their vessels. He just enjoys being out on the water.
Other guys become starters at the golf course. Then they play for free.
Every time I go into Home Depot I meet an older gentleman that chose to go back to work because he was bored at home.
I also know a guy that got his professional fishing guide license. He says it pays for the fuel and the boat. He gets to take people fishing for free.
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PLENTY of reasons for not being in the ‘$M club’
Adapt, Improvise, and Overcome ...
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Sorry, but you indicated ‘the masses’. EVERYONE isn’t so skilled nor inclined nor capable. “It’s *SO* easy. I did, so can YOU!” infomercial quality retort.
Nor have I noted any drop in the govt ‘roadblocks’, least alone by the ‘small govt’ *BWAhaha* party. Just the opposite: 1 step forward, 2 steps back (cuz they can govern ‘batter’ than the *other side* w/ the same Fascism).
When the hell has it EVER been so, since the birth of our Republic?! Hell, that’s when they actually DID follow the Constitution!
I’ve got four millennial age kids. All are independent and have full time jobs. Three put money in 401k’s and live modestly. Number 4 will be starting a career type job next month and will also have 401k.
Mine is as healthy as it could have been with four kids on a single income. My nest egg is half my 401k and half an inheritance. I also work for one of only a handful of NYSE traded companies that has a pension.
Since the kids are almost all moved out, I’m thinking of greatly increasing my contributions.
Well, my point is your choices in a severe, extended downturn, may be a 40% drop in stocks or a 100% drop in your annuity when your annuity firm goes bankrupt because they are invested in the market as well. You may recall the gov had to bail out AIG and that may not be an option next time.
I’m so sorry about your MIL condition. Longevity and the fact that long term care insurance only covers a portion of the monthly expense......plus people tend to either pass during the elimination period or out live the policy can quickly drain even the best savers resources.
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