Retirement Savings

[MikeO58]

Originally Posted by jerboy

As I look back over my 69 years I can't think of a dime I regret spending except for that DAMN 76 Cardova!! Hated that car!!!!!

With Corinthian Leather

[jerboy]

I wasn't real fond of Ricardo either!!!

[paddykern]

Should have started saving earlier.
Always lived within our means.
Never borrowed money to buy toys.
Bought a starter home and never moved up.
Paid off house in 8 years.
Always buy new cars cash but use till the wheels fall off.
Newest car right now is 12 years old with > 150,000 miles
Pay CC bill in full every month.
Buy most of my clothes at Costco.
Do about 90% of car maintenance/repair. Save the complicated stuff for the professionals.
Do not eat out often.
Used first pop-up for 25 years.
Next pop-up for 6 years.
Retire in 2.738 years.
Financial guys said we can spend some money since we will be fine when retire.
Took advise and bought motor home.
Should be able to do more overseas travel.
Have done many trips to Europe.
Not rich but should keep same standard of living when retire.

Interesting some of my co-workers are close to retirement and have nothing saved.
One makes a lot more money than I do and can't understand where I get the cash to vacation away for 5 weeks every year and also be able to buy a new motor home.

I can't figure out what they do with their money.

[Badlands Bob]

I don't feel guilty at all about retiring at age 55. I worked in Law Enforcement for 35 years. Often I worked well over 60 hours a week including part time jobs. I didn't have the Harley Davidson motorcycle, bass boats and hunting clubs that many of my friends did. I didn't upgrade houses every time I could afford to and I kept my vehicles 10-15 years. I also didn't upgrade wifes. That can be very expensive. I put both my kids through college without student loans and I paid cash for any toys. I was the last one in the neighborhood to get a cell phone and just upgraded to a smart phone last year. I saved 1/2 of every pay raise I got into a 457 plan for many years and had a government pension. It's all about living below your means and keeping the monthly payments to a minimum. They were taking out so much in 457 when I retired, I got a pay raise. Retirement doesn't just happen. You have to plan for it.

[Boomertx]

Originally Posted by jerboy

As I look back over my 69 years I can't think of a dime I regret spending except for that DAMN 76 Cardova!! Hated that car!!!!!

You weren't enraptured by that "Rich Corinthian Leather"? <cue Ricardo Montalban>

[jerboy]

Originally Posted by Boomertx

You weren't enraptured by that "Rich Corinthian Leather"? <cue Ricardo Montalban>

I refer you to post #16

[YC1]

https://www.barnesandnoble.com/p/mil...lickid=3x20446

I have bought this book for several folks. Mostly family. Do you think they would read it? It seems impossible to instill how easy it is to save plenty of money.

That Starbucks alone could put 100K in your bank account if managed carefully.

Pay yourself first. If you own a home, get it paid off and take that same payment and put it into an investment account.

If you are lucky enough to be self employed and making a decent living, max out your SS every year if possible. It is possible to get 30K + a year from SS alone. If you have a spouse earning you can double that. Not a bad start.

Going out to dinner all the time really can eat into your savings.

In any case, read the book. And then follow it.

[Waiter21]

SAme here, put about 10% every paycheck. I don't even miss it.

One addition, We paid our house off about 20 years ago, but still made a 'House payment" into an IRA. WOW - Thats grown pretty substantially.

[LETMGROW]

Originally Posted by AWOL2014

I retired from the Army at 55 years old. 34 years total, 14 Active Duty and 10 good years National Guard. We saved and invested most of our married lives. At times, up to 17%. To be sure, we are blessed, we worked hard, and made choices.

I grow tired of slackers that say "you're rich or lucky, 'cause the government is paying your retirement." Well, I've got 7 combat deployments and all the associated exposure.

Fast forward. Our cars are paid for, the house payment is made automatically from investments, we are on the road 45-60 days a year, and we tithe. On paper, we are not rich. We live a rich life because of choices made and blessings from the Almighty.

Thank you for your service.
Anything you get is well deserved and never let anyone else tell you otherwise.
Lynn

[Mike and Cha]

It's really all about how you spend your money(or don't I should say). There are a lot of people who don't live within their means and always have to "keep up with the Jones". Then when they see you enjoying your life, traveling, buying a MH ect., the "it must be nice to be rich" comments start. When they do that I don't have a problem telling them they could have been in the same situation as us, they just didn't plan well. These are not people who had some type of catastrophic loss or situation, they just had to have everything, no matter the cost.

All during my career, all overtime pay went directly into savings, as well as all pay increases. You don't miss it if you don't budget on it. It's easy to do if you just try and live off your base or original pay. My kids didn't go without, we always had an RV. If we really needed something I had no problem going into my savings, but that wasn't often. I always bought new cars, but they weren't BMW's or Mercedes, and I kept them for years(still have a 12 year old Toyota 4Runner with 135,000 miles that runs like a clock). I did all my own maintenance, and they always look new. I didn't always get everything I wanted, never had to have the most current phone or fad object. We live in a house I never dreamed we could afford, and don't worry about money. We are not "rich" by any means but we travel when and where we want, and truly enjoy those "Golden Years" due to all the "sacrifices" we made during our working years.

[baraff]

In the early 80's my father told me about IRAs. "Best deal around!", he said. "Open one up and put whatever you can into it".
So, I did. And when the company I worked for introduced a 401K plan with match, I put in the maximum. Same with my wife and her plan.
We bought a modest home in 1985, and we still live in it today. Several times over the years I thought about selling and buying something nicer, but I sure like not having a mortgage.
My parents passed a decade ago and yes, I did inherit some money. And I won't lie, it has helped us live a better lifestyle than we had and for that we are very grateful. I was able to retire. We still live within our means, older cars, older RV, old house.
But now we are debt free. And being debt free is true freedom.

[jmcarter]

Originally Posted by LETMGROW

Thank you for your service.
Anything you get is well deserved and never let anyone else tell you otherwise.
Lynn

X2...people who haven't sacrificed the absence of a deployed loved one or haven't been in harm's way themselves have no clue. Same goes for those who somehow think the lottery or the government is going to take them through the golden years (sorry Bernie, ain't happening). Never bought a Cordoba but that 1982 Audi Coupe took years off my life for sure. As more companies start trimming pension benefits and encouraging 401's and other savings plans it behooves those of us who mentor younger generations to continually stress the importance of saving. And yes, giving to the church or even misc. philanthropic causes is part of that 'investment' strategy.

[Bigd9]

According to an article I just read, 1/3 of retirement aged Americans have 0$ saved for retirement!They expect Social Security will provide for them.

[LETMGROW]

I have been self employed since 1982. A few years ago I started a Health Savings Account. I put a substantial amount into this account to help pay medical bills if I ever got sick so I wouldn't be a burden to the rest of my family. Every now and then I would write a check out of the account for vitamins or other items allowed to be bought out of the account until I reached age 65. At that time I was no longer allowed to put more money into the HSA. I didn't want to lower the balance in the account so I quit using it leaving it to draw interest and be a cushion.
After just short of three years, I got a notice from the bank I deal with, the great state of New York was going to seize the funds for lack of activity. I was lucky I got that notice and I immediately bought some medical supplies to make the account active again.
I do use a very small amount out of the funds so it can't be declared inactive.
If you have one of these accounts you might want to bring this to your banks attention and be sure you are protected from a grab by your state if they have the same policies ours has.
Lynn