Retirement Savings

[Bigd9]

I had an interesting conversation with one of my neighbors about retirement savings. He had commented about how I must have inherited a lot of money to be able to afford a motorhome and travel so much in our retirement years. He said I'm still working at 70 and will be until I'm 85! "how did you get so rich?" he asked.

"Well, I haven't received any inheritance, but I did have a smart father and he instilled in me to put away 6% of my earnings into a retirement account (or the same amount as what Social Security took out of paychecks). I started that when I was a newspaper boy back in the 60's and have done that with every job I have held since" I told him, "and I never touched that money until retirement time". He countered with "I couldn't do that because I needed all of my money to live on".

So my question to you kind people is "Did you save for retirement?"

[MikeO58]

Yes, we both work for major corp. so have had the benefit of great matching in our 401 accts. If you don't see it you will never miss it. Each time I get a raise I up my percentage into my 401 so it has grown nicely over 25 yrs. I have always pushed new employees to take advantage of this as well because they will not have the benefit of a pension like us old timers.

[aether_one]

Originally Posted by Bigd9

I had an interesting conversation with one of my neighbors about retirement savings. He had commented about how I must have inherited a lot of money to be able to afford a motorhome and travel so much in our retirement years. He said I'm still working at 70 and will be until I'm 85! "how did you get so rich?" he asked.

"Well, I haven't received any inheritance, but I did have a smart father and he instilled in me to put away 6% of my earnings into a retirement account (or the same amount as what Social Security took out of paychecks). I started that when I was a newspaper boy back in the 60's and have done that with every job I have held since" I told him, "and I never touched that money until retirement time". He countered with "I couldn't do that because I needed all of my money to live on".

So my question to you kind people is "Did you save for retirement?"

Yup, beer, cigarettes, tattoos, lottery tickets and $200 a month cable TV ain't free.

[sbleiweiss]

I had an employer that required that we put a certain percentage every year into an IRA. No match mind you. Just the requirement. I hated it then but am so grateful now.

[Boomertx]

I am getting pretty fed up with the "you must be rich" garbage . . . see a lot of it on this website which is disappointing. We may seem to be "rich" but its only the result of between the two of us having worked almost 90 YEARS and saving.

If you want to buy a older unit and fix it up I'm all for it! Did it with multiple houses but don't act like you are somehow "better" than someone who made a different choice.

Buy what you want and can afford then get out in the wind and enjoy it!

[Mr_D]

I worked for the State of Washington for 30 years. In 1998 I started collecting 60% of my highest two years of work. My late wife had a retirement through her employer, plus bought stock with matching from the company. Since her death a year ago this coming Monday I get her higher SS too.

[Dcbenny]

yes we were able to retire last year at 60 lived very very comfortable life never above our means, purchased certified preowned cars instead of new as I put about 30k miles a year. Bonuses were truly bonuses. half for travel half for investing. We have owned 8 homes in 40 years and whenever we sold a home rolled the equity into new home to keep mortgage payment low and paid credit cards off at end of each month. When we purchased our MH we purchased one that was 15 months old let the original owner take the hit And will take SS at 62

[spinroch]

I have a large jar of quarters....

[MikeO58]

Originally Posted by spinroch

I have a large jar of quarters....

You're Set

[Boomertx]

Originally Posted by spinroch

I have a large jar of quarters....

Just emptied our Beer mug "found money jar (loose change)" and yielded about $80 bucks! WHHOOOO HOOOOO!! Gonna get to eat tonight! LOL

[owgpz]

When I was a kid working I could not understand how my friends always had toys - boats, three-wheelers, etc when I could not afford them. I am now retired for about 8 months, but during my professional career I always put away as much money as I could into retirement because my motto has always been "you pay now, or you pay later"

I currently have 4 retirement accounts, and use only one of them. Interestingly, the one I use gives me more take-home pay that I had when I was working full time.

[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.

[DGBPokes]

When the kids were little and money was tight, I did not save. In my early 30s I did buy whole life insurance, that I use to fund their college tuition for my two kids. Then I started saving for retirement. Company's had nice matching for 401 K so at first I contributed that matching percentages. Then, every time I got a raise, 1/2 of that percentage went into that 401K. I was contributing the legal max for the last several years. The company stock it was invested in did fairly well. I did take a small loan from it once, did the numbers later and learned what a mistake that was! A divorce after 25 years of marriage it it hard, but was surprised how that recovered by being conservative, and working until age 64.
And most importantly, I am truly, truly BLESSED.

[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!!!!!