Retirement planning

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Originally Posted by 20X11

Ireland is great as long as you want to give up your firearm rights.

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Different places can change some people's focus a bit. As an example, I used to get paid to spend a whole lot of time on the most perfect beaches in the world (Aitutaki, Seychelles, Maldives, Bora Bora, -the list filled multiple passports) and I can't think of a single one of those destinations where I sat there thinking "boy, I sure wish I could put up some paper plates and back off a thousand yards with a .308". Conversely, I don't think many people that live in Compton worry about tides and how that would affect tomorrows fish harvest. Those are extreme examples, but there are some places in the world I could move and completely forget about what a case of ammo cost. Unfortunately, my wife isn't as keen on living under a palm tree as I am.

As far as retirement planning, I have sadly been witness to people that had great plans and the calendar of their lives didn't last long enough. Some have had the best financial situation imaginable and didn't make it to 45, others had great plans and dreams for what they were going to do in retirement and expired at the dinner table at 50.

If you have a goal to do something, putting it off until "someday" isn't always the best plan.

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Originally Posted by hatidua

If you have a goal to do something, putting it off until "someday" isn't always the best plan.

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I tell my buddy this all the time. He is one of those work a holics and doesn't take time off. Always says I can do it later in life.

My wife and I took all of July off and went to Europe. 2 week cruise. Few days in some cities and then a week in Ireland. We travel and do what we want. But we are planning for retirement, not to go and do things but to be able to sit around and not work.

Retirement planning is tricky. On the one hand you don't want to be working til you die, on the other I don't want to die working constantly because I'm banking every cent instead of enjoying some of it at 30 years old. There needs to be a balance. I expect to WAY downsize my life when I retire. I put in the 6 percent that my company matches and I have a good salary so it's decent, then I am putting a decent amount into the house. The plan is to pay it off and when I retire sell it and way downsize, putting the profit in the bank then living off around the equivalent of 35k in today's dollars. With no housing cost that is more than doable. I'm not extravagant and don't go on crazy trips or burn money on completely idiotic expensive things. I want to enjoy some of the money now so I have a nice house and big property but feel that is still somewhat an investment. Things like fancy cars and stuff I don't get into, they just burn the money.

But I hear some people banking crazy amounts in retirement and you have to verify careful. For one you don't want to be so frugal and never enjoy any money then die at 40. Second, that money still goes into the market. It isn't guaranteed. You could lose a lot though it isn't likely historically. I believe you need to put away a decent amount but also put a little money in some other investments like a bit of precious metals, a bit of common ammo and of course a residence.

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Originally Posted by Madeinhb

I tell my buddy this all the time. He is one of those work a holics and doesn't take time off. Always says I can do it later in life.

My wife and I took all of July off and went to Europe. 2 week cruise. Few days in some cities and then a week in Ireland. We travel and do what we want. But we are planning for retirement, not to go and do things but to be able to sit around and not work.

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Haha yeah it's funny a financial adviser was like "well when you retire you want the same level of life right"? I was like, are you insane? With a decent roof over my head, a warm bed and not having to work shit let me shoot a few days a week and sit in my rocking chair the others and I'm happy. I think the problem is a lot of people today view retirement is living the life with a boat, vacation homes, travelling the world, etc. And yes, for that you need some serious dough.

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Originally Posted by tmckay2

Haha yeah it's funny a financial adviser was like "well when you retire you want the same level of life right"? I was like, are you insane? With a decent roof over my head, a warm bed and not having to work shit let me shoot a few days a week and sit in my rocking chair the others and I'm happy. I think the problem is a lot of people today view retirement is living the life with a boat, vacation homes, travelling the world, etc. And yes, for that you need some serious dough.

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Yup. I want my house paid off and no debt. And like now - live within means. And possibly downsize.

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Originally Posted by Madeinhb

Yup. I want my house paid off and no debt. And like now - live within means. And possibly downsize.

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This is what I'm working on.

Mortgage currently under 100K.

I'm working on killing the mortgage and starting retirement investments, as well as some passive income.