Plan ahead youngsters !!

[Dave_L]

Stay active and moving...you are harder to hit that way.

Its nice to be able to work as many or as few hours as you would like. Too many times have I seen good people wither and become weak when they retire just to do nothing. Don't start your dirt nap early.

I know a guy that didnt call it retiring but "changing lanes". I always liked that.

[Ronin13]

Retirement planning has gotten wild in the last few years- plan accordingly as I'm not expecting SS to be there when I hit retirement. Hell, it won't be there when I hit 50! My wife works in financial advising and says you should be putting away 20% of your yearly income into savings for retirement... I say 20%, these days! HA! Apparently I married a comedian.

[Irving]

20% if you want to work forever and like being a sucker.

Edit: Ronin, I'm just giving you a hard time. Most people can't even imagine saving that much.

[Firehaus]

20% if you want to work forever and like being a sucker.

20% is a lot for most people, hell, saving 10% is a lot for most people.

Im biased, but I'd invest in real estate along the way while saving 20% constantly. Re-leveraging when the amount got high enough to invest.



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[Irving]

20% is a lot for most people, hell, saving 10% is a lot for most people.

My response was a bit tongue in cheek, but not completely. I spend my time researching early retirement and personal finance. I'm trying to save 25% of my income this year. So far it's going okay, but I think I'm making a math error because I've only been saving 25% of my gross (I'm a 1099 contractor). At worst, I'll have saved enough for taxes.

Young guys! Savings rate is MUCH more important when you're young than compound interest. Compound interest is so powerful that it can easily eclipse your income, but only if you have something to compound in the first place.

[Grant H.]

My response was a bit tongue in cheek, but not completely. I spend my time researching early retirement and personal finance. I'm trying to save 25% of my income this year. So far it's going okay, but I think I'm making a math error because I've only been saving 25% of my gross (I'm a 1099 contractor). At worst, I'll have saved enough for taxes.

Young guys! Savings rate is MUCH more important when you're young than compound interest. Compound interest is so powerful that it can easily eclipse your income, but only if you have something to compound in the first place.

Depends on your tax bracket, and deductions, but 25% is basically just your tax bill, as a 1099 contractor.

[Gman]

The time value of money is so important. It's better to start early with a little than late with a lot.

[Irving]

The time value of money is so important. It's better to start early with a little than late with a lot.

In what way do you mean? Compound interest on 1 million dollars is compound interest on a million dollars.

If you're speaking philosophically, then I'm board and in agreement.

[Blowby]

I leaned towards real estate when I was a young buck. Kept leveraging and moving it up to property in areas where I had a hunch it might increase in value. Still a gamble but I feel I might have crossed over the hump and the return in rent / lease $$ might pay off in the long run.

Start early and invest into anything that shows some form of profit. Liquor, fast cars and women show a negative return and has been proven time and time again.

[20X11]

What a bunch of crap...ran the numbers every which way...bottom line, I can't afford to retire until I'm 70...14 years from now. Normal retirement for my age = 67 yrs old, but the SS premium for waiting until I'm 70 is 8% per year (24% overall increase in SS payments) is too much to overlook. Not to mention pension plan increases, health ins, life ins, other benefits, and continued paycheck. The whole damned system has me working until 70 providing I don't develop alzheimers by then.