Will you outlive your money?

[Hugh R]

Is your portfolio of financial instruments, IRAs, 401Ks, pensions, SS, net equity in property where you want to be? I mean, you can always want more, but I'm distinguishing between retirement in your more or less same lifestyle as now, or better or worse?

I ask, because I'm 61 and the wifey is 59. She hates her very well paying job and would like to retire in about 16-24 months. Me? I can go either way, I like my job very much, and it pays well, plus I like the travel for work. Sure some trips blow, but I've been to probably 30 or 40 states and two dozen countries on my employer's dime. Places that I'd never be able to afford to visit if I was paying the freight.

I don't want to know $, just where you think you are. Feel free to post your age and years until you retire if you want.

Personally, I think we're "On Track" or better.

I've posted a poll, which is anonymous.

[Laneco]

My retirement plan is to work until I die or win the lottery. That reminds me, need to go buy a ticket...

angela

[Baz]

If you enjoy what you do why stop?

You can always slow it down a bit.

Take more time off.

I'm sure I'll have stuff to leave behind when I go - and that's OK - some lucky dogs will have a home if it works out the way I want it to.

[LakeCleElum]

63 and been retired for 11 yrs.......Fighting off gold-diggers is my full time job now.....I was frugal my whole life and overshot my mark.....Not a bad thing?

[Cajundaddy]

59 and I am pretty good as long as I don't live foolishly. If I screw up I know how to live very small for a while. On the 5 year exit plan at least from full time work. I may still serve as a ski instructor in Vail, surf instructor in Waikiki, sailing instructor in Bermuda, and scuba dive master in Bora Bora for extra walking around money tho.

[Hugh R]

Retirement: A third have less than $1,000 put away

Most people have very little tucked away for retirement, and many aren't even trying to figure out how much they'll need later in life, a new national survey reveals.

About 36% of workers have less than $1,000 in savings and investments that could be used for retirement, not counting their primary residence or defined benefits plans such as traditional pensions, and 60% of workers have less than $25,000, according to a telephone survey of 1,000 workers and 501 retirees from the non-profit Employee Benefit Research Institute and Greenwald and Associates.

[dan88911]

Retired 3yrs. ago. 38yrs on the job with pension & 403b
Wife is still working loves her job 35yrs. same employer, 401k with generous bonuses.
We have always maxed out the contributions.

[herr_oberst]

I'm very surprised at the number of RETIREES (as opposed to workers) who have less than a quarter million . . .

"Total savings and investments reported by workers, not including value of primary residence or defined benefit plans such as a traditional pension.

Less than $1,000, 36%

$1,000 to $9,999, 16%

$10,000 to $24,999, 8%

$25,000 to $49,999, 9%

$50,000 to $99,999, 9%

$100,000 to $249,999, 11%

$250,000 or more, 11%

Total savings and investments reported by retirees, not including value of primary residence or defined benefit plans such as traditional pensions:

Less than $1,000, 29%

$1,000 to $9,999, 17%

$10,000 to $24,999, 12%

$25,000 to $49,999, 8%

$50,000 to $99,999, 7%

$100,000 to $249,999, 11%

$250,000 or more, 17%

Source: Employee Benefit Research Institute"

[Bill Douglas]

You could always just stay on here Hugh. You'll get an extra 25 cents on the dollar, plus lots of things are cheaper.

As for me, my rentals pay me more than I was getting as a (low end of the scale) computer tech. And I'll get that money, inflation adjusted, until I die.

[sc_rufctr]

I'm 50 and plan on retiring at 65... I "Need to Catch up".

So I have 15 years to do what I can. The only thing I think about now is retirement. That means new toys and other nice to haves will have to wait.
I've simplified my life and keep things modest. I won't even buy a new car. Just second hand beaters for daily use but I still have my 911 for fun.

Getting divorced and raising three kids on my own really put me behind but it could have be a lot worse.

(No plans on remarrying ever but if I met the right lady who knows?)

[slodave]

I'll be retired by age 46-47. That's 4-5 years away at this point. I'll still sell shift knobs and other wood related products, but as a "retirement hobby".

[930addict]

I'm 42. If everything goes as planned I will retire from my current job in 7 years making close to 6 figures a year for the rest of my life plus full medical. I love what I do so will become a consultant in my field for extra money. Of course the key phrase is, "if everything goes as planned". However, with my luck(and health) I will probably drop dead in 6 years and my wife and kids will live the good life using the proceeds from my two life insurance policies.

[tabs]

U Boyz are kidding aren't you? With $18,166,000,000,000.01 in up front interest bearing National debt with another $95,600,000,000,000.01 in unfunded liabilities SOON to start becoming UPFRONT INTEREST BEARING DEBT, and then add in another $61,000,000,000,000.01 in Private debt, AND ALL CLIMBING....Against the WHOLE of the USA's NET WORTH of $114,000,000,000,000.00. It just goes to show you that you Americans have been eating too many Hamburgers on credit and are too fking fat.

U.S. National Debt Clock : Real Time

Then if you really want to get fancy we can look at:

World Debt Clocks

Anyone want to bet on SDR's bailing your sorry azzes out?

And in Final Jeopardy the answer is...Your all FKed.

And How much did you wager Hugh, 930, SC, Clum, Baz, Peter etal?

I really don't need to be saying any more now do I?

[tabs]

Originally Posted by 930addict

I'm 42. If everything goes as planned I will retire from my current job in 7 years making close to 6 figures a year for the rest of my life plus full medical. I love what I do so will become a consultant in my field for extra money. Of course the key phrase is, "if everything goes as planned". However, with my luck(and health) I will probably drop dead in 6 years and my wife and kids will live the good life using the proceeds from my two life insurance policies.

I think this post wins the SPECIAL award for GREATEST EXPECTATIONS...

[Evans, Marv]

Been retired for 10+ years now. Maybe it was luck, but things worked out just about right for me. Looking forward, I feel bad for workers now with things trending more toward a more mobile work force and more consulting based. It's very difficult to imagine people getting by on the saving and investment statistics quoted above. For Hugh, I think he should consider taking the wife with him (if it's possible) on some of his work travels after she retires, where he could travel on the company's dime and she could string along on hers. He could continue to work and she could enjoy some of the places where he travels.

[tabs]

Originally Posted by Evans, Marv

Been retired for 10+ years now. Maybe it was luck, but things worked out just about right for me. Looking forward, I feel bad for workers now with things trending more toward a more mobile work force and more consulting based. It's very difficult to imagine people getting by on the saving and investment statistics quoted above. For Hugh, I think he should consider taking the wife with him (if it's possible) on some of his work travels after she retires, where he could travel on the company's dime and she could string along on hers. He could continue to work and she could enjoy some of the places where he travels.

Marv can I slap you one??? Ya don't get it...it is the last 3 zeros on those numbers that gets you...those are TRILLIONS OF USD's....

By comparison the whole UNIVERSE is only 4,500,000,000,000 days old and the US alone is pushing $178,000,000,000,000.01 in DEBT....against total assets of $114,000,000,000,000.00

Reality is the USA is BANKRUPT and all those financial assets, pension plans, etc. are worthless.

[dan88911]

Thanks, Mr. Tabs I feel better knowing that when the ship sinks everybody is going down with it.
Oh well, tomorrows not promised to anyone.

[tabs]

Originally Posted by dan88911

Thanks, Mr. Tabs I feel better knowing that when the ship sinks everybody is going down with it.
Oh well, tomorrows not promised to anyone.

Here is a test for you...When a Central Bank announces that they are going to back off of an activist monetary policy, watch what the Equity markets do. So far since 09 the Equity markets have tanked every time until the Central Bankers once again became activist. What does that tell you? The answer is that the fear caused by uncertainty about the economy without the steady hand of the Central Banks propping up the system is tremendous....Globally!

Several months ago the US Equity markets were tanking hard because of a recession in the EU. The EU Central Bank announces a 2T EU QE program to stave off a EU recession and it is off to the races again with the US Equity markets...

Exactly what does this all tell you...That the animal spirits are deathly afraid. So if the animal spirits are afraid shouldn't you take note and be concerned to?

So when I hear someone say that in a few years that he is going to retire at 50 with a 6 figure income for life plus medical I say good luck with that. Hope it lasts till you get there and can collect a check. I can pretty much guarntee that he ain't gonna be collecting many of them...

[Jim Richards]

Hugh, I'm just a little older than you. I'm hoping to bail out of the workforce within 10-15 months. Then, it's full time at our SoCal place. So-o-o lo-o-ong, DC!

[wdfifteen]

I'd planned on retiring when I'm 70. In my financial tune-up this year my adviser told me how much I could spend per month if I live to 90. It was almost twice what I'm spending per month now. So now I'm getting antsy to retire. I was right in the middle of buying another property (too late to back out) when I talked to her and decided No More Investments. I've been a good boy, time to cash in.