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Discussion Starter #1
whats a good amount to retire with.
i had more money but i had it in a spot where i would not lose money and a friend told me to change it to where i would make more money and i did and then i lost from 89,000 to 53,000 in like 3 months. im 33 and i have it back up to like 84,000. i also i get 85.00 per year that im at work and i started when i was 18. i plan on retiring at 50
so i will get 85.00 x 32 years=2720.00 a month i get on top of my 401. will i be ok when i retire. i have a older lady that is across the street and she is on ss and she is waiting on a check all the time. just dont want to be like her
 

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A lot can change by then. you've got enough money young enough, there is NO benefit to putting it in high risk areas....thats for people who need to make it quick....(or lose it)
 

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Retirement

Depends on the cost of your hobbies after retirement! I don't know if anybody feels comfortable anymore, we still as taxpayers have to pay for the economic stimulus package, and who knows what else? It will depend on where you retire to as well. Out here in California the illegals and the people coming in under persecution (mostly former soviet union) use up all the social services available so many , many native CA. born are leaving in retirement for better living conditions. I wouldn't count on social security at all. Too many people that haven't paid in are drawing benefits, thats why its going broke. Keep stuffing as much as you can into your 401k, but don't be too risky. I congratulate you on holding down a job since so young , shows a good work ethic. Keep saving but do smell the roses and have some fun in your life too!
 

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I read a book many years ago titled "The Millionaire Next Door". It really opened my eyes about money in general and debt in particular.

In a nutshell, if you don't have a mortgage or a car payment, how much money do you need to keep the lights on and feed yourself? If you do have a mortgage and car payment, you have no business even talking about retirement.

That is why my racecar is so slow. :p I spent all of my money paying off all the debt I could. I need to work 12.5 more years at my union thug job, and you can bet your *** I want to leave as soon as possible. (unnecessary rant edited out)

I work with some (not all) guys who have done enough time to retire, but they have dug themselves into a hole that they can't get out of . Some people can make 120K a year and spend 150K. That is the hurdle to get over.........

But I tell you what, when I roll up to work in my '82 Mustang, there are some BEAUTIFUL new F250's and F350's parked there. And you should see the boats some of these guys have. And the houses !!! Holy crap !!!

Like George Carlin said, "WE GOT TOO MUCH FUCKING STUFF !!!!"

And we can make ourselves slaves to our "stuff".


Typed at the desk in the single wide trailer in Charles City County, VA. :rolleyes:

So how do you wanna live??.........
 

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Discussion Starter #7
as now im not working i had a bike about 3 years ago and i have worked off and on scents then. i had to move back to my parents. i made about 100,000 a year before me bike wreck. when i return to work like 5.25 a hour goes to my 401 not from me but from my company i work for. i work 7 12s most of the time so it adds up fast.
 

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I saved just like you are doing in a 401K and it got ripped off by Qwest management (almost $300.000). Have you heard of Enron...Same thing. Don't count on anything. I wished now that I wouldn't have saved like I did. GOOD LUCK
 

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Last time i checked they still make pillow cases, and separate the mattresses from the box springs. :D
sounds like a more stable place to hide it.
 

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you will need much more money than that if you take into account inflation...and if you have expensive hobbies like drag racing....Im a 31 year old dentist and i plan to work til i die....what the hell else is there to do...ill get bored....my dad retired at 55 and got a job at 57 cuz he got tired of sitting around now he is 67 and just quit working again...and he is complaining already....i think he has adult a-d-d :D
 

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retirement

Didn't you know thats how they plan to fix social security? Keep raising the retirement age , so you work till you die and never collect what you put in. Problem solved! If you truly want to leave anything at all to your kids you will probably never be able to retire, the cost of just getting by are too high now.
 

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It's so hard to save and plan in todays world, I just turned the big 50 in July and I'm just happy to have a job that pays decent with insurance. My company has had 2 rounds of lay-offs and cut back on the benefits. You really have to not spend every penny you earn,
because when your spouse losses her job it gets rough RIGHT now. Did I mention the kids yet- oh my gosh. 1 in college 2 in high school. I told my daughter last night that the Good Lord prepares parents to become empty nesters by their children's actions, rude, stubborn, moody, know-it-all pin heads, heck you can't wait for them to leave, it was pretty funny. Seriously try to save some because as others have mentioned the s.s. is being sucked up way faster than it is being replenished, sorry if I got carried away!
 

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Everyone has there own goals, but....

I'm 42 yrs old. Went in the navy straight out of high school for 13 yrs. Been working at a steel mill for over 11 yrs now. I took every spare cent I had (+ another 10k off a credit card at 5.9% fixed for life) and opened an AMERITRADE account in November 2008. After screwing around for a few months I finally said the hell with it and went for broke back in May and June. I got very lucky and by end of September I made 5x what I put in and took all my original money out, plus 40k to go debt free except for mortgages and leave 10k in my checking account. I took the remaining money and bought 22000 shares of Citigroup (C) stock (+ options to buy 32k more at $5 each which expires in Jan 2011) to go along with the 3500 shares of Stone Energy (SGY) and 2000 shares of ATP Oil and Gas (ATPG) I had remaining in my account. Citigroup is at about $4 a share right now and general feeling is it should be around $10-12 within 2 years. Plus they were paying 30-50 cents a share dividends every quarter prior to the TARP fiasco. Part of the TARP agreement was no dividends for 3 years. Two more years and hopefully they start paying dividends again. If I'm very lucky again, a couple years from now I'll end up with 54k+ shares of C at $10+ a share paying some kind of quarterly dividend and hopefully the SGY and ATPG will be in the $30 range or better. That's my retirement. Hopefully my 401k will be worth a damn by then. I'm pretty sure SS will be a memory by then.

I'll be honest. This is the first time in my life I haven't had to live paycheck to paycheck and it feels mighty good. Plus my wife starts full time at the post office on Dec 5th when she finally gets her own mail route. I know it's tough out there, but I haven't felt this good for as long as I can remember. I'm not sure about the energy stocks, but I feel pretty good about Citigroup for a long term investment. If anyone else out there has input on these companies feel free to add a message. If you have your own favorites, mention them. I'm open to new ideas. Hell, I was trading steel company stocks (AKS, not the one I work for) when I found out about SGY and ATPG on a message board. You just never know...
 

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I'm 29 and never had a job other than trying to keep this farm of my dad's afloat. IF I had some extra money and wanted it to be around when I needed it later, I'd buy land. Much less risky than a 401K and its value goes up with inflation. I don't trust the dollars. They aren't backed by anything real and anymore they're just numbers on some computer screen. And with people in high places doing whatever they can to make more dollars (and hiring many people to work around the clock to make them more dollars), I'd rather not play with them at their own game. All I can hope for is that the farm survives and we soon do well enough to start really paying off the loans. Then I'll probably inherit the place and it'll be my bargaining tool. Money poor, land rich. So I'd suggest watching land prices near where you are and when the farmers are hurting enough to sell at discount (should be soon in a lot of areas), buy it up and find a good renter if you don't want to do much with it.
 

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I'm 29 and never had a job other than trying to keep this farm of my dad's afloat. IF I had some extra money and wanted it to be around when I needed it later, I'd buy land. Much less risky than a 401K and its value goes up with inflation. I don't trust the dollars. They aren't backed by anything real and anymore they're just numbers on some computer screen. And with people in high places doing whatever they can to make more dollars (and hiring many people to work around the clock to make them more dollars), I'd rather not play with them at their own game. All I can hope for is that the farm survives and we soon do well enough to start really paying off the loans. Then I'll probably inherit the place and it'll be my bargaining tool. Money poor, land rich. So I'd suggest watching land prices near where you are and when the farmers are hurting enough to sell at discount (should be soon in a lot of areas), buy it up and find a good renter if you don't want to do much with it.

Just hope that you don't have to sell the farm to pay the inheritance taxes. :eek:
 

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I am 56 years old and ever since I was a little boy I have been hearing about the social security going away. Its still here. All I can say is when I get ready to retire it better still be there. I've paid in too many thousands of dollars.
 
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