Are you going to be ready, when it's time to retire?

[ImWithStupid]

With the economy in a semingly enevitible slump, how does your future look?

[wez]

With the economy in a semingly enevitible slump, how does your future look?

 

Glad I live in a paid for mobile home, have no debt, and saved a fair chunk of change. Enough to provide me with $630 a month interest income without touching principle. Not counting my IRA.. which has about $65,000 in it.. I'm 39, in nursing school. Not afraid of getting a job. The future is so bright, I gotta wear shades.

[timesjoke]

This is two very seperate concepts so for concept 1. will I be ready to retire? yes and that is because I am creating a system of having as many kinds of income as possible. For example, I just sold a business where I am maintaining a tiny percentage of ownership where I can make a little money off the back end but at the same time, I own the building and the monthly rent I am charging him is almost twice what I am paying for the loan so I am making money off of someone else's work, the real goal of retirement.

 

 

 

 

Concept 2. how does my future look with what is considered an assumed slump. Slumps, real or imagined, provide a very good opportunity to make some very good investments if you have the capital to ride out that slump. For example, I have made some very nice deals on land both unimproved and improved because there are a lot of very desperate people out there selling at low, low prices. While land is down righ now, it will not stay that way and when it bounces back, I will make a lot of money on things I am paying almost nothing on now.

 

So my future looks very good indeed.

[ImWithStupid]

I voted not sure, because at this point, because of my divorce, I'm not able to put much away, or invest as much as I'd like to now. With that said, I have a state statutory mandated retirement program that I contribute something like 4.5% of my income and my employer has to contributel around 7.5% of my income. This investment is doing pretty good, as I have it set up, regardless of the market, but right now the state is trying to work out some type of a retirement system that is more like a pension for those in my field, that gives a percentage of the average of the last 36 months wages, and benefits.

 

I'm ok now, but if this goes through, I'll be pretty good. I can retire early, get money and benefits and if I feel like it, find another job doing something I like to do. Problem is, this is up in the air. I'm not in bad shape, but I'm hoping for the better prospect to come through.

[eddo]

I'll be ready financialy, but I don't know if I'll be ready emotionally. I love working. I love putting in a good days work and seeing what I accomplished that day.

 

Finiancially I have a 401k, that work matches (not much, but it's better than nothing.) I currently own 1 duplex, and after 7 years the rental income completely pays my mortgage payment- so basically I live in the other side for free.

 

I am considering purchasing the dulplex next to mine, as well. Especially with the interest rates so low right now. As long as I can keep it rented, (which in the neighborhood I am in, should never be a problem) it would make me tons of cash in the long run.

[wez]

I'll be ready financialy, but I don't know if I'll be ready emotionally. I love working. I love putting in a good days work and seeing what I accomplished that day.

 

Finiancially I have a 401k, that work matches (not much, but it's better than nothing.) I currently own 1 duplex, and after 7 years the rental income completely pays my mortgage payment- so basically I live in the other side for free.

 

I am considering purchasing the dulplex next to mine, as well. Especially with the interest rates so low right now. As long as I can keep it rented, (which in the neighborhood I am in, should never be a problem) it would make me tons of cash in the long run.

 

I really don't see why you would ever have to stop working if you love it.. Til the old body wont allow it anyways.

[ImWithStupid]

I'll be ready financialy, but I don't know if I'll be ready emotionally. I love working. I love putting in a good days work and seeing what I accomplished that day.

 

I personally love my profession, and if some things were different at the administration and supervisory level, I don't know if I would want to retire. Unless I won the lottery or something. At that point I wouldn't have a choice but to leave my career.

[Old Salt]

I voted yes because I'm already retired (no brainer). I spent 32 years in the Navy so the retirement money isn't too bad and I get yearly cost-of-living raises - unfortunately they're controlled by the Congress - and a certain level of medical care. I didn't really want to retire - I loved my job, the travel, and the people I met. It's been almost four years since I retired and am thinking seriously about starting to work again - not for the money but my second love. I just hope that I haven't lost my edge - gotta get a CDL again and don't know if my age will be against me. It's been a lot of years since I let my CDL lapse.

[wez]

I voted yes because I'm already retired (no brainer). I spent 32 years in the Navy so the retirement money isn't too bad and I get yearly cost-of-living raises - unfortunately they're controlled by the Congress - and a certain level of medical care. I didn't really want to retire - I loved my job, the travel, and the people I met. It's been almost four years since I retired and am thinking seriously about starting to work again - not for the money but my second love. I just hope that I haven't lost my edge - gotta get a CDL again and don't know if my age will be against me. It's been a lot of years since I let my CDL lapse.

 

 

Best of luck with whatever endeavours you pursue Old Salt... And from the bottom of my heart.. Thank you immensely for your service to this once great country of ours.

 

Also.. something to get the edge back.. One is never too old to live. <<< (I like that so much I'm adding it to the signature)

[Old Salt]

Best of luck with whatever endeavours you pursue Old Salt... And from the bottom of my heart.. Thank you immensely for your service to this once great country of ours.

 

Also.. something to get the edge back.. One is never too old to live. <<< (I like that so much I'm adding it to the signature)

Thanks, wez. I appreciate that.

[snafu]

I am eligible to retire in five years. I will get only 68% of my base pay if I leave at that time. I can get 2% more for each year after that up to 80%. So I need to stick around for 11 years more I can limit out.

Holy crap that sucks! Thanks for reminding me.

[ImWithStupid]

I am eligible to retire in five years. I will get only 68% of my base pay if I leave at that time. I can get 2% more for each year after that up to 80%. So I need to stick around for 11 years more I can limit out.

Holy crap that sucks! Thanks for reminding me.

 

I'm sure you'll be ok, unless things have changed, that is. My grandfather retired from the Post Office. He died about 8 years ago and my grandma still does pretty good for herself, living off his plan.

[Old Salt]

I'm sure you'll be ok, unless things have changed, that is. My grandfather retired from the Post Office. He died about 8 years ago and my grandma still does pretty good for herself, living off his plan.

That's better than my plan. When I'm gone, so is my retirement pay (I hate to call it a "pension").

[ImWithStupid]

I'm glad to see that nobody voted that they think Social Security will take care of them.

 

Alarm Sounded On Medicare, Social Security

Payouts For Medicare Projected To Exceed Collections This Year; Social Security Gets 2017 Threshold

 

WASHINGTON, March 25, 2008

 

(AP) Trustees for the government's two biggest benefit programs warned Tuesday that Social Security, the U.S. state pension system, and Medicare are facing "enormous challenges," with the threat to Medicare's solvency far more severe.

 

The trustees, issuing a once-a-year analysis of the government's two biggest benefit programs, said the resources in the Social Security trust fund will be depleted by 2041. The reserves in the Medicare trust fund that pays hospital benefits were projected to be wiped out by 2019.

 

Both those dates were the same as in last year's report. But the trustees warned that financial pressures will begin much sooner when the programs begin paying out more in benefits each year than they collect in payroll taxes. For Medicare, the federal health care insurance program for people aged 65 and over, that threshold is projected to be reached this year and for Social Security it is projected to occur in 2017.

 

The first year that payments will exceed income for Social Security will occur in 2017, just nine years from now, reflecting growing demands from the retirement of 78 million baby boomers. Medicare is projected to pay out more than it receives in income starting this year.

 

Alarm Sounded On Medicare, Social Security, Payouts For Medicare Projected To Exceed Collections This Year; Social Security Gets 2017 Threshold - CBS News

 

But then again, I'm sure the federal government will bail this out too, putting the burden of those who failed to plan on those who did and are.

[RegisteredAndEducated]

My grandfather was in the Army Air Corps either before or during WWII (I can't remember when the Air Force was started as a seperate branch) then he joined the Air Force when it started. He retired from the Air Force and started working at the Post Office. He retired from there, and he and my grandmother have been living off of that through 5 kids, countless grandkids/great grandkids, and are still doing ok.