Retirement planning

[zzvyb6]

This information falls in line with my current retirement budget. I'm drawing at 4% from my IRA, no pension (took a buy-out), took Social Security at 62, making 6-8% on my 4 S.P.I.A.s and living the Life of O'Reilly. (Better that Riley).

The Average American Has This Much Saved in a 401(k) -- How Do You Compare?

 

[KiotiKowboy]

That's what is unique about mandatory SS, you can't screw it up or lose it through bad luck for the most part. I know that smacks of "we know what's best for you", but facts would indicate that is often the case like it or not.

While I HATE big government ... "mandatory" retirement investment has a number of positive aspects. It's protection for society at large from those who just didn't bother and now need a bunch of government handouts. My complaint is that SS is nothing less than a ponzi scheme, for which you and I would go to jail. People should be mandated to make retirement investments in any of a large list of plans.

 

[dave1949]

While I HATE big government ... "mandatory" retirement investment has a number of positive aspects. It's protection for society at large from those who just didn't bother and now need a bunch of government handouts. My complaint is that SS is nothing less than a ponzi scheme, for which you and I would go to jail. People should be mandated to make retirement investments in any of a large list of plans.

However you get there ... I guess my point is it's silly to pretend that one-half the Bell Curve does not exist no matter how you wish to measure people and what they may or may not do. I don't expect someone who skated out of their grade-inflated high school with a diploma to become a retirement savings genius.

 

[KiotiKowboy]

I don't expect someone who skated out of their grade-inflated high school with a diploma to become a retirement savings genius.

Uh oh ... this is about to turn into an attack on public education

 

[dave1949]

This information falls in line with my current retirement budget. I'm drawing at 4% from my IRA, no pension (took a buy-out), took Social Security at 62, making 6-8% on my 4 S.P.I.A.s and living the Life of O'Reilly. (Better that Riley).

The Average American Has This Much Saved in a 401(k) -- How Do You Compare?

The 3:1 spread between the median and mean values in the Vanguard retirement savings charts are curious. I guess it means there are a bunch accounts that have low holdings combined with a bunch with high holdings. Not much middle ground? People are either serious savers or not?

 

[dave1949]

Uh oh ... this is about to turn into an attack on public education

Not really. No education system can make silk from a sow's ear. Except for the kids in Lake Woebegone, half of us are below average--doesn't matter how many A's and B's are passed out.

 

[KiotiKowboy]

On the other side of that bell curve ...

I know a young man that is working for about $100 net per week. Of that $100, he faces a mandatory deduction of $25 for child support. I'm OK with that, as I would be if he faced a mandatory retirement payment. I just think we, as a nation, can come up with a plan, or set of plans, that is FARRRRRRRRRR better than SS.

 

[Steppenwolfe]

I think some one needs to answer the question, " what exactly is retirement "? Is it life on the beach at 55 to never work again ?, a country home in the mountains with a garden and a chicken coop ?, or maybe a nice double wide in Florida with a part time job. Does one invest in gold and silver, or ammo and guns? I like many, believe it is too be debt free, work a little, and live a lot. Oh, and hope God is on the same page as me...

 

[KiotiKowboy]

Retirement by my definition may be different than yours. I think, however, in the question of what should be "mandatory", those formulas already exist but aren't used in this regard.

Essentially, all the variables would apply - such as dependents and whatnot - and the minimum mandatory figure would be the line at which you no longer qualify for government assistance.

 

[David Devuono]

I can retire this year at 55. I consider myself lucky to have a defined benefit plan, but even that plan pays out at just 55% of my best 5 years. I would not be able to stay in my home at 55% of my income. My ace is that I live in a big city and will be retiring to my country lot and building a home with some of the equity. While others on this thread have commented on how much they have slowed down phyically since they were 40, I have been in training for retirement. Last summer went on a 7 day backpacking hike on one of the toughest trails in Canada at Killarney Prov. park. I train with weights 3 days a week. At 55 I will attempt to turn some of my hobbies into income and have set my self up with a Gravel Pit\screening plant, Sawmill, now building a small rock crusher. I am looking at wooden boat building, custom metal fabrication, X-country ski trails, Bed and Breakfast, wilderness experiences, etc. This is a tractor forum and what Tractor nut wouldn't dream about country living. I have spent 30 hours in the past week in my 10x10 Shed cutting and carving steel, dreaming of a 20x40 work shop. (Already have the lumber cut and drying for that project)