How To Not Outlive Your Retirement

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Sentry18

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How To Not Outlive Your Retirement [Saving For Retirement Beyond Your 401K]

How-to-not-outlive-your-retirement.jpg
by Brett Kittredge

Do you have enough money saved for your retirement? Do you even know how much you will need to retire comfortably?

If you are unsure, you are not alone. A recent study found that only 10% of Americans feel confident that they have enough saved for retirement and 45% are afraid they may run out of money in retirement. I don’t know about you, but I certainly don’t want to be a part of that statistic.

Being broke in normal. Being unsure about the future is normal. You don’t want to be normal. And you don’t want to rely on social security to pay your bills. Start your retirement plans by not relying on social security. Instead, treat it like a bonus in your retirement years – if it is still around.

If you want to live the retirement you have in your dreams, take control and don’t rely on the government to get by. Because that is all you do if social security is your only income – just get by.

While too few people are not saving enough for retirement, or maybe aren’t even thinking about retirement, it does not have to be like that for you. Regardless of how old you are, what you already have saved, and what you annual income is, you can, and must, save for retirement. It is only difficult in the sense that it take commitment and a willingness to sacrifice today.

The best day to start saving was yesterday. The second best day is today. Don’t let another day go by. But at the same time, make sure you have a plan in place. Whether you are doing this on your own or with a financial advisor, make sure you don’t miss any steps.

Here are 7 tips to help you get started.

Know your why
The idea of saving and putting money aside – rather than spending it today to buy the newest product on the market – can be difficult for some. We really want that newer, bigger television, or maybe it’s something flashier like a new truck.

And it is easier when you don’t have a real understanding or purpose for saving. That is where your “why” comes in. Why are you doing this? What do you want your retirement to look like? Is it traveling around the world, spending time with your grandchildren, or just pointing your rocking chair toward the west? We all have individual goals in life. What it is doesn’t matter as much as understanding your why.

Saving will take sacrifice. There are things you’re not going to be able to do today or tomorrow. Are you going to be able to temporarily pass on something today because you have plans for your future? If you don’t know why you are doing something, it is much harder to make sense of a sacrifice. This is a fun exercise to get you going. Do this first so you will know your why and starting dreaming about retirement today.

Begin putting money aside as early as possible
Because of the beauty of compound interest, you are rewarded for putting money aside as early as possible. That is why you need to begin saving today.

Consider this, if you put $400 a month away each month from the time you are 22 until your retirement at 67, your retirement savings will be nearly $3.8 million (assuming a 10% return). Now, what if you wait just 10 years? Keep in mind, you will still be saving for 35 years. Your retirement account will be just $1.4 million, a full $2.4 million less. To reach that same $3.8 million by starting at 32, you will have to put aside more than $1,000 a month. At the same time, this requires you to double your contribution toward retirement.

Regardless of where you are in life, you need to begin saving today to get the most growth on your retirement over time. And as the numbers show, the earlier the better.

Put 15% into your retirement account
How much do you need to save each month? Your why can give you a good general idea for what you want to do, but a good general rule, if you are looking for a flat number, is 15% of your income. Here is why Fidelity recommends that amount.

That may seem like a difficult hill to climb, especially if you are not contributing anything today or if you have a low income without much wiggle room. But it’s possible. It just may require you to adjust your budget. Put retirement near the top, along with housing, transportation, food, and other key expenses.

And, it could vary based on where you are and your age. Certainly, the younger you are, the less you have to put away. And the reverse is true if you are older. Also, consider your retirement and what it looks like. Some people can live comfortably with half the retirement account of others. So while these principles are general, each retirement should be individualized.

Also, the government encourages you to save through the tax code. Your contributions, whether they are through work or a private account, can be made pre-tax, lowering your taxable income. And by extension, saving you money with every dollar you invest.


You may also choose to contribute to your retirement with post-tax contributions. You don’t receive the deduction up front in this case but can withdraw your funds tax-free in the future.

How do you know which is the best option? If your goal is to lower your taxable income today, and potentially help you qualify for additional tax breaks, or if you believe your tax rate will be lower when you are drawing retirement, which it will almost assuredly be, the pre-tax option is likely the way to go.

And the great part about saving for retirement is anyone can do it, and receive the same tax benefits. You don’t need a company-sponsored 401(k). You can open an individual retirement account, or an IRA, today, and begin saving immediately.

Take advantage of the company match
Most of us who don’t work for the government, don’t have the defined pension plans that were commonplace a few decades ago. But many companies do offer matches. What does that mean? Your employer will match what you put in your company-sponsored retirement account.

These may vary, whether it is dollar-for-dollar or 50 cents for every dollar you contribute. Most will also have caps at a certain percentage. But just imagine if you had an extra $100 or $200 every month in your retirement account. It all adds up and will help you reach your goal.

If your company offers anything, take advantage of it and make sure you are maximizing your contribution so you can maximize your match. The phrase free money gets thrown around too often, but for you, this is free money. So if you don’t take advantage of it, you are essentially throwing money down the drain. Everyone should be investing regardless of their income, so there is no reason to miss this opportunity.
 
Set a budget
A monthly household budget is one of the most valuable financial planning tools. But too many people ignore this crucial step. Everyone should have a budget, and it is should be regularly reviewed. And if you are married, make sure you are going over these numbers with your spouse, even if one partner generally handles bills or other financial matters. You’re a family, do this as a family.

With your budget, you tell your money where it should go each month. Start with your income, and then calculate your expenses. Your most important expenses – housing, food, transportation – will be at the top.

And if you aren’t saving for retirement yet, or you aren’t saving enough, this is where retirement fits in.

Are you saving 15% of your income? Plug it into your budget before you begin adding other items. You don’t need to sacrifice to the point that you can never eat out a restaurant for 40 years, but a budget is about prioritizing.

If you have a variable income, you can still budget. Just look at your monthly income over the past year, and assess what you brought home each month. You’re probably better to err on the side of caution so look at the lower months to give you a baseline. Meaning, what you know you will make each month even if sales are down or a bonus doesn’t come in. Use the baseline to set your priority items, and then pay for everything else after that.

But by putting it on paper (or a spreadsheet or in an app), you now have greater accountability with your money.

The trick is following your budget. One easy feature available with most online bill pay and retirement accounts is the automatic deposit. This makes these responsibilities easier and limits your ability to decide to do something else with that money.

When the money goes directly from your bank account to your retirement account, you will be less likely to notice the money leaving your account. If you aren’t disciplined enough right now, it makes sense to take advantage of this option.

Invest aggressively
Your age will dictate how aggressive you can be with your investments. But as long as you are 10 or so years from drawing on your retirement, take advantage of the interest you will earn in the market.

A conservative plan makes sense in the later stages, and there are some who are just uncomfortable with those years when your retirement goes down 20% or so, but the numbers don’t lie. Because if you are not in the market, you will never do much more than keeping up with inflation and will certainly not have enough for retirement.

But over time, the market will average 8-10% a year if your money is in high-growth, long-term funds. As long as you stick with it and don’t decide to sell the moment it looks like the market is heading south. In fact, that is the time you should be buying more.

Look at it as if stocks are on sale. So if there is a dip, know it will come back and you will be better off because you took advantage of it rather than backing out.

Just remember to start aggressive and remain aggressive. And don’t bother checking your account every day, every week, or even every month. You will likely get some type of quarterly report that you can review. But don’t stress when you lose 3% in one day. Better yet, don’t even look. After all, you’re not spending it tomorrow. It’s about the future.

Don’t go into debt
The best way to build wealth is to not be paying interest to the bank, especially on items that depreciate. Translation: avoid debt, except for your mortgage.

If you are in debt today, work tirelessly to pay it off as quickly as possible. Whether it’s student loan, credit card debt, a car, or something else, the money you are spending on that is money you can’t be sending to your retirement.

Car payments may seem like the norm, but they don’t have to be. Here is a number that will hopefully help you see what you are giving up by making a car payment every month. If you had a car payment of $400 per month for 40 years, you could have invested that money and would have upwards of $2 million in a retirement account.

Also, make it your goal to have your house paid off by the day you retire. It will just make retirement that much easier to not have that hanging over your head at that stage in your life.

Retirement should be an enjoyable time, not a time that is full of worry because of money. So begin today to make sure you have the retirement you always dreamed of.


Disclaimer: We are not financial advisers and this article should not be taken as financial advice. This is what has worked for us and might or might not work for you.
 
My income is fixed, so I know exactly what will come in each month. My home heating bill is spread evenly throughout the year, property taxes are paid quarterly, so I know that there will be ~$250 "unassigned" every month. Can't call it 'discretionary' income, more like 'oops' money. That oops money is important. Stuff breaks and/or wears out.
 
Every bit of that is outstanding advice.
Needs to be heard by young people.
Since they can't make it thru that many words, I'll boil it down for them.
I can attest that this works.
If you wait to start rolling up your snowball when you're old, there is no 'do-overs'.:eek:
Any 401K employee match you leave on the table is giving away YOUR MONEYgaahDon't!!!
14%-15% may sound like a bunch, but this is before tax so it's not like taking a 15% cut on your take-home pay.
It's more like 8% and you'd be surprised how little you'll miss it.
If you're young, don't invest conservatively. You'll have plenty of years later on when you HAVE TO.
You always hear stories "I you had invested only $1000 in xyz company 20 years ago, you'd be sitting on huge pile today".
Those stories are true.:)
Be that person.
I did.:D
 
Planning for retirement means making sure you will have an income that is higher than your current situation.

Property taxes increase, lots! Food costs more. Energy has gone up. Automotive repairs have gone up and your vehicle only lasts so long before you have to replace it. Car maintenance: gas, tires, batteries, insurance. Car insurance goes up. Health insurance has gone up. Nothing has gone down.

At the time of retirement, if someone is struggling to make ends meet, they might need to die on the job, as one of my friends says, who is actually in this place. Sadly, I know too many people for whom money burns a hole in their pocket. I believe that some baby boomers especially are in this place. People have confused wants with needs. "But I've always wanted one." "I just treated myself." "I bought myself a Christmas gift." "It was my birthday. I deserved it." How about, "I don't need it, so I will save my spare money for emergencies, for repairs that my car or home might need?" New refrigerators, stoves, washer and dryers, hot water heater, furnace. These are all things I have had to replace. None of it is cheap.

Then there is investing in something that has a return. For me, it has never been the stock market, except through retirement programs from jobs. Real estate usually goes up, but may go down a little here and there. Investing in real estate, below your means, not what the real estate people want you to do, purchase at the top end of your ability. Then when you make your monthly payment, it is not going into someone else's pocket, as in rent. When you buy real estate, and hang onto it, there is a return at some point in time. I have seen people who traveled a lot, gambled, partied, had fun, but never invested in real estate. Or people who have bought and sold, bought and sold, and taken the money and spent it. Owning a home of any sort is more important than owning a new car or motorcycle or other toys.

I have stories for days about people who do not understand money and how to make it work for them.
 
My oldest sister is 70 years old. She nibbles on the "get rich quick" schemes because she hasn't any savings and took Social Security at 62 1/2.

She asked me what I did to save for retirement. What I did was start saving a nest egg 40 years ago, didn't borrow against it and let it accumulate. Now she doesn't understand (or doesn't want to) why she can't duplicate what I did in a couple of years instead of the actual 40 years it took me.

I was debt free when I retired. Both vehicle's have just over 100,000 miles on them, should last until the children take our Driver's Licenses away from us. New steel roof on the house will out last me. All major appliances have been replaced except for the furnace and water heater, cash on hand to replace when needed. I've let the former employer Health Savings Account accumulate over the years, I'll have to tap into it for my gall Blander removal (bummer). Between Social Security and pension payments my 401K remains untouched. And I still have the two Burger King gift cards that I'm saving for a rainy day.
 
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Unfortunately all of this advice is a day late, and a dollar short. Don't get me wrong. It is sound advice and I agree with it. The time to ask the question is when you are 20; not when you are 60. Time is a critical factor when you are investing. These would be some of my suggestions. They aren't hard. Nothing magic. It just takes the self discipline to do them.

Pay yourself first. Every time you go to the bank put 10% into a savings account. You will be astonished at how quickly that account will grow. As it grows you can put it into other vehicles. Most full service banks will have an investment advisor that will help you at no charge.

If your employer offers a 401K take advantage of it. You will get better yields if they offer to match contributions, and you will never see the money that is withheld from your paycheck. When you don't have it, you won't be tempted to spend it.

Live within your means. Sure we would all like to live in a huge mansion. Sure we would all like to drive an expensive car. Eventually you will have to pay that money back. The Government can deficit spend recklessly, but we don't have that luxury. There will be severe consequences for the individual who deficit spends. Keep a credit card for emergencies or things where you are forced to use it. Pay off the balance every month. If you don't have the money in your pocket don't spend it.

JMHO I do believe in "Buy it and Hold it Forever" stocks. There are a few I would recommend that you can buy a little at a time; reinvest the dividends into more stock; and you will have quite a nest egg when you start thinking about retirement.

Again, I am in the same boat. I am O.K. financially, but if I had taken my own advice I would have been a lot better off.
 
Saving for retirement requires delayed gratification. I have noticed that many people are just not that disciplined or don't think that far ahead. From what I have observed with the people around us, those who haven't saved are the ones who have houses with huge mortgages, a RV sitting in the driveway next to the big SUV, go to the casino on the weekends, and always eat out. I really don't care what they do, but when we sit around the campfire shooting the chit and I hear them complain that they haven't set aside any retirement funds, I just roll my eyes and take another sip. But again, life is all about choices. Hubs and I started putting the max into our IRA's when we were in our 20's and have been able to semi-retire at an early age. We work when we want to. It's a wonderful freedom to have.

I would add a couple of things to the list....

Start early and start BIG when/if you can. We put aside more than the recommended 15% as soon as we paid off the mortgage. We didn't even miss it b/c we weren't used to having it in the first place. That mortgage direct deposit simply went to our IRA's instead of to the bank. We bought a modest home from the get-go and paid it off in less than 15 years so we could pack funds into our IRA's and other assets. Our home was a bit tight when we had the kids but it's perfect now that it's just the 2 of us and the pups.:D

Diversify your investments and I don't mean just diversify within an IRA (although that's important too). Invest in what you know......whether it be collectibles, antiques, automotive, PM's, guns, etc. Assets of any kind can be converted to cash and can be considered retirement savings. Assets are great as long as they don't also carry high expenses such as insurance costs or annual property taxes.

Make sure you have both traditional IRA and Roth IRA savings so that you don't have to take a huge tax hit during retirement. Having options of drawing from one account or the other, or both, gives you much more wiggle room to avoid taxes later on. You can always do a Roth conversion now if you are in a low tax bracket so that you don't have to pay a larger amount later. If you're not sure, get a solid financial advisor who can help you sort it all out.

And of coarse the obvious and probably the most important in creating a nest egg is to live below your means now so that you can retire debt free and worry free. The earlier you can shed the debt, the earlier you can build wealth.

Like you Amish Heart, our biggest challenge right now is health insurance......... We pay more now for our crappy health insurance with sky high deductibles than we paid for our mortgage. It's just ridiculous. We have considered just dropping it altogether, but that could risk everything we have worked so hard for, so we suck it up and pay the premiums.:mad:
 
Saving for retirement requires delayed gratification. I have noticed that many people are just not that disciplined or don't think that far ahead. From what I have observed with the people around us, those who haven't saved are the ones who have houses with huge mortgages, a RV sitting in the driveway next to the big SUV, go to the casino on the weekends, and always eat out. I really don't care what they do, but when we sit around the campfire shooting the chit and I hear them complain that they haven't set aside any retirement funds, I just roll my eyes and take another sip. But again, life is all about choices. Hubs and I started putting the max into our IRA's when we were in our 20's and have been able to semi-retire at an early age. We work when we want to. It's a wonderful freedom to have.

I would add a couple of things to the list....

Start early and start BIG when/if you can. We put aside more than the recommended 15% as soon as we paid off the mortgage. We didn't even miss it b/c we weren't used to having it in the first place. That mortgage direct deposit simply went to our IRA's instead of to the bank. We bought a modest home from the get-go and paid it off in less than 15 years so we could pack funds into our IRA's and other assets. Our home was a bit tight when we had the kids but it's perfect now that it's just the 2 of us and the pups.:D

Diversify your investments and I don't mean just diversify within an IRA (although that's important too). Invest in what you know......whether it be collectibles, antiques, automotive, PM's, guns, etc. Assets of any kind can be converted to cash and can be considered retirement savings. Assets are great as long as they don't also carry high expenses such as insurance costs or annual property taxes.

Make sure you have both traditional IRA and Roth IRA savings so that you don't have to take a huge tax hit during retirement. Having options of drawing from one account or the other, or both, gives you much more wiggle room to avoid taxes later on. You can always do a Roth conversion now if you are in a low tax bracket so that you don't have to pay a larger amount later. If you're not sure, get a solid financial advisor who can help you sort it all out.

And of coarse the obvious and probably the most important in creating a nest egg is to live below your means now so that you can retire debt free and worry free. The earlier you can shed the debt, the earlier you can build wealth.

Like you Amish Heart, our biggest challenge right now is health insurance......... We pay more now for our crappy health insurance with sky high deductibles than we paid for our mortgage. It's just ridiculous. We have considered just dropping it altogether, but that could risk everything we have worked so hard for, so we suck it up and pay the premiums.:mad:

Angie_nrs: I soooo agree with your statement. I have no patience with looking at every vehicle sitting in the driveway knowing it is another payment, and another increase in insurance. I think " you must be a drug lord to afford all of those toys."

Another suggestion I would offer is living on 80% of your income. Save the rest, but only live on 80% of what you make. Your savings will build and, God Forbid, you have that setback where you lose your job, you can take another for less pay, and not feel the pinch.
 
When I got home from miltary.
Finished education , with help of VA on
Set 2 basic goals for myself and wife
Buy houses and fixem up, make a nice profit.
Sell the last one (5 houses later) for the biggest profit.

Then buy my last one ...debt free, and stash part of that last profit as a nice nest egg.

Draw a pension from company , plus SS. Plus VA disability.

Simple plan.

Debt free #1
Nest egg thru investment #2
Income thru pension plan, nest egg interest and SS #3.

We are comfy.

Jim
 
Diversify your investments and I don't mean just diversify within an IRA (although that's important too). Invest in what you know......whether it be collectibles, antiques, automotive, PM's, guns, etc. Assets of any kind can be converted to cash and can be considered retirement savings. Assets are great as long as they don't also carry high expenses such as insurance costs or annual property taxes.
It takes a certain amount of wisdom to know about which things to collect and which things not to, and which things to invest in and which not to.

Some things that were thought of as assets or good investments, have become not so much. Antiques of all sorts were once popular, but only a few limited items are now. I know people who used to be in the antiques business. It was good for years and then, it wasn't and isn't so much any more. Antique guns seem to be popular and a good investment. Some other items are as well. Many other items that used to sell for $1000's are not so popular now. Watch the Antiques Road Show and you will see their previous valuation and the more current one.

There have been all kinds of collectibles for sale at high prices which then were not so valuable any longer. Things like Beanie Babies were touted to be collectible and then could be resold to finance your children's college fees. Some people are just not so smart about some of these things. I have been to garage sales where the Avon collections are massive. Yuck, just yuck! Some of these things were not that expensive to begin with, but if you spend a bit every month, it adds up and then you have a house full of junk that no one wants.

Back to guns. My mom's 90 something year old cousin died recently. He never married, and lived most of his life on the family farm where he was born and raised with his sister who died several years ago. In talking to one of the now deceased cousin's wives about his death and the estate, she told me that he had a massive gun collection. I was at his home and had no idea. His gun collection was in the basement and the basement was off limits, unless you were invited down there. He was the only boy, the youngest, and as a child, whatever he wanted, he got. The family had some money and a large farm. His life and family life was the complete opposite of my mother's.

Evidently, he liked guns and wanted them for every birthday and Christmas, which he was obliged. As an adult, he kept collecting. If a gun maker made a new gun, he got it. If they made a variation on the same gun, he got that too. One time he invited a couple male cousins down there, with the promise that they would not tell anyone about what they saw. They promised, but were flabbergasted because their childhoods and lives were so much less. One told his wife, because he couldn't comprehend the size of the gun collection, as well as all the ammunition he had. There were many boxes of ammunition, some for each gun.

Cousin's wife wondered what is going to happen to the other cousin's gun collection now that he is deceased? It has to be worth some money. That was an investment that he added to much like I add beans and canned hams to my food storage. There are 8 nieces and nephews. Someone with some knowledge is going to have to inventory and assess the value, and then figure out how to sell off the collection, or share it out. Several of the nieces and nephews are college professors who live in places like Chicago and not likely to be interested at all, but may be.

That was an investment worth collecting, except he never needed to sell them off. He probably could have armed his hometown. His nieces and nephews are now going to profit one way or another from the gun collection and the land which is in a location that is productive and valuable. Meanwhile, other people thought Beanie Babies were good to collect. Gold and silver is another story.
 
In my family, with some couples, both worked. They lived off of one salary and banked the other's salary. Need a new car? Cash. Need a new refrigerator? Cash. Houses paid off by many long before the typical mortgage payoff, even for single cousins. Many live below their means. They do not drive fancy new vehicles. One cousin had the first internet company in South Dakota. He spent his days writing deposit slips and taking checks to the bank. He does not drive a shiny new fancy vehicle. In fact, I was a little surprised at the age of his truck. Trust me, he has money! His mother confirmed that for me. But he lives a frugal life style.
 
My plan has always been to be a financial pessimist. In other words, "Save money to cover your retirement under the assumption there will be no Social Security, and your pension will have gone bankrupt". So we did that. And (thus far), we still have Social Security and my pension is still good (I'm not drawing it yet though). My wife has a pension coming to her also. And we both have 401K's through work as well. We started saving to pay for our kid's college before they were even born. When the time came, we were lucky enough to be able to pay out of pocket, so those college savings got repurposed into our retirement savings. I never went for high risk investments. We stayed the course as slow-and-steady growth, with only a minor amount of money in higher risk. We are now dabbling on and off with high risk stuff - Day Trading - but we are only using extra money for that, not our primary savings. That could become very lucrative, or a total bust. But we don't care too much either way, since our primary goal - being comfortable for life - has already been paid for in advance. Of course, major illness (despite good health coverage) or a long term disability condition could wipe out every thing we have. There's really no practical way to protect against that, unless you fall into the multi-multi-millionaire category. So there is still at least one thing for me to worry about remaining, but it's a worry shared by all but a select few of the super wealthy.
 
My plan was to marry a woman who knows a whole lot more about money than I do, have her work in a career field where she makes a whole lot more money than I do, and then sit back and reap the rewards. So far it is working out nicely.
 
It takes a certain amount of wisdom to know about which things to collect and which things not to, and which things to invest in and which not to.

True that. I was never a beenie baby or cabbage patch girl, but I did collect matchbox cars at one time.....until my mom sold them all at a garage sale.:mad: But I do have boxes of comics in plastic sleeves that are mint, some never read. Spider Man was my fav. I have no idea what my collection is worth, but I know it's got some decent value. I just saw on Pawn Stars that the original Mario video game (never opened or used) is worth over $300,000.:eek: One of my kids collects video games and video game systems from his youth. I actually encourage it and add to his collection when I find any deals at yard sales. It's something he enjoys and something that will likely become more valuable as people his age get older and become nostalgic. If not, no big deal. It's a hobby he enjoys.

Antiques can certainly be tricky. I personally don't collect them, but do know some folks who have made some decent money off of them. I'm not very familiar with antiques or their market so I don't dabble much with that. Hubs does.....but his "antiques" have motors or triggers.:rolleyes: Somehow I'm thinking his collections won't add much to our retirement since things would have to get really bad for him to sell them.

I know a couple who have retired but have a shop that they do woodworking in. They do it as a hobby but have sold many items to supplement their income. They enjoy it and they are really really good at it. They reinvest their money into more woodworking materials to continue on with their hobby. She has complained lately that it's starting to become more like a job b/c she has received requests from several people on specific projects. She is flattered by the requests but she doesn't want to ruin her joy by promising items to people and feeling the pressure to deliver. I don't blame her. But, having a hobby like that is an awesome way to foster a connection with a spouse and generate additional income.
 
I was talking about this topic today. Something that came up was inheritance. I would never count on that as part of my retirement plan, but it is something that will likely supplement our future. Even when my parents moved several years ago, we inherited a lot of "stuff". We lived fairly close by and they just wanted to get rid of stuff and didn't want to mess with it, so guess who got it all? They had a huge garage sale before the move, but we got to keep whatever we wanted first. The leftovers either came to our house or went to charity. My kids got lots of stuff for their homes like furniture, lawnmowers, vacuum cleaners, appliances, etc. We paid them for as much of it as we could, but they didn't want the money for it, they just wanted to get rid of it and wanted it to go to someone who could use it. Plus, we store some of the things they really didn't want to get rid of, but didn't want to take with them either. I doubt those things will ever leave here, but they feel better knowing they can visit those things whenever they want to.

I say I would never count on an inheritance b/c I think we've all heard of the folks who do, and then........it doesn't happen. Either the finances weren't what they thought they were, or the will wasn't what they thought it would be, or medical expenses took all of the funds, or any other number of situations. I think larger families have the most problems with these situations. Although, when my grandparents passed my parents large families were able to split things very amicably between the hoard of brothers and sisters, so it can be done.

I've seen a few episodes of Strange Inheritance. Some of those folks have gotten some very unique inheritances for sure and got quite the education when their parents passed. Some of those episodes were very interesting. The strangest thing I would have for my kids would be my workout collection. I've already told them not to give them away but to list them on ebay and they will be shocked how much they go for. I'm sure they would've likely just gotten rid of them if I hadn't told them of their value. Although by the time I die they may not be worth anything, and if that's the case, they did their job!:p I just pray that I pass before my kids do. It would be devastating to attend a funeral of one of my kids.:( I don't even want to think about it.......
 
I say I would never count on an inheritance b/c I think we've all heard of the folks who do, and then........it doesn't happen. Either the finances weren't what they thought they were, or the will wasn't what they thought it would be,
....
Excellent point!
As executor of my brother's estate I got to watch the faces of his kids that were somehow expecting a 'Big Check', melt right before my eyes.
"What about all of the 6 houses he owned?:cry:"
I had to tell them, if you want to pay the $217,000 owed on the mortgage, they are all yours.
No takers.
Poof!
Now, who wants to haul off 7 junk vehicles, 2 of which actually run?
They all have to go.:good luck:
Anybody need some shirts?:fun fun:
 
My mom has spent a fortune on dolls. Thousands for each of them. Then are all bubble wrapped and stored wherever I could find places in her apt. None of us girls want to deal with them when she passes. I believe they are only worth what the market will bear at the time they are sold. One still had a $6,000 price tag on it. I doubt she could sell it for that.
 
My mom has spent a fortune on dolls. Thousands for each of them. Then are all bubble wrapped and stored wherever I could find places in her apt. None of us girls want to deal with them when she passes. I believe they are only worth what the market will bear at the time they are sold. One still had a $6,000 price tag on it. I doubt she could sell it for that.

Wow. That must be one of those "niche markets". Good luck when the time comes.
 
My mom has spent a fortune on dolls. Thousands for each of them. Then are all bubble wrapped and stored wherever I could find places in her apt. None of us girls want to deal with them when she passes. I believe they are only worth what the market will bear at the time they are sold. One still had a $6,000 price tag on it. I doubt she could sell it for that.
I know a woman who buys dolls that she then buys all kinds of stuff for. Her dolls cost her $100's. There are doll forums! (Beware, some doll forums are for porn!) If you can find the forums you might be able to find buyers who are willing to pay the value. I understand that there are Korean made dolls, etc. I was shocked by what she had and what she had spent. I am just a practical person, so I would never spend $500 for a doll that now needs hair, clothes, etc.
 
A simple budget. Save 10%, Tithe 10% and live on the remaining 80%.

That's what my parents did and firmly believed in. When they retired they had 2 pensions, no debt, and an impressive nest egg in the bank.
 
Then there's the antique doll furniture. Some of it is in one of the storage buildings at our farm. A dorky mini dresser with a mirror (for a doll) with a $400 price tag on it. I just draped old sheets over the stuff. I know there's doll magazines, mom used to have some and go to shows. There's also the clocks. Clocks everywhere. Very old, and some are just ugly. I don't understand buying this stuff as a retirement "investment" because if the economy is bad, no one spends money on this stuff.
 
My retirement goals are a little different from most, so my retirement plan is a bit different. I really, really, really like what I do for a living. So when I retire (target date is 4 years out, when I'm 68+), retirement means stepping back to working part-time. I'll work part-time so long as my mind and body cooperate.

I grew up in a small farming community in the midwest. Saw too many farmers retire, handing over the farm to kids or selling out altogether, only to die a few months or years later. Most deteriorated and died due to lack of purpose. Same thing happened to my dad, although he was an engineer rather than a farmer - and he retired early! Based on watching that story play out over and over again, my ideal retirement is working part-time continuing to do what I do. Working and hoping hard to make that plan work out.
 
My retirement goals are a little different from most, so my retirement plan is a bit different. I really, really, really like what I do for a living. So when I retire (target date is 4 years out, when I'm 68+), retirement means stepping back to working part-time. I'll work part-time so long as my mind and body cooperate.

I grew up in a small farming community in the midwest. Saw too many farmers retire, handing over the farm to kids or selling out altogether, only to die a few months or years later. Most deteriorated and died due to lack of purpose. Same thing happened to my dad, although he was an engineer rather than a farmer - and he retired early! Based on watching that story play out over and over again, my ideal retirement is working part-time continuing to do what I do. Working and hoping hard to make that plan work out.
Some people do not handle retirement well. I had a friend who felt like she had no purpose. Without a plan, many flounder.

I also heard someone talk about people thinking they are going to live to be X years old. Some people just kind of give up when they turn that age, just waiting to die.
 
Retired military working a part time seasonal job that pays well and gives me plenty of time to get to the gym which is my priority because life is short and I want to be able to enjoy it as long as I can. I have a 401k and a couple IRA's and my wife has a couple IRA's and is self employed, but I don't spend as much time on the IRA's as I should. I invest a lot in supplements and fitness products, as well as food storage. I try to be as diverse as possible in case of depression or economic collapse. Our bol is paid off, except for property taxes of course, house probably never will be. My pension takes care of the house payment and we both have plenty of life insurance to pay everything off if the worst happens so I don't worry about the mortgage. We always make sure we have money set aside for vacations around the world. We do this while we're young. I don't want to be the guy who says I wish I would have gone to...…. and surfed, scuba'd or climbed. I do it now.:chevy:
 

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