/biz/ - Business & Finance

[Anonymous No.202226]

So, for those of you oldfags out there, what's your retirement strategy? What are you investing in? What do you stay away from? What do you anticipate your retirement income when you pull the plug?

>> tfw can't wait to quit my goddamn job and retire

Pic unrelated

[Anonymous No.202264]

Well, personally, the first thing I did was get myself 100% debt free. I invested in several rental properties that earn me passive income of about $2k net. I'm 55, so my federal pension plan won't kick in till I'm 60, or 65 if I want to make more. I have about $400k that is invested plus about $100k in the bank, so I'm pretty much done with work. I've been following my living expenses for about the last year and it seems I spend between $3 to $4k per month for my wife and I. I have a lot of hobbies and such, so I'm pretty high maintenance. That's my advice though, figure out how much it costs to live at the high end, then make sure you can meet that amount without depleting your resources too quickly. That way you can pare down your expenses and live without depleting your resources at all, then you have some gravy to have fun. I figure if I cut out a lot of frivolous crap, I can live comfortably on $2500 to $3000 per month.

I'm a couch potato investor though and have discovered some low fee, high return balanced mutual funds that I don't have to think about.

[Anonymous No.202281]

>>202264
Nicely done, thank you for your response. I'm totally sold on rentals too, they are the shit. My expenses are about $4k / month too, but that's on the low end, considering that I've still got a mortgage.

Do you find that you spend less when you're retired than when you were working?

Goddamn, it seems like I would spend more because of all the stuff that I HAVEN'T been doing when I was working. LOL.

It's good that you have hobbies. I don't, so my wife thinks I'll be super-bored if I quit my job.

[Anonymous No.202319]

My retirement strategy is to watch the fires of civilization burn like an edgy teenager while living off the land and my own supplies to the best of my ability.

Right now I'm investing in .22 LR because it's cheap, light, and I can store a lot of it with very little space.

Maybe if things go in the opposite direction I'll sign up for the robot bodies, IDK.

[Anonymous No.202344]

>>202319
I have to respect that, it's the equivalent of putting all your money on one number in the roulette wheel.

But, I hope you don't become a cat-food connoisseur in your old-age.

[Anonymous No.202416]

>>202281
Well, there are 3 tiers. Survival, comfort and luxury. Survival includes your house, food, electricity, utilities, taxes, medical, clothing. They can fluctuate a bit, but generally, that is the most fixed cost. For me, those costs can be as low as about $1500 and as high as about $2000

Comfort is cars, fuel, internet, cable, phones, toys. Those ones can vary a lot wider, depending on your comfort zone. For me, those ones work out to about $1200 to $2000.

Luxury is travel, restaurants, gifts, charity etc. I plan on figuring those ones out after my budget for the first two items is complete.

[Babylonian !!cuL+dLdIrFO No.202455]

>>202226
Are you implying that only old people have retirement savings? Real investors start a retirement account as young as possible.

[Anonymous No.202472]

>>202455
Not implying that. Just wanted to know how far along people in my age group were, what they had chosen for investment vehicles, etc.

[Anonymous No.202480]

I'm a banker. I don't save for retirement because I will never want too. I'll be trading til the day doc says no more yelling "limit you dumb motherfucker not market" across to the trade room to inbred interns.

[Anonymous No.202487]

>>202480
Ah, the grand old myth of "the crusty old bastard that never dies".

Always assume some sort of retirement. A gung-ho attitude is not an excuse to not plan. You may be forced into retirement because of illness or other factors.