How do you plan for retirement?

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Anonymous · Accepted Answer

I’d say start by saving what you can, even if it’s $25 a check. As you move up in the workforce, get a raise or promotion you save more. Don’t be foolish like a lot of people spending your raise on more things you don’t need. I work for the gov’t so we had a TSP plan which is doing really well right now, around 16%. I’d say read more first before you start jumping into throwing your money into all different things. A lot of rich people have 5-6 passive incomes coming in. You need to invest your money in something that will outpace inflation every year. It’s good if you get a 2% raise but if inflation is at 3% or more you’re still barely keeping your head above water level. There’s a lot of things you can invest in. One option would be an IRA, which you can only contribute to if you have a taxable income. Also a 401k whether that’s traditional or Roth. You’d have to cos older, when I retire will I make more in retirement putting me in a higher tax bracket. So w that said should you consider paying taxes on a 401k now or when you retire. How much will taxes be later on in the future? The same as they are now? Higher? Lower? I like to purchase some gold and silver. I think saving about $2000 for emergencies is a good start also. Then save about 4-6 months of finances should you lose your job or something. That way you can still pay your bills, get groceries, etc for whatever amount of time till you find a new job. There’s so many things to invest in. Maybe even purchasing some cryptocurrency every two weeks, $20 automatically. I’d stop purchasing things that are taking money out of your pocket, unless they’re going to produce some kind of income like a rental property. I wouldn’t keep my 4-6 months of savings in a regular checking account. I’d probably go w a high yield savings account. Thrice banks pay maybe 1% if that, even lower in some cases. If your company matches your contributions or a portion of it like mine does than contribute the next to that. But I think your biggest investment first is investing in your financial education. Maybe purchasing stocks that pay out dividends.

WindAtMyBack · Accepted Answer

Start working and saving when you are 12 years old or younger.

Develop the habit of saving at as young an age as possible. The amount doesn't matter nearly as much as developing the habit.

Don't buy a bunch of stuff you don't need.

Reevaluate the meaning of "need" and realize you don't need most of the stuff you think you need.

Invest in yourself. Make yourself marketable.

Learn to do things for yourself. Mechanics, plumbers and electricians are expensive as hell.

Don't invest in high risk speculative investments. Keep the principal safe.

Take advantage of tax incentives to save for retirement.

Saving for retirement is something that has been shown to work for millions and millions of people. It WORKS. Stop thinking you can take short cuts. Just save save save.

Mati91 · Accepted Answer

Save money also track spending. Set goals. Investment helps.

Anonymous · Accepted Answer

my company matches 50/50. and i save money on my own too.

Advisor Smith · Accepted Answer

Planning for retirement involves setting clear financial and personal goals. Begin by determining the lifestyle you envision and estimate the associated costs. Save consistently, leveraging employer retirement plans and individual retirement accounts. Diversify investments to manage risks and potentially enhance returns. Regularly review your plans and adjust as life circumstances change. Consider healthcare needs and long-term care options. Additionally, think about how you'll spend your time post-retirement; engaging in hobbies, volunteering, or part-time work can enrich your later years. Balancing financial security with personal fulfillment is key to a satisfying retirement planning process.

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Lliam · Answer

I put 10% of my gross salary into an IRA at work for 30 years and my company matched 6% of that.
I also started my own IRA before I had that job and put $2000 a year in for about 10 years. That has appreciated.
An uncle started an IRA for me when I was a kid and it accumulated quite a bit.
I have life insurance policies that have cash value.
I bought lots of silver U. S. proof and mint sets over the years when I was young, and some silver bullion. I have a bit of gold.
I bought some collectibles when I was young, mostly aerospace related.
I bought a condo in my early 30s and made a bit of money on that when I sold it.
My wife and own a house and property that has appreciated in value.

Bricealan · Answer

Try to calculate what bank has the most money in their vault... determine if I can drill through the roof into the vault... without setting off the alarm, have a good left system to get the money to the roof... buy all black clothes, gloves, ropes, climbing boots etc.

exitseven · Answer

It is not just having enough money although without money you really cannot do it. You need to have a plan on what you will do afterwards. You just cannot go and sit on the beach for the next 30 years.

you need to find activities that you had never had time to do and find something to give life some meaning.

Anonymous · Answer

It depends what your goals are. I've been contributing to a 401k since i was 25. On top of that I have a discretionary fund. I've been considering open a Roth IRA on top of that.

In short there's a lot of different options you have man. But start with your financial goals.

paledreams · Answer

In America they have 401k don't they. Australia has superannuation from wages. Etc

LiamJHayden · Answer

I want to acquire enough rental properties to generate sufficient passive income so that I do not have to work.

strateguy632 · Answer

I can't. Any savings will be worthless in 20 years.  Plus by the time i reach 70 they will move retirement age to 80. By the time i am 80, the pension pyramid will be empty n crash.

DrPepper12 · Answer

Save, scrimp & sacrifice and then realize one of two things:
1) You're going to outlive your savings & go back to work in your 70s
2) You're health is failing so quickly you're never gonna get the opportunity

NathanDavis · Answer

land, property and trust funds...

gatixek710 · Answer

Save in an IRA or 401k. As much as you can. Purchase a home and pay it off as soon as possible. Live below your means.

Ladsin2 · Answer

Meh. I'm on what I call the PowerBall retirement plan.

jamesgoldman · Answer

I'll be dead by then

Jmmmfi4 · Answer

SAVE SAVE SAVE SAVE

How do you plan for retirement?

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