Time to Retire the Idea of Retirement - Page 5 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Mazrim · 10-10-2013, 08:23 AM

Quote:

Originally Posted by Dion

This is the problem with the generation of today

Who says we have to see a financial planner to be able to save for retirement? I'm doing quite fine at it myself without needing their help.

troutman · 10-10-2013, 09:48 AM

Will you be healthy after age 60? Live hard now.

Slava · 10-10-2013, 10:04 AM

Quote:

Originally Posted by Mazrim

Who says we have to see a financial planner to be able to save for retirement? I'm doing quite fine at it myself without needing their help.

You can definitely do it on your own. Lots of people have no idea how or have no idea of what they should do though. That, and I would be remiss to not mention that there are a lot that an advisor can do other than just help plan for retirement.

JobHopper · 10-10-2013, 10:07 AM

I think about this a bit and I figure that if I have my house paid for I'll need another 480K to live off for 20 years while retired. I'm thinking it's doable.

Slava · 10-10-2013, 10:16 AM

Quote:

Originally Posted by JobHopper

I think about this a bit and I figure that if I have my house paid for I'll need another 480K to live off for 20 years while retired. I'm thinking it's doable.

That's a pretty paltry retirement of basically $20k a year in todays dollars....

undercoverbrother · 10-10-2013, 10:22 AM

Retire to Irvory Coast, Liberia or some other place where you dollars will go far and you can have a detachement of hunchmen following you in Toyota pickups while carrying AK-47s

JobHopper · 10-10-2013, 10:31 AM

Quote:

Originally Posted by Slava

That's a pretty paltry retirement of basically $20k a year in todays dollars....

Of course I would like more but that's my starting point. I actually think the retirement business exaggerates a bit on how much people will need to retire on.

NuclearPizzaMan · 10-10-2013, 10:31 AM

Quote:

Originally Posted by MarchHare

This is only one article, but it indicates that Gen Y are becoming disciplined savers:

http://www.cnbc.com/id/100779725

Ugh, would you please stop posting your opinion and backing it up with citations that contradict my world view and anecdotal examples?

As part of the evil younger generation, I look forward for paying for boomer mistakes as they jam up our health system and global warming comes home to roost. Should be fun!

Ozy_Flame · 10-10-2013, 10:38 AM

I don't mind retiring in a low-cost country if my retirement savings aren't up to par. You could probably do Thailand on the cheap and live pretty good, if you play your cards right.

The other option is to end it all and not worry about retirement years and for saving for them. Not sure how I'd want to go though, perhaps there will be a mission to Mars I can stow away on, take an escape pod and hurdle myself into a black hole. I'd want it to be an interstellar adventure, that's for sure. (P.s. I'm kidding about the end it all stuff, just making some light of my retirement years

)

Slava · 10-10-2013, 10:40 AM

Quote:

Originally Posted by JobHopper

Of course I would like more but that's my starting point. I actually think the retirement business exaggerates a bit on how much people will need to retire on.

Well I work in that business and would be really interested to hear what you think is the right amount, or by how much its exaggerated? I don't mean this as a shot at you at all, and I'm certainly not trying to call you out at all as it does depend on what you want to do in your retirement. I would be interested though.

Ozy_Flame · 10-10-2013, 10:44 AM

By the way, this "Freedom 55" crap was some marketing scheme to get people to invest.

If you are going to live until 80 (give or take a few years), why does 25 of it have to be on the golf course or sitting around relaxing?

Many of the most interesting people in their older years are still working because they love it, or because they get a gratifying feeling from it.

I love golf as much as the next guy, but doing it for 25-30 years straight just to say you retired at 55 is, well . . . boring. Even this Freedom 65 is sort of a poor way of looking at life. At least IMO.

Phanuthier · 10-10-2013, 10:50 AM

Quote:

Originally Posted by Slava

Well I work in that business and would be really interested to hear what you think is the right amount, or by how much its exaggerated? I don't mean this as a shot at you at all, and I'm certainly not trying to call you out at all as it does depend on what you want to do in your retirement. I would be interested though.

I heard in the last year you live, you spend something like a million bucks? True/False?

Fidelity recommended I save up 5x of my last years annual income. I think thats to retire in the 65 range.

I'm wondering as well what the golden number people are hoping for retiring at 55.

JobHopper · 10-10-2013, 10:53 AM

Quote:

Originally Posted by Slava

Well I work in that business and would be really interested to hear what you think is the right amount, or by how much its exaggerated? I don't mean this as a shot at you at all, and I'm certainly not trying to call you out at all as it does depend on what you want to do in your retirement. I would be interested though.

I plan on doing things I do now like play golf 3-4 times a month a take a couple trips a year. And for that I think I'll have enough money with the amount mentioned.

Are there statistics with how much cash people are actually retiring with? It seems like to me that there are a lot of people that are without rather than with say a million even.

yads · 10-10-2013, 10:56 AM

Quote:

Originally Posted by Slava

That's a pretty paltry retirement of basically $20k a year in todays dollars....

He likely would have CPP and potentially OAS to lean on.

Canehdianman · 10-10-2013, 10:57 AM

Quote:

Originally Posted by RW99

I'm still working on Freedom 35.

Me too. I need to win the lottery in the next 9 days.

GGG · 10-10-2013, 11:00 AM

A lot of the contractors I work with now semi retire. They take on a six month or a year contract to do a project then go on vacation for a year or two then comeback for some more work. I think that concept of retirement for me is more appealing. So I think around 55 my goal is to half retire. Then continue that for about 10 years before withdrawing any savings.

darklord700 · 10-10-2013, 11:13 AM

Quote:

Originally Posted by Slava

until 95. In other words, they will work say from 20-55 or 35 years, and support themselves for 40 years while not working. I've written about this topic fairly often actually, in part because I think the financial industry does a disservice to people here, albeit somewhat unintentionally.

For once, Slava, I agreed with you wholeheardedly. I met some dreamers who constantly talk about freedom 40 or 45. What are you going to do with the other 30-40 of your life not working?

I do not completely stay out of work as I wouldn't know what to do with my time. And retirement might actually cost me more money as I'll be constantly travelling and doing stuff. The key is to find a line of work that is tolerable and pays well.

I think of movie stars who rarely retire when I think of retirment. If I can get a well paid gig that's worth my trouble, why would I ever want to retire?

Phanuthier · 10-10-2013, 11:19 AM

Quote:

Originally Posted by darklord700

For once, Slava, I agreed with you wholeheardedly. I met some dreamers who constantly talk about freedom 40 or 45. What are you going to do with the other 30-40 of your life not working?

I do not completely stay out of work as I wouldn't know what to do with my time. And retirement might actually cost me more money as I'll be constantly travelling and doing stuff. The key is to find a line of work that is tolerable and pays well.

I think of movie stars who rarely retire when I think of retirment. If I can get a well paid gig that's worth my trouble, why would I ever want to retire?

Is the only thing keeping you going working then?

Working, hockey, mani/pedi's....

darklord700 · 10-10-2013, 11:25 AM

Quote:

Originally Posted by Phanuthier

Is the only thing keeping you going working then?

Working, hockey, mani/pedi's....

Working is a big part of anyone's life. To me, not working is actually a form of working. If I work and earn, I can afford to buy a new car. If I don't work, I have to fix my car myself which is a form of working.

To be able to work is a blessing. Guys like Warren Buffet, Bill Belichek don't usually retire becasue they enjoy working which to me is the key.

Instead of doing a job you hate for 30 years dreaming of the day you don't need to do it, why not find a job that you can at least tolerate and do it for as long as you can?

Rathji · 10-10-2013, 11:31 AM

Quote:

Originally Posted by troutman

Will you be healthy after age 60? Live hard now.

I like this idea.

Don't save any money and don't waste time exercising.