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post #1 of 15 (permalink) Old 11-18-2011, 01:24 AM Thread Starter
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Retirement

So I'm 29. Long ways away before I can even think of the big R word, but at the age to really think seriously about saving for retirement. I have a retirement savings plan with work. The advisor came in to give us a talk about our plans (due to the drop in the market the last few months) and discuss retirement. So he basically said that to retire comfortably, he advise his clients to have at least 1 million dollars in savings. If each year of retirement, you take out 40k + governent cheques (here in Canada, we have the Canadian Pension Plan, and Old Age Security), you can be comfortable with 50k/yr, given that your house is also paid off.

To achieve 1 mil at 65, you will need to have about 125k at age 25-30.

LOL. At 25, I was 15k in debt due to student loans (which is considered little already). Now at 29, I have a mortgage and a wedding to plan. I will not achieve my 1 million at 65.

So, with that being said... at "retirement", I think I'll be living in a cardboard box with my hav. Wait... cardbox = paper product = shredding product for dog. No shelter. And if I have my grandma's genes, I'll be living in such conditions until 90+ years old. It's going to suck...

Casie and Master Roshi
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post #2 of 15 (permalink) Old 11-18-2011, 09:51 AM
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Originally Posted by CrazieJones View Post
So I'm 29. Long ways away before I can even think of the big R word, but at the age to really think seriously about saving for retirement. I have a retirement savings plan with work. The advisor came in to give us a talk about our plans (due to the drop in the market the last few months) and discuss retirement. So he basically said that to retire comfortably, he advise his clients to have at least 1 million dollars in savings. If each year of retirement, you take out 40k + governent cheques (here in Canada, we have the Canadian Pension Plan, and Old Age Security), you can be comfortable with 50k/yr, given that your house is also paid off.

To achieve 1 mil at 65, you will need to have about 125k at age 25-30.

LOL. At 25, I was 15k in debt due to student loans (which is considered little already). Now at 29, I have a mortgage and a wedding to plan. I will not achieve my 1 million at 65.

So, with that being said... at "retirement", I think I'll be living in a cardboard box with my hav. Wait... cardbox = paper product = shredding product for dog. No shelter. And if I have my grandma's genes, I'll be living in such conditions until 90+ years old. It's going to suck...
Wait till you have to put your kids through school... all your retirement savings go away anyway!


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post #3 of 15 (permalink) Old 11-18-2011, 09:56 AM
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Karen you are sooooooooo right!!!!!

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post #4 of 15 (permalink) Old 11-18-2011, 10:27 AM
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"So, with that being said... at "retirement", I think I'll be living in a cardboard box with my hav. Wait... cardbox = paper product = shredding product for dog. No shelter. "


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post #5 of 15 (permalink) Old 11-18-2011, 10:46 AM
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hahahahaha... awwwwwww at least you'll have your hav to keep you warm!!

I think saving in anyway is often times a 'joke'! Espeically when you are living pay check to pay check... how the HECK are we supposed to save!??
We were very fortunate to buy our house before the big 'boom' and are hoping to have it paid off in another 15-20 years ... we figure if we can do that, then we are in good shape... LOL 1 mil in SAVINGS? ha ha ha ha what planet do THOSE people live on!!?

Tammy and Tillie
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post #6 of 15 (permalink) Old 11-18-2011, 06:52 PM
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I retired in August and my husband retired early 10 years ago. My suggestion is to first get in a situation where all you owe is perhaps a mortgage and maybe a car. Lifestyle is different now than when I was 29. We both were able to retire much before our full social security dates, especially my husband. We have 2 children who went to private schools. I see young people eating out and ones I worked with did so several times a week. Until our children were out of high school, we ate out about once a month, and not at the most expensive restaurants. We didn't order any acholic beverages when out. We rarely went to movies or plays. We paid extra each month on our mortgage and car payments. Basically, it is a mindset: spend now and enjoy being young or save and enjoy your older years.

Becky C
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post #7 of 15 (permalink) Old 11-19-2011, 04:53 AM Thread Starter
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Retirement to me is a joke now. I think I will HAVE TO work my entire life. Hopefully not as an engineer (it is seriously a job I enjoy, but not a passion). Maybe I'll learn to breed puppies to make some extra cash? Or part time at a scrapbooking store. I heart scrapbooking.

Casie and Master Roshi
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post #8 of 15 (permalink) Old 11-19-2011, 08:41 AM
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I have dreamed of retiring at 55 for many years, the earliest a person could retire with full benefits where I work. I'm three years away from that goal and my daughter is almost 18 and a senior. We just went on another college visit yesterday and guess what, I don't think I'll be retiring at 55.

Maybe I should start playing the lottery.
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post #9 of 15 (permalink) Old 11-19-2011, 05:07 PM Thread Starter
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My life is too expensive. I have expensive hobbies: dog, video games, and scrapbooking.

I have a small Cricut. I want the new Cricut Expression 2. Sigh.
Any scrappers out there?

Casie and Master Roshi
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post #10 of 15 (permalink) Old 11-19-2011, 05:37 PM
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Diann, look hard for scholorships, get the guidance counselor moving on that too. We paid only living expenses for our kids. OK, one was valedictorian of her hs class and a National Merit finalist, but the other was a just better than average student (not that he couldn't have done better, just not that motivated until he was almost out of highschool.
It surprised my how much money there is out there for kids for college tuition.

Becky C
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