Current Events > Are you saving enough money for retirement?

(+) Yeah! (+)

yea may try to retire a little early

Maxing out 401k + IRA, mortgage is paid off, decent non retirement savings too

sorry to go against the doomer circle jerk "millennials will never retire" lol

Were doing fine. My BIL and SIL passed from COVID and their assets were distributed among the nieces and nephews. That funded my kids college fund and then some. Without having to save for their college we are doing well in terms of retirement savings. House is already paid off.

I think Im on the path to a regular retirement.

Im 45, my wife is 46. We have about 7 years left on our mortgage, but the plan is to take that money and continue to save it, assuming we dont have to use it towards college or other expenses.

I lucked out (?) and got a decent chunk of change when my parents passed between inheritance and selling their house.

Who knows what the future holds, but I think both my wife and myself should be able to retire in our early 60s.

Not saving yet. I'll definitely get started on that though, so I can retire early. I'm a government employee, so I can technically retire as early as age 52, and still get benefits. But my retirement would be a measly 27% of my salary at that age.

honestly I dont know for sure because as of right now, a lot of what I make goes to my family

My only hope is finding a job that pays a pension when I retire

[LFAQs-redacted-quote]

Ah thanks for the heads up

Retirement is going to be awesome. Im 40 now.

401k and Roth IRA over $600k combined

emergency fund, other stocks, CDs over $200k

House is basically triplex I close on in May. I should be able to rent the two lesser units for $2800-3000, my mortgage is $2550. I plan to pay it off in 10 years.

I work the the government, if I make it to 50, pension will be like $3000 a month. If I make it to 60, 4500 a month.

And whatever is in social security.

Norman_Smiley posted...

Retirement is going to be awesome. Im 40 now.

401k and Roth IRA over $600k combined

emergency fund, other stocks, CDs over $200k

House is basically triplex I close on in May. I should be able to rent the two lesser units for $2800-3000, my mortgage is $2550. I plan to pay it off in 10 years.

I work the the government, if I make it to 50, pension will be like $3000 a month. If I make it to 60, 4500 a month.

And whatever is in social security.

You're killing it

Are duplexes/tri/quads worth it still? In my area I can't seem to make the 1% rule work so I've never tried

DeepFriedSquid posted...

You're killing it

Are duplexes/tri/quads worth it still? In my area I can't seem to make the 1% rule work so I've never tried

Its always been a saying but anymore it is especially true, all real estate markets are local.

place i am buying was under $700k. It is actually a split level with full kitchens on both floors and then a living area above the garage.

During my inspection, realtor and inspector were guessing first floor - $1600-1800 a month. 2nd floor - $2000-2200 a month. Ill live here. Above garage unit - has a half bath, so needs plumbing work for shower and a mini washer dryer, but then its $1200-1500 a month.

all levels have water views. Bottom floor is only like a 100 degree view, 2nd floor is like 240 degree view, and the above garage has like 120 degree view of water from the living room and 140 degree view of the mountains from the bedroom.

I ask put 50% down because I sold my previous house for a good return.

TheSuperSilver posted...

My mortgage is basically a forced savings account and it'll be paid off while I'm still working.

Homeownership is the best path to wealth attainment in this country.

Pity its pretty much unacheivable to my generation.