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How do you prepare for retirement? At what age can one really retire?

nedkelly · 61-69, M

Easy, just got sick and tired of a woke manager, always trying to micro manage every single worker, never looked at the positives always the negatives

I left work at 63 and it felt great not dealing with her constant shit every day, as she never allowed anyone to have a say as it was her way ONLY

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cherokeepatti · 61-69, F

@nedkelly Went through the same thing and got out the first day I could. I was young too, but fatigued from the job due to the BS and overloaded work duties. I think that she was trying to run off people right before they could retire with full benefits, probably helped with her fat bonuses. At least one that i knew of was within a year of retiring and just quit before she could get full benefits. She worked another full-time job and every bit of that pay went to purchase health insurance. She would have had her health insurance paid in full had she waited it out a year.

nedkelly · 61-69, M

@Casheyane Not really but it felt so good to leave

smiler2012 · 56-60

@nedkelly did right really ned too get out really if you feel that way rather than take it and take then one day blow a fuse with her and get the sack and lose all your benefits you have acquired over the years in your job

Picklebobble2 · 56-60, M

It's harder today than it's ever been.
Employers want you earning less than your worth which means you have to work longer to get the same benefits you were entitled to 20 years ago.

The short answer is try to live within 70% of your earnings.
The remaining 30% should probably be divided between savings and shortfalls.
Meaning 15% should go in a financial product that adds interest to your savings.
Savings rates are appallingly low at the moment so be careful not to tie your savings to a product with too long a maturation date.

And the 'shortfalls' are living expenses which increase for no logical reason.
Rent
Mortgage hikes
Local tax rate increases
Sudden necessity repairs in time of disaster (fire; flood; boiler breakdown; burglary and all the things you never think of)

HumanEarth · 56-60, F

I know, I lost a big chunk of mine in 2023 due to unexpected medical issues and then faced medical discrimination at the company.

Let's add on top of sudden market changes. I lost additional 20% there.

Yeah. I now plan on working till I'm dead.

bowman81 · M

I tried to save and invest a little something with every check I earned while working. I enrolled in 427 plans at work (tax deferred investment programs like IRA's). I retired at age 51 with a fixed pension and healthcare from my employer. (No cost of living increases, no social security) The investments have been my inflation hedge.

I am not rich by any means.....but I am not worried about there being a roof over my head or food on my plate either. A lot depends on what your vision of retirement looks like. If you want to travel a lot, eat out often, buy a new car every other year, and shop for a hobby you will need a lot more than if you have more simple needs.

Casheyane · F

@bowman81 Did you find happiness in the simple? How did you become content? Or does it disappear and reappear every once in a while?

bowman81 · M

@Casheyane Happiness and contentment have very little to do with "things". I have never had unlimited happiness nor contentment. I doubt any amount of money would have much impact on either of them.

I have heard it said that one must have experienced sadness to appreciate happiness. I think there is something to that. I'm in a good place, not the best place, but far better than many.

Casheyane · F

@bowman81 That is a nice view. Thank you for sharing.

Musicman · 61-69, M

I retired at 53. My wife and I lived a very good life. Then Covid and Biden came along. Now I am seriously considering going back to work. 💔😢

Virgo79 · 61-69, M

@Musicman if it was back 4-5 yrs. I wouldn't go back.
But as you said things have changed☹️

Jenny1234 · 51-55, F

Buy a home as early as you can. It will be part of your nest egg. Save as much as you can and invest. Just remember that if you choose to have kids, they will bleed you dry.

Casheyane · F

@Jenny1234 I don't have kids. But I am a breadwinner of my family.

CrazyMusicLover · 31-35

I don't. A lot of things suggest we're heading for a huge crash so thinking that far into future seems pretty pointless right now.

Umile · 41-45, F

Land.

Get Land.

Preferably one near a water source.

Start your own chicken farm.

And plant your own food.

Casheyane · F

@Umile The farm does sound intriguing. But in my country, I think the celebrities are choosing for a vegetable/fruit plantation for retirement.

AlchemyFox · 36-40, F

I have no idea. My generation doesn't have many options and anyone younger than me is likely in for worse.

As of right now it's savings and the idea to live in a van.

Fishy · F

Tbh, with the way things are going, I don't think I'll ever be lucky enough to retire...

I'ma gonna keep trying tho

Iwillwait · M

Not sure. I m no way near ready or able to retire.

CheekyBadger · M

It depends on circumstances. You need to decide what level of expenditure you want for your retirement and make sure you have enough to cover it saved up. The younger you are the longer your retirement will be and so the more you will need to have saved up.

Bowenw · 61-69, M

Try to start putting money into a retirement plan as soon as you can. Get into owning real estate as soon as you can so you will own it free and clear at an early age.

Casheyane · F

@Bowenw Housing is not a problem. And God provides.

But I wanna manage well. I don't have kids. But I gotta face my reality as breadwinner for my fam. So I like to be better at handling finances.

Retirement plan investment on banks you mean?

Bowenw · 61-69, M

@Casheyane I suggest you speak to a lot of people where you live to find out how they invest their retirement funds. Speak to banks and legitimate investment advisers.