Side question, how much should I contribute per year towards retirement? I’m 30 and I don’t have wild dreams in retirement, maybe a nice trip once a year and own a nice car ($150k?). What are others doing?
Side question, how much should I contribute per year towards retirement? I’m 30 and I don’t have wild dreams in retirement, maybe a nice trip once a year and own a nice car ($150k?). What are others doing?
Really you need to work backwards from a target retirement date. There's free calculators and spreadsheet templates to look at that.This quote is hidden because you are ignoring this member. Show Quote
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Helps to have a spouse that can save too. About $1000/mth.This quote is hidden because you are ignoring this member. Show Quote
Not saving in your 20s hampers retirement goals greatly. The future value of money when you're in your 20s is gigantic.
The best day to start saving is yesterday. The second best is today. Starting immediately is more important than spending a lot of time getting a perfect plan.
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and start tracking the short term investment thread closely. And the crypto trading thread.This quote is hidden because you are ignoring this member. Show Quote
It's a sure thing.
I saved up while my friends were partying it up. Now a lot of them are up shit creek. Ah well. Some of them would fucking kill me if they knew how much I saved. Some of them don't even have $10K. Like WTF.
I don’t really know when I want to retire, I can’t see myself enjoying sitting around but at the same time I don’t want to work forever doing the same thing I guess. I started saving at 23 but I fear inflation I guess.This quote is hidden because you are ignoring this member. Show Quote
You should fear inflation. It can wipe out savings in an instant. Thanks politicians!
how old are you?This quote is hidden because you are ignoring this member. Show Quote
Wrong side of 45.
better than the alternativeThis quote is hidden because you are ignoring this member. Show Quote
Wrong end of a 69?
There is no wrong end to a 69, by definitionThis quote is hidden because you are ignoring this member. Show Quote
It is in prison!This quote is hidden because you are ignoring this member. Show Quote
Gay for the stay, friend. Gay for the stay. Hairy taints and all.This quote is hidden because you are ignoring this member. Show Quote
LOL OP gonna be like WTF tomorrow morning.
You should save about 17% of your income. Make up an age you think you might retire at and imagine your age of death.
Let me help! Arbitrarily pick retirement at 62 and death at 85. Then decide how much coin you'll require annually for that 23 years (this is the very difficult part and I can't help).
Then make sure you're not penniless at 85 but also not so flush with cash that Anna Nicole Smith-IV cleans you out after only a few BJ's.
5% return (after inflation) means that you need 20x the amount you make today to have the same income in retirement as you do now. In reality much of your expenses should be less (no mortgage). So I figure 70% of what I make today is sufficient.
Using 100k current income to make numbers easy that means 1.4 mill at retirement. Compound interest at 5% over 30 years pegs that at 20k per year saved. So give or take save 20% of my pre-tax income to live comfortably with 70% of my current income at retirement. In reality it'll be easier than that because of tax benefits (TFSA/RRSP). If you have employment matching of 5%/5% then that's half of what you need already.
Guys, the answer is simple.
7.2
This is the wayThis quote is hidden because you are ignoring this member. Show Quote
Originally posted by Thales of Miletus
If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
Originally posted by Toma
fact.This quote is hidden because you are ignoring this member. Show Quote