At 65: A House Paid for and low bills > 401k Retirement Fund

[Towlie]

While I agree, this should be the plan earlier than 65, if possible.

Also believe that if you play your cards right, you should not be retired at 65. You should be hitting an intellectual stride and really contributing to your field.

My grandmother didn't retire until she was 80, had nothing to with finances.

Vint Cerf is 81 and still working at Google. Robert Caro is 89 and still writing about Johnson. Harold Bloom was 89 when he died.

Stop letting this hustle culture fool you, stop letting this "retire early" culture fool you.

Not interested in working to death, wanna enjoy my family

 

[Rick Fox at UNC]

this is utter nonsense

the average american isn't out here contributing to the field of physics and medicine. we wanna stop fukkin working

My grandmother was an elementary school principal, on the school board, etc.

Find something you love.

 

[International Playa]

Aim is have both, paid off house, low bills & nice retirement fund.

your retirement will be so sweet

 

[Rick Fox at UNC]

Not interested in working to death, wanna enjoy my family

Should enjoy your family now too.

Find something you love that you can share with your family.

I love law, econ, history. Raising my kids to be law professors, judges, supreme court justices.

They growing up walking around Stanford, Georgetown, Georgetown Law, Howard Law, DC district court buildings, the Hart Senate office buildings, etc.

Even if they get off path, their fallback will be something I'll enjoy with them as I get older.

Dream scenario is to be like Erik Demaine and his pops Martin. Or like how you see Kyrie and his dad, or Grant and Calvin Hill.

 

[Gloxina]

I don't even think you need 7 figures. If you bills are low enough, you can probably get away with $500k 401k and if social security still around you really good.

Worse case a $500k 401k and part time job is more than enough if your expenses are low.

MAJOOOOORITY of Americans don’t have half of this. Trust. Social security wouldn’t be such a huge deal if most folks were prepared for retirement.

 

[Conan]

My grandmother was an elementary school principal, on the school board, etc.

Find something you love.

One of my retirement options is to be an adjunct professor/lecturer. Contribute knowledge to the next generation on easy mode while keeping the mind engaged, instead of rotting away at home.

Once you have nothing to do you accelerate towards death IMO.

MAJOOOOORITY of Americans don’t have half of this. Trust. Social security wouldn’t be such a huge deal if most folks were prepared for retirement.

Which is crazy. These threads are so annoying because if you put away $220 per month (pre tax) for 30 years on an index fund you'll just clear $500k. Make that $500 per month and you a millionaire in '30.

 

[Tribal Outkast]

i look at 401k being a way to hide money from yourself. I want all of that stuff later. Paid off house, 401k, SS, and my pension,

 

[Cryptocurrency Scarface]

The house

 

[Laidbackman]

Good health. Without that, nothing else matters very much.

 

[TRUEST]

You might have to end up moving. Sucks, but that's the way it works when it comes to wealth.

I've always said the goal for us younger folks are to find an up-and-coming city that's not well known.

The need to be social renders this option sufficiently out of reach for most people. it depends largely on how much you hate the 9-5. If you hate it enough, you’ll make the move.

 

[horizon]

Ideally your 401k, social security, and personal savings are the 3 vehicles you use to retire with dignity.

 

[Ezekiel 25:17]

MAJOOOOORITY of Americans don’t have half of this. Trust. Social security wouldn’t be such a huge deal if most folks were prepared for retirement.

I wonder what stops most Americans? Is it lack of financial literacy? Most decent careers will have a 401k with 3% match.


Here's a 401k Calculator. I'd have $500k by 65 if I just did the bare minimum

401K Calculator

Free 401K calculator to plan and estimate a 401K balance and payout amount in retirement or help with early withdrawals or maximizing employer match.

www.calculator.net

 

[winb83]

Truth be told you don’t ever need to have a paid off primary residence. With the right investment portfolio your investments can pay your rent for you.

 

[Shadow King]

401k is such a scam, because of all the major variables missing the math equation. You dont know how long you're going to live, so u can gauge how much u need.

You invest 30+ years and die 5 years after retirements.

Social security is a scam for this reason moreso than 401K

 

[Laidbackman]

I wonder what stops most Americans? Is it lack of financial literacy? Most decent careers will have a 401k with 3% match.


Here's a 401k Calculator. I'd have $500k by 65 if I just did the bare minimum

401K Calculator

Free 401K calculator to plan and estimate a 401K balance and payout amount in retirement or help with early withdrawals or maximizing employer match.

www.calculator.net

Truth is, so much can happen before you reach 65, and it usually does, especially if you're Black. Job loss, layoffs, medical conditions, etc..., are major reasons. Plus, most employer's aren't gonna want people around when they reach about 60, because they want young workers, who they'll use to replace you. I replaced an older worker myself, who kinda trained me. Then years later, I got replaced by a younger worker, who I kinda trained. What made it so bad was, this young knuckle head looked sorta like me.

And you wonder why the average person retire with only $232,000 in their 401K at 65. The median is actually $70,000. A lot of these people probably have IRA's, and other savings, not to mention SS. Even better if they have a pension to go along with it.