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Old Nov 13, 2011, 09:41 AM   #1
marcusj0015
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Retirment?

I'm 20, and i'm starting college in january, then doing a bunch of crazy **** involving grad school, but i don't think i will ever retire, it's stupid IMO to put money aside, and hope that you die in time. opinions?
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Old Nov 13, 2011, 09:53 AM   #2
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People retire because they are getting too old to work, not "put money aside and hope you die in time."
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Old Nov 13, 2011, 10:03 AM   #3
Corey Grandy
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I really don't think you understand the concept of retirement. Really, I don't understand your concept of retirement. People retire at ~65 years of age; in good health, you can probably live to be 80 or 90. You don't just retire and immediately die. I'm sure that's not what you're implying, but I genuinely can't make heads or tails of your comment.

You'll probably (depending on what your Grad program is going to be) be out of school by your late 20's - 30. If you get to 65 and want to continue working, that's fine but it shouldn't be because you need to. If you start putting away money at 30 in a decently high-interest environment a mere $2,000 a year can become $200,000 rather easily. It's not a difficult or...morbid...as you make it sound.
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Old Nov 13, 2011, 10:19 AM   #4
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Take it from someone who didn't put enough away, and then lost whatever was stashed away in the crash of '08 - start putting money away NOW!!

You may think you'll never want to retire. I've been working in my profession for 40 years. I love what I do - but if I had the money, I'd retire tomorrow. 40 years is a long time to do anything - even something that gives you gratification. You do get tired after a while.

Put money away now, and if you decide, 40 years down the road, that you want to work until you die - you can always find something on which to spend the money.

Please trust me - you can't know now how you'll feel 40 years from now.
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Old Nov 13, 2011, 10:33 AM   #5
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I get the gut-feel that the OP is going for tenure, somewhere down the road.

You know, the academic equivalent of the Senate.

Retire? From what??
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Old Nov 13, 2011, 10:39 AM   #6
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I didn't say people immediately died after retiring... to the contrary, i don't want to put money in a retirement fund, and run out of money, but still have living to do and not be able to afford it, AND be too damn old to do anything about it.
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Old Nov 13, 2011, 10:41 AM   #7
Corey Grandy
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I didn't say people immediately died after retiring... to the contrary, i don't want to put money in a retirement fund, and run out of money, but still have living to do and not be able to afford it, AND be too damn old to do anything about it.
You're not going to want to work when you're in your 70's, you basically say that yourself. So your choices are literally the following: 1) Put money away, let it grow and be smart about spending it in your old age, or 2) Put nothing away, don't work into your death, be poor. I mean, it seems a pretty easy choice to me. So put the money away, make sure it's in an account of some sort that is both safe and which has a high potential for growth. If you don't buy gold toilets, you'll be quite alright.
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Old Nov 13, 2011, 10:41 AM   #8
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I will put away money, because that's a good idea, but i absolutely LOVE what i do. seriously it makes my life go around, so i doubt i'll ever get tired of it.

** what i'm going to school for in january
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Old Nov 13, 2011, 10:47 AM   #9
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If I head back to the US as a prof, I never have to retire, by law. If I stay in Germany or Sweden as a prof, I must to retire, by law.

Anyway, you should save 10-15% of your net pay for retirement.
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Old Nov 13, 2011, 10:52 AM   #10
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I will put away money, because that's a good idea, but i absolutely LOVE what i do. seriously it makes my life go around, so i doubt i'll ever get tired of it.

** what i'm going to school for in january
That's great. But you say this at 20. In 45 years that may change for a number of reasons. Perhaps you just won't have the physical energy to work anymore; maybe you'll become extremely cynical. I hope that doesn't happen to you, but to avoid preparing for the worst possible circumstances because something is a sure thing is never a good idea.
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Old Nov 13, 2011, 11:09 AM   #11
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Originally Posted by marcusj0015 View Post
I didn't say people immediately died after retiring... to the contrary, i don't want to put money in a retirement fund, and run out of money, but still have living to do and not be able to afford it, AND be too damn old to do anything about it.
That's not how it works.

Many retirement funds build up while you work, then switch into an 'annuity' when you retire.

An annuity pays you a wage during your whole time as a retiree. If you keep living, it keeps paying. If you die earlier you get a (doubly) poor deal.

Annuity rates are worked out statistically across all the people in the scheme (it's kind of an insurance).
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Old Nov 13, 2011, 11:13 AM   #12
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Just Thinking About It

Quote:
Originally Posted by marcusj0015 View Post
I'm 20, and i'm starting college in january, then doing a bunch of crazy **** involving grad school, but i don't think i will ever retire, it's stupid IMO to put money aside, and hope that you die in time. opinions?
Shows that you are far from stupid.....I will work until I'm dead (ish) save and save

J
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Old Nov 13, 2011, 11:15 AM   #13
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Originally Posted by marcusj0015 View Post
I didn't say people immediately died after retiring... to the contrary, i don't want to put money in a retirement fund, and run out of money, but still have living to do and not be able to afford it, AND be too damn old to do anything about it.
So for fear of running out of money you're solution is to not save at all? Where are you going to college? Some professors should be fired for failing to teach even a basic sense of logic.
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Old Nov 13, 2011, 11:24 AM   #14
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Does anyone here never want to retire like I?

I cannot see myself never just stopping my career. There would be nothing to do, and its seems people who work even after retirement age seem to live longer and be healthier because they have a reason to wake up in the morning. I'm not saying any of this is fact but speculation on my part.
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Old Nov 13, 2011, 11:39 AM   #15
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Originally Posted by marcusj0015 View Post
I'm 20, and i'm starting college in january, then doing a bunch of crazy **** involving grad school, but i don't think i will ever retire, it's stupid IMO to put money aside, and hope that you die in time. opinions?
I don't see a problem with hoping you die before the money runs out. If you don't, just kill yourself.
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Old Nov 13, 2011, 11:39 AM   #16
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This topic has brought up my repeating thought as to whether I am on the right track. At 37, I have about a year's worth of direct savings, and more in various investments and such. But I also have a heavily underwater mortgage and a child on the way. I'd love to get into a cheaper mortgage, but I'd lose my ass on the current one. So none of that is going to help financially!

But I've never really been able to figure out what you're "supposed" to have at this age. Like, I certainly don't see myself having millions in the bank for retirement at this rate. But I can't imagine that most people do. Short of giving up everything in life and living like a hermit, I don't see how I even could get there (and that is not worth it to me). I'm a freelancer currently, so there's no employer-matched 401k. I put $350 a month into my Roth IRA, and try to push whatever else I can into savings and managed mutual funds. But with the way the economy has been the past few years, none of that has grown (in fact, most of it was worth less for many years). If I had to guess, I'd say I put about 10-15% into savings (not including the IRA) each year.

And with my wife not planning to work for a while (she can't do it while pregnant, and it won't really work with a kid), I'm taking on the bills she used to pay (like health insurance, ugh!) while at the same time finding out that one of my biggest work projects is ending.

Hopefully, I'm just scaring myself, and I'm well on my way. But I'm curious where other people are at this time in their lives. Money is a topic few people like to discuss, so it's hard to find out from friends.


Quote:
Originally Posted by TSE View Post
Does anyone here never want to retire like I?

I cannot see myself never just stopping my career. There would be nothing to do.
Quite the contrary. I think that many people barely do anything now because they just work. Now, I'm not the type who wants to spend my retirement traveling to exotic lands or playing golf four times a day, but I would love to have the freedom to just do stuff without the worry of needing that paycheck. I'm also the type who can just wake up, be lazy all day, then go back to bed without feeling like I've wasted the day (not every day, mind you). I used to have a full-fledged hobby where I'd spend hours and hours every day day working on 3D modeling projects, or other artistic endeavors. I just could not get enough. But now, I never get the time to really pour myself into a project. I don't like even starting something I know I won't really be able to pour myself into, so now I rarely ever do it any more. And, even in retirement, I could probably do some of those things to make a little extra.
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Old Nov 13, 2011, 01:18 PM   #17
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Quote:
Originally Posted by samiwas View Post
This topic has brought up my repeating thought as to whether I am on the right track. At 37, I have about a year's worth of direct savings, and more in various investments and such. But I also have a heavily underwater mortgage and a child on the way. I'd love to get into a cheaper mortgage, but I'd lose my ass on the current one. So none of that is going to help financially!

But I've never really been able to figure out what you're "supposed" to have at this age. Like, I certainly don't see myself having millions in the bank for retirement at this rate. But I can't imagine that most people do. Short of giving up everything in life and living like a hermit, I don't see how I even could get there (and that is not worth it to me). I'm a freelancer currently, so there's no employer-matched 401k. I put $350 a month into my Roth IRA, and try to push whatever else I can into savings and managed mutual funds. But with the way the economy has been the past few years, none of that has grown (in fact, most of it was worth less for many years). If I had to guess, I'd say I put about 10-15% into savings (not including the IRA) each year.

And with my wife not planning to work for a while (she can't do it while pregnant, and it won't really work with a kid), I'm taking on the bills she used to pay (like health insurance, ugh!) while at the same time finding out that one of my biggest work projects is ending.

Hopefully, I'm just scaring myself, and I'm well on my way. But I'm curious where other people are at this time in their lives. Money is a topic few people like to discuss, so it's hard to find out from friends.




Quite the contrary. I think that many people barely do anything now because they just work. Now, I'm not the type who wants to spend my retirement traveling to exotic lands or playing golf four times a day, but I would love to have the freedom to just do stuff without the worry of needing that paycheck. I'm also the type who can just wake up, be lazy all day, then go back to bed without feeling like I've wasted the day (not every day, mind you). I used to have a full-fledged hobby where I'd spend hours and hours every day day working on 3D modeling projects, or other artistic endeavors. I just could not get enough. But now, I never get the time to really pour myself into a project. I don't like even starting something I know I won't really be able to pour myself into, so now I rarely ever do it any more. And, even in retirement, I could probably do some of those things to make a little extra.
Love what you do, or save like crazy....I guess I'm lucky, I love what I do, But the time is coming when 50+ are no longer really in the game.

Time is running out....
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Old Nov 13, 2011, 02:20 PM   #18
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Originally Posted by marcusj0015 View Post
I'm 20, and i'm starting college in january, then doing a bunch of crazy **** involving grad school, but i don't think i will ever retire, it's stupid IMO to put money aside, and hope that you die in time. opinions?
Quote:
Originally Posted by marcusj0015 View Post
I didn't say people immediately died after retiring... to the contrary, i don't want to put money in a retirement fund, and run out of money, but still have living to do and not be able to afford it, AND be too damn old to do anything about it.
Quote:
Originally Posted by marcusj0015 View Post
I will put away money, because that's a good idea, but i absolutely LOVE what i do. seriously it makes my life go around, so i doubt i'll ever get tired of it.

** what i'm going to school for in january
The part you don't seem to understand. Is many people don't just retire to relax those years away. You plan for your retirement because you may be forced to retire.

When you retire it can be that you no longer have the strength or energy for your job. That your memory is fading or mind in general is failing so that you must retire. Even then you could go on for decades after being unable to work.

Then again you could have planned for retirement and remain fit and alert up to the end. So that you never had to quit your job. The problem being you just don't know where your mind and body will be able to continue to work when you reach retirement age. Personally, I would rather be in the position to retire if I must.

If you do plan for retirement correctly then you don't have to worry about whether or not you are going to die before you run out of money. As the assets you built up should provide a steady income rather than burning through the principal.

Then those revenue sources get split among your children after you and your spouse dies. Giving them a head start towards their retirement. It's up to them whether they squander those sources utilize them.
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Old Nov 13, 2011, 02:34 PM   #19
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Does anyone here never want to retire like I?

I cannot see myself never just stopping my career. There would be nothing to do, and its seems people who work even after retirement age seem to live longer and be healthier because they have a reason to wake up in the morning. I'm not saying any of this is fact but speculation on my part.
You are confusing retirement with not working.

Just because you retire does not mean you have to stop working. It just means you are not required to keep working and get to do other things that you want.
Take for example a guy I worked with during an intern ship. He was 80 years old and still surveying and cutting lines which is pretty hard work.
Difference was between when he did that for a living and in retirement is how much he did it. He was very picky about jobs and clients he took and time of year he did it. Like he would not work during the winter and only really worked half days.
As a career he would work during the winter, took on more clients and jobs that were not much fun.

Retirement means you do not have to do the work and really only do what you want to do and work really part time and do other things you would like to do. Like travel.
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Old Nov 13, 2011, 03:00 PM   #20
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I don't see a problem with hoping you die before the money runs out. If you don't, just kill yourself.
Always good to come to MR for thoughtful and well considered advice.
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Old Nov 13, 2011, 03:09 PM   #21
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Not to mention, some people want to retire early. Wouldn't it be nice to not have to work in your 30's or 40's.
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Old Nov 13, 2011, 06:20 PM   #22
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Originally Posted by marcusj0015 View Post
I will put away money, because that's a good idea, but i absolutely LOVE what i do. seriously it makes my life go around, so i doubt i'll ever get tired of it.
Quote:
Originally Posted by TSE View Post
Does anyone here never want to retire like I?

I cannot see myself never just stopping my career.
This:
Quote:
Originally Posted by Macman45 View Post
I love what I do, But the time is coming when 50+ are no longer really in the game.

Time is running out....
Just because you want to work when you're 70 doesn't mean anyone will hire you. Save now, what you don't need goes to your kids, or your cat.

@samiwas, You're doing great! If you have some sort of retirement benefits, your employer is contracted with a financial advisor. Give them a few details and they can spit out a projection for you.
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Old Nov 13, 2011, 06:30 PM   #23
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Put heaps of money away, as much as you can. Put it away in safe avenues of investment that will not be affected by the ups and downs of the market and the sovereign debt issues affecting multiple countries.

I'm trying to put away as much savings as I can so I can maximise them over time. But I know that retiring early is not going to be an option, cost of living goes up all the time.

Example, people use less water now (because of the drought we had a few years ago), so the provider isn't making as much money. The answer from them? Increase prices even higher!
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Old Nov 13, 2011, 07:20 PM   #24
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I don't see a problem with hoping you die before the money runs out. If you don't, just kill yourself.
Sorry, Society has determined that it's owns your ass.

You can't just do with it what you please. Grunt!!
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Old Nov 13, 2011, 07:39 PM   #25
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I will put away money, because that's a good idea, but i absolutely LOVE what i do. seriously it makes my life go around, so i doubt i'll ever get tired of it.

** what i'm going to school for in january
you say that now, I've been working in my career for 3 years after graduation in sports broadcasting... now all the games just start to flow into each other and i see team A vs. team B...
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