Retirees whatcha living on?..........

[Bonasababy]

I have nothing of value to add to this thread. I appreciate everyone being open and honest about their situations to help get a grasp of where I'm at.

Wife and I both maxing out Roth IRA's, we'll both have a bit of VA money coming in, she'll have a pension as well which would take care of the healthcare aspect. Nowhere near where I want to be, but according to most of the calculators I've checked, we should be OK. She gets pretty mad at me for insisting on saving/investing as much as we do, I try to tell her that no one gets mad for having TOO much money at the end of it all.

You will find many who said they wish they could have saved more! And it doesn't take much more to really add up over the course of 35 to 40 years!

Been drilling that into my kids and all the younger folks at work.

One strategy a coworker has is a good one IMO--each time he gets a raise he rolls most of that into more retirement.

Couple of other thoughts--Roth is great for what it is, but you balance will build a lot faster in pre-tax. No one has a crystal ball but I think having some in both likely works out best for many. How much in Roth is more of a question than how much in pre-tax IMO. At least now you can convert pretax to roth later closer to retirement--if that makes sense. And you will know a LOT more about your tax situation in retirement then than you do now...a key factor in deciding between Roth and pre-tax.

We are probably best lumped into the mid to upper middle class--and our taxes will be LESS in retirement than while working. A fair amount less it appears. We haven't stuck much into roth and what we have we are letting grow and not drawing from.

 

[westbranch]

I have been doing a lot of reflecting on this lately due to life changes. Due to the way I grew up and older parents that did not have money to retire I have been a bit obsessed with it since my early 20s. Wife and I are currently 36 with no kids. She is in a career change and should start full time work early 2026. It would take a drastic scenario to not end up with more money than we need at 60ish when I can retire. No nieces/nephews and family needs minimal financial help. We are currently living on about 47% of my gross income (before tax and savings). About 26% of my gross is going towards business debt payoff. Once that debt is paid off in ~5 yrs and wife is working full time our take home cash flow will be stupid. Especially compared to what our income was 5 yrs ago. I don't want too much lifestyle creep but it seems like we'll be able to spend a decent amount money. I don't want to be 85 and wishing I had done fishing trips to Argentina and Mongolia or hunts in Canada and Alaska. Or dead at 65 not having done some big trips/travel or other fun. It's a bit of a mind F that I will need to start shifting my mindset in a few years.

I have been doing Roth IRA conversions the last couple years and will again in 2025. Probably not in 2026. But I will probably keep my employee 401k deferrals as Roth as long as its allowed and same with my wife's. Very familiar with our personal tax situation and with future projections a lot of Roth will be ideal.

 

[Straight Arrow]

you’re probably wrong on this one.

It's not the first time!
However, I truly believe Hank lives a happier and more balanced life than Mr. Musk, with a different but IMO more important wealth.

 

[mtmiller]

Well, about 24 hours for me to make my Fork in the Road decision from Musk. He promised to pay me through September and I don't have to show up. Seems like a sweet deal. What could go wrong?

 

[Bonasababy]

Well, about 24 hours for me to make my Fork in the Road decision from Musk. He promised to pay me through September and I don't have to show up. Seems like a sweet deal. What could go wrong?

Sounds like not many takers. I bet some big law firm is very interested in representing those that have taken it after they reneg on the deal!

 

[Southern Elk]

Well, about 24 hours for me to make my Fork in the Road decision from Musk. He promised to pay me through September and I don't have to show up. Seems like a sweet deal. What could go wrong?

He should at least pay you through the end of hunting season.

 

[BuzzH]

Sounds like not many takers. I bet some big law firm is very interested in representing those that have taken it after they reneg on the deal!

Going to be tough to do, when they state you relinquish your rights as an employee if you sign, just sayin'.

 

[BuzzH]

Well, about 24 hours for me to make my Fork in the Road decision from Musk. He promised to pay me through September and I don't have to show up. Seems like a sweet deal. What could go wrong?

Well, I mean nothing really. Feel free to take that vacation of your dreams!

Pay no attention to having absolutely no authority of any kind to do it, no indication from congress to fund it, and of course who cares about those silly USC codes on admin leave.

Well, and being such an "unproductive public sector" employee, I'm too lazy to remember to sign anyway.

 

[mtmiller]

Buzz, you worry too much.

 

[Nick87]

What could go wrong?

The cheese in the trap is usually free.

 

[Johnny Bravo]

Sounds like not many takers. I bet some big law firm is very interested in representing those that have taken it after they reneg on the deal!

I heard like 1%, or about 20,000 sent the email back. If it sounds too good to be true, it usually is.