Home Forums Hunting & Shooting Hunter's Campfire 5 types of retirement savers - which one are/were you?

Don’t know what category we fit in. We saved a lot and invested with a good financial planner, for the last 35 years. Had a good balanced portfolio of stocks, bonds, tax free munis, and other instruments.
And we lived well below our means. Worked out great. Retired on 61birthday and very comfortable.

Pretty decent article, thanks for sharing.

I've been in investments now for 50+ years, never made a lot of money, just good money over all those years.
At 76 you'd think I'd start to draw some of it out, but we don't need it.
My SS and pension along with wifes SS and pension makes our retirement income more than a lot of two income families working today. I retired at 58, wife at 56, been almost 20 years now as retirees.
Put three kids through 4 years of college that never had student loans, our house if paid for along with our cars, boats and condo.
Life and health issues don't exist, and our income allows us to contribute to charities and church.
We didn't have a defined investment plan, just socked away a little out of each paycheck, it's adds up over 50 years. Even today we're required to take a certain amount out each year (MDA) but I use the money to buy more stock, so even at my age I'm still investing.

I have a government pension

#5.

Started in 401k first day I was eligible. Company match was a no-brainer. Even if the investment stayed relatively stagnant, I was ahead due to the match. Kept my sticky fingers out of it while it grew. Grace of God and lucky perhaps...but went without a lot of toys and worked in some horrendous conditions to make it.

Retired at 56.

I have land, equity and no intentions of ever leaving.

Should I stop paying principal and start paying a guy like orange okie?

Worst advise you will ever get is from a financial advisor.

#5 for me.
I started contributing to a 401K at the age of 23. I increased my contributions every time the laws changed and never dipped into it. I also have a pension from the company that I worked for for 35 years. Home is paid for, toys paid for, we live beneath our means and do about what we want to do. Having a pension lets me keep my investments in 70-75% stock and still sleep good at night. We feel blessed!

All depends on your needs and perspective on the future.
There’s no sin in being diversified in investments for the long haul.

If you’re happy then stay that way.

The population has to eat and that takes land and all that land produces.

Or from Internet forum members who have no clue.

Started a 401 at 21.
It got converted to an IRA and I started another at 29.
Wife has a plan also.
The people I work with on both say we are doing great.
Hmmmm? Compared to all those people who can't find
$400 cash? Or, able to live as good or better than when we retire?


I'm not worried though.

I gots a union plan.
About 15 years ago it was good for almost $40/month/year service.
Now, I'm adding $17 or 19 per year.
Good times.
At 51, by the time I retire I will have to send money to the pension plan
every month.

No biggie.

From day one I knew that wasn't something to count on.

oh, i have a clue.
was a financial advisor for about 40 years. with biden evidently winning, i said no more. so i can admit to it now.
one of my better clients for almost the whole 40 years was a carpenter/wife xray technician. use to tell them they had more money
than the doctor she worked for. i had worked at the bank he did business with, the cars, exwives, it adds up.
they never owed money, owned their own home, didn't take 747 's to europe for vacation, completely average in income and means.
except slow and stead, 7figure retirement account, they still are not spending.
compound interest, low key investments does the trick.
and not chasing high yield, which is there for a reason.
one of my many many lessons. early 80's high rates started screaming down on certificates. people started buying h igh yield bond funds for the yield. didn't realize that net asset value wasn't stable. couple of years later funds were half original value.
it's better if needed to spent y our own capital if you have accumulated it, then have the markets do it for you.

Real estate.

It's "real".

Ron, no offense meant to you and there are several others here at The Campfire who are very financially literate and who’s advice is spot on.

Dad explained compound interest to me when I was 5, and I got it. Stock investing for me started before I could vote (thanks job as a caddy!) and I've been dooking money into equity ever since. One observation-after the first 1mil it really does get way easier. The only problem is that 20% more than I have is what I'll really need to retire and not worry about the cash. The apple fell straight down on this one-Dad gets nervous about spending the principle too. PS for Okie: my first road bike was an oil in frame Bonnie. Yours is a bit sharper than mine was.

In my opinion, educating yourself about basic finances on such matters as home/credit interest, balancing a checkbook, and budgeting is absolutely critical. Basic math and figuring out the best value in something relatively simple like comparison shopping at the grocery store goes a long way to freeing up cash and making your money go further.

Best of luck to everyone in these interesting times.

Orange Oakie: I think the VarmintWife and I were/are a mix of #3, #4 and #5.
I have been living off of my cautiously made/laid retirement plans for just over 23 full years now and the the VarmintWife just re-retired (she is a work-a-holic!) last spring.
I retired at age 50 but did do some contract work (bodyguard) for 8 to 10 weeks a year for the next 10 years - mad money for guns was the only motivation there.
We are now trying to advise the VarmintChildren, in these uncertain times, on planning for their futures in our now fading capitalistic society.
And to tell the truth this is going to be a bit of a guessing game on how to advise them on ways to supplement their social security and work retirement programs?
I think china joe and the ho are gonna try to come after our non-social security retirement programs/investments somehow, so they can support and propagate more illegal aliens!
And that is sad.
Hold into the wind
VarmintGuy

I started working for a City in 1979 and paying into my pension. As we could we added money to our IRA's. We don't have a lot and we don't do a lot but it keeps growing. In 3 years I will take my full social security at age 70. I also did 24 years in the National Guard and active Army so I get a pension from them. The real value is in the health care the Army pays for. I now make more money in retirement than I made working for the City and I still have not taken all I can.

I like companies that pay a dividend. I like mutual funds that are a bit risky but pay higher dividends. When we get old enough to start drawing our minimum distribution we will be able to re-invest it instead of burning it up. I hope to leave something for the kids and grand kids so they don't have to start out like I did with absolutely nothing and knowing nothing about investing.

If you know nothing about investing it's time you woke the hell up and learn. I don't think anyone in this crowd is in that category.

kwg

19352012: If YOU or anyone YOU know is NOT enjoying and reveling in retirement, immensely, then they/YOU are doing it wrong!
I have been retired for 23 full years (I am 73 now) and these past 23 years of retirement have been the most enjoyable, most rewarding, most filled with pleasure years of MY life.
PERIOD.
IF... I had known exactly how wonderful, fulfilling and amazing "retirement" is I would have retired 4 years earlier at my first opportunity!
I simply shake my head in utter disbelief at your contention/observation!
SOMEONE is doing something wrong retirement wise - in your scenarios.
Long live early retirement.
Hold into the wind
VarmintGuy

We did things a lil different, but it’s worked out nicely for us. Paid off our first home in 3.5 years. 10..75% interest on it. We lived off my wife’s income while doing so.

Only bought new on cars or toys a few times. Always paid cash, except a truck that was 0% interest for three years.

Made some unconventional investments that we bought low & are now much higher.

The wife could not make another dime & live pretty comfortable just selling assets for 30 years. But that won’t happen, some assets produce income & of course she will eventually get SS if it’s still around. Plus if we ever get over the Covid hysteria she’s got a biz that makes her a very comfortable income, normally more than she needs to live on.

Life’s been good to us. I thank God for such.