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Retirement Targets

A couple of tips that have worked well for me:
- find the car you like and buy it used. Highly recommend Honda and Toyota and drive for 7-8 years. With compounding of the savings it will help create about $250,000 by age 60.
- never buy as much house as u can afford. The compounding of this savings by age 60 can be more, depending on your cheapness aptitude.

Great thread and great job everyone.
 
Mr.G.Spot said:
A couple of tips that have worked well for me:
- find the car you like and buy it used. Highly recommend Honda and Toyota and drive for 7-8 years. With compounding of the savings it will help create about $250,000 by age 60.
- never buy as much house as u can afford. The compounding of this savings by age 60 can be more, depending on your cheapness aptitude.

Great thread and great job everyone.
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What if I buy Accords new, maintain them, and keep them 15-20 years?
 
Mr.G.Spot said:
A couple of tips that have worked well for me:
- find the car you like and buy it used. Highly recommend Honda and Toyota and drive for 7-8 years. With compounding of the savings it will help create about $250,000 by age 60.
- never buy as much house as u can afford. The compounding of this savings by age 60 can be more, depending on your cheapness aptitude.

Great thread and great job everyone.
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I am almost 61. Paid 72,000 for the house I live in, in 1992 So very thankful that we stayed here. Life deals so many ups and downs. 3 kids 2 with masters degrees my kids don't need my money. Until 3 years ago i never made more than 60k a year. We are set for life. Cheap house and don't care about class reunion reviews. We did go to my 40th had a ball. Save your money. Yes if you are wondering, we live in a town of about 5,000.
 
mkadl said:
I am almost 61. Paid 72,000 for the house I live in, in 1992 So very thankful that we stayed here. Life deals so many ups and downs. 3 kids 2 with masters degrees my kids don't need my money. Until 3 years ago i never made more than 60k a year. We are set for life. Cheap house and don't care about class reunion reviews. We did go to my 40th had a ball. Save your money. Yes if you are wondering, we live in a town of about 5,000.
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Awesome
 
BCClone said:
I have some vehicles bought used that we have had for 20 years. We run them into the ground. I hate buying vehicles so I drive them a long time when I do.
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I buy one year old and have never paid more than $14,000. I typically drive them for about 12-15 years or they are wrecked, whichever comes first.
 
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CYdTracked said:
He's actually concerned that we could have too much set away for retirement by that point with our current inputs where we'd have some tax issues with having to pull out of our 401k but I don't know how much of that is him trying to sell us his Roth IRA plans too. Going to pay tax on it 1 way or another
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He might be concerned about large required minimum distributions that will be heavily taxed at the higher marginal rates. If you are in a lower tax bracket now, then it makes sense to consider roth conversions that take you up to the cusp of the next higher bracket. But you have to be able to afford the tax bill now.

That said, there are certainly bigger problems than having too much money.

H
 
SCyclone said:
I turn 64 next week, but was recently diagnosed with a terminal lung condition.
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Sorry to hear about your diagnosis. For those of you with wives that tune out when you talk about finances, this is an important lesson to get them involved. Most of them are going to outlive us. Some of them by decades.

H
 
yowza said:
I don't mind some "cold", just not the brutal stuff or snow that sticks around for weeks. If I could just get out of January and February in Iowa that'd be great. Have a buddy that lives in Montana though and thought maybe that would be cool for one winter also. I joked with my wife we need to go to northern Alaska for a winter when watching one of those shows on tv, and I got the hell no answer. I could not handle that many hours of darkness day after day.
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I lived near Fairbanks for a few years... Was considered a "2 baby tour" when I was there. Summers just the opposite...
 
brianhos said:
For 401K? Just dump as much as you can in it, and choose a good low cost index fund like VTSAX and let it go. And then convert it to vanguard when you move to the next job.
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If you want to retire between age 55 and 60, then it is wise to leave a chunk of money in the 401k of your final employer. aka the Rule of 55. This is one reason to roll money into an employer's 401k when you change jobs in your late 40's or early 50's, even if their fund lineup is sub-optimal

H
 
cyphoon said:
If you want to retire between age 55 and 60, then it is wise to leave a chunk of money in the 401k of your final employer. aka the Rule of 55. This is one reason to roll money into an employer's 401k when you change jobs in your late 40's or early 50's, even if their fund lineup is sub-optimal

H
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You can always roll an IRA into your final employers 401k right before you leave and let it stay there for 4 years and roll it back.
 
Retirement Goal 1: Make it to retirement
Retirement Goal 2: Move to Phuket,Thailand
Retirement Goal 3: Travel to every corner of the globe (and hopefully outer space). I need to say I've seen everything before I'm done and dusted.
 
brokenloginagain said:
To summarize....want to retire early?

1. Marry and make sure both spouses work/have decent paying jobs
2. Don't have kids
3. Don't get divorced
4. Live in a low-cost state like Iowa-even better if it’s a no state income tax state
5. Be frugal and invest your money for the long term
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