Retirement Planning

[RussellB]

I did it the old fashioned way. Worked elsewhere for 31 years for my retirement. Hopefully the state/county never get their hands on the funds (private/quasi- gov utility). I will say that if you haven't started saving for retirement, do it now. Forgo the extras in life and put the money away. You will need it.

[lawnkingforever]

Originally Posted by RussellB

I did it the old fashioned way. Worked elsewhere for 31 years for my retirement. Hopefully the state/county never get their hands on the funds (private/quasi- gov utility). I will say that if you haven't started saving for retirement, do it now. Forgo the extras in life and put the money away. You will need it.

Although I did not have have 31 years in. I worked in my previous industry for a good 10+ years before I jumped into this game fulltime. So I have a decent amount put away, but not nearly enough to be comfortable. I have an IRA now and have been buying silver. I sold some silver off a couple years ago when it spiked to around 40$ an oz.
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[jrs.landscaping]

Originally Posted by Duekster

I am going to keep investing in my business and paying down my personal bills. As long as my mind works, I can keep managing my empire. If my mind goes then I do not really care about much else.

Same here, retirement in my mind is a falicy. I want to get the business in well enough shape so my boys can take it over when they are ready and I can take a back seat. As far as actual "retirement" that doesn't interest me, sit on the couch, clipping coupons, watching court shows and living on a budget. I'd rather wake up at 5 and go to work thanks.

[Roger]

bristeroni, you probably have some good statistics about how well prepared people are for retirement. I've heard/read information from time to time, but cannot quote any of it here for sure. What I do recall, the preparedness is very poor. People are reaching 50, and have not yet begun to prepare. People are reach 60, 65, and have little retirement savings.

Investing in one's self is great, if your personal wealth generator is the best thing going. When talking about "putting the money into my business," remember all the thread on LS that speak to "how much to buy out another LCO." In general, buyers aren't willing to pay much for either accounts, or hard assets. I'm doubting this business is very high on the scale of "cashing out."

I understand that many don't take the matter seriously, thinking they "have a long time." The "long time" is in your favor if one takes advantage, and gets the investments placed rightly.

As somebody who resides in the upper age brackets on LS, let me warn you that financial matters at retirement get very complicated. There are many outstretched hands, ready to get their piece of the action. You really don't have what you think you have. Thinking you can take your nest egg, and go fishing every day is a scene only in the movies. And, you need to be prepared to have Medicaid take it all away if you require long-term health care.

[wildstarblazer]

I'm growing plants and will sell them when I'm old.

[larryinalabama]

I mostly have realestate as well as being debt free, As I near 50 years old I will likley start to "wind down". I figure 70 years old is my max.

[Roger]

Originally Posted by larryinalabama

.... I figure 70 years old is my max.

"max" at what?

[larryinalabama]

Originally Posted by Roger

"max" at what?

Breathing I guess.

[RussellB]

Originally Posted by larryinalabama

Breathing I guess.

Lol. I'd still make plans to have money into my 90s.

[newguy123]

Originally Posted by britsteroni

newguy,

I think a lot of people would agree with your disdain for Wall Street. Have you done much reading on index mutual funds? I think rental real estate is a great wealth building tool. Do you have specific goals or plans to build a real estate investment portfolio that will support you upon retirement or if you are unable to continue doing manual labor? If you or anyone else is interested in learning more about real estate investment, I would highly recommend www.biggerpockets.com/forums

I haven't done a lot of research on index, but again I'm not a big fan of mutual funds either. Thanks for the link to the forum I'll check it out. I plan on using the profits (after my cut too) of my business to invest in cash flow properties. That way I can be done with manual labor in about 10 years and still operate (manage my business) if I choose to.