Retirement Plans

Discussion in 'Business Operations' started by britsteroni, Aug 19, 2007.

  1. britsteroni

    britsteroni LawnSite Senior Member
    Posts: 334

    I just got done reading the former threads discussing retirement and thought I would revisit the topic.

    For those of you who have a plan to retire, what age are you shooting for? What do you plan on doing once that day comes?

    Also, for those of you who have larger companies with quite a few employees, what type of plans are you setting up to help them out (if any). Matching 401K up to what percentage? Etc... Do any of your employees even consider retirement or is it like a foreign language?

    As for my plan... Though I am still in college and have quite a few years left to finish all the education I plan on getting, here is what I have decided and AM doing.

    -spend/live off of 33%
    -save 33%
    -give 34%

    I plan on retiring at whatever age my wife and I feel comfortable with, but I figure it will take 15 -20 million by the time we are in our 50s. Some of you will laugh at this, but I think that is a conservative estimate (see PMLawn's idea on retirement). With the 1/3 I save I am investing in many different areas including 401k, Stocks, IRAs, Bonds, Land, Real Estate and am checking into other areas.

    Some may also think I am nuts to give more money than I am spending and saving. 10% of that will be tithe and offering and the rest will be given to people in need. "There are 3 things a man can do with money: spend it, save it, or give it away. I have found the third option to be the most fulfilling." I don't know the author to this quote, but I couldn't agree more! We love helping people and it brings more joy to our lives than any toys we could buy for ourselves.

    Since finance is my major, this is something I really enjoy learning about and discussing! Hopefully this will be a thread that we all can learn from! Save as much as you can as soon as you can and let interest be your friend!:weightlifter: :weightlifter:
     
  2. Chilehead

    Chilehead LawnSite Bronze Member
    Male, from Stockbridge, GA
    Posts: 1,921

    I plan on retiring at 55-62 years of age. I will probably spend my golden years fishing, golfing, biking, and traveling. I would like to do some "adventure" vacations like where some natives act as your tour guide while you climb Mt. McKinley or the Matterhorn. That's right up my alley.
     
  3. britsteroni

    britsteroni LawnSite Senior Member
    Posts: 334

    Chilehead,

    Fishing, hunting, and golfing are probably 3 of my favorite things to do... Good luck with your traveling endeavors. I would love to travel more but don't have the time or money to do so at this point in my life.
     
  4. bohiaa

    bohiaa LawnSite Fanatic
    Posts: 5,220

    Glad you posted.

    it seems that I too am starting to get older...." NOT OLD" OLDER.....thank you

    But I have been struggeling with this issue and it's hell trying to figure out how much money do I need...
     
  5. supercuts

    supercuts LawnSite Silver Member
    Posts: 2,785

    we've been puting away, at 30, i plan on retiring 50-55ish. we should have plenty in our IRA's to live off the interest and our house will be paid off, as will our cabin on a lake we just bought. its a 2nd retirment fund waiting.
     
  6. britsteroni

    britsteroni LawnSite Senior Member
    Posts: 334

    bohia,

    How long until you are wanting to retire?
     
  7. causalitist

    causalitist LawnSite Senior Member
    Posts: 610

    here is some good info.

    in retirement, you should be withdrawing 4% - 6% per year of your money to be positive it will last you.

    here is a really good retirement calculator .. if your saving for yourself just put $0 in the employer match. this is really informative as far as how much and how long you will need to save. as far as what return to put in, a well diversified 45% american, 45% foriegn ... each split equally between large and small companies, and 10% bonds ... (pretty standard "slice and dice") will give 10% yearly.

    http://www.thrivent.com/planning/tools/dinkytown/Retire401k.html

    example.. contribute 6k/yr .. and at 10% for 30 years youll have $1,039,000
    (only $180,000 is money you put in!!)

    wait 5 more years and you have another $650,000 ... it's exponential!
     
  8. britsteroni

    britsteroni LawnSite Senior Member
    Posts: 334

    10% a year is lofty thinking don't you think? Anyways, it is a good calculator to look at and there are many many more that can be found via a google search. What are your plans casualitist?
     
  9. britsteroni

    britsteroni LawnSite Senior Member
    Posts: 334

    No one with a company with quite a few employees gives any kind of retirement options for them? I find this hard to believe...
     
  10. Americal Vet

    Americal Vet LawnSite Senior Member
    Posts: 250

    I have already retired, and do this just to make "mad" money to do the things I like to do; Fish, hunt, and play with my Vette. I do not compete with area LCO's because my contracts are with the Dept of Defense.

    Anyway, a man needs a hobby or two and something to keep him busy. Like it's been said, I would rather wear out than rust out.
     

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