|
Rex-Goliath posted:I intensely dislike how *every* retirement calculator ignores social security by default. It feels like a conspiracy to further delegitimize it and normalize the idea that it will be taken away.
|
#
?
Nov 29, 2018 19:12
|
|
|
|
| # ? Jun 5, 2024 08:41 |
|
|
personal capital has a pretty good retirement planner that even includes social security. You can also run scenarios and save them which is handy for comparing options.
|
|
#
?
Nov 29, 2018 19:24
|
|
|
My income is increasing too rapidly to meet the savings goals set forth in various places, please send help.
|
|
#
?
Nov 29, 2018 19:57
|
|
|
gvibes posted:My income is increasing too rapidly to meet the savings goals set forth in various places, please send help.
|
|
#
?
Nov 29, 2018 20:09
|
|
|
Actually, I think you'll find if you increase your savings rate double the proportion of increase in pay you should quite readily make and exceed these goalposts HTH.
|
|
#
?
Nov 29, 2018 20:24
|
|
|
EAT FASTER!!!!!! posted:Actually, I think you'll find if you increase your savings rate double the proportion of increase in pay you should quite readily make and exceed these goalposts HTH. so every time you get a raise, you take an effective pay cut to save twice the value of your raise? Hoodwinker posted:Yeah, seriously. When I helped my parents put together a roadmap for their retirement withdrawal, they were surprised to find they had almost double effective assets when treating SS like an annuity with value equal to 25x their annual payout. SS is a loving huge chunk of change if you pay into it your whole life. Except you can't leave your social security income to your kids. If your retirement planning includes trying to create an inheritance for your children, you have to treat SS separately from inheritable assets.
|
|
#
?
Nov 29, 2018 20:30
|
|
|
I have 5 x my income at 25 saved 
|
|
#
?
Nov 29, 2018 20:33
|
|
|
Leperflesh posted:Except you can't leave your social security income to your kids. If your retirement planning includes trying to create an inheritance for your children, you have to treat SS separately from inheritable assets. My point is that you don't really need to treat it differently from an asset withdrawal standpoint.
|
|
#
?
Nov 29, 2018 20:37
|
|
|
You shouldn't be allowed to create an inheritance for your children and all the money should go to the uber state. Papa America will take care of your kids.
|
|
#
?
Nov 29, 2018 20:40
|
|
|
Dum Cumpster posted:I have 5 x my income at 25 saved Eat chain
|
|
#
?
Nov 29, 2018 20:42
|
|
|
EAT FASTER!!!!!! posted:Actually, I think you'll find if you increase your savings rate double the proportion of increase in pay you should quite readily make and exceed these goalposts HTH. I think what EAT FASTER is saying is that you should be able to reach "2x Annual Salary" a lot faster if your salary doubles, even if your "2x Annual Salary" is now twice as large a number. Let's say you make $50k a year and you save $10k because your annual living expenses are $40k. At 4% growth, it'll take 8.6 years to have $100k saved (double your income) Let's say you make $100k a year and you save $60k because your annual living expenses are still $40k. *. At 4% growth, it'll take 3.2 years to have $200k saved (double your income) *Obviously this is the tricky part because when your income goes up, your living expense have the darndest habit of doing the same
|
|
#
?
Nov 29, 2018 20:47
|
|
|
GoGoGadgetChris posted:*Obviously this is the tricky part because when your income goes up, your living expense have the darndest habit of doing the same Gotta git dat M2 Competition!
|
|
#
?
Nov 29, 2018 20:57
|
|
|
Girbot posted:Gotta git dat M2 Competition! yea, he could have had two E90 M3s
|
|
#
?
Nov 29, 2018 21:09
|
|
|
Girbot posted:Gotta git dat M2 Competition! License plate: THERAPY
|
|
#
?
Nov 29, 2018 21:15
|
|
|
Is it here yet Chris?! I pick up my spectacularly-BWM-new-car today!
|
|
#
?
Nov 29, 2018 21:25
|
|
|
EAT FASTER!!!!!! posted:Is it here yet Chris?! I pick up my spectacularly-BWM-new-car today! I really appreciate when people ask me about it!!  At some point tomorrow it will start the Panama Canal process, and then start the Pacific Coast journey up to Tacoma, WA. Then it's trucked to Beaverton, OR and hopefully in my mitts by December 15th!
|
|
#
?
Nov 29, 2018 21:30
|
|
|
Dum Cumpster posted:I have 5 x my income at 25 saved When people complain to me about not being able to save enough, I will let them know that forums poster Dum Cumpster has managed to save 5 x his/her income by 25, therefore you can do it too. (On a serious Note congrats).
|
|
#
?
Nov 29, 2018 21:44
|
|
|
I wonder who else notices that there's a large overlap of posters between the Long-Term Investing thread, the BWM thread, and AI.
|
|
#
?
Nov 29, 2018 22:06
|
|
|
Dum Cumpster posted:I have 5 x my income at 25 saved The key though is what percentage of your expected permanent expenditures does 5x your current income represent? If you're spending 3% of your savings annually, you're ready to FIRE. If you're spending 40% of your savings per year because your income is low (and e.g. because you got some big windfall along the way) and/or you can't live at home with no expenses forever, it's an apples to oranges comparison. Like everyone is saying, it's a matter of expenses, not income.
|
|
#
?
Nov 29, 2018 23:52
|
|
|
I got a lot of poo poo for thinking I came up with something very clever in this very thread that didn't just do a calculation based off of expenses so I'm pretty keen on remembering that lesson. Literally the only thing that matters is what your expenses will be in retirement and whether or not your assets will allow you to sustain those expenses for either a) ideally indefinitely or b) until you die.
|
|
#
?
Nov 29, 2018 23:59
|
|
|
Until the spectre of unaffordable, spiralling healthcare costs dash all your plans against the rocks.
|
|
#
?
Nov 30, 2018 00:29
|
|
|
Dum Cumpster posted:I have 5 x my income at 25 saved I have 5x (my income at 25) saved
|
|
#
?
Nov 30, 2018 00:38
|
|
|
Duckman2008 posted:When people complain to me about not being able to save enough, I will let them know that forums poster Dum Cumpster has managed to save 5 x his/her income by 25, therefore you can do it too. Uh, I'm currently 35. You guys are charitable in your reading of my post. Wish I was 25 
Dum Cumpster fucked around with this message at 01:21 on Nov 30, 2018 |
|
#
?
Nov 30, 2018 01:18
|
|
|
Mao Zedong Thot and also Dum Cumpster posted:I have 5x (my income at 25) saved (This is the joke they were making!!) GoGoGadgetChris fucked around with this message at 01:56 on Nov 30, 2018 |
|
#
?
Nov 30, 2018 01:19
|
|
|
I want to live off dividends forever. Immortality or bust!
|
|
#
?
Nov 30, 2018 01:52
|
|
|
My death will pay dividends to the world forever.
|
|
#
?
Nov 30, 2018 04:52
|
|
|
Firecalc or cfiresim (free) or OnTrajectory (cheap) for all of your modeling needs. All of the other calculators are simple in a way that's just going to get people into trouble. I like with OnTrajectory that you can take a stab at thinking through how big life events might affect earnings (ie: 1 baby, 2 babies, 1 person unemployed for a long time, etc) and then run those scenarios to see how hosed/not hosed you might be. Most of the online calculators just assume that you make bingo bongo bucks and it goes up up UP and your expenses are whatever or never change, which is crazytown.
|
|
#
?
Nov 30, 2018 07:00
|
|
|
GoGoGadgetChris posted:All these calculations are rear end backwards. Get yourself a financial calculator and figure it out the easier way, with a tangible goal at the end rather than an abstract "are you on track for Enough" just for the record the average American is dumb as a loving sack of hammers and will not be able to do this however: I make X dollars per year times Y constant is probably within 80% of people's capabilities
|
|
#
?
Nov 30, 2018 10:35
|
|
|
I can only afford to max my IRA each year so I'm just going to do that for the foreseeable future and hope for the best. The truth is even if they increased the yearly limit to like $12,000 I wouldn't be able to do that. But I'm glad that I'm far ahead of the average american who has nothing in retirement funds.
|
|
#
?
Nov 30, 2018 10:42
|
|
|
I just got a Thrift Savings Plan. If I was planning retirement for 62 (currently 24), what funds should I invest in? My current contributions are being put into the 2050 fund by default. I make around $30,000 gross a year, but I am currently living with parents so I figure now is the best time to put as much savings away as I can, so what level of Contribution should I do? Just max it out?
thechosenone fucked around with this message at 22:06 on Dec 1, 2018 |
|
#
?
Dec 1, 2018 22:04
|
|
|
thechosenone posted:I just got a Thrift Savings Plan. If I was planning retirement for 62 (currently 24), what funds should I invest in? My current contributions are being put into the 2050 fund by default. I make around $30,000 gross a year, but I am currently living with parents so I figure now is the best time to put as much savings away as I can, so what level of Contribution should I do? Just max it out?
|
|
#
?
Dec 1, 2018 22:10
|
|
|
thechosenone posted:I just got a Thrift Savings Plan. If I was planning retirement for 62 (currently 24), what funds should I invest in? My current contributions are being put into the 2050 fund by default. I make around $30,000 gross a year, but I am currently living with parents so I figure now is the best time to put as much savings away as I can, so what level of Contribution should I do? Just max it out? You're probably gonna have your contributions matched so max out up to whatever is matched. The lifecycle funds are too conservative for me and I use this allocation: 70% C 10% S 10% I 10% G
|
|
#
?
Dec 1, 2018 22:23
|
|
|
70% crypto 
|
|
#
?
Dec 1, 2018 22:59
|
|
|
air- posted:You're probably gonna have your contributions matched so max out up to whatever is matched.
|
|
#
?
Dec 1, 2018 23:26
|
|
|
Hoodwinker posted:Why G over F? Not that the F Fund is any good but I'm just curious. I'm already exposed to bonds through my 2055 target fund at Vanguard, so I figure it's like getting a free lunch. And there's way more on this thread.
|
|
#
?
Dec 1, 2018 23:42
|
|
|
 I love our weird cousin the Stockpicking ThreadEugeneJ posted:The rich sell the market to the poor and get rich off the fees/commissions
|
|
#
?
Dec 2, 2018 20:45
|
|
|
It's interesting how some people in that thread have been going nuts over soybeans or something
|
|
#
?
Dec 3, 2018 03:11
|
|
|
EugeneJ posted:The rich sell the market to the poor and get rich off the fees/commissions Yes, yes, and yes. Scum, they are. ...and now you've missed the point completely.
|
|
#
?
Dec 3, 2018 05:02
|
|
|
They're talking about those ghouls who charge clients 3% for "financial services" who beg their clients not to pull out of the market (which they intentionally conflate with firing them and taking your money elsewhere), not people with their retirement in low-cost index funds. And the soybeans thing is just a tracking point for the effects of tariffs, and mostly a joke at that. With a couple of notable exceptions, everyone in that thread has most of their money in the same low-cost index funds we do. Leperflesh fucked around with this message at 05:09 on Dec 3, 2018 |
|
#
?
Dec 3, 2018 05:07
|
|
|
|
| # ? Jun 5, 2024 08:41 |
|
|
I try to steer anyone just starting out over to this thread instead, but then if they insist on being a degenerate gambler like the rest of us in that thread, you only yolo once if that’s what the redditors are saying these days?
|
|
#
?
Dec 3, 2018 05:37
|
|
