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#4637451 - 01/17/18 07:47 AM What retirement strategy other than SS?
ZZman Online   content


Registered: 03/17/08
Posts: 5773
Loc: Michigan
What retirement strategies do you use other than expecting SS in the future?
Stocks? Bonds? 401k, Roth? Pension? Real estate/income properties? , rich parents? etc..

I am one of the lucky few to still get a pension. That is it for me.


Edited by ZZman (01/17/18 07:47 AM)
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#4637452 - 01/17/18 07:47 AM Re: What retirement strategy other than SS? [Re: ZZman]
Mr Nice Offline


Registered: 09/12/04
Posts: 21180
Loc: Orlando, FL
Me:
Company pension
Voluntary pension
401K
IRA
Brokerage account


Wife:
Company pension
Voluntary pension
401K
IRA
Brokerage account
Military pension - Air Force Reserve Major


We never include the value of house in our retirement picture...



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#4637456 - 01/17/18 07:50 AM Re: What retirement strategy other than SS? [Re: ZZman]
Virtus_Probi Offline


Registered: 06/25/15
Posts: 3966
Loc: New England
We have 401ks, Roth IRAs, annuities, real estate, and brokerage accounts.
The real estate is probably going to be a terrible investment for us, but it's property we enjoy that will, hopefully, be worth something when we finally sell it. I thought it would be a good place to retire, but the wife is dead set against that.
Pension was never going to be an option for me.

EDIT - my wife might get a modest inheritance, but I hope all that money goes to others in her family that will really need it (single mom and single dad among them).


Edited by Virtus_Probi (01/17/18 07:52 AM)
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#4637461 - 01/17/18 07:53 AM Re: What retirement strategy other than SS? [Re: Mr Nice]
ZZman Online   content


Registered: 03/17/08
Posts: 5773
Loc: Michigan
Originally Posted By: Mr Nice
Me:
Company pension
Voluntary pension
401K
IRA
Brokerage account


Wife:
Company pension
Voluntary pension
401K
IRA
Brokerage account
Military pension - retired Air Force Reserve Major



Nice!
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#4637470 - 01/17/18 08:01 AM Re: What retirement strategy other than SS? [Re: ZZman]
Donald Offline


Registered: 03/21/04
Posts: 20450
Loc: Upstate NY
Well one of my retirement strategies is I am still working at 64+. And getting company pension. Will pick up another small company pension when I am 65.

Wife will have state employee pension.

SSA

house will hopefully be paid off.
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#4637488 - 01/17/18 08:31 AM Re: What retirement strategy other than SS? [Re: ZZman]
Blkstanger Offline


Registered: 08/13/11
Posts: 1945
Loc: Lakeside, CA
Company pension, 401k, SS, Work till I die.
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#4637494 - 01/17/18 08:37 AM Re: What retirement strategy other than SS? [Re: ZZman]
dave123 Offline


Registered: 01/13/09
Posts: 2313
Loc: wi
Sugar Ma Ma

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#4637496 - 01/17/18 08:38 AM Re: What retirement strategy other than SS? [Re: ZZman]
redhat Offline


Registered: 12/07/12
Posts: 1706
Loc: Anywhere, USA
I am 26 years old with a generous 401k plan. My employer's match is unbelievable. Besides that... savings account that keeps working.

I have thought a lot lately about different retirement strategies. I have no idea on what IRAs are and the differences, but would like to set one up. Any suggestions?
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#4637498 - 01/17/18 08:41 AM Re: What retirement strategy other than SS? [Re: ZZman]
Alfred_B Offline


Registered: 05/12/15
Posts: 1966
Loc: America
Early death.

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#4637508 - 01/17/18 08:56 AM Re: What retirement strategy other than SS? [Re: ZZman]
Astro14 Offline


Registered: 10/10/10
Posts: 8531
Loc: Virginia Beach
In order of magnitude/importance:
My work 401(k)
My USN pension
Wife's USN pension
Wife's GS pension
My SS
Wife's SS
My IRAs
Wife's IRAs
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#4637509 - 01/17/18 08:58 AM Re: What retirement strategy other than SS? [Re: ZZman]
BJD78 Offline


Registered: 08/05/17
Posts: 493
Loc: Nebraska
Currently retired,age 57, Military pension ARMY, 100% VA disability, and a Roth IRA mutual fund from USAA.My wife a part time chef makes about 2-3 k per month depending on the gig. That is the strategy,by this August we will be down to one vehicle, daughter ff to college and will get the Tuscon and we will sell the Sonata, just the 2 of us we really do not need 3 vehicles any more. My wife is semi retired and works maybe 20 hrs per week as a chef. My wife has no pension as she was a stay at home mom. That hurts her social security some but we are ok with it. It was nice not having to pay a daycare and was better for our kids. She will have some SS but probably less tha 1k per month... maybe $500 per month. She had nearly 35 years of stay at home. No regrets We are still able to sock away a a good 2k per month into the roth ira most months,though now with daughter going to college this fall we will be paying that to the college costs. Nice to have a pension that is for sure, fewer and fewer jobs do anymore. Most rely on 401K which are at the whim of the market cycles.
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#4637511 - 01/17/18 09:01 AM Re: What retirement strategy other than SS? [Re: redhat]
Astro14 Offline


Registered: 10/10/10
Posts: 8531
Loc: Virginia Beach
Originally Posted By: redhat
I am 26 years old with a generous 401k plan. My employer's match is unbelievable. Besides that... savings account that keeps working.

I have thought a lot lately about different retirement strategies. I have no idea on what IRAs are and the differences, but would like to set one up. Any suggestions?


Start reading.

Seriously.

Education about investing and the market is critical. You need to have an understanding of the financial landscape before you talk to an advisor or open an account.

Get the books from Amazon, or borrow from your local library. Start with something like Jane Bryant Quinn's guide to finances. It's old, but a good comprehensive overview.

Anything on this list would be excellent: http://www.bobbrinker.com/books.asp
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#4637522 - 01/17/18 09:18 AM Re: What retirement strategy other than SS? [Re: ZZman]
Patman Online   content



Registered: 05/27/02
Posts: 20336
Loc: Oakville, Ontario
My wife and I are only 48 but we're going to be retiring in just 4 years time. She has been a teacher for 22 years so she will get a very good pension, but in addition to that we bought a new home in March 2016 (that is still under construction so we actually don't move into it until August) and the home prices up here having risen dramatically so our plan is to sell that house in 2022 and move further away from Toronto where home prices are a lot lower. That alone will give us a $1,000,000 nest egg to play with, possibly more. In addition to that, both of us have mutual fund RRSPs through our banks (I have two actually, one which my employer contributes to) But we won't be drawing from those RRSPs until we are 65 (same with our Canada Pension Plan) The plan is to spend our winters in Florida (we will rent, not buy property though) and the rest of the time here in southern Ontario (we are most likely going to settle in the Niagara region)
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#4637529 - 01/17/18 09:27 AM Re: What retirement strategy other than SS? [Re: redhat]
ZZman Online   content


Registered: 03/17/08
Posts: 5773
Loc: Michigan
Originally Posted By: redhat
I am 26 years old with a generous 401k plan. My employer's match is unbelievable. Besides that... savings account that keeps working.

I have thought a lot lately about different retirement strategies. I have no idea on what IRAs are and the differences, but would like to set one up. Any suggestions?


Well you are already ahead because you're thinking about the future. Compounding interest is the big one along with starting early. And of course scooping up every bit of company match that you can get
_________________________
2003 Mercury Grand Marquis. Rotella T6 Multi-Vehicle oil
2008 Sebring Hardtop convertible. Rotella T6 Multi-Vehicle oil
2006 Kawasaki Vulcan 900 LT. Amsoil Metric 10w-40

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#4637538 - 01/17/18 09:34 AM Re: What retirement strategy other than SS? [Re: ZZman]
MNgopher Offline


Registered: 09/17/02
Posts: 4042
Loc: Lakeville, MN
Me: State Pension, 457(b)plan (like a 401(k), but for government employees), IRA, and a brokerage account.
Wife: State Pension, 403(b) plan (also like a 401(k), but often used by school employers), IRA, and a brokerage account.

And we do qualify for SS, assuming its still around when the time comes...

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