Retirement?

[me&thegals]

It's a bit scary to think about. Our house will be paid off in 14 years, the land in about 7. We have about 32-33 years before we can draw Social Security, but we are not counting on it at all.

We put away about 10% of our income into IRAs, and I contribute the maximum-to-be-matched amount at my job. It isn't piling up or anything, but it's all better than nothing.

Otherwise, I can't see myself ever fully retired. Even if I'm not actively making money in my 60s, I think I may still be working hard at saving money.

As for what I would like to do, I really would like to travel, at least America. But I'm also a homebody and love being home. My DH is even more of a homebody, but I think I could get him to travel at least America and Canada (assumign we had $).

 

[modern_pioneer]

I put away my max for roth ira
rolled a old 401k over years ago into one that my company started, I put in 15% every week, that is matched with 3% my company is putting in. I also put into contra funds, those have a cd rate level return. I also have some cds......

I hope the work I am doing now on my homestead is also setting me up in the future in my old age.

I am not counting on Social security at all. If I get that it will be a bonus. I expect to have just the cost of living bills, I expect those to be 3-5k a month. Thats the income I will have when I retire.

I also put away any bonus money I get through out the year....

 

[Marianne]

We're really close to retirement and still have debt on a huge house and more, no real savings, but who cares? I'm happy in my garden picking tomatoes and living the most self sufficient lifestyle that I can. Our friends retired last year with no debt (new car and house paid off, too), money in the bank and are so miserable and grouchy that it's getting hard to be around them.

It's all about attitude. We're blessed with hard work. And same here, we're closer than ever and wouldn't change a thing.

When the time is right, we'll put our house up for sale, rent or buy a little place somewhere and plant more tomatoes. If it doesn't sell, I'll rent out a room or two...and keep picking tomatoes.

We're considering full time RV living, too. We know a couple doing it and they love it! I'm not sure that a tomato plant in a pot is going to quite cut it for me, but hey! Maybe by then, it will!

 

[savingdogs]

How about those tomato plants that hang? You could hang that off an RV.

Hubby and I have thought about RV retirement. But I have so many animals.....and I like them.

I have a friend who lived in a fancy RV for many years. She loved it. They had regular places they rented to park it but it kept all their belongings pared down. She only entertained in the summer when she could do outdoor barbeques. Very interesting lady and they got to see a lot of the world.

 

[Shiloh Acres]

As far as financial plans, can't do it right now. Best I can hope for is not to have debt, and I know how to live on very little, and if I can find more ways to generate income I will. I have some years left (God willing) before I have to worry about that. I'm learning to do more and more for myself, which is a little like money in the bank. Not counting on SS since I've always heard it won't be there.

I still want a little farm. It might be nice to travel a bit (and we all know farms and being able to travel are a natural pair, right? ). But seriously, maybe I'll have an extra little house on property for family or let someone live there who can help with the work I need help to do, and look after the critters while I'm away. It could happen.

I don't want to run 1,000 head of cattle or anything, but I like puttering around with my animals, and growing plants. I'd miss it if I didn't have it. A little work keeps one young.

I've toyed with the idea of there being more than one extra dwelling, because I like having folks come and kids enjoy learning about farm things. Work is good for them too, and being on a farm can recharge folks who spend too much time in the city. It's a thought.

I used to know a retired lady who took art classes at my University. She only had to pay materials and lab fees because she took them not for credit as a senior citizen. She also traveled a lot. I used to think I'd like to live that way too. But I'm nowhere near a university and I think I'd prefer my little farm.

 

[Denim Deb]

RU is retired, and has property in a couple of other states, and her hubby has a boat. The reason she's able to do it is because of me, plain and simple. When she's away, I take care of the farm. I'm allowed to charge feed on her account at the feed store, and the vet knows that I care for her animals when she's away. The only thing he won't do is put down an animal unless I've been able to contact her and get her permission first. (Had to do that on New Year's day once, not fun at all!)

 

[Marianne]

Yes, the animals sure factor in when talking about moving, traveling, etc. When the full time RV talk started here, I told my husband that it was going to get pretty crowded with all the chickens, cats and dogs in the RV with us. Time will gradually thin the herd, as several are getting up there in age. As they depart this world, I'm not adding any more.

In a perfect world, I'd just move to a dinky earth sheltered house with a couple of outbuildings and make do.
But I do know that whatever life hands me, I'll be okay. I'm not going to starve or freeze to death after I retire. Those of us on this forum just know too much about how to live happily without all the frills.
Try not to worry about social security. It never was intended to be a retirement plan. Everyone has been saying that it won't be there for years now. My husband is drawing now and it does help the budget. When we sell the house, we'll be able to live on just that if we have to, or less.

And I hear ya on the animal caretaker business! I was the area's person to call for a year, and I finally started saying 'sorry, but no'. Emergencies would have been a different story, though.

 

[Wifezilla]

I am really tied down because of Max so I figure why not have animals! LOL

Hubby once said "If you get ducks you wont be able to go on vacation!". I said "Hey genius, when was the last time you took me anywhere???". So now I have ducks and quail

 

[glenolam]

We...well...I am trying to get us to the point where the only debt we have is the house, but that's not going to happen for at least another 4 years. Little by little.

But we lucked out with our mortgage, so when we go to refinance this year we're thinking about doing a 15 year mortg when we have 24 years left on the current loan. I know at times it'll kick us in the pants, but I just think about being 45 and having no mortgage. Just a house, land, animals and our family....

ETA - to keep this on topic, though, we haven't really decided what we want to do when we retire. It's too far off, but we definitely aren't counting on Social Security. We've got 401ks and a little teeny tiny savings that we keep diving into for emergency this emergency that. At this point I don't think I would want to retire somewhere else permanently - maybe have a summer home or -I really like that RV idea. Park it in the yard when we're home, drive away when we can't take it anymore!

 

[lwheelr]

Watch it on the 401ks. They aren't safe either. The regulations on them means that the government can take them over if they want. And it is on the table - they are discussing it as a means of raising capital. Of assuming control of all 401k accounts, and putting them into savings bonds, to fund government debt.

No scare thing there, this is going on in the finance committees and hearings.