: What does it take to accomplish retirement, age or income?
I am 25 years young; by choosing to be in the employment quadrant I am expected to retire at 75 years old.
I am 25 years young; by choosing to be in the Asset Generated quadrant I am expecting to be full time in business for myself aka "re-tired" at the age I actively plan for like 50, 40, even 30 years old.
Folks who are older are not kept on the workforce. Age 40-70 there is an age discrimination law… but not after 70
Ariel, it isnt possible to have that set in stone. Every 8 years you will be a different person. (I promise) Very few things in life last more than 8 years. You have your whole life in front of you and that is exciting. Society is changing at a rapid pace… you will be influenced by this
Agree with Roger! While it's good to plan – and the fact that Ariel is thinking about retirement needs in her 20's is AWESOME!!! – it's too hard to plan with certainty this far ahead. A LOT changes between your 20's and your senior years. Heck, these days, the whole economy is making it hard to keep up. Keep putting away what you can, little by little now, and will pay off in diamonds down the road. I wish I had learned this early on. I've been having to make up for a lack of retirement savings, starting in my 40's and it's a daunting task. Congrats Ariel, for thinking about your future now.
I agree with this
Yes Ariel, Congrats for thinking about it now. I never thought about it when I was young and constantly kick myself in the butt about that.
Congrats!
My spouse doesn't plan to ever retire. But I am saving for it knowing there's no guarantee our health will hold out and that our jobs will still be there for us.
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I would love to "retire" and then work a part-time low stress job!
Looking for someone who already is or is close to being retired!
Would you suggest just saving a little each month and putting it away in an accessible savings? Or would you suggest investing it? What if your job does not offer any retirement plans?
jeb
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start
Looking for someone who already is or is close to being retired!
Would you suggest just saving a little each month and putting it away in an accessible savings? Or would you suggest investing it? What if your job does not offer any retirement plans?
@Rachel R., depending on your specific financial goals, you're likely going to need to invest your money to reach them. That being said, it makes sense for most people to maintain some cash savings as an emergency fund to cover unexpected expenses without having to take on consumer debt or sell investments. The size of your emergency fund depends on your personal situation. And assuming that your job doesn't offer a 401(k) or 403(b), you can still invest in traditional and Roth IRAs or HSAs for tax-advantaged investments.
Great information
My spouse doesn't plan to ever retire. But I am saving for it knowing there's no guarantee our health will hold out and that our jobs will still be there for us.
I am 25 years young; by choosing to be in the employment quadrant I am expected to retire at 75 years old.
I am 25 years young; by choosing to be in the Asset Generated quadrant I am expecting to be full time in business for myself aka "re-tired" at the age I actively plan for like 50, 40, even 30 years old.
I'm 49 and have been on disability since 2011. Even if I was able to go back to work I'm concerned that things have changed so much and my body has changed so much I am not sure that I'd be able to adapt. I am forced to lived on a fixed income which allows me a decent life but saving for my later years has been difficult or nearly impossible. Any suggestions?
I'm 49 and have been on disability since 2011. Even if I was able to go back to work I'm concerned that things have changed so much and my body has changed so much I am not sure that I'd be able to adapt. I am forced to lived on a fixed income which allows me a decent life but saving for my later years has been difficult or nearly impossible. Any suggestions?
I'm not sure what disability you have, but one of the cardinal rules is to not assume. So in this case I wouldn't assume that you wouldn't adapt. Still I can understand that you wouldn't want to risk losing the disability payments.
Probably in that case it would be to have a hobby that pays. Either flipping items on ebay or open an Etsy store.
Blogging is pretty lucrative too.
try
The goal is to have enough income to relax comfortably during retirement age. But with the changing times, retirement is not what it once was. We are now working longer, retiring later in life. Most do not save early in life and late starts saving is harder but better later than never.
@gina thanks for reinforcing the idea of saving while I’m young. People have been telling me this for a while but I haven’t acted on it as hard as I should be so this point forward it’s all about money managing and hitting that budget hard
@gina thanks for reinforcing the idea of saving while I’m young. People have been telling me this for a while but I haven’t acted on it as hard as I should be so this point forward it’s all about money managing and hitting that budget hard
@Eumika W., saving when you're young is SO important. It establishes good saving habits that will last a lifetime, and the power of compounding will really become apparent.
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