Retirement Savings -- Countup

[Randomsaver]

^ Very nicely done James! Keep at it.

[james.hendrickson]

^ Very nicely done James! Keep at it.

Thanks Randomsaver, I really appreciate the encouragement.

[Randomsaver]

Savings to Retire at 57 to be used for Age 57-61
Balance: $105K
Goal by end-56: $160K (adjusted new goal for ages 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $400K
IRA Retirement Savings: $ 82K
Total Retirement Savings: $482K
Total Retirement Savings Goal: $720K

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (withdrawal can only start in Jan of 2033 or 7+ years from now):
401 + SS : $ 3.28K
IRA : $ 0.32K
Tot : $ 3.60K
Goal: $ 4.00K

The mood is to keep70:30.

Year-End Goals:
Savings to Retire at 57 to be used for Age 57-61: $120K
401K Retirement Savings: $430K
IRA Retirement Savings: $ 90K

[Randomsaver]

Savings to Retire at 57 to be used for Age 57-61
Balance: $106K
Goal by end-56: $160K (adjusted new goal for ages 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $404K
IRA Retirement Savings: $ 83K
Total Retirement Savings: $487K
Total Retirement Savings Goal: $720K

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (withdrawal can only start in Jan of 2033 or 7+ years from now):
401 + SS : $ 3.28K
IRA : $ 0.32K
Tot : $ 3.60K
Goal: $ 4.00K

The mood is bring to 65:35.

[Randomsaver]

Market is down.

Savings to Retire at 57 to be used for Age 57-61
Balance: $106K
Goal by end-56: $160K (adjusted new goal for ages 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $404K
IRA Retirement Savings: $ 83K
Total Retirement Savings: $487K
Total Retirement Savings Goal: $720K

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (withdrawal can only start in Jan of 2033 or 7+ years from now):
401 + SS : $ 3.28K
IRA : $ 0.32K
Tot : $ 3.60K
Goal: $ 4.00K

The mood is bring to 60:40.

[james.hendrickson]

Market is down.

Savings to Retire at 57 to be used for Age 57-61
Balance: $106K
Goal by end-56: $160K (adjusted new goal for ages 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $404K
IRA Retirement Savings: $ 83K
Total Retirement Savings: $487K
Total Retirement Savings Goal: $720K

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (withdrawal can only start in Jan of 2033 or 7+ years from now):
401 + SS : $ 3.28K
IRA : $ 0.32K
Tot : $ 3.60K
Goal: $ 4.00K

The mood is bring to 60:40.

Great work RandomSaver, at least you have your head in the game. Just out of curiosity, have you considered doubling your goal? It might be interesting as a thought exercise to see what might happen.

[Randomsaver]

Great work RandomSaver, at least you have your head in the game. Just out of curiosity, have you considered doubling your goal? It might be interesting as a thought exercise to see what might happen.

No way. That's just stress on my brain. Haha. I might do stuff I don't want to do like going into risky ventures. Plus, I prefer adjusting goals to higher, not lower. But to each his own.

All my life strategies are about fail safe strategies. It is not the efficient way to go things about looking back but at the tiime, it is the most safest strategy to be in. Like I said when I laid out my plan, folks here disagreed. I exactly understand why because they are coming from a POV of present, not back. For example, buy a house rather than rent and invest. Of course, once past the point of having saved enough to buy a house just like that in case the landlord booted you out, then yes, rent and invest from day 1. But the thing is, some folks would lose their job,and would not be able to pay rent, gets booted out and that is how folks end up homeless.

Another is when I said prioritize saving on brokerage over tax savings on trad accounts. Of course, again, it makes more efficient to prioritize trad if you are past the point of having saved enough. But back at that time, when folks lose their jobs, could not find another job, then their recourse is to borrow from their trad which incurs them penalty.

The truth is many people break down. You won't find them on these kinds of threads. But folks don't have to break down...just need to ease into life by forsaking efficient savings strategy over the current state of their affairs.

Another is kids. Folks would say better do them early and exit early off them. Of course that is again the right strategy but past the point of the struggle. Until many Americans find out it is hard to go past the struggle and end up with a broken family. The thing is, it is safer to delay kids until both would-be parents have a house started first and jobs made more stable. And for kids to be planned 5 years apart so that only 1 is in college at any time.

Once one gets past the point, then to me, that is the time to attack the efficient savings. I have made all my decisions without maximizing savings in my mind, hence, my nick.

[Randomsaver]

The mood is bring to 60:40.

Been buying on the dips the past month, currently at 67:33. Market will still go down.

[Randomsaver]

Market is down.

Savings to Retire at 57 to be used for Age 57-61
Balance: $106K
Goal by end-56: $160K (adjusted new goal for ages 57, 58, 59, 60 and 61)
Retirement Condo $400K: Fully Paid (No Renting expense!)

At age 62, it is SS onwards
401K Retirement Savings: $404K
IRA Retirement Savings: $ 83K
Total Retirement Savings: $487K
Total Retirement Savings Goal: $720K

My Forecasted Monthly Retirement Check Amounts, if to retire starting 2026 (withdrawal can only start in Jan of 2033 or 7+ years from now):
401 + SS : $ 3.28K
IRA : $ 0.32K
Tot : $ 3.60K
Goal: $ 4.00K

The mood is bring to 75:25.

[Fishindude77]

Just met with the guy that handles our IRA. Have been retired now for about nine years and taking a $4,000 per month draw out of that nest egg for some of our living expenses.
Despite the draw down we have considerably more principal than what we started with due to pretty favorable market conditions.

[LivingAlmostLarge]

Just met with the guy that handles our IRA. Have been retired now for about nine years and taking a $4,000 per month draw out of that nest egg for some of our living expenses.
Despite the draw down we have considerably more principal than what we started with due to pretty favorable market conditions.

Are you taking out 4% or more? Or less and so it's growing?

[Fishindude77]

Are you taking out 4% or more? Or less and so it's growing?

No, we could raise our draw down rate a bit or take a few lump sums if needed.

[Randomsaver]

Been buying on the dips the past month, currently at 74:26. Market will still go down.

[james.hendrickson]

Been buying on the dips the past month, currently at 74:26. Market will still go down.

Way to go Randomsaver, keep it up!!

[Randomsaver]

Way to go Randomsaver, keep it up!!

Back at ya James!

76-24 now and targetting 80-20.