# Do you have a plan in place for retirement?



## Giantsfan1503 (Sep 18, 2019)

Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA. 

I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16. 

Whats enough to retire on? My understanding is I'll need 70% of my pre-retirement salary to live comfortably. The last 10 years I've made anywhere from 80k to 120k. Using the 120k as an example I'd need my SEP IRA to generate 84k a year for the remainder of my life. That means If I survive to 85 years of age i'd need about $1,680,000. At 5% yearly growth barring a disaster with my current balance I'm well above that number. I also made some good decisions and have real estate in NYC which generates passive rental income for me. 

My point in all this is you need to start investing in your future. You don't want to end up in a nursing home. You might get divorced. Life can change drastically without warning. Get your SEP IRA going. Try investing at least 40K a year, reinvest the dividends, I recommend using companies on the S & P 500. Trust your judgement and hold onto your 20-25 year plan. I love my daughters and I don't think they'd put me in a home, but I don't want to risk that. I also want my golden years to be special. Mainly travel and keeping myself occupied. Retirement only means its time for a new adventure.


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## The queen 👸 (Jan 2, 2020)

Yes. I plan to retired by 60/64 . Drive around the USA and Europe with my rv. After I have my kids done with college . More inclined to get a place in Portugal . Cheap and very nice . Live a simple life. I worked hard for it and saved the money .


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## Buck-a-mile (Nov 2, 2019)

Giantsfan1503 said:


> Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA.
> 
> I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16.
> 
> ...


Smart man, good advice.

Also stay healthy. A heart attack will wipe out your retirement.


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## Giantsfan1503 (Sep 18, 2019)

The queen &#128120; said:


> Yes. I plan to retired by 60/64 . Drive around the USA and Europe with my rv. After I have my kids done with college . More inclined to get a place in Portugal . Cheap and very nice . Live a simple life. I worked hard for it and saved the money .


I have a friend who suggested Spain. The cost of living is one of the lowest in western Europe


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## The queen 👸 (Jan 2, 2020)

The queen &#128120; said:


> Yes. I plan to retired by 60/64 . Drive around the USA and Europe with my rv. After I have my kids done with college . More inclined to get a place in Portugal . Cheap and very nice . Live a simple life. I worked hard for it and saved the money .


 I am 56 now. Daughter has 2 years left on college and my son will soon start. My husband has a big business and we have enough money to retire. In our custom old folks don't go to retire homes. My father left me enough money that I invesT wisely .
My husband knows about me traveling with him or without him. I want to keep active. Retire homes are the death of people.



Giantsfan1503 said:


> I have a friend who suggested Spain. The cost of living is one of the lowest in western Europe


Portugal is even lower. Trust me. My uncle ( mom brother) left a house near the coast. A tiny town. Beaches near by. You can live with 500$ x month. Fresh food. Internet if needed. No taxes .


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## Giantsfan1503 (Sep 18, 2019)

The queen &#128120; said:


> I am 56 now. Daughter has 2 years left on college and my son will soon start. My husband has a big business and we have enough money to retire. In our custom old folks don't go to retire homes. My father left me enough money that I invesT wisely .
> My husband knows about me traveling with him or without him. I want to keep active. Retire homes are the death of people.
> 
> 
> Portugal is even lower. Trust me. My uncle ( mom brother) left a house near the coast. A tiny town. Beaches near by. You can live with 500$ x month. Fresh food. Internet if needed. No taxes .


I love that option because NYC is definitely out of the question


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## The queen 👸 (Jan 2, 2020)

Giantsfan1503 said:


> I love that option because NYC is definitely out of the question


Well I wanted to retire there because I have a place on 58 and 6. But I think to sell it when I am ready. So far I get the best rent money. Don't know yet . Maybe my kids want it or need it. Been doing lots of research and Portugal is for me the best . Tax wise.
I don't need much .


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## sellkatsell44 (Oct 25, 2015)

I am always so happy to see people when they start in their early twenties.

usually it’s thanks to parents who open custodial iras for their kids.

the earlier you start, the longer the time horizon, even if you retire early.

never too late as well but if you’re late you want to stack away as much as possible to catch up.

think about how long pple live these days.


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## Buck-a-mile (Nov 2, 2019)

Giantsfan1503 said:


> I have a friend who suggested Spain. The cost of living is one of the lowest in western Europe


It's freaking hot, and the government is still young. Visit first.


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## Giantsfan1503 (Sep 18, 2019)

sellkatsell44 said:


> I am always so happy to see people when they start in their early twenties.
> 
> usually it's thanks to parents who open custodial iras for their kids.
> 
> ...


I wish I would have started in my 20's. I was busy buying cars, clubbing, loaning friends money. Buying clothes, chains, earrings. I'm trying to get my nieces and nephews to start early.


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## The queen 👸 (Jan 2, 2020)

sellkatsell44 said:


> I am always so happy to see people when they start in their early twenties.
> 
> usually it's thanks to parents who open custodial iras for their kids.
> 
> ...


You right. I am fortunate that my parents had money and left it to us.
When my kids were born I and my husband made sure to always put money away for them or buy stocks under the kids name. If I or my husband die they will get the money. We both hope that they will be wise enough to make more of what we left them. We thought them that . Who know what will happen when we died. I hope they will be smart enough and listen to us . Beyond me being dead .


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## sellkatsell44 (Oct 25, 2015)

Giantsfan1503 said:


> I wish I would have started in my 20's. I was busy buying cars, clubbing, loaning friends money. Buying clothes, chains, earrings. I'm trying to get my nieces and nephews to start early.


I have a 529 for my nephew when he was 1. That was my gift to him. I contribute for birthdays, holidays, etc-but I buy him something tiny for fun like a sports car that is $5 and then I throw $100 into the account-it also has auto deposit every quarter to help it grow.

I didn't start that young. My parents were immigrants and they did the best for me by sending me to private school while scrimping and saving wherever whenever. So I am very grateful/thankful for them working to the bones to prop me and my sister up.

but I did start young thanks to a manager who nagged me into starting a 401k, at the very least to get company match-while I was in retail (this was the younger and dumber part of my life).

so it's awesome you're making sure pple get their shiet in gear, that you're doing it for your family too, and hopefully coworkers/friends.

I'm also very grateful to that manager for making me start a retirement account/contributing to one.


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## The queen 👸 (Jan 2, 2020)

sellkatsell44 said:


> I have a 529 for my nephew when he was 1. That was my gift to him. I contribute for birthdays, holidays, etc-but I buy him something tiny for fun like a sports car that is $5 and then I throw $100 into the account-it also has auto deposit every quarter to help it grow.
> 
> I didn't start that young. My parents were immigrants and they did the best for me by sending me to private school while scrimping and saving wherever whenever. So I am very grateful/thankful for them working to the bones to prop me and my sister up.
> 
> ...


I applaud that. Everytime my kids got money from family we put that money into the kids account. My kids were and are very fortunate but they are very humble. 
Stella, your manager thought you well. You young and yet I see so much potential in you. You are a very smart young woman. I applaud you for that.


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## observer (Dec 11, 2014)

I've been working on the ranch. It will be enough for me to be self sufficient in food and allow me to make a little money once I get it set up correctly.

I also have a little monthly rental income every month. 

I'm not going to wait ten more years for Social Security so I tried to retire last year but got bored. I don't think I will ever fully retire. 

There's always new jobs and experiences. I've been hopping around from job to job for the past four or so years trying to figure out what to do with myself but nothing really catches my interest and I quit.

I am working on a couple things that I can do part time and make a little money.


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## The queen 👸 (Jan 2, 2020)

Dam money is not everything but money is what you need to live a worry free life when you retired. Plain and simple .



observer said:


> I've been working on the ranch. It will be enough for me to be self sufficient in food and allow me to make a little money once I get it set up correctly.
> 
> I also have a little monthly rental income every month.
> 
> ...


Do whatever money you can get. No shame on that .


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## Alantc (Jun 15, 2018)

I'm 60, gonna retire at 62 get my money now, and keep driving for U/L till I get booted off.


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## The queen 👸 (Jan 2, 2020)

Alantc said:


> I'm 60, gonna retire at 62 get my money now, and keep driving for U/L till I get booted off.


 Go for it. Make the money . Dam 100$ x day does help.


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## tohunt4me (Nov 23, 2015)

Giantsfan1503 said:


> Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA.
> 
> I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16.
> 
> ...


Work until i drop.


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## The queen 👸 (Jan 2, 2020)

tohunt4me said:


> Work until i drop.


 From what? Work smart.


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## Jon Stoppable (Dec 11, 2019)

Social Security at 62 and a 25' liveaboard sailboat. Follow the weather up and down the East Coast :coolio: Only 13 years to go!


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## tohunt4me (Nov 23, 2015)

The queen &#128120; said:


> From what? Work smart.


.i did.
Worked and had equal time off for decades.

Retirement is wasted on the old.

Take time off when young.

Pay for it Later

IF you live Long enough.

No garuntees

" GET IT WHILE YOU CAN " !


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## Mkang14 (Jun 29, 2019)

Jon Stoppable said:


> Social Security at 62 and a 25' liveaboard sailboat. Follow the weather up and down the East Coast :coolio:


This doesn't seem very bear like &#129300;. At what point do you claw the captain of the sailboat?


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## observer (Dec 11, 2014)

The queen &#128120; said:


> Dam money is not everything but money is what you need to live a worry free life when you retired. Plain and simple .
> 
> 
> Do whatever money you can get. No shame on that .


Yea, with the exception of my daughter, my kids are grown up, they earn their own money. When I pass away they'll all get a little sumthin sumthin.

My expenses, especially when I'm in Mexico are extremely low. I only have to worry about feeding myself at the moment. In a couple years maybe myself and the new Mrs. Observer but that's still a way off. Things may change.

No shame in any job. I've always started at foot in the door jobs and either worked my way up or left because there was no future there for me.

I get bored easily and won't tolerate a bad job or boss. Too old for that. Luckily the rental income is enough to support me not working as long as I need.


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## Jon Stoppable (Dec 11, 2019)

Mkang14 said:


> This doesn't seem very bear like &#129300;. At what point do you claw the captain of the sailboat?


Well what you do is charter it then ask for a sea trial before you pay and then eat the captain. Free meal and free boat!


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## Giantsfan1503 (Sep 18, 2019)

Jon Stoppable said:


> Social Security at 62 and a 25' liveaboard sailboat. Follow the weather up and down the East Coast :coolio: Only 13 years to go!


that sounds fun


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## tohunt4me (Nov 23, 2015)

Mkang14 said:


> This doesn't seem very bear like &#129300;. At what point do you claw the captain of the sailboat?


Who will fish ?

Bears Love Fish.


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## Jon Stoppable (Dec 11, 2019)

tohunt4me said:


> Who will fish ?
> 
> Bears Love Fish.


Just get sailing in a close haul and stick your head over the transom :biggrin:


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## sellkatsell44 (Oct 25, 2015)

Jon Stoppable said:


> Social Security at 62 and a 25' liveaboard sailboat. Follow the weather up and down the East Coast :coolio: Only 13 years to go!


I don't know how old you are but I hope that post I made awhile back about the spousal ira loophole that was closing for 2020, if applicable to you, you and your spouse went for it.

mad my parents (not old enough) didn't qualify and that went away.

Eta, reread that. You mean to take ss @ 62.

don't you want full credit?

you can retire but not tap in yet.


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## Jon Stoppable (Dec 11, 2019)

sellkatsell44 said:


> Eta, reread that. You mean to take ss @ 62.
> 
> don't you want full credit?
> 
> you can retire but not tap in yet.


Bear should live so long. Mother-of-cubs didn't. Bearish saying: a meal in the gut is better than a crop in the field.


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## Trafficat (Dec 19, 2016)

I do not plan for retirement. In my mind, I'm kind of retired already. So every job I do is kind of like a retirement job. A lot less stress that way.

If you're too disabled to work, it seems like it is too late to have much fun. So it seems like holding onto vast fortunes that long is a waste. Not to mention, you are saving for a future that might never come at all. Some day maybe I'll be too disabled to work. The system will support me, or not. Whatever.


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## ColdRider (Oct 19, 2015)

Great topic.

I know these are strange times. Many are wondering where their next check will come from so they might not think about 10, 20 or 30 yrs from now but I hope they do.


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## AvisDeene (Jun 7, 2019)

My retirement plan is to either move to San Diego and pan handle or attack a police officer and get 3 free meals a day.


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## Giantsfan1503 (Sep 18, 2019)

ColdRider said:


> Great topic.
> 
> I know these are strange times. Many are wondering where their next check will come from so they might not think about 10, 20 or 30 yrs from now but I hope they do.


Me too bro, all it takes is a plan and setting a percentage of your income aside. It takes discipline which in itself is an asset to living this life.



Trafficat said:


> I do not plan for retirement. In my mind, I'm kind of retired already. So every job I do is kind of like a retirement job. A lot less stress that way.
> 
> If you're too disabled to work, it seems like it is too late to have much fun. So it seems like holding onto vast fortunes that long is a waste. Not to mention, you are saving for a future that might never come at all. Some day maybe I'll be too disabled to work. The system will support me, or not. Whatever.


I have a fear of ending up in one of those senior living facilities. Getting smacked around by a 30 year old who hates their life. I rather be comfortable and travel the world. Obviously step one is taking care of my health. If I do amass a vast fortune that I can't spend I'll leave it to the loves of my life. My daughters.


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## Mole (Mar 9, 2017)

Giantsfan1503 said:


> Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA.
> 
> I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16.
> 
> ...


They said all those things in the 70's SS will be bankrupt stick all your money in a 401 or pension so corporations can lose it for you.

a simple way to wealth.

live below your means. Buy and pay off your house. Save as much cash as possible and have it in a high interest savings account. Never trust anyone with your money including your spouse and if you can always keep a stash of gold and silver buy it in good times when it is cheap. If possible buy 1 rental property. And this is the most important of all take damn good care of your health don't smoke moderate drinking don't do drugs and stay clean and healthy. Bam your well off.


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## TBoned (Sep 25, 2019)

Giantsfan1503 said:


> Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA.
> 
> I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16.
> 
> ...


It depends. If you own a paid off home when you retire you do not need nearly as much as every source you'll find say's you do. it depends what you want to do. Some people plan to stay very active. Some like my parents become less active and just putter around the house. SSI will never just get shut off over night. They will give plenty of warning to the young. If it happens they will say 'OK everybody under 50 or likely younger thats it" Everyone over that age will continue to get the benefits. Do you see that happening in the next nine years? I don't.


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## SHalester (Aug 25, 2019)

Retired at 53. We try to live off wife unit's income...mostly. My investment income pays for the fun stuff vacations, toys etc and the dreaded real estate taxes; also supplies the funds for down payments on our house. Lost my mom in 2003; inherited a sum, invested and didn't touch it until I retired. Still we only hit the principal once a year; otherwise just the income. 

RS gigs just for the schedule and net net extra cash to have less guilt when buying the next device upgrade or update the media center hardware. 

62 will get pension; plan on SS at 67.


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## Coachman (Sep 22, 2015)

My plan is to keep working until I'm so old that my nieces and nephew pay to put me in a home somewhere.


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## SHalester (Aug 25, 2019)

Coachman said:


> my nieces and nephew pay to put me in a home somewhere


that seems more like a 'hope' and not a plan.......


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## The queen 👸 (Jan 2, 2020)

SHalester said:


> that seems more like a 'hope' and not a plan.......


No kids or nieces will put me in a home. If I get that senile I will kill myself .


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## ANT 7 (Oct 14, 2018)

^^^ You'll forget to do that before you have lunch if you get to that stage.

I'm 50 and basically don't need to work anymore either. So, I guess I technically have no plan, never really had one either to be honest.

Learn a second language in a warm place, buy a small house or apartment there, and move. That's what we sorta did.


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## Trafficat (Dec 19, 2016)

Giantsfan1503 said:


> If I do amass a vast fortune that I can't spend I'll leave it to the loves of my life. My daughters.


Good plan, but the death tax is going to be like 40% based on current laws, and they'll probably increase the death tax rate by the time I die.


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## SHalester (Aug 25, 2019)

Trafficat said:


> Good plan, but the death tax is going to be like 40% based on current laws


Revocable Trust. And don't forgot to transfer asset titles to the trust.


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## ashlee2004 (Apr 19, 2019)

I'm mostly planning on talking @The queen &#128120; into adopting me.


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## tohunt4me (Nov 23, 2015)

The queen &#128120; said:


> No kids or nieces will put me in a home. If I get that senile I will kill myself .


If you get THAT senile . . . .

You WONT KNOW IT !



SHalester said:


> that seems more like a 'hope' and not a plan.......


YOU CAN ALWAYS ROLL YOUR WHEELCHAIR INTO A BANK . . . .

" STICK EM UP".

THEN MOVE TO A GATED COMMUNITY WITH 24 HOUR SECURITY

SURROUNDED BY YOUNGER PEOPLE.

SO MUCH NICER THAN A NURSING HOME !
FREE CABLE
FREE MEALS
CABLE TV
PLENTY OF COMPANY

" PRISON "!


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## UberPotomac (Oct 8, 2016)

Investing early in life is great advice .
Now , I think you are in the wrong platform or wrong planet . Saving 40k for a driver ?
Are you out of your mind ?
Drivers are lucky if the gross that money at the end of the year .
You people got to stop coming into this forums and even driving , just because you are lonely or need a hobby . 
If you are set up financially and you need just extra money to buy fishing gear , why the hell you want to drive an Uber ?

Guys , enjoy your BINGO TUESDAY , May be some BALL ROOM DANCING and move on with your life . 

Especially now that you became the highest risk group .


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## Trafficat (Dec 19, 2016)

UberPotomac said:


> Investing early in life is great advice .
> Now , I think you are in the wrong platform or wrong planet . Saving 40k for a driver ?
> Are you out of your mind ?
> Drivers are lucky if the gross that money at the end of the year .
> ...


I feel sorry for anyone who looks forward to Bingo. I'd rather play Uber driver than Bingo, even if I had to pay to drive for Uber. Not so sure about ballroom dancing either. You'll pull your hip!


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## Giantsfan1503 (Sep 18, 2019)

UberPotomac said:


> Investing early in life is great advice .
> Now , I think you are in the wrong platform or wrong planet . Saving 40k for a driver ?
> Are you out of your mind ?
> Drivers are lucky if the gross that money at the end of the year .
> ...


NYC market is a different animal. I haven't made less than 100k in the last 2 years. I started July 2017 and made 45k. My car is paid off. I use my home's mortgage interest for a huge tax break. I use the mileage deduction which gives me another huge tax break. I don't pay for health insurance. Not sure what the rates are elsewhere, we have it pretty good here in NYC


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## observer (Dec 11, 2014)

observer said:


> Yea, with the exception of my daughter, my kids are grown up, they earn their own money. When I pass away they'll all get a little sumthin sumthin.
> 
> My expenses, especially when I'm in Mexico are extremely low. I only have to worry about feeding myself at the moment. In a couple years maybe myself and the new Mrs. Observer but that's still a way off. Things may change.
> 
> ...


"No shame in any job. I've always started at foot in the door jobs and either worked my way up or left because there was no future there for me."

I was thinking about this comment earlier.

I've worked a lot of odd jobs over the years. I've worked 16-18 hour days for months at a time drilling water wells in weather from 20 degrees to 120 degrees. The work was exhausting and my forearms were so hard you could literally bounce a sledge hammer on them. I looked like Popeye with a beer belly cept I don't drink.

The only reason I quit is because the owners were extremely unsafe. I lost part of my finger there and figured I better quit before something more serious happened.

I've worked raising insects. Crickets, worms and roaches. It's actually a good business and I'm working on starting up a similar business.

I've worked hard at the ranch as well. One time I had about an acre of cut brush that needed to be collected and burned. I scheduled three workers to come in and clean it up.

None of the three showed up.

With a tractor scheduled to plow the land the very next day, I buckled down and did the work by myself. It took me until after nine o clock at night but I finished.

The next day the three guys showed up and asked me who had done the work. When I told them that I did, they said but who helped you?

I told them that just because I'm a _*norteño *_doesn't mean I don't know how to work.

Needless to say, those three guys no longer work for me.


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## UberPotomac (Oct 8, 2016)

Giantsfan1503 said:


> NYC market is a different animal. I haven't made less than 100k in the last 2 years. I started July 2017 and made 45k. My car is paid off. I use my home's mortgage interest for a huge tax break. I use the mileage deduction which gives me another huge tax break. I don't pay for health insurance. Not sure what the rates are elsewhere, we have it pretty good here in NYC


I realized I was on NYC forum after I commented . I am in the DC market . 
NYC did good By some driver when they make hard to get a license and limit the number of drivers . Also is extremely hard to became a driver in NYC .In DC everyone with a hobby is an Uber driver . I think the virus will thin the heard for a while but if there is , like expected, a lot of unemployment , and they do not limit new drivers , will take a shit again . Rates are terrible over here in the DC Area . 
Do you guys have a minimum Hourly rate right?


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## Jon Stoppable (Dec 11, 2019)

SHalester said:


> Revocable Trust. And don't forgot to transfer asset titles to the trust.


Revocable trusts avoid probate but not estate tax.


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## oldfart (Dec 22, 2017)

When I was 35 and thinking about planning for retirement, bank CDs were paying 12%. A guy with $500000 could retire and earn $60000 without touching his principal 

now $500000 might earn you $25000 a year. Which is why I’m still working

So, take from someone that knows. Start saving now, whatever your age


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## Giantsfan1503 (Sep 18, 2019)

UberPotomac said:


> I realized I was on NYC forum after I commented . I am in the DC market .
> NYC did good By some driver when they make hard to get a license and limit the number of drivers . Also is extremely hard to became a driver in NYC .In DC everyone with a hobby is an Uber driver . I think the virus will thin the heard for a while but if there is , like expected, a lot of unemployment , and they do not limit new drivers , will take a shit again . Rates are terrible over here in the DC Area .
> Do you guys have a minimum Hourly rate right?


Yea we get .50 a minute and 1.17 per mile. A good amount of passengers tip too.


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## evad77 (Oct 15, 2016)

I retired in 2005 at the age of 39.started doing uber in 2015 4 or 5 hours a night to pass the time


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## TheDevilisaParttimer (Jan 2, 2019)

sellkatsell44 said:


> I am always so happy to see people when they start in their early twenties.
> 
> usually it's thanks to parents who open custodial iras for their kids.
> 
> ...


Y


SHalester said:


> Retired at 53. We try to live off wife unit's income...mostly. My investment income pays for the fun stuff vacations, toys etc and the dreaded real estate taxes; also supplies the funds for down payments on our house. Lost my mom in 2003; inherited a sum, invested and didn't touch it until I retired. Still we only hit the principal once a year; otherwise just the income.
> 
> RS gigs just for the schedule and net net extra cash to have less guilt when buying the next device upgrade or update the media center hardware.
> 
> 62 will get pension; plan on SS at 67.


Your pension plan makes you guys wait too long. I thought most eligibility begin at 57.


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## Blatherskite (Nov 30, 2016)

Comfortable people engaged in livery is the clearest proof of the universe’s infinitude.


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## Amos69 (May 17, 2019)

Yes. I will continue to manage my properties and teach auto mechanics and bow hunting.



UberPotomac said:


> Investing early in life is great advice .
> Now , I think you are in the wrong platform or wrong planet . Saving 40k for a driver ?
> Are you out of your mind ?
> Drivers are lucky if the gross that money at the end of the year .
> ...


I am a very good dancer! Used to be a little lighter on my feet but at 54 I still got chops. Your statement is why so many people fail to succeed. Continued cash flow to live off while you are aging keeps you from dipping into funds to early and being caught short.

2019 I grossed $64,000 cash flow from this biz. My profit was $39,891. My taxable income was $6,237

FREE MOTHER LOVING MONEY$$$$$$$$$$$

That money pays for so many things in my world.

This is one of six LLC's I own and operate. That is just in the USofA.

I like to work, and working in no way interferes with the fact that I love to play. In fact it helps me play the games I love so much.



ashlee2004 said:


> I'm mostly planning on talking @The queen &#128120; into adopting me.


That is a great plan! I do like some M&D play!


----------



## WhogivesAF? (Feb 17, 2020)

I am going to shoot myself and go to hell. Because that’s where all the bad girls go.


----------



## NauticalWheeler (Jun 15, 2019)

Penis.

This has been a test to see if up.net blurs out the word "penis"

This is only a test.

--------------------------------

As to the OP,

As an independent contractor, I only use IRA options. Were I to incorporate or form any other type of business entity than sole proprietorship, other options may be available. I am not a lawyer, but I suspect it would open up additional options.

I'm a gonna google "SEP IRA" and stuff. That may be a thing. There are stuff and things out there.


----------



## The Gift of Fish (Mar 17, 2017)

Giantsfan1503 said:


> *Do you have a plan in place for retirement?*


Take up hard liquor, hard drugs and floozies; die before I hit 65.

Next question.


----------



## WhogivesAF? (Feb 17, 2020)

The Gift of Fish said:


> Take up hard liquor, hard drugs and floozies; die before I hit 65.
> 
> Next question.


Heck with those plans I would want to live until 99.


----------



## 125928 (Oct 5, 2017)

death


----------



## Poverty Ant (Mar 4, 2020)

Come read some of the forums for cities like Orlando, Miami, Ft Myers. Uber IS the retirement plan.


----------



## 20yearsdriving (Dec 14, 2014)

observer said:


> I've been working on the ranch. It will be enough for me to be self sufficient in food and allow me to make a little money once I get it set up correctly.
> 
> I also have a little monthly rental income every month.
> 
> ...


I got a little side gig side gig idea for you .. specially if you are in guanatos.
Seriously PM me... you only need 20 bucks to start.


----------



## SHalester (Aug 25, 2019)

TheDevilisaParttimer said:


> I thought most eligibility begin at 57.


first of all few have a pension these days. Mine was 'closed' like 15yrs ago. I can draw the pension right now if I don't mind a reduced amount. I prefer to wait until I get 100%. Call me greedy.


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## Giantsfan1503 (Sep 18, 2019)

SHalester said:


> first of all few have a pension these days. Mine was 'closed' like 15yrs ago. I can draw the pension right now if I don't mind a reduced amount. I prefer to wait until I get 100%. Call me greedy.


Not greedy at all that's smart. Patience is a virtue


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## ANT 7 (Oct 14, 2018)

Every economist and planner says take the money on day one. But hey, it's your money.


----------



## sellkatsell44 (Oct 25, 2015)

SHalester said:


> first of all few have a pension these days. Mine was 'closed' like 15yrs ago. I can draw the pension right now if I don't mind a reduced amount. I prefer to wait until I get 100%. Call me greedy.


I had pension when I worked at a big bank a few years ago! Didn't even know cos they didn't advertise it, I only thought I had a 401k.

turns out I had both but I was only there for a few years so the pension was like $3-4K? Rolled it over into an ira to self direct and called it a day.


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## SHalester (Aug 25, 2019)

ANT 7 said:


> Every economist and planner says take the money on day one


...actually quite the opposite with SS. Almost all say it is best to wait until you get 100% as you will always get more money vs beginning early at a lower rate. Course, if you think you will have a shorter life your mileage my differ.
As far as pension goes, quite silly to start drawing until you max out at 100%, specially if you don't need it. I worked there for 32yrs want something in return, thankyouverymuch.


----------



## Johnny Mnemonic (Sep 24, 2019)

Giantsfan1503 said:


> Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA.
> 
> I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16.
> 
> ...


Financial independence, yes. Absolutely want to do that. Currently on baby step 4 (if you listen to Dave Ramsey).

Retirement? Never.

Everyone I know in "retirement" travels for the first year or so. Then the boredom sets in. With no job, no purpose for living, and a sedentary lifestyle, their only contribution to the world is drinking coffee and dropping a deuce into the toilet.

"_Retirement," he says with a sigh. "Geez. That's what Forest Lawn wants. Retire and they get ya! I don't care how long I live, I want to live while I'm living. Most Americans, hell, they die at 40 and they bury 'em at 70. Who wants that? I wanna be productive , I wanna be able to help people!_" -Jack Lalanne-

The only thing that's changed about that is, in the 21st century, retired people die at 60 and they bury you at 90.

https://www.latimes.com/archives/la-xpm-1988-05-24-vw-3266-story.html


----------



## Giantsfan1503 (Sep 18, 2019)

Johnny Mnemonic said:


> Financial independence, yes. Absolutely want to do that. Currently on baby step 4 (if you listen to Dave Ramsey).
> 
> Retirement? Never.
> 
> ...


In the interest of full disclosure. There are 2 things I need during retirement. 1. Great food 2. My penis to work. If either of those 2 aren't available it'll be time to check out. If I have enough money to live comfortably I really would not want to work again.


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## Gilby (Nov 7, 2017)

I retired from full time work 10 years ago. I have eight different sources of income that bring in about the same income we had when we both worked full time. As a flight instructor, my retirement plan has worked beautifully for me - I am getting paid to fly other peoples' airplanes. My wife teaches one or two courses online for a private college. We both get social security, and mandatory IRA distributions, and I have a small pension from a job I had back in the 70s and 80s, plus a small VA disability check. 

After not driving for six weeks, I am thinking I may give up rideshare altogether.


----------



## observer (Dec 11, 2014)

20yearsdriving said:


> I got a little side gig side gig idea for you .. specially if you are in guanatos.
> Seriously PM me... you only need 20 bucks to start.


I won't be in Guanatos till beginning of August. I'll probly stay a couple months then come back.


----------



## TheDevilisaParttimer (Jan 2, 2019)

SHalester said:


> first of all few have a pension these days. Mine was 'closed' like 15yrs ago. I can draw the pension right now if I don't mind a reduced amount. I prefer to wait until I get 100%. Call me greedy.


There's still a lot of people with a pension plan. Reduced amount? opsies: Lawd yours wasn't employee friendly.


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## SHalester (Aug 25, 2019)

TheDevilisaParttimer said:


> There's still a lot of people with a pension plan.


Haven't seen any stats, but my guess it is a very diminished number. Most have 401k's as that is what companies moved to a decade ago. Reduced amount? No way, I want 100% what is due to me. Pension and SS wise.


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## TheDevilisaParttimer (Jan 2, 2019)

SHalester said:


> Haven't seen any stats, but my guess it is a very diminished number. Most have 401k's as that is what companies moved to a decade ago. Reduced amount? No way, I want 100% what is due to me. Pension and SS wise.


Honestly I think a 401k is better but I'm on a pension plan.


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## Coachman (Sep 22, 2015)

SHalester said:


> that seems more like a 'hope' and not a plan.......


Well my oldest niece is on her way to becoming a public school teacher, so she'll be no help. But my other niece and nephew both plan to go to law school. So there is hope for me yet.


----------



## SHalester (Aug 25, 2019)

Coachman said:


> So there is hope for me yet.


if I ever need that kinda of help from my adult nephew/niece/grand nephews I'll off myself. I mean, Just shoot me.
&#128546;


----------



## ColdRider (Oct 19, 2015)

TheDevilisaParttimer said:


> Honestly I think a 401k is better but I'm on a pension plan.


Pensions die with you. Wait until you're 62, 67 or whatever to get what's fully due to you. Get your fist check and then die from a bus hitting you.  :laugh:

With a 401k and/or IRA if you die, you can leave the 401k to your kids, wife or mistress. ☺


----------



## Johnny Mnemonic (Sep 24, 2019)

Gilby said:


> As a flight instructor, my retirement plan has worked beautifully for me - I am getting paid to fly other peoples' airplanes.


Now that'll work! I guess it comes down to semantics ultimately, but I wouldn't consider you "retired". You get paid a modest amount to do a job that you find meaningful, as opposed to maximum income at a job with lots of stress/headaches. The fact that you have to keep your FAA medical qualifications probably steers you toward making healthier lifestyle choices than you would if you had no occupation and just idled around the house.


----------



## TheDevilisaParttimer (Jan 2, 2019)

ColdRider said:


> Pensions die with you. Wait until you're 62, 67 or whatever to get what's fully due to you. Get your fist check and then die from a bus hitting you.  :laugh:
> 
> With a 401k and/or IRA if you die, you can leave the 401k to your kids, wife or mistress. ☺


Main fully pays out at 57 but I still its really just a monthly stipend similar to ssi.

I would much rather my money be main and I do with it completely as I see fit.


----------



## Amsoil Uber Connect (Jan 14, 2015)

Ya Pensions are not what they use to be. Mine was 30/55 from McDonnell Douglas / Boeing. Towards the end I thought I was going to have to rehire to Evertte WA. just to complete my 30 yrs. But the Indians bought 20 C-17's so that carried me through. Sometimes I really think I was born just at the right time in life. As my anniversary Seniority date was just two months after my B-date. When C-17 assembly ended it was a plant wide closure so everyone got laid-off and being laid-off a second time that added two years of service to the pension check, 170 a month more. This was at 58 and the pension paid LISA that added another 550 a month til I turned 62.

My one friend keeps saying, get out of California, I'm tellin ya man. He left as soon as he could cause he hates Cali politics, can't say I blame him, now lives an hour east of Reno. I've thought about going there to, but dam that cold weather, even though it's desert and can hit a 100* in Summer yet 4000 feet . Think I'll just stay put.


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## Uberisfuninlv (Mar 22, 2017)

Yes my plan is to drive for Uber. That seems to be recession proof...oh darn I need to rethink that one it seems :winking:


----------



## The Gift of Fish (Mar 17, 2017)

Giantsfan1503 said:


> I have a friend who suggested Spain. The cost of living is one of the lowest in western Europe


There's a reason for that.


----------



## The queen 👸 (Jan 2, 2020)

The Gift of Fish said:


> There's a reason for that.


I suggest Portugal. Less taxes and cheap to live in than Spain.


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## UbaBrah (Oct 25, 2019)

I plan to work until I keel over. As much as I like some time off, I can't see any point in doing nothing worthwhile for 10 or 20 years.


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## Gilby (Nov 7, 2017)

Johnny Mnemonic said:


> The fact that you have to keep your FAA medical qualifications probably steers you toward making healthier lifestyle choices than you would if you had no occupation and just idled around the house.


Some truth there, but there is an interesting wrinkle. A flight instructor does not need to have a medical certificate if the other pilot/trainee is qualified to act as pilot in command. This would come into play on many Flight Reviews.

However, I have a number of primary students so I do maintain a medical certificate to act as pilot in command. And since I sometime fly scenic rides or charters, I maintain a Second Class for commercial operations. This works out fine, because I have diabetes and have to get a medical exam every year anyway.


----------



## SHalester (Aug 25, 2019)

Johnny Mnemonic said:


> maximum income at a job with lots of stress/headaches.


I believe that is referred to as a career that pays the bills, the family, vacations, etc etc.


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## ANT 7 (Oct 14, 2018)

Giantsfan1503 said:


> In the interest of full disclosure. There are 2 things I need during retirement. 1. Great food 2. My penis to work. If either of those 2 aren't available it'll be time to check out. If I have enough money to live comfortably I really would not want to work again.


And some place to live that is warm 24/7/365..........


The queen &#128120; said:


> I suggest Portugal. Less taxes and cheap to live in than Spain.


Legal drugs and a nicer language too.


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## Mkang14 (Jun 29, 2019)

I have a 401k but I'm always going to work until I absolutely can't anymore.

2 people from my team retired, came back and years later actually retired. 

They came back because they got bored.


----------



## ghrdrd (Jun 26, 2019)

Giantsfan1503 said:


> Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA.
> 
> I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16.
> 
> ...


Retirement plan? Rob First National Bank in an ex-President's mask, most likely Trump's.


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## Giantsfan1503 (Sep 18, 2019)

ghrdrd said:


> Retirement plan? Rob First National Bank in an ex-President's mask, most likely Trump's.


I've seen that movie, you should go for it.


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## Jon Stoppable (Dec 11, 2019)

Mkang14 said:


> I have a 401k but I'm always going to work until I absolutely can't anymore.
> 
> 2 people from my team retired, came back and years later actually retired.
> 
> They came back because they got bored.


That is sad. Bear does not like to work that much, but work brings food so ...


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## Crosbyandstarsky (Feb 4, 2018)

Giantsfan1503 said:


> Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA.
> 
> I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16.
> 
> ...


Ya. Stocks bonds and mutual funds.. I retired at 47 and driving very part time



Crosbyandstarsky said:


> Ya. Stocks bonds and mutual funds.. I retired at 47 and driving very part time


I started at 19


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## JimKE (Oct 28, 2016)

Advice/comments on a couple of things mentioned by others from an old retired fart.

*Retirement income* -- This varies, or course, depending on family status and many other factors.

But the general rule financial planners will give you is that your *expenses really will not change much*. You will spend money on _different things_, but your overall spending won't change much. That has also been my experience for the last 20+ years, so don't delude yourself into thinking you will suddenly scale down. You won't.

I was fortunate to have a very good retirement plan, but those are rare these days.

Today, you need your own personal retirement program and you need to *start early and contribute consistently.* If you do that, you won't get in the habit of spending all your money and you won't miss your retirement contributions. My wife just retired after 30+ years @ just under 1/2 her regular salary -- BUT, she had been contributing to her own personal retirement accounts all that time and retired with an impressive pile of money.

*Have something to do! * I've been retired for about 20 years, and in that time, I've had two additional "careers" -- one lasting 5 years, and the other 12 years. The first "additional career" was only part-time and involved a good bit of travel. In my off time, I did volunteer work which eventually turned into the other career -- which was seasonal, full time but only 6 months per year. When I finally "retired retired" I got bored pretty quickly and began driving for Uber.

But you've got to have something to do. It might be a hobby that turns into a little money. It might be volunteer work. It might be something you never thought of.

But don't sit on the couch and rot.


----------



## kcdrvr15 (Jan 10, 2017)

WhogivesAF? said:


> I am going to shoot myself and go to hell. Because that's where all the bad girls go.


Update.. You already did. And yes all the bad girls are here...


----------



## percy_ardmore (Jun 4, 2019)

Jon Stoppable said:


> Social Security at 62 and a 25' liveaboard sailboat. Follow the weather up and down the East Coast :coolio: Only 13 years to go!


Sloop John B? Don't let anybody eat your corn.



Mole said:


> They said all those things in the 70's SS will be bankrupt stick all your money in a 401 or pension so corporations can lose it for you.
> 
> a simple way to wealth.
> 
> live below your means. Buy and pay off your house. Save as much cash as possible and have it in a high interest savings account. Never trust anyone with your money including your spouse and if you can always keep a stash of gold and silver buy it in good times when it is cheap. If possible buy 1 rental property. And this is the most important of all take damn good care of your health don't smoke moderate drinking don't do drugs and stay clean and healthy. Bam your well off.


There's no such thing as high interest savings accounts and hasn't been since last century.



TheDevilisaParttimer said:


> Y
> 
> Your pension plan makes you guys wait too long. I thought most eligibility begin at 57.


Depends on the company, could be age 55.


----------



## Jon Stoppable (Dec 11, 2019)

percy_ardmore said:


> Sloop John B? Don't let anybody eat your corn.


No one eats bear's food and lives to tell about it


----------



## Tony73 (Oct 12, 2016)

Giantsfan1503 said:


> Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA.
> 
> I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16.
> 
> ...


Im retiring at 50, overseas.


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## sellkatsell44 (Oct 25, 2015)

JimKE said:


> Today, you need your own personal retirement program and you need to *start early and contribute consistently.* If you do that, you won't get in the habit of spending all your money and you won't miss your retirement contributions. My wife just retired after 30+ years @ just under 1/2 her regular salary -- BUT, she had been contributing to her own personal retirement accounts all that time and retired with an impressive pile of money


Exactly!

401k is the very basic minimum.

retirement accounts outside of that, also brokerage accounts/savings account, helps.


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## Mole (Mar 9, 2017)

percy_ardmore said:


> Sloop John B? Don't let anybody eat your corn.
> 
> 
> There's no such thing as high interest savings accounts and hasn't been since last century.
> ...


1.5% is a high interest savings account you can get a CD 5 year at 2.3% they come and go I have two accounts at 4.7% that are ending in 2 months. You just need to play smart. When I was a kid it use to be 14% those days are gone.


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## sellkatsell44 (Oct 25, 2015)

Mole said:


> 1.5% is a high interest savings account you can get a CD 5 year at 2.3% they come and go I have two accounts at 4.7% that are ending in 2 months. You just need to play smart. When I was a kid it use to be 14% those days are gone.


I heard mortgage rates were also near 20%!
I have a checking account @ 4% up to 3k, the rest is in a 1.55% liquid savings...

I don't utilize CDs or treasuries or other cash equivalent since I have a few decades minimum in time horizon, so I'm investing it in IRAs/brokerage accounts.


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## Legalizeit0 (Jul 26, 2017)

The queen &#128120; said:


> Yes. I plan to retired by 60/64 . Drive around the USA and Europe with my rv. After I have my kids done with college . More inclined to get a place in Portugal . Cheap and very nice . Live a simple life. I worked hard for it and saved the money .


Queen, your post is almost scary. My wife and I have seriously discussed that exact plan.

Everything we have heard about retirement and Portugal is wonderful, anything you could add would be appreciated.


----------



## The queen 👸 (Jan 2, 2020)

Legalizeit0 said:


> Queen, your post is almost scary. My wife and I have seriously discussed that exact plan.
> 
> Everything we have heard about retirement and Portugal is wonderful, anything you could add would be appreciated.


The usual, weather, food, cost of living, taxes are below average. If you like a simple healthy life I think Portugal is the best place in Europe. Italy my native country is way to expensive and taxes are way higher. Lisbon is a very nice city. Or you could live up the coast .


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## UberHammer (Dec 5, 2014)

sellkatsell44 said:


> Exactly!
> 
> *401k is the very basic minimum.*
> 
> retirement accounts outside of that, also brokerage accounts/savings account, helps.


For people who earn so much that they are taxed in higher brackets, tax deferred retirement accounts like 401Ks are the very basic minimum. Their purpose is to avoid paying a high tax rate now in exchange to paying a lower tax rate later on in retirement. it assumes you will be in a lower tax bracket in the future.

But most Uber drivers are already in the lowest tax brackets. For them the Roth IRA should be the very basic minimum. Your contributions to it are after you've already paid tax on the contributions. The benefit being that everything that the Roth IRA earns over the years is also after tax.

Honestly it makes no sense for most Uber drivers who are already in the lowest tax brackets to use tax deferred accounts. By deferring the tax, you still pay the same tax rate on the contributions, BUT ALSO HAVE TO PAY TAX ON THE EARNINGS TOO!!!


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## Legalizeit0 (Jul 26, 2017)

UberHammer said:


> For people who earn so much that they are taxed in higher brackets, tax deferred retirement accounts like 401Ks are the very basic minimum. Their purpose is to avoid paying a high tax rate now in exchange to paying a lower tax rate later on in retirement. it assumes you will be in a lower tax bracket in the future.
> 
> But most Uber drivers are already in the lowest tax brackets. For them the Roth IRA should be the very basic minimum. Your contributions to it are after you've already paid tax on the contributions. The benefit being that everything that the Roth IRA earns over the years is also after tax.
> 
> Honestly it makes no sense for most Uber drivers who are already in the lowest tax brackets to use tax deferred accounts. By deferring the tax, you still pay the same tax rate on the contributions, BUT ALSO HAVE TO PAY TAX ON THE EARNINGS TOO!!!


Really good advice. Why would anyone in a low tax bracket not use a Roth? Unless, you think that your retirement savings are going to go down by the time you retire. 
Putting in after-tax money allows you to earn as much as you possibly can and never pay taxes on any of it.


----------



## sellkatsell44 (Oct 25, 2015)

UberHammer said:


> For people who earn so much that they are taxed in higher brackets, tax deferred retirement accounts like 401Ks are the very basic minimum. Their purpose is to avoid paying a high tax rate now in exchange to paying a lower tax rate later on in retirement. it assumes you will be in a lower tax bracket in the future.
> 
> But most Uber drivers are already in the lowest tax brackets. For them the Roth IRA should be the very basic minimum. Your contributions to it are after you've already paid tax on the contributions. The benefit being that everything that the Roth IRA earns over the years is also after tax.
> 
> Honestly it makes no sense for most Uber drivers who are already in the lowest tax brackets to use tax deferred accounts. By deferring the tax, you still pay the same tax rate on the contributions, BUT ALSO HAVE TO PAY TAX ON THE EARNINGS TOO!!!


Actually my 401k is both traditional and roth, :smiles: but I'm looking into doing roth (as previously explained but you might have missed that, that's ok) 401k completely depending on my tax bracket...

401k is the bare minimum because roth can only contribute 6k (recently bumped up from 5.5k) with 1k catch up after you're 50.

there is i401k as well as SEP for you 1099 business owners/uber drivers where you can throw more than a measly 6/7k to adjust your income or "earnings" for the year... because those limits are higher for the afore mentioned. So yes, sometimes having a qualified retirement shelter makes sense. Esp if you're in the game of deductions.

BY THE BY

those who are in super high tax bracket will not qualify for traditional benefit nor will they be eligible to put money into roth so they just do backdoor anyways.




Legalizeit0 said:


> Really good advice. Why would anyone in a low tax bracket not use a Roth? Unless, you think that your retirement savings are going to go down by the time you retire.
> Putting in after-tax money allows you to earn as much as you possibly can and never pay taxes on any of it.


if you make a lot, but not so much that you don't qualify for tax benefit, you will divert money into a traditional or pretax... then when you have a particularly shietty year with no income, you will go ahead and do a backdoor conversion.

it's called mitigating your taxes when possible like tax loss harvest


----------



## Gilby (Nov 7, 2017)

sellkatsell44 said:


> Actually my 401k is both traditional and roth


Roth refers to IRAs, not 401ks, right? I don't think it can be both, has to be one or the other. I have traditional IRA, my wife has both Roth and traditional IRA. Both of our 401ks ended when we stopped working full time and moved the money into our IRAs.


----------



## sellkatsell44 (Oct 25, 2015)

Gilby said:


> Roth refers to IRAs, not 401ks, right? I don't think it can be both, has to be one or the other. I have traditional IRA, my wife has both Roth and traditional IRA. Both of our 401ks ended when we stopped working full time and moved the money into our IRAs.


Nope, I have roth 401k. It's a relatively new thing and amazing.

I also have Roth IRA on top of this.

the person who I quoted is a bit outdated.

I upped my contribution to accelerate (luckily the match won't be affected by this, I checked) to take advantage of the lows because of where we are at.


----------



## kcdrvr15 (Jan 10, 2017)

percy_ardmore said:


> Sloop John B? Don't let anybody eat your corn.
> 
> 
> There's no such thing as high interest savings accounts and hasn't been since last century.
> ...


Or the Job,

20 years & age 50


----------



## Albert12 (May 5, 2020)

I am always so happy to see people when they start in their early twenties.


----------



## TahoeAl (Feb 12, 2016)

Giantsfan1503 said:


> *Do you have a plan in place for retirement?*











@ 62, I hope to be the young/old man with a nice boat and eye candy.


----------



## ANT 7 (Oct 14, 2018)

IMHO another very worthwhile thing to do is get a portion of your funds physically located OUTSIDE of your country in a different currency and jurisdiction. 

Get a second passport if at all possible, either thru a birthright or other means.


----------



## JimKE (Oct 28, 2016)

ANT 7 said:


> IMHO another very worthwhile thing to do is get a portion of your funds physically located OUTSIDE of your country in a different currency and jurisdiction.
> 
> Get a second passport if at all possible, either thru a birthright or other means.


That used to be a thing years ago, but I'm not sure it's recommended today unless you're actually going to be living in the other country and need money in a bank there.

For many years, that was a tactic to try to hide assets from the IRS, but they now have transparency agreements with most countries. It was also used to protect assets from seizure due to lawsuits, etc, but there may be better, cheaper ways to accomplish the same thing without taking your money offshore.

If you want to offshore some money, there are some countries that will give you citizenship for a certain level of "investment" in their country. But I'd be very careful with that. I'd want to be certain that the government was stable and relatively corruption-free, and that I'd be treated fairly by their legal system. Those are pretty tough requirements to meet.


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## Ssgcraig (Jul 8, 2015)

I'm retired, $36K a year in pension. That was my plan when I was 20. 

Now I work a decent job. I also Uber for about $20K a year. When my kid is living on his own, sell the house, take the $300K in equity and buy something small for cash, then I can stop working all together.


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## ANT 7 (Oct 14, 2018)

JimKE said:


> That used to be a thing years ago, but I'm not sure it's recommended today unless you're actually going to be living in the other country and need money in a bank there.
> 
> For many years, that was a tactic to try to hide assets from the IRS, but they now have transparency agreements with most countries. It was also used to protect assets from seizure due to lawsuits, etc, but there may be better, cheaper ways to accomplish the same thing without taking your money offshore.
> 
> If you want to offshore some money, there are some countries that will give you citizenship for a certain level of "investment" in their country. But I'd be very careful with that. I'd want to be certain that the government was stable and relatively corruption-free, and that I'd be treated fairly by their legal system. Those are pretty tough requirements to meet.


It's not about hiding assets for me. But that is still very easily done to be honest.

It's about having security, and options. And yes, you had better live there or have made some deeper connection, besides a couple of drunken holiday trips under your belt. You've go to know the language, politics, and economics of the country IMHO to be truly successful.


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## FLKeys (Dec 27, 2018)

Giantsfan1503 said:


> Drivers in their mid 30's and 40's should not only be considering a retirement account, but should already be contributing to it. I'm 41 and from what I'm hearing by the time I'm due for social security it'll be dried up. I've had a SEP IRA for about 3 years now. I like the SEP over a traditional IRA because I can contribute $58K a year as opposed to the $6K on a traditional IRA.
> 
> I've done things a bit different in that I invest in a select group of companies. As of now my portfolio holds Disney, Mcdonalds, Uber, Lyft, Aflac, and Nike. I use the 58K a year to invest in these companies. I also re-invest the dividends and do not take cash dividends. Uber and Lyft I purchased recently when the stocks hit $16.
> 
> ...


I'm doing a solo 401(k) like the SEP IRA it has larger contribution limits. I also feel the solo 401(k) has better advantages in my particular case. I put all my potential taxable income into the Solo 401(k) to to make my taxable income $0.00. I can also still fund my Roth IRA with the non taxable profits I make. Pretty much all the money I make from U/L goes into a retirement account of some kind.


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## forqalso (Jun 1, 2015)

Amsoil Uber Connect said:


> Ya Pensions are not what they use to be. Mine was 30/55 from McDonnell Douglas / Boeing. Towards the end I thought I was going to have to rehire to Evertte WA. just to complete my 30 yrs. But the Indians bought 20 C-17's so that carried me through. Sometimes I really think I was born just at the right time in life. As my anniversary Seniority date was just two months after my B-date. When C-17 assembly ended it was a plant wide closure so everyone got laid-off and being laid-off a second time that added two years of service to the pension check, 170 a month more. This was at 58 and the pension paid LISA that added another 550 a month til I turned 62.
> 
> My one friend keeps saying, get out of California, I'm tellin ya man. He left as soon as he could cause he hates Cali politics, can't say I blame him, now lives an hour east of Reno. I've thought about going there to, but dam that cold weather, even though it's desert and can hit a 100* in Summer yet 4000 feet . Think I'll just stay put.


I was on the C-17 project, pre T-1 through P-9. I got laid off in ‘92. 

I was laid off from my last job when Covid hit, but my VA disability was increased to 100% a couple months later. I then applied for my Social Security and got it with no early penalty. That allowed me to start drawing my union pension early, instead of at 62. I opted for about a 50% reduction of this, so it will continue to pay my wife after I die. I’m 58 now, she’ll be 34 next week, the pension fund people probably won’t like paying her for another sixty years, but oh well. I have an annuity that I could start draw off of now, but luckily i don’t need it, so it’s just growing.


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## Amsoil Uber Connect (Jan 14, 2015)

So you were one of the first back in 88-89 ? I didn't transfered there until P26 10/93, from the MD-11 side. After experiencing the start up of the MD-11's I knew full well to stay away from the C-17 for as long as I could. I was right, It was still in disarray and took a few more years to settle down. At one point they got Line Moves down to a 10 day cycle. Ya hard to believe in your days there. At the end it was 1 ship every 3-4 weeks.

My biggest concern now is staying out of that 85% tax bracket cause of SS. Hell the Boeing Pension already puts me in the 50% bracket. Ya when my Annuity kicks in no way to escape the 85%. Makes me wonder, should I wait for SS til 70.5 ? As I'm going to have wife start next year at 62. Anyway, I dunno. Have another webinar to see next week.
Congrats on the 34 wife. I've come to have known so many Leo's in the last 12 yrs.


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## Gone_in_60_seconds (Jan 21, 2018)

Get a cushy gov't job with a definied benefits pension plan.


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## forqalso (Jun 1, 2015)

Amsoil Uber Connect said:


> So you were one of the first back in 88-89 ? I didn't transfered there until P26 10/93, from the MD-11 side. After experiencing the start up of the MD-11's I knew full well to stay away from the C-17 for as long as I could. I was right, It was still in disarray and took a few more years to settle down. At one point they got Line Moves down to a 10 day cycle. Ya hard to believe in your days there. At the end it was 1 ship every 3-4 weeks.
> 
> My biggest concern now is staying out of that 85% tax bracket cause of SS. Hell the Boeing Pension already puts me in the 50% bracket. Ya when my Annuity kicks in no way to escape the 85%. Makes me wonder, should I wait for SS til 70.5 ? As I'm going to have wife start next year at 62. Anyway, I dunno. Have another webinar to see next week.
> Congrats on the 34 wife. I've come to have known so many Leo's in the last 12 yrs.


You scared me, I saw 50% tax bracket, then 85%. Then I checked and see it’s half of it may be taxable, not a 50% tax.


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## Amsoil Uber Connect (Jan 14, 2015)

That's why I'm doing this webinar. Like Covid, so much misinfo out there. When someone said 50 then 85% of your Adjusted gross Income AGI on your tax return that sends me the signal that my pension will be taxed at 50-85% too !!! F that. It's just under 32K as it is. Then add EDD then RS when EDD runs out, then mandatory disbursements on the Anniuty. It can get pretty ugly after age 70.5.

If it is just on the SS part ok then. 50% is for AGI of over 32,000. 85% is for over 44,000 ? 
Maybe they mean if your AGI is over 32K then your SS is taxed at 50% ? That would make more sense. But this is governement were dealing with.


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## forqalso (Jun 1, 2015)

Amsoil Uber Connect said:


> That's why I'm doing this webinar. Like Covid, so much misinfo out there. When someone said 50 then 85% of your Adjusted gross Income AGI on your tax return that sends me the signal that my pension will be taxed at 50-85% too !!! F that. It's just under 32K as it is. Then add EDD then RS when EDD runs out, then mandatory disbursements on the Anniuty. It can get pretty ugly after age 70.5.
> 
> If it is just on the SS part ok then. 50% is for AGI of over 32,000. 85% is for over 44,000 ?
> Maybe they mean if your AGI is over 32K then your SS is taxed at 50% ? That would make more sense. But this is governement were dealing with.


It’s not taxed at 50% or 85%, half of it is taxed at whatever rate your other income is taxed. If you get $40,000 is Social Securit, $20,000 of it is taxable and added to your table income.

From Benefits Planner | Income Taxes And Your Social Security Benefit | SSA


file a federal tax return as an "individual" and your combined income* is
between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits.
more than $34,000, up to 85 percent of your benefits may be taxable.

file a joint return, and you and your spouse have a combined income* that is
between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits.
more than $44,000, up to 85 percent of your benefits may be taxable.


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## Driving With A Purpose (Jul 28, 2020)

Mole said:


> Save as much cash as possible and have it in a high interest savings account.


I’d like to know where in the world you can get a high interest savings account!


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## Mole (Mar 9, 2017)

Driving With A Purpose said:


> I’d like to know where in the world you can get a high interest savings account!


I locked a nice chunk at 4% at Barclays two years ago now it is at 0.40% for new deposits


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## SpinalCabbage (Feb 5, 2020)

_"Do you have a plan in place for retirement?"_

I retired in 2010. Started doing gig-economy stuff in 2014. Took a job with the state in 2019 out of sheer boredom. I have no intention of fully retiring again. Next stop Boot Hill.


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## Driving With A Purpose (Jul 28, 2020)

I agree with having a plan, but you must absolutely positively be ready for unexpected events which can come out of nowhere. A couple of examples:

1) Years ago if someone told me that interest rates in bank accounts in certain areas (mostly foreign) would actually be LESS THAN ZERO PERCENT I absolutely would have thought they were nuts. Not so anymore.

2) Before 1984 (I know that is before many here were born) Social Security income was NOT taxed at all. Technically, it never should have become taxable because this is money that was withheld from the recipient's paycheck. To tax them to give it back is absolutely insulting.

3) One thing that could potentially get out of hand which hasn't really been a problem since the early 80's is inflation. To show you how ugly it can get, try Googling "Zimbabwe 100 trillion dollar note" Yes, a dollar bill which says $100,000,000,000,000 on it. I bought a bunch of these when they were selling as novelty items for about $3 each. Now they are frequently over $100 each. I've had one in my wallet for well over 10 years. It is a very cool conversation piece.

There are likely many more examples people on this site can think of, but you get the point. Don't forget the Boyscout motto: "Always be prepared."


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## Driving With A Purpose (Jul 28, 2020)

The queen 👸 said:


> Yes. I plan to retired by 60/64 . Drive around the USA and Europe with my rv. After I have my kids done with college . More inclined to get a place in Portugal . Cheap and very nice . Live a simple life. I worked hard for it and saved the money .


I've been all over the world and have flown over Portugal in the way to Madrid, but have never actually set foot in Portugal. That said, I have heard LOTS of nice things about Portugal (weather, people, cost of living, etc.). So it would probably be a real good choice. 

One thing to check out is healthcare. If you aren't a resident and have a $100,000 USD hospital bill, how would that be handled?


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## Driving With A Purpose (Jul 28, 2020)

Buck-a-mile said:


> It's freaking hot, and the government is still young. Visit first.


You say it is hot in Spain. Not on the Costa del Sol (Coast of the Sun- the southern part of the country), which is very similar to coastal California. Topless beaches are quite common there. It would be a bit strange to see a topless lady wearing a mask though...


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## Driving With A Purpose (Jul 28, 2020)

Giantsfan1503 said:


> Not greedy at all that's smart. Patience is a virtue


There is another way to look at this. When you get your pension check, it will (unlike Social Security) be the same amount forever. As an example, I know a 95-year-old man who still gets a pension check for the same $120-130 amount that it has been for decades. There is NEVER an adjustment for cost of living increases. Obviously, that small amount of money won't buy much now.

I'd say that for someone who is disciplined enough to avoid blowing the money on ill-advised stuff and knows a thing or two about the stock market, options, precious metals and/or real estate, they would be MUCH BETTER OFF taking a smaller lump sum amount now and investing it rather than taking the fully vested check amount later. Just my own 2 cents.


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## FLKeys (Dec 27, 2018)

Driving With A Purpose said:


> I agree with having a plan, but *you must absolutely positively be ready for unexpected events *which can come out of nowhere. A couple of examples:
> 
> 1) Years ago if someone told me that interest rates in bank accounts in certain areas (mostly foreign) would actually be LESS THAN ZERO PERCENT I absolutely would have thought they were nuts. Not so anymore.
> 
> ...


I advice my kids and others to have at least 6 months of living expenses in reserve for unexpected events. I also advised them to start saving for retirement when they got their first job. I only wish someone would have explained saving for retirement to me when I got my first job. I could have easily retired by age 60.

And the best advise is not to have any debt except for maybe a house. Paying interest is a losing proposition, especially credit cad interest. Paying interest for a home loan in my opinion is better than paying rent.


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