Anybody else not care about retirement savings? (balance, IRS, investments)
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So I guess you have to ask yourself if you want to be in his place at 66. Even if he had left his house alone years ago, at least he would have had that to live in, but no.
No where in this thread did I suggest people of any age should never save and spend all their money, rather I've suggested that "retirement" is an outdated concept and hence retirement savings is not required.
Like I said, "I'm not sure", I wasn't sure what you were implying.
Quote:
Originally Posted by Ariadne22
I'm with mathjak - haha - nothing, nothing and nothing and loving every minute of it.
I have no problem with people that retire, but as I said before, people that are currently retired started their planning in a much different world that exists today. Many of the things that were true then, aren't necessary true today.
Sure, but I don't think they mean what you are implying. People often plan their retirement around external events rather than planning to retire at some particular age. These are people that are usually at the top of the pay scale so they continue work until some external event occurs. So, technically they did retire because "health problems", but in many cases they may have planned to continue work until they couldn't take it anymore.
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Originally Posted by mysticaltyger
--Is the business going to run itself with no effort on your part when you're old? Great. But there are very few businesses like that.
There are few businesses like that, because it doesn't make much sense. Why would you want to have a controlling share of a company, yet play no role in it? What is important is that you're no longer required for the daily grind, that is you can leave for a week and things will function well, not that the business will "run itself with no effort on your part".
Regardless, the plans for my business are large, if things don't work out as planned in the next 3-5 years I will move onto other ideas.
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Originally Posted by mysticaltyger
--Are you really sure you're going to be able to stop working when you want to vs. when circumstances force you to?
No I'm not sure, obviously if you don't save for retirement you open yourself up to the possibility that you may have to work under less than ideal conditions (e.g., when its physically difficult).
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Originally Posted by mysticaltyger
In short, if you don't like retirement accounts, what is your plan for old age? If it's "Work at my business(es) until I drop dead"....well that's not a plan.
The plan is, in a sense to "work until I drop dead" with one caveat, I do consider the fact that towards the end I may not be able to work in any fashion. For this situation, I do have a little money saved in a retirement account (I actually didn't save it, it was contributed by my employer). Based on my family history, I consider around 5 years income to be a reasonable amount.
Anyhow, the point is not to be obtuse. If things go as planned I will have boat loads of money by the time I'm 60, but things may not go as planned so what I'm talking about here is more so a "worse case scenario". For me, the worst case would be having to get a standard job (computing related) and work in some fashion until I couldn't. If health problems or other issues get in the way of working, I will have to rely on social security and other programs of that nature. To me, that isn't so bad. Assuming I owned my home, I could easily make do on the ~$2,000/month or so I'd get in social security.
Anybody else have no serious plans to save for retirement? I can't think of a reason why I'd actually want to retire and therefore don't save for it in any sort of serious way.
Actually I'm no longer saving for retirement ... but, can't think of any reason why I would not want to stay retired. The reason I don't worry about retirement savings ... is because we did save for retirement -- then, when the time came, we were in a position to decide whether to retire comfortably or continue working.
Work was great and I enjoyed it ... for forty-odd years, but guess what? -- Things and attitudes toward them change. Saving for retirement or the future does not mean you are locking yourself into forced retirement at a specified time in the future. It means that you continue to have the option to do what you want to do.
Suppose you 'get retired' - as millions of people have today, and cannot find another job? Suppose your health goes south and working becomes more difficult and painful than you imagined? Suppose you change your mind about working indefinitely, but because you did not save anything, you have no options? . The choice between saving for retirement (or at least the future), is a 'no-brainer' for anyone who hopes to continue to enjoy the future ... as much as they enjoy today.
I care but I just do not have the money to save for a big 401K. I have a pension from one of my jobs. I hope to find another job that offers a pension. I also plan to work part time when I retire. It is good to keep the mind occupied but not stressed. Hopefully, it is a job I can work remotely and travel.
My previous company started offering one but I stuck with maxing out the traditional 401k, I can't imagine a scenario in retirement where our income is anywhere near what it is right now so I'd much rather pay the income tax when I'm retired.
We do max out our Roth IRAs every year though, in fact that is good reminder since I transfer that in early January.
I have a Roth that I put about 10k into this year.
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Saving for the future is a 'no brainer'
