what will be your primary source of income when you retire?

[BlahBlahYouToo]

i am not banking on social security being around or providing when i retire 30-40 years from now.
pretty much sucks since i'm paying something like $6 grand a year on that horribly run and managed BS.

anyway, i'm guessing my main source of income will either be rental properties and cash accounts if i retire at around 50-55, and then 401k after 60 (or whatever the age limitation is by then).

hopefully this country isn't run into a pile of shit by then.

 

[surfsatwerk]

All my fat children will collect welfare and I will sponge off them.

 

[meltdown75]

yer mum

 

[mugs]

I guess I could move to a third world country and live like a king

 

[Newbian]

My body...

 

[hanoverphist]

my cardboard sign

 

[FoBoT]

working
i don't really plan on retiring
i'll work less, at some point, i'll stop working full time and just work contract jobs, something like take a 6 month contract job, then take a couple months off to visit grandkids, then do another 3-9 month contract job, then take time off , etc etc

 

[vi edit]

Welcome to Walmart!

 

[bobross419]

i am not banking on social security being around or providing when i retire 30-40 years from now.
pretty much sucks since i'm paying something like $6 grand a year on that horribly run and managed BS.

anyway, i'm guessing my main source of income will either be rental properties and cash accounts if i retire at around 50-55, and then 401k after 60 (or whatever the age limitation is by then).

hopefully this country isn't run into a pile of shit by then.

I'm pretty sure that pimping your mom on the corner will still be profitable, so thats what I'll be relying on.

 

[tw1164]

Welcome to Walmart!

Can my kids have a sticker?

 

[chin311]

retire lol

 

[spidey07]

401k and IRA, plus a pension of 75% of my salary for the highest paid year. I consider SS to be nothing more than gravy and won't depend on it.

 

[spidey07]

I guess I could move to a third world country and live like a king

I know a few people that did just that. Took all their retirement money and moved to Costa Rica or other central american county, bought a bar or business and live like a literal king, having cooks, drivers, live in maids, etc.

 

[JoPh]

at this rate i probably wont be able to retire and survive.

 

[Fritzo]

401K, Social Security, and my wife's fat pension. We have our house set to be paid off when we retire, so we're going to be made in the shade.

 

[BurnItDwn]

I will continue to invest money into Profit Sharing and stock, hopefully by the time I'm ready to retire in my 60s, I'll have a big enough nest egg that I can retire wealthy.

 

[dullard]

As our golden age is passing (defined as an era where the vast majority of the population is of the working age), many of us need to rethink the idea of retirement. Retirement is rare in all countries before and after their golden ages. Just keep that in mind.

I plan to work 10-20 hours a week for as long as I live - regardless of my financial situation. I just never want to be fully retired. I'd miss the social interactions and mental stimulation. That idea would be sufficient for most people to live through retirement.

I plan to have a substantial portfolio when I reach retirement age. It'll be mostly in taxable accounts. The IRA will be a small benefit. And SS will be enough to keep food on the table if everything else falls through (the roof over my head will have long been paid off).

 

[vi edit]

As our golden age is passing (defined as an era where the vast majority of the population is of the working age), many of us need to rethink the idea of retirement. Retirement is rare in all countries before and after their golden ages. Just keep that in mind.

Interesting, do you have any handy links on that? What's the theory behind it? Is it because of a recession like drag on the economy from the loss of income earners and people never can afford to retire? Or is it because the number of vacant jobs cause employers to offer lucrative salaries to keep people in them instead of retiring?

 

[nick1985]

I have a pension, a 457, and whatever I get from social security is just a bonus.

 

[Adrenaline]

I guess I could move to a third world country and live like a king

There have been several articles about this on Forbes I believe. They showed a couple that retired, sold their house, and move to Panama. Their house in Panama was twice as big for 1/3 the price, near a beach and doctor down the road. Their healthcare was substantially cheaper there as well.

Answer to OP, social security (if it is still here), 401k, pension and savings.

 

[acheron]

1. get pills from medicare
2. sell them on the Internet
3. profit!!

Seriously, what everyone else is saying. Savings, mostly. I have no confidence in SS at all, and not much in my pension. You can only count on yourself.

I wouldn't mind moving to Belize or something.

 

[Gunslinger08]

My 401k, wife's 401k, IRA, wife's pension, ESOP. Social Security would be nice if it's still around, considering the amount of money I'm paying into it.

I'm still 30 to 40 years away from being able to collect on any of those. Hopefully in that time I'll be able to make more investments so I can retire earlier. It'd be nice to own a few rental properties in a nice area, but I don't see that happening for quite a while, if ever.

House will be paid off in less than 30, so we should be able to get by pretty cheaply.

 

[Elbryn]

i personally say it's very difficult to say. there's not predicting how taxes will change in the future. we have income, capital gain, value added taxes, etc.. who knows what the scenario will look like. based on that uncertainty, we have taxable accounts, tax deferred accounts (401k, 403b, 457b, member directed pension system, social security) and already taxed accounts (roth iras)

when the time draws nigh, we'll take a hard look at immediate annuities with X% of our portfolio invested, the remaining portfolio staying invested according to a reasonable asset allocation to lead the fight against inflation. will we spread across multiple annuities to combat the risk of the company going out of business? probably, don't know what the government will be guaranteeing at that point in time.

We'll probably also look at the combination of treasury bills, stable value funds, bonds, etc .. whatever looks to be the best option to providing consistency rather than dynamically adjusting standard of living based on how the market did. it seems much simpler to go the immediate annuity route than do it yourself.

 

[CRXican]

If I ever get a city or federal job it will be my pension. Otherwise I have no idea.

 

[OILFIELDTRASH]

Cawk for hire.

No seriously I have no idea.