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Retirement Plans

How are you funding your retirement? (check all that apply)

  • Employer funded retirement plan

    Votes: 21 60.0%
  • Tax deferred savings - IRAs, 401Ks

    Votes: 16 45.7%
  • Other investments

    Votes: 16 45.7%
  • I'm expecting a windfall when my parents kick it

    Votes: 10 28.6%
  • I'm working till they pry my red pen from my cold dead hand.

    Votes: 10 28.6%
  • Other - explained below

    Votes: 4 11.4%

  • Total voters
    35
Messages
3,690
Points
27
As inspired by the Mature Planners thread, I'm curious what Cyburbians are doing for their retirement.

We've got a kick ass state retirement program in NY (so far...), and Rob and I both have IRAs, various stocks and mutual funds, and contribute to 401Ks (mine is vastly outperforming rob's this month! woo!). I'm going to relinquish my red pen and engineer scale on March 20th, 2030 (at age 55 with 30 years in the system).

So how about you guys?
 

SGB

Cyburbian
Messages
3,388
Points
26
Great idea for a thread, Downtown. You read my mind.....

I'm vested in the NY State Retirement System, and am also putting about 10% of my wages into an IRA. All this, when combined with anticipated lottery winnings, should allow me to retire in 25-30 years or so.

Of course if our kids become rich from either athletic, intellectual or entrepreneurial success, I'll retire much earlier. ;)
 

BiteMeElmo

Cyburbian
Messages
324
Points
11
I have only just begun thinking about and saving for retirement. Started with an RRSP for which my employer will match my contributions (up to a certain max).

I recently read an interesting statistic: 16% of Canadians' sole retirement plans involve lottery winnings. Looks like we're gonig to have quite a few surprised retirees here some day when that plan falls through.
 

NHPlanner

A shadow of my former self
Staff member
Moderator
Messages
9,945
Points
40
4 years until I'm vested in the NH Retirement system....good syetem overall.
 

Richmond Jake

You can't fight in here. This is the War Room!
Messages
18,313
Points
44
I'm vested in the California Public Employees Retirement system.
 

Tranplanner

maudit anglais
Messages
7,915
Points
36
Good timing - I just got my latest OMERS (Ontario Municipal Employee Retirement Savings) update. Let's see....the earliest I can retire with full pension benefits is September 30, 2027. Woo-hoo, only 23.5 years to go!!!

I also have my own RRSPs and the CPP. I also married a much younger woman, who will hopefully be making $$$ after I retire :-D
 

PlannerByDay

Cyburbian
Messages
1,827
Points
24
Well I'm young (29) and only have a small retirement fund going right now. I'm trying to dump more of my money into debt (credit cards and school loans) then I'll have more money to invest in retirement.

At the present I have a 401K through my employer and rental property.

I'm expecting a windfall when my parents kick it but they have been doing a lot of traveling and other things so they may not be a whole heck of a lot let.
 

BKM

Cyburbian
Messages
6,463
Points
29
After 13 years (as of March 19), I'm pretty well vested in CALPERS, which is a big incentive for staying in the State. I have a little bit of Social Security, and employer-matched 401 and 457 accounts (I've been way too conservative). Best yet, my house will be completely paid off before I retire.
 

giff57

Corn Burning Fool
Staff member
Moderator
Messages
5,443
Points
34
I have IPERS and I put about $100 into mutual funds a month.
 

michaelskis

Cyburbian
Messages
20,152
Points
51
I have a 401A, and a 457 (retirement mutual funds and such). I put in about 250 a month, plus the city matches 14% of my income.

But I am saving up, to start buying real estate to rehab, such as big old industrial buildings, and create mixed use.

Someday, I am also planning on starting my own cooperation that will have several smaller companies interwoven (almost like a conglomerate). The cooperation would own all the lesser companies.

For example, there will be a real estate company, that will own and control the property, but a separate company will own the business that are located with in those buildings. So each business is owned by a small company who owns other similar business, and then the larger cooperation would own the smaller ones… and I would own the larger one. I am 25… it could work!
 

Rumpy Tunanator

Cyburbian
Messages
4,473
Points
25
I got nothing, only some land and 20 bucks in the savings. Looks like I'll be purchasing a ski-mask shortly.
 

Cardinal

Cyburbian
Messages
10,080
Points
34
All of the above. I get a very good state retirement program, entirely employer-paid. I am saving some myself. I don't really care to inherit anything, or at least I hope it won't be for many, many years. I'd like to invest more in real estate. I still can't picture myself completely retiring. I might cut back on the work load, but could see continuing to consult for places that really appeal to me. I also plan to marry rich.
 

Chet

Cyburbian Emeritus
Messages
10,623
Points
34
I am mid 30s and 7 years from maxing out my State pension formula for years of service. My local gov. employers always paid both employer and employee shares, about 10% salary equivalent a year.

Now I'm in a 401k with employer match so I'm maxing that baby out.

I'm not counting on social security at all, and have other investments.

I'm hoping Dad doesnt spend my inheritance though :)
 
Messages
7,649
Points
29
I am in the process of retiring from my first career as a homemaker, full-time mom, and general all-around Domestic Slave so that I can Go Get A Life and do work that is less strenuous and pays more (like "Something -- ANYthing" :-D ). Homemakers do not have much access to retirement funds of any kind and, well, wondering about such things has yet to make my Radar screen B-) .
 

JNA

Cyburbian Plus
Messages
25,770
Points
61
PERF - Public Employees Retirement Fund - vested :-}
457 - employeers can match?
inheritance ?
 

sisterceleste

Cyburbian
Messages
1,519
Points
22
seven years for me until full retirement in the Florida state retirement system. If I inherit anything from my parents, I'm buying land but first I want a face lift and an ass jack. Isn't amazing what medicine can do these days. 8-!
 

JNL

Cyburbian
Messages
2,449
Points
25
Hmmm I get an "extra" 5% on top of my pay supposedly towards superannuation, but it's just lumped in with my pay and I don't do anything special with it. But I'm debt free and have some savings (that I'm about to blow on travel - but hey I'm 24).

I keep forgetting, my father has an Evil Stepmother who is living off the interest from a trust fund set up by my grandfather who was a multi-millionaire.. when she croaks it will be shared between Dad and 3 other siblings... but I'm not depending on this, have no idea how much I'll get, and I do have 3 other siblings myself to share part of Dad's share between....
 

Richmond Jake

You can't fight in here. This is the War Room!
Messages
18,313
Points
44
Cardinal said:
. I also plan to marry rich.
Ditto...I plan to remarry a young slim blond with large breasts. :h: Someone my sons will will envy.
 

mike gurnee

Cyburbian
Messages
3,066
Points
31
Don't try to retire with the Kansas system. Ten years to vest, first year of work not counted, 4% employer and 4% employee contribution. I won't be vested here for four more years. Fortunately, I am vested in two other states, and I did not transfer the funds to this crazy place.

Will helping my son through law school suffice?
 

donk

Cyburbian
Messages
6,970
Points
30
I've got employer matched RRSP's for the past 8 years.

Since I am starting a new union job, I am not sure exactly what the retirement plan they offer is.

Hopefully my parent's don't use up all of their savings. Then again it is hard to feel sorry for my step father who retired at 40.
 

Tranplanner

maudit anglais
Messages
7,915
Points
36
donk said:
Since I am starting a new union job, I am not sure exactly what the retirement plan they offer is.
If you're a municipal worker in Ontario, you are very likely going to be a part of OMERS. I think there are only a couple of municipalities that aren't a part of that system. It's a good plan, but of course they just raised the contribution rate (again).
 

tsc

Cyburbian
Messages
1,905
Points
23
Tier III NYS...16 years... and various investment, deferred comp mostly.
 

giff57

Corn Burning Fool
Staff member
Moderator
Messages
5,443
Points
34
mike gurnee said:
Will helping my son through law school suffice?

That reminds me, besides what I said before.... I married someone 17 years younger than me.... she can work while I fish ;-)
 

Gedunker

Moderating
Staff member
Moderator
Messages
11,482
Points
41
JNA said:
PERF - Public Employees Retirement Fund - vested :-}
Ditto, with 15 years service. Accelerated my voluntary payment into PERF and the very high performing small business fund alternative and keep watching the market go up, up, up. At 43, I'm young enough to be agressive in my investments. :-D

[RANT]The City pays into PERF only quarterly for non-bargaining units (thus earning interest on our contributions) which they do not share with us but deposit in the general fund. Interestingly, Police and Fire are paid into PERF with every pay period. Also, PERF is awfully slow about making investment direction changes (usually lagging a quarter or more). Police and Fire get City-paid health benefits upon retirement after 20 yrs service, planners get . . . nada. [/RANT]
 

Plannerbabs

Cyburbian
Messages
1,037
Points
23
Max out contributions to my PERF, IRA, going to pull out some of the PERF down to what's being matched and invest in some stocks, have a house, only child so will be recipient of inheritences not only from parents but also possibly assorted other relatives, going to keep working until I keel over at my desk.
 

Big Easy King

Cyburbian
Messages
1,361
Points
23
My retirement base is being funded via:

- my firm's retirement plan, which is matched by my employer
- a traditional IRA
 
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