Discussion: Retirement Contributions

Xstatic3333 · November 2015

Now this could be the ultimate motivation not to skimp on retirement savings...

jtmh2012 · November 2015

AprilZ81 said:

dragonstarjk said:

Hmm, I wonder what the group rate is on an around the world cruise.....

I know that you can get a group discount on most lines with 8 cabins.

I'm not sure what the discount rate is, but Princess has a 68 day World Cruise starting at $13,659 per person for an inside room. Balconies are $22,459 per person.

115 days starting at $20,879pp for an inside and $35,579pp for a Balcony.

Xstatic3333 · November 2015

jtmh2012 said:

AprilZ81 said:

dragonstarjk said:

Hmm, I wonder what the group rate is on an around the world cruise.....

I know that you can get a group discount on most lines with 8 cabins.

I'm not sure what the discount rate is, but Princess has a 68 day World Cruise starting at $13,659 per person for an inside room. Balconies are $22,459 per person.

115 days starting at $20,879pp for an inside and $35,579pp for a Balcony.

Imagine what those numbers will have inflated to by the time we retire!

simplyelise · November 2015

DH is 27, I am 26. He has about $1700 in retirement, I have $2000.

We will be debt free next July. Until then, we're not doing any elective contributions. DH currently has to do 4%. I'm halfway to vesting (5 years) at my job, but I really don't like it. I am keeping my eye out for positions in the city or county government because my pension is in the local government system and I could keep my years of service.

After we are debt-free, we're going to jump up to 15% towards retirement. Neither of us has a Roth yet, so we want to set those up in 2016 and contribute something to them. We will also begin to save so we can put 20% down on a house that we're looking to purchase in 2018.

Per the original question, I don't think our contribution philosophy will change just because we are debt free. We're going to get a mortgage in a few years, so we'll only be 100% debt free for a couple years. And I would really really like to work part time for a few years if/when we have children (impossible with the first child though). So considering that we expect to be mostly single-income for a little while, I think it's important that we contribute at least 15% the whole time.

I think that our plans for retirement are probably quite a bit more modest than others have mentioned. We'd like to do quite a bit of domestic travel, leaf-peeping and visiting the national parks and such. We definitely want to do some international travel as well, but I just don't think anything could turn us into people with expensive tastes! And we are hoping to stay in our low-COL town with no interest in owning vacation property.

Around the world cruise sounds terrible to me lol. The only way you could get me to go on a cruise would be to Alaska because it's the most practical tourist travel up there. Otherwise, no thanks!

hoffse · November 2015

Xstatic3333 said:

AprilZ81 said:

dragonstarjk said:

Hmm, I wonder what the group rate is on an around the world cruise.....

I know that you can get a group discount on most lines with 8 cabins.

I'm not sure what the discount rate is, but Princess has a 68 day World Cruise starting at $13,659 per person for an inside room. Balconies are $22,459 per person.

115 days starting at $20,879pp for an inside and $35,579pp for a Balcony.
Imagine what those numbers will have inflated to by the time we retire!

This is why we have to start saving now

Grand scheme though, it's not that bad when you consider your room, board, and transportation costs are paid for.

dragonstarjk · November 2015

hoffse said:

Xstatic3333 said:

AprilZ81 said:

dragonstarjk said:

Hmm, I wonder what the group rate is on an around the world cruise.....

I know that you can get a group discount on most lines with 8 cabins.

I'm not sure what the discount rate is, but Princess has a 68 day World Cruise starting at $13,659 per person for an inside room. Balconies are $22,459 per person.

115 days starting at $20,879pp for an inside and $35,579pp for a Balcony.
Imagine what those numbers will have inflated to by the time we retire!

This is why we have to start saving now Grand scheme though, it's not that bad when you consider your room, board, and transportation costs are paid for.

Exactly! And you get to visit so many countries--imagine what it would cost to fly to each one of those places. I don't know about y'all, but I'm going to need a balcony! Better increase my retirement contribution to 20%.....actually, the hardest part about this will be getting H to leave our dogs for that long. We've talked about the world cruise thing, but I don't think he realizes we can't take the whole family

julieanne912 · November 2015

I read this article awhile back about a lady who just lives permanently on a cruise ship, costs $164,000/year, all-in. Which, considering the cost of the nicer senior living facilities, is really not THAT bad.

http://www.usatoday.com/story/travel/cruises/2015/01/19/woman-pays-164k-per-year-to-live-on-luxury-cruise-ship/22030011/

hoffse · November 2015

julieanne912 said:

I read this article awhile back about a lady who just lives permanently on a cruise ship, costs $164,000/year, all-in. Which, considering the cost of the nicer senior living facilities, is really not THAT bad.

http://www.usatoday.com/story/travel/cruises/2015/01/19/woman-pays-164k-per-year-to-live-on-luxury-cruise-ship/22030011/

I agree. I think she's getting a bargain! Crystal is one of the luxury lines too.

short+sassy · November 2015

julieanne912 said:

I read this article awhile back about a lady who just lives permanently on a cruise ship, costs $164,000/year, all-in. Which, considering the cost of the nicer senior living facilities, is really not THAT bad.

http://www.usatoday.com/story/travel/cruises/2015/01/19/woman-pays-164k-per-year-to-live-on-luxury-cruise-ship/22030011/

I don't know if they're still around, but a boss I had 15 years ago got an advert for a "live-on" cruise ship. You basically buy a cabin...like a condo...and that is your cabin you own. The ship continually travels around the world and "owners" can hop on and off whenever they please. However, food was NOT included...though each cabin came with a small fridge. But even the smaller cabins were decent sized and at least had a full window, unlike the typical basic cabin.

At the time, I think the rates started at $3M.

short+sassy · November 2015

I know I've mentioned it before, but my strategy for retirement is to generate passive and recurring income, primarily through rental investments. My hope is this will allow me to retire in my late 40s/early 50s. As such, I'm not very interested in the more typical retirement vehicles that don't allow you to touch the money until you are 59 1/2 or older. I don't set aside any of my income for true retirement accounts. But I roughly set aside 1/2 my net income to paying off current properties and/or saving to buy the next one.

One thing that I think has changed in regards to retirement as opposed to older generations is home ownership. The average age of someone owning their first home has increased over the years. It used to be that it was almost a given that everyone retiring at 65 owned their home free and clear and had for some time.

But now with more job hopping (often forced!), starter homes upgraded to bigger homes, buying homes later in life, etc. I don't think that is as true anymore. I'm not knocking any of those things, but I think it is important for most people to own their primary home outright before they retire. And that might sometimes take extra planning to accomplish that.

julieanne912 · November 2015

short+sassy said:

I know I've mentioned it before, but my strategy for retirement is to generate passive and recurring income, primarily through rental investments. My hope is this will allow me to retire in my late 40s/early 50s. As such, I'm not very interested in the more typical retirement vehicles that don't allow you to touch the money until you are 59 1/2 or older. I don't set aside any of my income for true retirement accounts. But I roughly set aside 1/2 my net income to paying off current properties and/or saving to buy the next one.
One thing that I think has changed in regards to retirement as opposed to older generations is home ownership. The average age of someone owning their first home has increased over the years. It used to be that it was almost a given that everyone retiring at 65 owned their home free and clear and had for some time.
But now with more job hopping (often forced!), starter homes upgraded to bigger homes, buying homes later in life, etc. I don't think that is as true anymore. I'm not knocking any of those things, but I think it is important for most people to own their primary home outright before they retire. And that might sometimes take extra planning to accomplish that.

***SITB!!****

We stretched ourselves to buy our "forever" home right now. I'm 33 and H is 32. So as long as we just pay it off in the 30 year timeframe (goal is eventually to do it faster than that), we will be paid off right in time for retirement. While the big payment really sucks right now, I think we'll be really glad we did it in 30 years and we're all done with it.
Our area is also slated for massive growth, so the hope is that our home value will go up, so we can then sell it once it's paid off, pocket the money (up to 500k of course, unless they change the laws about capital gains), and go retire somewhere cheaper.
And, of course there's other factors, like jobs. Right now, we could live pretty much anywhere, since H is a traveling consultant and doesn't have a real office. But, if he ever wants to get out of the travelling stuff, he needs to be near a good tech center for his type of work... and we're close to Boulder, CO. Our other options would be places like the bay area (no thanks), or Phoenix, which is where he moved from and we have no interest in. My background is in real estate/title, so I can find work pretty much anywhere, except for small towns (like where he wants to retire in Wyoming).

jtmh2012 · November 2015

short+sassy said:

I don't know if they're still around, but a boss I had 15 years ago got an advert for a "live-on" cruise ship. You basically buy a cabin...like a condo...and that is your cabin you own. The ship continually travels around the world and "owners" can hop on and off whenever they please. However, food was NOT included...though each cabin came with a small fridge. But even the smaller cabins were decent sized and at least had a full window, unlike the typical basic cabin.
At the time, I think the rates started at $3M.

I believe this is what you're referring to....

http://aboardtheworld.com/

hoffse · November 2015

jtmh2012 said:

short+sassy said:

I don't know if they're still around, but a boss I had 15 years ago got an advert for a "live-on" cruise ship. You basically buy a cabin...like a condo...and that is your cabin you own. The ship continually travels around the world and "owners" can hop on and off whenever they please. However, food was NOT included...though each cabin came with a small fridge. But even the smaller cabins were decent sized and at least had a full window, unlike the typical basic cabin.
At the time, I think the rates started at $3M.

I believe this is what you're referring to....
http://aboardtheworld.com/

Ummm, yes please.

jtmh2012 · November 2015

hoffse said:

jtmh2012 said:

short+sassy said:

I don't know if they're still around, but a boss I had 15 years ago got an advert for a "live-on" cruise ship. You basically buy a cabin...like a condo...and that is your cabin you own. The ship continually travels around the world and "owners" can hop on and off whenever they please. However, food was NOT included...though each cabin came with a small fridge. But even the smaller cabins were decent sized and at least had a full window, unlike the typical basic cabin.
At the time, I think the rates started at $3M.

I believe this is what you're referring to....
http://aboardtheworld.com/

Ummm, yes please.

I wish, but we don't meet the networth requirements.

short+sassy · November 2015

jtmh2012 said:

short+sassy said:

I don't know if they're still around, but a boss I had 15 years ago got an advert for a "live-on" cruise ship. You basically buy a cabin...like a condo...and that is your cabin you own. The ship continually travels around the world and "owners" can hop on and off whenever they please. However, food was NOT included...though each cabin came with a small fridge. But even the smaller cabins were decent sized and at least had a full window, unlike the typical basic cabin.
At the time, I think the rates started at $3M.

I believe this is what you're referring to....
http://aboardtheworld.com/

Oh yeah! Now that is what I'm talking about! Even the studios have balconies. Dreaming, dreaming, if only...

orangehills · November 2015

@simplyelise

"I think that our plans for retirement are probably quite a bit more modest than others have mentioned. We'd like to do quite a bit of domestic travel, leaf-peeping and visiting the national parks and such. We definitely want to do some international travel as well, but I just don't think anything could turn us into people with expensive tastes! And we are hoping to stay in our low-COL town with no interest in owning vacation property.

Around the world cruise sounds terrible to me lol. The only way you could get me to go on a cruise would be to Alaska because it's the most practical tourist travel up there. Otherwise, no thanks!"

this is me!

JoanE2012 · November 2015

jtmh2012 said:

AprilZ81 said:

dragonstarjk said:

Hmm, I wonder what the group rate is on an around the world cruise.....

I know that you can get a group discount on most lines with 8 cabins.

I'm not sure what the discount rate is, but Princess has a 68 day World Cruise starting at $13,659 per person for an inside room. Balconies are $22,459 per person.

115 days starting at $20,879pp for an inside and $35,579pp for a Balcony.

We're totally doing this upon retirement! Definitely a balcony, not sure for how long though.

Discussion: Retirement Contributions

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