[QUOTE=NFRs2000NYC,Oct 23 2006, 03:27 AM] Matched 401K is NOT a bad idea, nor is it a retirement plan.

 

I met up with a friend over the weekend, and he was telling me how he bought his house earlier this year.

The guy who built it had put $30 million into it, but when it was all done, he couldn't make the payments.

My friend heard that the bank was reposessing it after it failed to sell for $14.5 million.

He went to the auction, which was literally on the courthouse steps, and ended up getiing the house for $7 million. He also had to pay another $500k for the furniture, as the previous owner actually had a lien on that too.

He's living there now, but he's thinking about just putting the place on the marker for $15 million and letting it sit for as long as it takes, at which point he'll have doubled his money. Now that's my kind of retirement planning

 

My Dad is a financial advisor for ING and I just give money to him. Im not putting away enough to reach my goal right now but I plan on retiring with 9 digits, I want to hit that 100 million mark. I wanna be the grampa that buy Rolls for my Grandchildrens 16th birthdays. Thats if I can manage to live past 25.

 

BTW: with alot alot of money in the bank I can get married to an 18 year old when Im 50.

Thats really the ultimate goal isnt it?

 

"Defined benefit" programs (pensions) are getting rare in private industry these days. I'm lucky that I'm still working where one exists. They stopped offering it to new employees a few years back. I don't know how you figure it is getting "my own money" back. It was never part of my direct compensation. Maybe you're thinking of the 401K?

I get your annoyance at people not preparing for their own retirement. I tend to agree. But Social Security will never pay me back as much as I will have already put into it. I really wish we could self-manage that fund and it applied only to ourselves (not supporting others). With 20 - 25 years left to retirement I'd be content to cut off my accrued benefit entirely if I were allowed to save the future earnings just for myself.

 

retiring with $1,000,000 isn't very much, especially inflation adjusted I work for a relatively small consulting company which offers only a 3% match on an IRA, no 401k, etc. I take it upon myself to put aside an additional 30% asside so I can ensure a financially secure future.. or buy a ferrari every few years depending on how I feel

 

We have a winner.

 

I think a lot of people here are judging people in "black and white" terms. Either A.) you aspire to be a business owner/millionaire....or B.) you have no aspirations and you can't wait to suckle the nipple of the system.

I would say that I definitely adhere to the former. However, at my current job I don't make an insanely large amount of money...and my job does offer a really great pension...and great insurance. However, I already know that I won't be here long enough to even come close to taking any real advantage of either.

But jobs like this (state jobs, etc...) are great for a lot of people...and for good reason. I think there is respect in every job.

 

Hey Beavis....huhu... he said "suckle the nipple"...huhuh....huhuhuh... NIPPLE....huhuhuhu.

 

I meant I will have $1 million in today's dollars assuming 3.1% yearly inflation. So when retired, the amount would be above $3.5 million.

Should be more than enough for me.