This is how long $1 million in retirement savings will last in your state

[dennishoddy]

A few years back, I talked to a retirement advisor that counseled retirees at the Conoco refinery here in Ponca as they were getting close to retirement.
He said they had 3-5 employees annually that had managed to save and invest over a million dollars in their accounts during their careers.
He said that about half would squander their savings within 5 years of retiring and be greeters at Walmart to make a living.
The other half lived a comfortable life not trying to live beyond their means.....and staying out of the local casinos.

 

[Glocktogo]

A few years back, I talked to a retirement advisor that counseled retirees at the Conoco refinery here in Ponca as they were getting close to retirement.
He said they had 3-5 employees annually that had managed to save and invest over a million dollars in their accounts during their careers.
He said that about half would squander their savings within 5 years of retiring and be greeters at Walmart to make a living.
The other half lived a comfortable life not trying to live beyond their means.....and staying out of the local casinos.

Quickest way to get poor right there.

 

[doctorjj]

I could blow through that in 6 months.

I do like OK low cost of living though.

 

[mouthpiece]

Having your house payed off should help stretch that retirement income.

 

[Fredkrueger100]

I only have to work until 2047 till I can retire. Hopefully SS is still around. I have a great 401k and profit sharing Plan and my wife has a good 401k plan as well. But, who knows what’s going to happen in the future. My company got rid of regular pensions about 4 years before I started. And the sad part is that I worked for the same company about two years out of high school and my immature rear quit. Had I not I would have about 15 years in and also would have our old pension. Sickens me. But I am thankful I was able to get back on here. I actually like my job and have unreal hours. Would be nice to win enough money in the lottery to retire and set my family up and just have fun with no worries until I’m gone. But I don’t buy tickets so it’s hard to win.

 

[SlugSlinger]

There should be more financial education. I mentioned this on here before, but I set up a Roth IRA when my older daughter turned 18. She saves her money and have her entire life, but unless you know how to invest and why you invest(dollar cost averaging, exponential growth), savings just sit in a bank account losing value due to inflation.

 

[tRidiot]

There should be more financial education. I mentioned this on here before, but I set up a Roth IRA when my older daughter turned 18. She saves her money and have her entire life, but unless you know how to invest and why you invest(dollar cost averaging, exponential growth), savings just sit in a bank account losing value due to inflation.

Dan, what's the most powerful force in the universe???

I have my son doing the Dave Ramsey financial program. He's saving for his first car, which is 4 years away, at least.

 

[tRidiot]

The most powerful force in the universe is.... compound interest.


Or so I've been told. lol

 

[Parks 788]

My goal is for my wife and i to save enough to live off the interest of our savings. There is a very good chance my son will end up attending OSU in 4 years at which time there is a 99% chance we will be living somewhere outside of Tulsa. Cashing out our home here in SoCal and getting the phuck out of here for more like minded people.

 

[dennishoddy]

The most powerful force in the universe is.... compound interest.


Or so I've been told. lol

It is depending on the rate of return and additional contributions.
The link is a simple method to show your son how all of this works.
https://www.nerdwallet.com/banking/calculator/compound-interest-calculator