R. Chapman wrote:Being as I take from my dad and Grandfather, I doubt I won't retire till I'm around 70-80.
That's fine, but DO NOT PLAN FOR THAT! My Dad got disabled at 45. Shit happens. Best to be prepared for it. Get your nest egg and then you are free to do whatever you want. Working into your 70's is very different than
having to work into your 70's.
R. Chapman wrote:My plan really for retirement is still undecided but if possible I'd like to put away about $5k-$10k a year into a retirement fund depending on income of course and how much I can live off of.
Work backwards. For me, I've always targeted being able to retire at 55, not that I plan to, but simply that I would be able to if ... Then what do you need in income? You need roughly 20 to 25x that. $50k per year means you need 1 to 1.25 million. The other thing that I did is I plan to live on double what I think I would actually need to live on. So my target is 40x my minimum comfortable income at age 55. Then I worked back from that.
I don't know what your expectations are or any other sources of wealth that you are sure you have, that is probably good if you do it every year until your in your mid 50's. However, it's good to decide when you want to be able to retire, what you want to live on when you do retire, and working backwards to see if that puts you on track. Nothing says you can't ramp up as you go. That's what I did since your income will hopefully grow and your obligations (house, family, ...) will grow for awhile and then decline, etc. Then just keep track of your progress over time, and it's good to assess decisions on what you buy and how it impacts your plans.
I'm currently planning for a significant life change that I had not planned on or even contemplated before earlier this spring. It's probably going to cause me to miss my 55 target, but you got to do what you got to do, plus if it works out, I'll be happy to have to work a few more years beyond.
I can assess this quickly. Anybody know about the duck hunting in the Tampa area
R. Chapman wrote:Not to brag or anything but I think I'm ready for the work force, ready to be done with school. Being I'm a senior in high school, I still attend full time and work 50+ hours a week in a shop. I think I'm more prepared than most kids at 18 anyways.
The only thing I will say is life probably costs a lot more than you are thinking. Plan on making significantly more than you think you need. It's always easy to make less money because you have too much. It's nearly always very difficult to make more money because you don't have enough.