What About Our Retirement?

[DrugMan]

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Whats Up Everybody 😎 ,

I have a major concern dealing with the present and future of state of pharmacy . I'm not having any second thoughts of my future; however, what's going on with our retirement situation 🙁 ? The more I talk to pharmacist, the more I begin to get the idea that I may have to die on the job instead of sail off the coast of Malibu in my rowboat when I'm in my 70s adn 80s . In all seriousness, most of our older pharmacist don't have enough to totally call it quits, or they have to work in order to maintain quality health insurance. Do anyone know how to establish a good retirement plan in todays world of stock crashes and uncertainties. I know the military may be an option, but I'm not really leaning that way. Whats y'all imput or plan for this situation? Who offers the good retirements because that's what counts in the long run.

 

[sarahjth]

Are you talking about a pharmacist who owns his own pharmacy or works for a pharmacy like RiteAid, Walgreens, etc.?

I know many older men do not quit their own pharmacy but I cannot believe pharmacists employed at chain pharmacies would keep working.

 

[DrugMan]

Are you talking about a pharmacist who owns his own pharmacy or works for a pharmacy like RiteAid, Walgreens, etc.?

I know many older men do not quit their own pharmacy but I cannot believe pharmacists employed at chain pharmacies would keep working.

I'm refering to retail pharmacist

 

[ZpackSux]

Retirement is not based upon age. It depends on cash flow. Anyone can retire at any age if there is a constant cashflow to sustain the lifestyle..agree?

You have to decide how much cashflow per month you need then set up your portfolio to generate the fund. It doesn't matter how much or how little money you make. If you don't plan... you will be working when you die.. If you plan for it early enough, I don't see what the concern is.

Having your own business is the fastest way to attain your financial goals.

 

[DrugMan]

Retirement is not based upon age. It depends on cash flow. Anyone can retire at any age if there is a constant cashflow to sustain the lifestyle..agree?

You have to decide how much cashflow per month you need then set up your portfolio to generate the fund. It doesn't matter how much or how little money you make. If you don't plan... you will be working when you die.. If you plan for it early enough, I don't see what the concern is.

Having your own business is the fastest way to attain your financial goals.

I understand that age doesn't constitute a retirement policy, and I also agree that living within certain parameters can help with a retirement too. However, I would like to hookup with an institution that already has a retirement in place suchas in the days of old. I don't see that in our future as pharmacist...by the time we put two - three kids through school and also try to aquire the desireable things we all long for...we may be working well into our 70s.

 

[ZpackSux]

I understand that age doesn't constitute a retirement policy, and I also agree that living within certain parameters can help with a retirement too. However, I would like to hookup with an institution that already has a retirement in place suchas in the days of old. I don't see that in our future as pharmacist...by the time we put two - three kids through school and also try to aquire the desireable things we all long for...we may be working well into our 70s.

VA or State institutions.

Then again, what industry has retirement pension and job security?

 

[ZpackSux]

by the time we put two - three kids through school and also try to aquire the desireable things we all long for...we may be working well into our 70s.

Nah..

 

[aubieRx]

merciful heavens child. don't worry so. At least wait until you are 40 to start pondering this morbid sort of thing.

god only knows what will happen between then and now.

 

[dontworry]

when i graduate im def looking into a financial planner/advisor so that i can save money for retirement and other important events in my future. with switching jobs and everything else that occurs i want to be assured that i have saved enough for myself and will be able to retire at a nice age and not when im 70, i want to be sitting on a beach at that point 🙂

 

[Smilescali]

I am sure that retail pharmacies offer 401K plans. Just contribute that max and incorporate IRA's and additional mutal funds along with smart decisions on everyday expenses and you will be fine 🙂

 

[ilovepharmacy]

merciful heavens child. don't worry so. At least wait until you are 40 to start pondering this morbid sort of thing.

god only knows what will happen between then and now.

To me 40 seems late - I've grown up around people who have started as far back as their mid-twenties! 😱 Besides, I plan on sustaining a high maintenance lifestyle after I retire - lots of food, drink, and travel! Also, I want to afford all my health care costs.. they can be crippling and I don't want to worry my future kids about that. So, I'll be starting as soon as possible without ignoring my kids' college funds, etc. In my opinion, its never too soon to start but make sure you prioritize your money well. 👍

 

[dgroulx]

Last year, Walgreens matched 401K at $3.22 per $1 of your money. They also offer you stock options with a 10 year window. If the stock goes up, you buy shares at the lower price. There is no gambling involved. You can also purchase stock at any time via payroll deduction with no brokerage fees. Their stock has split 3 times I think and seems to always being going up.

I will be 50 years old my last year in school. I'm planning on saving enough money to retire. My husband also has a 401k, our house has gone up 150K in the last 2 years and will keep appreciating over time. We can always cash out the equity if we want to travel.

My dad changed careers in 1989 and retired 12 years later at the age of 73. He managed to accumulate over a million in retirement benefits during that time.

So, don't worry. You won't have any retirement money problems.

 

[jmhousem]

VA or State institutions.

Then again, what industry has retirement pension and job security?

Sad, but true. I've been working in pensions consulting for the last 8 years, and I can vouch for this. Very few institutions have the old-style defined benefit pension plans you're seeking. Government hospitals will, and so will some other hospitals, but your average retail pharmacies all offer defined contribution (e.g. 401(k)) plans these days. DB plans are just too expensive and their costs are too unpredictable for most employers. Companies would rather shift that uncertainty to their participants. It's a trade-off and a crap-shoot. If you'd asked people their preference in the 90's, everyone would've lauded the 401(k) plans. They can work for you, and it sounds like most retail employers give a good match, and have good ESOP plans, too.

It's always a good idea to start saving for retirement early. Put as much into your pre-tax DC plan as you can. (At least max out the company match!) Mix in some IRA's and some shorter-term mutual funds, and you'll be ok. The main thing is to start early, and make a habit of saving for retirement. You can still afford your rowboat in your later years. (Though, I doubt that you'll want to do much rowing in your 70's and 80's! 😀 )

 

[aubieRx]

To me 40 seems late - I've grown up around people who have started as far back as their mid-twenties! 😱 Besides, I plan on sustaining a high maintenance lifestyle after I retire - lots of food, drink, and travel! Also, I want to afford all my health care costs.. they can be crippling and I don't want to worry my future kids about that. So, I'll be starting as soon as possible without ignoring my kids' college funds, etc. In my opinion, its never too soon to start but make sure you prioritize your money well. 👍

I plan on a high maintenance lifestyle after I retire too 😛 But i think 20s is too early. I would start at early thirties once i was established in a job somewhere.

My big plans once the bucks start rolling in is to buy bits of real estate here and there and then sell it after the price goes up. I might store away some money this way. I think real estate is one of those great ways to make money providing you already have money.

 

[Caverject]

VA or State institutions.

Then again, what industry has retirement pension and job security?

Airline industry. I hear United is the leader in pensions!

 

[KUMoose]

It's all about what's important and what should be important now is (insert random 'free money expednature') to put money into a retirement and a savings account. Work with a financial planner, most companies actually have a contract so you can speak with one for free.

Here's an outline of the one I whipped up and it's survived my two RIFs.

Save to get three months of bills in a secure location (mine are in CDs).
Apply 5% of what I make every month to my mutual funds.
Save an additional sliding percentage on anything over 45k (I'm switching jobs from IT to Pharma).
Take all tax refunds and put them into retirement. (broke this, put it into savings for school)

I'm horrible at saving money, but with this, I've never had a need to max out credit cards, and I'll be able to retire about the time I had planned on even after going to school and racking up student loans. I live a comfortable life, have a big screen and surround sound system, so I still have toys, just not the amount of toys I had when I was younger.

 

[Tuck]

Personally, I don't think you can ever start too early. I started saving for retirement at 18. If you don't currently have a ROTH IRA then you should open one. A 3 year difference in time opening an acount can result in nearly a 200k difference in reward after 20 years. If you wait till your 30's you will have to contribute significantly more money to attain the same goals. I started at 17 after working at Burger King for awhile and making some money. I have not worked much in the last 5 years, but my net worth just from working in high school and college is approaching $400,000 and I am only 28 and have spent a lot of time and money on other things. I have some friends that were really tight early and are planning on retiring within the next 10 years with a steady $60-70,000 income. On the flip side, I have a lot of friends who have actually made far more money than I have and don't have a thing to show for it. There are several retirement calculators available on the web, I recommend just doing a search and plugging in some numbers to figure out what you need to do to get where you want to be. At any rate, the earlier you start, the easier it is to retire in style.