Hopefully it can happen whenever I decide it's time.
What is your retirement age goal?
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Last: 6 yr ago by AgCPA95
Goal for financially independent at desired standard of living is in my early 50s. Likely stop working age... maybe late 60s.
10 hour work week by 40. Hard to see past that. Biggest hurdle is unknown future of healthcare.
Aiming for my minimal FI as close to 40 as possible. On the path but several variables could accelerate / derail.
We'll see on actual retirement.
We'll see on actual retirement.
realistically at 65, but I enjoy what I'm doing and I'd get bored easily if I wasn't working.
FI @ 35. RE when making money stops being fun and I'm happy with my legacy.
55, or until I hit powerball, whichever comes first.
Retired in December 2016, turn 55 later this summer.
Life is good...
Life is good...
Probably in about 30 years. I'll be mid 60s.
Spend more now to retire later or spend less now to retire early. The horrible catch-22 of life.
I hope to retire no later than 55.
I hope to retire no later than 55.
I expect to be well in my 70's before I hang it up for good.
I'm sure I'll go part time long before then.
I'm sure I'll go part time long before then.
55 will be the last year I save for retirement, work for professional satisfaction and living expenses through age 56-60 or 65. Work at leisure as long as I enjoy it.
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Stop doing what I'm doing by 40, then coast on something lower stress and/or less hours until I'm 50-55.
similar to thisCasey TableTennis said:
Goal for financially independent at desired standard of living is in my early 50s. Likely stop working age... maybe late 60s.
i dont have a specific retirement age goal
rather, my goal is to be debt free within the next 2-3yrs and then financially independent by early 50s
i see the FI at 35, 40(s) -- curious what yalls # / yearly withdrawal rate would be (if willing to share)?
My minimal number right now is a million @ 4% withdraw rate. Supplemented with at least $10k per year in passive rental income. That would be pretty bare bones but still comfortable. But there a lot of variables that could move that number up or the desired withdrawal rate down.
That number would put me in the place where I could take a flyer on a high risk/high reward job or take a year off to travel.
Then from there I can decide to keep paddling, work toward additional investments / assets, etc.
That number would put me in the place where I could take a flyer on a high risk/high reward job or take a year off to travel.
Then from there I can decide to keep paddling, work toward additional investments / assets, etc.
Quote:
I'm too conservative I guess but if the current low rate environment continues I'm not going to hang it up until my retirement expenses can be met with a 3% withdrawal rate. Like someone else mentioned if I retire in my early 50s healthcare costs are the biggest wild card. I'm not factoring in any social security so if I get any that would be icing on the cake.
I'm going with 2.5%. Inflation is going to catch up eventually
No material on this site is intended to be a substitute for professional medical advice, diagnosis or treatment. See full Medical Disclaimer.
I'd love to go to something part time and low stress once the kids finish college...which would be 57. Based on projections, I am right on track.
No need to draw anything out really. Rent houses. The plan will be to pass them to our kids.
I'm 60 and have an 8th grader so never. Having the oldest brother go to medical school didn't help.
You guys enjoy your leisure.
You guys enjoy your leisure.
my wife and I both are retiring May 2nd. i am 49, and she is 55.
There will probably be an economic crisis or 2 or 3 by the time I retire. How I react at that time will impact my retirement age. Currently single and no kids so picking an age is fairly pointless. Before 55 would be the ultimate goal. Although im still hoping to win the lottery and retire at 30.
So your going to live on $50k a year? Obviously must not have a wife or kids! Ha!
Seriously, though, all these responses need to be qualified by family situation. I'm 46 and would already be financially independent if I weren't married nor had kids. As I have a wife (non-working) and 2 teens, we won't be FI for probably another 10 years, unless the wife goes back to work when the kids are out of high school.
Seriously, though, all these responses need to be qualified by family situation. I'm 46 and would already be financially independent if I weren't married nor had kids. As I have a wife (non-working) and 2 teens, we won't be FI for probably another 10 years, unless the wife goes back to work when the kids are out of high school.
Soon to be wife. Combined finances numbers in those projections. TBD on kids. Like I said, a lot of variables in my number and it's the minimum I consider I could never work again and live a comfortable life. Would that be extravagant vacations every month or jet skis or a mansion? No. But even if I had twice that, the only one that interests me is travel and there are economic ways to do that. I do not knock any one who wants a 3000+ sq ft house and lots of fancy things. I love that we have the ability to make that decision but those things don't appeal to me. I'm not a minimalist but past a certain point, it's just more stuff we don't really need. I would rather live simply, free to do what I want (including work), and seek experiences (travel).
I think people under estimate how far $50k of true spend goes. You no longer need to pour money into saving, taxes are lower, commute expenses plus others are lower.
There are families that live what I would consider middle class lifestyles in the US on $30-40k per year. Not to mention, one could live very comfortably abroad for $50k as well.
All that said, I would much rather have closer to 1.5 million and/or more passive income. That goal will likely keep me work past 40.
I think people under estimate how far $50k of true spend goes. You no longer need to pour money into saving, taxes are lower, commute expenses plus others are lower.
There are families that live what I would consider middle class lifestyles in the US on $30-40k per year. Not to mention, one could live very comfortably abroad for $50k as well.
All that said, I would much rather have closer to 1.5 million and/or more passive income. That goal will likely keep me work past 40.
Planning for independence from salary at 50 when my last kid graduates from highschool.
Based on 3.5% perpetual spending rate and my current real cost of living (adjusted only for tax assumptions and inflation). This has been the goal from the beginning, and I am almost 2 years ahead of schedule with 12 years to go.
Based on 3.5% perpetual spending rate and my current real cost of living (adjusted only for tax assumptions and inflation). This has been the goal from the beginning, and I am almost 2 years ahead of schedule with 12 years to go.
Our goal is also 55 (we are 43 and 41). Well on track at this point but we way overspend right now. I could probably knock 3-5 years off that number assuming we could rein that in and assuming we don't have massive economic upheaval. The latter of which could easily happen.
By 50 I want to be able to cut back work or pursue a second career, probably writing. Basically want to be ABLE to stop working even if I don't want to.
A million is not what it use to be, especially when you consider medical insurance and any other unforeseen medical care issue that could come up in your future. I have retired at 61 or as some say semi retired, because I may go back to work some day if I want and medical insurance is a big cost especially when you get older. Just put that cost in your retirement budget. Your premiums will be going up dramatically with your age + inflation. In 20 years that million will be cut in halfor more when you figure historical inflation. You better invest wisely.
I would suggest many of you run a respected and accurate Monte Carlo retirement calculator to see what you need for the life style you may want when you retire.
I would suggest many of you run a respected and accurate Monte Carlo retirement calculator to see what you need for the life style you may want when you retire.
Doing this has told me anywhere from $2.5M to $5M to retire between 63 to 67 with life expectancy out to 90.drill4oil78 said:
would suggest many of you run a respected and accurate Monte Carlo retirement calculator to see what you need for the life style you may want when you retire.
31, single, no kids, lawyer.
The issue I've been struggling with a bit is that I think my retirement at 60+ is basically handled by my tax protected investments that I can start drawing then. What I need to figure out is how to best start prepping for ages 50 to 60. I'm sure there are "no brainer" options for that but I need to dig in and find them.
This is highly dependent on if I stay at my current employer. Their profit sharing program can amount to about a million bucks by the time I'm 60. Wife will retire at about 55 with state pension which will be ~40k a year in today's dollars.. then we have our retirement/investments that will hopefully be 1-1.5 million when I'm 60.
I think all that will be enough.
Without profit sharing, I either work longer or we just cut back retirement spending a bit.
I think all that will be enough.
Without profit sharing, I either work longer or we just cut back retirement spending a bit.