Retirement: When would you like to retire? Do you have a plan to get there?

[CPAjeff]

Were the acquaintances CPAs as well? I'm also 35. My dad and I have a CPA practice together. He's "working on" lightening his billable hours, but with CPA's in such high demand no clients leave.

No, one was a civil engineer and the other worked for the USFS. Congrats on having a practice with your Dad, that’s pretty darn cool!

 

[Potsie]

Haven't seen much talk about long-term care insurance in retirement plans. Most financial advisors and attorneys I've talked with recommend it. I'm already insurance poor and hesitant to pull the trigger!

I wish I would have talked my folks into it about 15 years ago.

 

[TheGrayRider]

Purchased long-term care policies for my wife and myself almost 9 years ago. Pay premiums every month which isn’t fun.

We may never use the LTC policies and could be a waste of money but with private nursing homes costing over $100,00 per year and rising, I am glad I bought early. Cheaper when you buy young.

Good luck and happy hunting, TheGrayRider.

 

[Johnny Bravo]

I have to say there are some lofty goals here of 55-60 and I hope y'all make that goal....When I was 35 I said shoot for 50...when I was 45....that number went to 55....and today it's 65(sooner if possible of course). Maybe Y'all have better spending habits, but I live not only to retire, but for today as well....so I make many memories now with travel, cars, boats, houses... Don't forget to live for today as well

 

[wolfpup]

Were the acquaintances CPAs as well? I'm also 35. My dad and I have a CPA practice together. He's "working on" lightening his billable hours, but with CPA's in such high demand no clients leave.

Same thing in our practice. No clients leaving, actually more coming in, but aging partners will make it a huge hurdle for use younger CPA's to take over. We have 4 office spaces open for part time guys that have all "retired" but still work on clients they like, etc. I often wonder what is better, an actual retirement date so there is a clean cut, or a gradual decrease? In our profession, we never really have to retire, but no way I am working into my late 70's full bore like one of the partners.

 

[marshman]

With my youngest being 5 years away from graduating high school, I’ve been thinking more about retirement lately. I’ve always worked more than one job and never seem to have enough time to hunt and travel. I’d like to do more of both before I’m too old to enjoy it. Curious if anyone has a plan to retire early? If so, how do you plan on making it happen? For those who have done it, how did you make it happen and are you enjoying it.

I am making my move in 14 months, Friday September 6th 2024 at 15:30 I am done. It will be 45 years keeping electrical substations energized and peoples lights on. This will be retiring 5 years early for me,(started young in this business at 17). The making it happen started when I was 28 and signed up for all the retirement savings options I could possibly afford. (you younger guys) This kept more than one new truck from being bought along with many other toys I have wanted over the years... Absolutely no regrets -this is now paying off big time I wake up so excited I can count the days now.
As far as enjoying it? I will not have any issues with my new schedule of Hunting and Fishing whenever I want to.

 

[David Gough]

Same thing in our practice. No clients leaving, actually more coming in, but aging partners will make it a huge hurdle for use younger CPA's to take over. We have 4 office spaces open for part time guys that have all "retired" but still work on clients they like, etc. I often wonder what is better, an actual retirement date so there is a clean cut, or a gradual decrease? In our profession, we never really have to retire, but no way I am working into my late 70's full bore like one of the partners.

We don't take walk-ins and the referrals never stop. Most CPA firms in our area aren't taking new clients unless they're a reeeeeally good client. I understand that some client don't trust anyone else, but other professions have forced retirement/buyout age. My dad will bill about 300 hours less this year and wants to do 500 less next year. For a tenured CPA I sure have to write out the basic arithmetic for him sometimes.

I concur. I'm not sure when I would fully hang it up. A few key clients and special projects would be nice, but I sure as shit don't want to have to worry about September & October deadlines when I'm in my 60s.

 

[Boarmaster]

I have no plans to retire. But I have had a plan in place for a long time in the event I cant work.

 

[Stocker]

I like threads like this because it shows so many people’s personalities and perspectives. There’s no right or wrong answer to all of this. I think a lot depends on what we know and what we’ve been used to. I don’t understand “retirement” in the sense that I’ll have nothing to do that I don’t want to ever again. I’m the type of person that needs to feel a sense of “worth”. I could fill that void by volunteering for stuff, or helping people. There’s no way I want to just sit on a beach or a golf course and do nothing all day. Hell when I go on vacation to a beach now I drive my wife nuts, she wants to just relax and enjoy the beach, I’m trying to fish, snorkel, dive, wander around talking to locals, etc. But that’s just me. Luckily my wife who spent most of our marriage raising our kids at home has a job she loves now with benefits out the wazoo, so we have a chance at a “normal” retirement. We have other things that when we decide to we wouldn’t have to work, but I still will find something to keep me occupied.



Now if I had enough money to buy a nice place with a couple good lakes/ponds, a great view, a nice lodge, and some hunting opportunities, I’d keep myself so busy bringing sick kids and their families out to hunt, fish, hike, just get away from whatever ailment is with them for a while I’m in.

So that’s my only real goal in retirement, make/have enough money to work and give it all away until I tip over.

There’s nothing in the Bible about sitting on the beach until they put you in a home to die.

 

[Boarmaster]

I like threads like this because it shows so many people’s personalities and perspectives. There’s no right or wrong answer to all of this. I think a lot depends on what we know and what we’ve been used to. I don’t understand “retirement” in the sense that I’ll have nothing to do that I don’t want to ever again. I’m the type of person that needs to feel a sense of “worth”. I could fill that void by volunteering for stuff, or helping people. There’s no way I want to just sit on a beach or a golf course and do nothing all day. Hell when I go on vacation to a beach now I drive my wife nuts, she wants to just relax and enjoy the beach, I’m trying to fish, snorkel, dive, wander around talking to locals, etc. But that’s just me. Luckily my wife who spent most of our marriage raising our kids at home has a job she loves now with benefits out the wazoo, so we have a chance at a “normal” retirement. We have other things that when we decide to we wouldn’t have to work, but I still will find something to keep me occupied.



Now if I had enough money to buy a nice place with a couple good lakes/ponds, a great view, a nice lodge, and some hunting opportunities, I’d keep myself so busy bringing sick kids and their families out to hunt, fish, hike, just get away from whatever ailment is with them for a while I’m in.

So that’s my only real goal in retirement, make/have enough money to work and give it all away until I tip over.

There’s nothing in the Bible about sitting on the beach until they put you in a home to die.

Good post. I got friends who for the past 40 years have had to be in a factory or an office building at a certain time every work day with limited vacation days that restrict travel and time away. Most of those jobs have afforded my buds good lives and a level of financial security. Those seem to be my friends who are most interested in retirement. They all say they will find something to due on a part time basis after they retire from their primary jobs. Some are physically worn out and will need to retire as they just cant do the job anymore.

My other friends like myself that have careers where we aren't reporting to a building everyday and have less security but some more freedom of time away seem uninterested in full blown retirement and most will just pick and choose the work they want to take on. Sort of semi retirement or just cutting back on things. My career is not physical in anyway so thats not an issue and as technology improves my ability to work effectively from anywhere at anytime improves.

Another issue is how they feel about their work environment. Those that have to deal with bosses and corporate issues seem more interested in retirement. In my businesses I have clients to who I am responsible to but its a different kind of relationship that a employer / employee type. I enjoy what I do for a living and cant imagine life not doing it.

When I say I have no interest in retirement some of my buddies look at me like I am from Mars. It all really depends on the situation a person has.

 

[Hem]

My goal to work until the end looks on schedule.

 

[Southern Elk]

My goal to work until the end looks on schedule.

You’re not fooling anyone. You’re another sheep tag away from quitting.

 

[Deleted member 28227]

We don't take walk-ins and the referrals never stop. Most CPA firms in our area aren't taking new clients unless they're a reeeeeally good client. I understand that some client don't trust anyone else, but other professions have forced retirement/buyout age. My dad will bill about 300 hours less this year and wants to do 500 less next year. For a tenured CPA I sure have to write out the basic arithmetic for him sometimes.

I concur. I'm not sure when I would fully hang it up. A few key clients and special projects would be nice, but I sure as shit don't want to have to worry about September & October deadlines when I'm in my 60s.

Same thing in our practice. No clients leaving, actually more coming in, but aging partners will make it a huge hurdle for use younger CPA's to take over. We have 4 office spaces open for part time guys that have all "retired" but still work on clients they like, etc. I often wonder what is better, an actual retirement date so there is a clean cut, or a gradual decrease? In our profession, we never really have to retire, but no way I am working into my late 70's full bore like one of the partners.

A couple of my family members are still using a CPA that’s in his 80s, that man is going to die with a schedule C in his hand.

 

[npaden]

Our firm has a mandatory retirement age of 65 then you are allowed to work on a production basis for 4 years after you retire as you transition out. The 4 year production phase out isn't anything in our partnership agreement, but if you work past that date all your buy out money is subject to self employment taxes so it isn't worth the hit you would take on taxes to keep working any longer.

It seems to be a pretty good model to allow the ownership of the firm to be continually shifting from the old geezers to the younger partners. The last 4 partners have all retired between 60 and 64 without going to the mandatory retirement age. Before we got that all sorted out one of the founding partners was still working at 87.

 

[marshman]

Good post. I got friends who for the past 40 years have had to be in a factory or an office building at a certain time every work day with limited vacation days that restrict travel and time away. Most of those jobs have afforded my buds good lives and a level of financial security. Those seem to be my friends who are most interested in retirement. They all say they will find something to due on a part time basis after they retire from their primary jobs. Some are physically worn out and will need to retire as they just cant do the job anymore.

My other friends like myself that have careers where we aren't reporting to a building everyday and have less security but some more freedom of time away seem uninterested in full blown retirement and most will just pick and choose the work they want to take on. Sort of semi retirement or just cutting back on things. My career is not physical in anyway so thats not an issue and as technology improves my ability to work effectively from anywhere at anytime improves.

Another issue is how they feel about their work environment. Those that have to deal with bosses and corporate issues seem more interested in retirement. In my businesses I have clients to who I am responsible to but its a different kind of relationship that a employer / employee type. I enjoy what I do for a living and cant imagine life not doing it.

When I say I have no interest in retirement some of my buddies look at me like I am from Mars. It all really depends on the situation a person has.

Yes, you are on to something that I have taken note of also. A lot depends on the career/work situation one is in. For me a day came when I realized that for myself more than money or things time was the most important commodity that I had left.

 

[npaden]

This has been a good discussion. Had some discussions with my wife and a couple of my sisters in town who are both retired and I think I'm going to seriously look at knocking a year off my planned retirement age and drop it to 61 instead of 62. Financially I think it shouldn't make much of a difference and having that extra year of time and health may be really important. Thanks to the OP for bringing this up and everyone involved in the discussion.

 

[Hem]

You’re not fooling anyone. You’re another sheep tag away from quitting.

Lifetime member of the National Foundation for Lowered Expectations.

Not in any rush, but if I was laying on my deathbed tomorrow I could say with certainty it's been a great ride balancing work with a steady dose of Montana lifestyle....very little of which I could accomplish at retirement age.
Don't mind my work. Provides some structure, purpose, and keeps my shit wired tight.

 

[westbranch]

A couple of my family members are still using a CPA that’s in his 80s, that man is going to die with a schedule C in his hand.

It seems like those situations end with the CPA keeling cover in early winter while doing tax planning and people scrambling to find a new CPA. Or some they just decide to retire suddenly in Dec/Jan. Seems to be a few every year that I hear about. Then the people are surprised to be quoted $1000+ when they had been paying $350 for years.

 

[TOGIE]

There’s nothing in the Bible about sitting on the beach until they put you in a home to die.

in these respects there's really nothing in the bible at all when it comes to retirement.

i would think the only thing the bible really brings to the table in the context of retirement is the calling to do "good work." and that takes near limitless forms depending on who you are and what your skillsets are. i would argue good work in the biblical sense can even be found as a beach bum in hawaii during your final decades, but not by laying on a towel drinking mai tais all day long.

from my young and still ignorant perspective so many people do find retirement depressing and boring because they have lost their purpose. i would argue part of the problem there is too many people find the majority of their purpose in their jobs. to be clear, people should find purpose in their jobs and they should be able to explain that purpose to anyone who asks. but make sure you see, find, and engage in purpose outside of your work, for your whole life. it will not always be the same. but, hunting and fishing and whatever else should still be seen, in a sense, as time off in retirement.

on another note, holy eff the 9-5 office sit, or in my case 7-4 is a soul sucking venture though.

 

[cgasner1]

Our firm has a mandatory retirement age of 65 then you are allowed to work on a production basis for 4 years after you retire as you transition out. The 4 year production phase out isn't anything in our partnership agreement, but if you work past that date all your buy out money is subject to self employment taxes so it isn't worth the hit you would take on taxes to keep working any longer.

It seems to be a pretty good model to allow the ownership of the firm to be continually shifting from the old geezers to the younger partners. The last 4 partners have all retired between 60 and 64 without going to the mandatory retirement age. Before we got that all sorted out one of the founding partners was still working at 87.

We just had a guy retire at 72 I was giving his a hard time about it since he should have retired 10 years earlier and he told me his money lady was older than he was. My response was if fire her she obviously isn’t any good if your both still working