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

I'm a force out come late '28. If politics don't pinch me, I'll bridge over until 62.

When I retire, wife has 10 years to slave the American dream .

We hope to have our intended house paid off by '28. No debt currently, aside from mortgage. Plan to buy some tropical five cabana setting to escape the majority of this white shit. My body's beyond the thrills of boarding, skiing, shoeing. Live with toes in the water, ass in the sand... then VRBO out the remainder while "home".

I'm limited to 20%(?) of my high three years pay for work w/o effecting retirement sooo, a few prospects to keep semi occupied. Wife will own the business and make the big $ while I make the fool's wage.

Looking forward to lots of fishing. Hopefully, I'll maintain well enough for lots of scuba and... with fishing pole and Coors Banquet Beer cooler at the end of our dock...

I'm sitting on the dock.
Who knows. Maybe my ship will come in...LOL
 
i'm socking away for retirement, we put effort into saving hard and budgeting well, and we do. but my wife and i are also trying to keep the mindset of enjoy more now at the cost of working more later if that's how it shakes out.

i heard someone say recently that you will likely never feel as good, be as healthy, be as mobile, and as capable, as you are today, right now. so take advantage. i'm 31.

i'm not looking to give up the now too much for the sake of retiring a little earlier than average. frankly, #*^@#* that. let's go hunt and hike and fish and camp and travel and spend time with our family NOW doing things we enjoy doing.
Yay college !

Kinda to @neffa3's point with housing, college, etc far outstripping inflation WTF knows, so to your point seems like you gotta just do the best you can and not get bogged down by it all.




1689708346405.png
1689708803271.png

1689708972820.png
 
Last edited by a moderator:
Are most people assuming they’ll need about 75-80% of their peak years annual income to live comfortably and of similar lifestyle in retirement? That’s what the fininacial websites seem to state.
I actually think it should be based more on your annual spending than your annual income. I'm currently saving/investing almost 50% of my annual income. Once I'm retired I won't need to be saving that kind of money anymore because that's the primary reason that I'm saving it.

Most people don't really track their spending though, and for many their spending is 75% or 80% or even more of their annual income now so they would need about that % of their annual income to live on.
 
Last edited:
More information. I think my curiosity of some of the answers is explained by some selection bias on this thread. These numbers below are pretty bad.

View attachment 284570View attachment 284571

Average life expectancy after reaching age X (col 1). Column 2 is for men, 3 for women.View attachment 284573

i'm pretty sure i grew up during and had my most physically formative years at the height of the US Governments belief and recommendation that a bowl of Frosted Flakes with a side of Eggo Waffles slathered in margarine and high fructose corn syrup is a veritable, whole, nutritious, breakfast. i really don't even expect to make it to 70 tbh.

so yeah, even more reason forgo my odds of a bullshit promotion for some more opportunity to hunt and go camping with my family 😁
 
I actually think it should be based more on your annual spending than your annual income. I'm currently saving/investing almost 50% of my annual income. Once I'm retired I won't need to be saving that kind of money anymore because that's the primary reason that I'm saving it.

Most people don't really track their spending though, and for many their spending is 75% or 80% or even more of their annual income now so they would need about that % of their annual income to live on.
A lot of people forget that when they retire they aren't contributing to retirement, no 7.5% SS tax, and in PA we don't get state and local taken out of retirement income, etc.
Yeah, health care costs will probably climb, but you are getting a 15-20%+ cut in taxes and retirement contributions from day one in retirement.
I've seen quite a few guys at the plant wring their hands, worrying about affording retirement. It's usually the guys that feel they can get out early that find out it isn't working out so good and end up working somewhere for less, I haven't seen any of them leaving at 62 or after falling flat and going back to work. On the other hand we've had several hang on way too long and either die not long after retirement, or ask why they didn't do it sooner.
Life is a mystery wrapped in a conundrum, all we can do is just try and go along as best we know how. Good luck to all in their retirement plans.
 
One thing that factors into my planning is something @wllm and I have gotten shit for in the past, and that's the social contract within my family, that I do at least as good, provide at least as much, for my kids as my parents did for me. I could move to ND and retire, honestly almost anytime. But then I'm forgoing my (albeit self-imposed) responsibilities to my kids.
 
One thing that factors into my planning is something @wllm and I have gotten shit for in the past, and that's the social contract within my family, that I do at least as good, provide at least as much, for my kids as my parents did for me. I could move to ND and retire, honestly almost anytime. But then I'm forgoing my (albeit self-imposed) responsibilities to my kids.

no shit from me.

my parents paid for my school which i see as an obligation to pay for my kids school. the 529 has already been cranking since like his 3rd month of life. will open another for the next kid.
 
Yay college !

Kinda to @neffa3's point with housing, college, etc far outstripping inflation WTF knows, so to your point seems like you gotta just do the best you can and not get bogged down by it all.




View attachment 284563
View attachment 284564

View attachment 284565

College costs are super-charged vs. inflationary increases. Why? Because any kid with half a brain can get $10,000s of loan money per year that is guaranteed by the student and can't be discharged by bankruptcy. Does not matter if the 18 year-old things studying Italian Poetry for four years with a minor in lost languages will be a super idea. Try walking up to a Tesla dealership and getting $10,000s of loans as a high school graduate with no job but are attending college. Yet, colleges are happy to say here you go kid and classes are over in that building.

The free market is not sampening the price of tuition because is not a free market. I am a big supporter of education including college and I have a Master's to boot. I worked in college, studied subjects which the job market rewarded and my higher education was an investment decision as spent time and money. Many students are not sophisticated and in many cases their roles models are not great points of reference for making a four-year tour of duty that generated debt that may not make sense for the career that results from the years of education. Parents hear that having their kid attend college will set the kid up for a life of wealth. Is a powerful lure if the parent is struggling with applying their limited education to build wealth themselves.

Just as consumer car or home loans mush show the true interest rate, colleges should have to have a similar truth in "college cost" where a freshman enrollee is shown what the odds are they graduate with their declared major of studies, what the average debt is if graduate, what the employment rate is for recent graduates with that major and average earnings of those same studies at the 1 year mark, 5 year, 10 year, etc of their career and finally...how long will take to pay off the average debt if pay 10% of average gross income upon graduation and likely earnings at 5 years, 10 etc.

I paid for my children to go to college and they graduated with $0 owed. With honors. But, the deal was the major they studied had to be in demand and rewarded by potential employers. The choice of what to minor in was theirs to make. They both chose Spanish as their minor which has come in handy. One graduated pre-med and is now a doctor. The other is a financial executive. I did not demand they attend college though they had to continue education beyond high school whether that be HVAC school, chef school, auto repair, military, etc. They could go to college for years and years if need be as long as each year was still advancing their career opportunities as the undergrad led to a Master's to a PhD. I am a sample of one with two offspring. Not the path for everyone, obviously. There are awesome careers which do not require a day to have been spent in college.
 
More information. I think my curiosity of some of the answers is explained by some selection bias on this thread. These numbers below are pretty bad.

View attachment 284570View attachment 284571

Average life expectancy after reaching age X (col 1). Column 2 is for men, 3 for women.View attachment 284573

I’m 52 and my savings number beat those estimates.😎

I have a few things going on medically that may cause early retirement and may potentially cut years off my life so I’ve been thinking about retirement timing the last year.

Financially, we’ll be at our comfortable minimum in the next few years. I have 57 as an early age and 60 as my maximum retirement age in my head. By 60, we’ll be debt free, 7 figure retirement and my wife will have gained enough in salary for us to live comfortably under her salary for the next 5-10 years until she retires and we add SS to our cash flow.

The only caveat is I make a lot more than my wife. If I work until 65, we’ll potentially save another $500k+ in savings. Our comfort level increases to another level.

I got lucky on the college front with my two sons joining the military which paid/will pay for their colleges. My daughter seems to be following the same route.
 
I'm 35, and plan on being able to semi-retire in 20 years. We save/invest a good portion of our income (stocks, bonds, real estate, etc.), but I don't honestly think I'll ever fully retire... maybe my attitude will change if/when I get to that stage. I enjoy working.

Within the past year, two acquaintances retired and passed away shortly thereafter. Both individuals saved, and saved, and saved waiting for the day they would fully retire. I'd rather enjoy a little life now than wait until the end...
 
1yr and 11 days of work left for me, then will PTO for 3mos before officially retired.
I'll retire at 55 with 36yrs at same company.
- Full pension
- $30k lump given for healthcare premium/out of pocket costs (current retiree cost is $200 month for same damn good coverage I have today - yes I realize this can change)
- 401k
- SS at 62 planned if still in existence.

I hope I never have to or want to work again another day in my life. I have a long list of activities to do and sights to see to keep me busy.

Wishing the best to everyone getting to their retirement date plan!
 
I'm 35, and plan on being able to semi-retire in 20 years. We save/invest a good portion of our income (stocks, bonds, real estate, etc.), but I don't honestly think I'll ever fully retire... maybe my attitude will change if/when I get to that stage. I enjoy working.

Within the past year, two acquaintances retired and passed away shortly thereafter. Both individuals saved, and saved, and saved waiting for the day they would fully retire. I'd rather enjoy a little life now than wait until the end...
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.
 
I’m just finda try to pay off this little house and work some kind of job until i can’t anymore and then I won’t give a chit and I’ll just go into the government old folks home, blow hella trees and holler at the nurses 🤷‍♂️
 
One thing that factors into my planning is something @wllm and I have gotten shit for in the past, and that's the social contract within my family, that I do at least as good, provide at least as much, for my kids as my parents did for me. I could move to ND and retire, honestly almost anytime. But then I'm forgoing my (albeit self-imposed) responsibilities to my kids.
100% this. Not sure I can give my kid everything my parents were able to do for me, but damn sure going to try and do that... and more, if possible. Including letting her live in a rad place where she can experience the great outdoors
 
Back
Top