I'm sitting on the dock.
Who knows. Maybe my ship will come in...LOL
Retirement: When would you like to retire? Do you have a plan to get there?
- Thread starter Southern Elk
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Who knows. Maybe my ship will come in...LOL
D
Deleted member 28227
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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.
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npaden
Well-known member
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.
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rjthehunter
Well-known member
Yee haw! Keep printing money!
noharleyyet
Well-known member
Vote for Two Scoops in 2040...
SAJ-99
Well-known member
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.
Average life expectancy after reaching age X (col 1). Column 2 is for men, 3 for women.
Average life expectancy after reaching age X (col 1). Column 2 is for men, 3 for women.
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
Keep on
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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.
Irrelevant
Well-known member
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.
Dougfirtree
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Ha. Some of you planned pretty well... I worked low-paying, seasonal (and fun), outdoor jobs for a long time. If I can retire in my 60's I'll call myself lucky!
Letthemgrow
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Dealt with exactly this with both of my parents. And the care received is abysmal.
LopeHunter
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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.
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.
CPAjeff
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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...
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'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!
David Gough
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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.
DouglasR
Well-known member
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 
D
Deleted member 52098
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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
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