When do you plan to retire?

Two weeks after I die, because that is when the last paycheck somes in and I have served my purpose.
 
Never? Seriously though, with home prices where we are, my kids will never be able to afford to buy. I have to help them out as long as I can.
 
I’m late to finding my career path. But have a goal to retire by 55-60. Somewhere in a tropical country filled with nature ,ocean and golf courses


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I'd like to say 60-ish. I'm socking-away a decent bit, but will be able to do even more once kiddo is done with high school and I'll help her some with college.
 
I have 60 as the target. If I'm still with the same company when I get to 60, I'll make it 61 so that I can have 40 years there.
 
It depends on a lot. Either 45 or 60, depending on what choices I make in the next 24 months. Honestly, I think I want 60.
 
I'll be 39 this year and have 10 years left. I started teaching when I was 21. KY has an underfunded pension that's being blocked by political interest. That being said, my house and all of our debt will be paid off in 5 years.
 
I have three girls so i should be able to retire at age 92
 
I had never planned to retire, but ended up officially retiring at 30. Since then I've moved on to a few new ventures, but when folks ask, I still say I am technically retired. At least from the benefits standpoint.

Now I work when I want, and find new projects that excite me. I'm just not working toward anything.
 
pmm21;n8887955 said:
I had never planned to retire, but ended up officially retiring at 30. Since then I've moved on to a few new ventures, but when folks ask, I still say I am technically retired. At least from the benefits standpoint.

Now I work when I want, and find new projects that excite me. I'm just not working toward anything.

You are blessed!
 
I'm almost 62 and plan on pulling the trigger on retirement at 65 or 66. I am in good health, I like my job and I just bought a truck.
 
Pension #1 kicks in in about 3 years when I'm 39, after 20 years in the military. There aren't a lot of things that would stop me from retiring right at 20 years.

Not sure at this point when I'll super-retire. So much depends on what I do for my second career and the financial glide path that puts me on. If I go back to working for the federal government then I'll be able to retire at about 63, depending on success of some investments. If I work in the private sector it might be sooner, but there's a certain value is being able to roll my time in uniformed service over into my final pension. At this point it's too early to shoot an arrow and draw a bullseye around it, but by 63 I would like to be able to move to playing golf and building guitars full time and work part-time.
 
nu720;n8888214 said:
You are blessed!

I don't know about any of that.

I came to the realization that I didn't want to be doing what I was doing when I was 65, or even 50. I figured out what it would take to get out with the benefits I had earned, and made it happen. It's not being more fortunate, or favored over anyone else. It was just planning.
 
I think paying off your house is a good time to think about retiring, at least here in So. Cal where housing is SOOOO expensive. Having that huge drain on your checking account gone is a real plus.
Not bragging, just complaining as a starter house in a decent neighborhood is over $600,000!!!
 
ULEWZ;n8888402 said:
I think paying off your house is a good time to think about retiring, at least here in So. Cal where housing is SOOOO expensive. Having that huge drain on your checking account gone is a real plus.
Not bragging, just complaining as a starter house in a decent neighborhood is over $600,000!!!

I agree with that. I paid off my house and it takes away a lot of the pressures if something happens. As long as I pay my taxes I will have a home and that is huge.
 
Had I stayed in the UK, 55 would have been a realistic age. Here in California, I’ll probably work till I’m dead!


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I'm 62 and socked away quite a bit toward retirement starting at age 20, so realistically I could retire if I wanted to do so. One of my daughters recently told me, "I can't see you ever retiring." I love what I am doing, have flexibility, lots of vacation time, and am in excellent health. I played 90 holes of golf this past week. I get to spend time with my grandkids, daughters, and sons-in-law regularly. So, I'm not looking to change any of that until maybe age 70. Even then I'll probably continue to do some of the things I do now for pay. Circumstances and calling can change that. But this is what it looks like right now.
 
Some national stats worth considering.

A majority of Americans do not retire when they plan to do so. The leading causes for this are health-related or employment-related. On the health side, it could be your health or a family member that changes things. For lots of reasons, people lose their employment. Companies have lots of incentives to eliminate older workers. Age discrimination is a real thing. So older workers have much more limited opportunities for employment.

According to this survey by the Transamerica Center for Retirement Studies, the median retirement savings by age in the U.S. is:
  • Americans in their 20s: $16,000
  • Americans in their 30s: $45,000
  • Americans in their 40s: $63,000
  • Americans in their 50s: $117,000
  • Americans in their 60s: $172,000
The above savings amounts may seem impressive, but in reality they are woofully inadequate. Consider this "rule of thumb" given by some financial experts on how much individuals should be saving for a goal of retiring by age 67:
  • Americans in their 30s: 1-–2 times their annual salary
  • Americans in their 40s: 3-–4 times their annual salary
  • Americans in their 50s: 6-–7 times their annual salary
  • Americans in their 60s: 8–-10 times their annual salary
If those amounts seem excessive to you, think about this.
  • Americans who live into their 60s on average will live to almost 90. So a 25-year retirement is average for this population.
  • Couples in their 60s will likely have at least one spouse who lives into their 90s or beyond.
  • 25% of those in their 60s living today are projected to live to be centurians.
  • Your cost of living will double or more during this typical 25 year retirement. (It will more than double at an inflation rate of just 3%/yr.)
  • In addition to cost of living, retirees face sizable increases in expenses for healthcare as they age.
  • The Congressional Budget Office estimates Social Security will not be able to cover it's obligations in just 15 years. Medicare is in a similar position.
 
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I retired at 61, and reading some of the comments , a lot of people are planning to go a similar route. The big difference here is the medical insurance. You do not need it, but it is nice to have a plan B as the NHS , our state medicine service, goes downhill. The reason we pay $10 a gallon of gas here is to fund our health service. After a week in hospital after a heart attack and two stents put in, the bill was $10 for the medication. And the service was excellent.

1. Save a big pot. My pot is just under $1m, and I draw a monthly allowance of 6%. In two and a half years the pot has risen by 10%, so things are better. In two years I will get a state pension which will halve my drawings from the pot.

2.Cut down on spending......not very good at that, but we do eat better for less. We cook more and eat out hardly ever. I cook Indian curries and freeze them, my wife batch cooks meatballs and chilli, so we eat cheap but well. We do not drink or smoke, so apart from yoga and golf ,our main expense is holidays. New Zealand, Hawaii, Florida, Turkey and the Masters.

3.If you stop enjoying your job, time to look. If you bounce out of bed excited about going to work, why retire ? I had got to the stage where I was not happy, so I planned to retire from a year out.

4. Look for new challenges. I looked into our family history, we started yoga classes, the dog was walked twice as much as before and my weekly round of golf became three.
 
I like my job. I do data analysis work for Humana in Louisville. There is always some new statistical technique to learn and writing code is like a puzzle you have to solve. Plus if you're good at it the workload is very manageable and extremely flexible. We just bought our forever house on a golf course near Louisville and my wife will be able to retire with a pension when she turns 55 in 17 years. I am 39 I could see myself working till 60 or so and maybe doing something else after that.

I did load $25 into my DraftKings account last fall for the NFL season. The previous 2 years I withdrew at the end of the season. I started with a $5 double up and a $3 tournament. It has rolled up to $260 through the PGA season so far and I am play a $25 double up and $12 tourney every week. I am just going to keep upping my ante, maybe by the time she retires and we have put the kids through college that will grow enough where I can quit and do that and play golf for a living!!! That would be work I enjoy every day.
 
Danimal;n8886840 said:
The real problem with retiring early is the health insurance. My wife runs her own small business and gets health benefits through my employment. I am 48 and would like to retire by 60, it is just that damn health insurance that worries me. I have seen a couple of people sent to the poor house because of piss-poor planning in this area.

It definitely is expensive and delays retirement for lots of people. I have a buddy who is retired and is paying $1,200 per month for his health insurance and has a $13,000 deductible to cover his family of five. I retired last year at 53 and my wife is the same age and planning on retiring soon. We are allowing for about $25K per year for medical costs.
 
I recently looked and healthcare for my family I concluded was about $30k per year out of pocket. We need to get a could of kids off the payroll before I retire. Hoping that will be when I'm 57 give or take. if someone is happy with work and can do the things they want to do, then likely no reason to retire at all.
 
I’d like to retire by age 65, so hopefully 22 more years of employment. I enjoy my job, despite its ups and downs, and high stress. The telecom industry is becoming real competitive though, so keeping our jobs is always a concern.
 
I read an article (granted, it's a few years old at this point, so who knows if things have improved) that said that people who waited until the age of retirement generally only lived 18 months post retirement. On the other hand, people who retired at age 55, tended to live into their 80's. So ... I'm looking at 65, so I guess I'm screwed. I'd like to enjoy the life I've been saving up to live post work, though I do enjoy my job so I'm in no rush for retirement to get here just yet.

https://www.biznews.com/thought-leaders/2013/09/10/retire-at-55-and-live-to-80-work-till-youre-65-and-die-at-67-startling-new-data-shows-how-work-pounds-older-bodies
 
Paladin;n8888237 said:
Pension #1 kicks in in about 3 years when I'm 39, after 20 years in the military. There aren't a lot of things that would stop me from retiring right at 20 years.

Not sure at this point when I'll super-retire. So much depends on what I do for my second career and the financial glide path that puts me on. If I go back to working for the federal government then I'll be able to retire at about 63, depending on success of some investments. If I work in the private sector it might be sooner, but there's a certain value is being able to roll my time in uniformed service over into my final pension. At this point it's too early to shoot an arrow and draw a bullseye around it, but by 63 I would like to be able to move to playing golf and building guitars full time and work part-time.

Don't get too excited about rolling those 20 years into your federal pension. The only way to do that is to buy them back and forego your military retirement. Doubtful to be worth it. I'm working toward the 2nd one now. I'll pass 2 years in September. My 20 year mark will be just after my 61st birthday. I'm shooting for early 60's sometime. Depends on many things. If I can work my way up to a decent paygrade and get a good chuck in my TSP, then I'll consider pulling the plug when I hit 20 years. The goal is $1M combined between mine and the wife's TSP accounts. With that, my military retirement, and two federal civilian retirements, we should be set pretty well.
 
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