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Do you have a retirement number in mind?

I have a date 8/1/2023 the latest. I will be 54. I have my 30 years in already and can retire whenever I want. Waiting on the wife to sign off so we can at least move part time to Florida.....note she is retired already but went back to work 2 days a week.....
 
robo729 said:
I have a date 8/1/2023 the latest. I will be 54. I have my 30 years in already and can retire whenever I want. Waiting on the wife to sign off so we can at least move part time to Florida.....note she is retired already but went back to work 2 days a week.....
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Nice thing about having your 30 in and being of retirement age, you can think of it as you're always just "one bad day away" from retiring. :cool: It's pretty liberating to know that you can pull the pin any time you feel like it!
 
I retired last year at 67. Number I was looking at was to be able to pay all my expenses from pension and SS, including medical.
My 401k, IRA, etc. are to fund travel, fun, eating out and my fishing/golf etc. hobbies. Our home equity will pay for up to 10-15 years of assisted living if needed.
 
I will qualify for early retirement on the company pension at 60. Given the kid’s ages I’ll likely go longer than that, something in the low 60s. We had fun when we were young and got started on real life stuff later in life and we are paying for it now. There are no free lunches in life ...
 
In practical terms, health, finances and work environment all play big roles in when people actually retire. Studies I've seen suggest only about 50% of people retire when THEY want to do so. Also, there are a lot of variations of retirement. I know several retirees who either work part time or volunteer extensively, but consider themselves retired.

I kinda consider myself semi-retired. After a long career in high technology as an executive and running my own business, I've spent the last 14 years helping my church. It's full time and I receive a nominal wage, but I'm having a ball. Much more rewarding and almost stress-free, certainly compared to what I had experienced.

I fill a variety of roles. Not irreplaceable, but unlikely they find one person with the skill set to do them all. So I'm anticipating a phased exit sometime in the next 3-6 years where I train and transition out of a set of responsibilities to different people.

The work environment has been great. Finances is not a concern unless something very unexpected happens. If health holds, this will be the plan. That would put me retired in the traditional sense at age 69-70. I have two daughters who say they can't imagine me ever retired.
 
65 would be nice.
 
I had 55 planned for many years until the tech bunnies burst in early 21st century. Plus I had a retirement planner that kept saying it was a blip, long story my Freedom 55 plan was dead and it took 10 years to recover everything I lost.

Working my whole life in the private sector do not have the benefit of any defined benefit pension plan so retirement is self planned so have to stay on top of it and pick the right mutual funds. 2020 was a roller coaster it did end up ahead.

My current number is 67 if everything continues on plan. I won’t be wealthy but will be OK. Just need to somehow get my wife to comprehend that she will need to adjust her cash outflow to align with the reduced inflow 😜.
 
I’m 63. My number to get full SS is 66.6.
I work in a high stress environment (hospital) and want get out when I’m 65. I plan on doing some little less stressful jobs though. One of them is at the golf course I play. 😀
 
I’ve been retired since May of 2018 and my wife who is the same age has promised me that she will be done in two years at age 57. Our youngest will be heading off to college in 2023 and my wife and I have lots of different countries we would like to see. She has fewer hobbies than I do but staying busy won’t be an issue for either one of us.
 
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With a recent divorce I'm looking at 67-70 before I retire

My job is low stress, so feel very fortunate to not being afraid of working until then!
 
Nope. Still in early stages. Nose down and see where we are at in 10-15 years.
 
Nope. Still too young to really have a number in mind.
 
61 is when I can collect my pension and I won't stay 5 minutes longer than I have too.
 
I am planning on semi retired at 55 but since I own my own business I guess I will always be working somewhat.
 
Can't say I gave a specific number in mind. I'm at 45 and still need to get 2 kids through college which one isn't starting for another 3 years. Second one would start 3 years after so I have 7 years or so if the "college years" I have to get through first.

That being said, if everything goes right, I should be able to retire as early as 58. All depends on what happens in the next 10 years.
 
Looking at 2055. I will be 94 . Hopeful the kids/grands will be OK with that. I can finally work on my putting woes.
 
orchard53 said:
I retired last year at 67. Number I was looking at was to be able to pay all my expenses from pension and SS, including medical.
My 401k, IRA, etc. are to fund travel, fun, eating out and my fishing/golf etc. hobbies. Our home equity will pay for up to 10-15 years of assisted living if needed.
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You must have a huge home. My mother was going into assisted living and the cost was $10,000 a month!
 
When I read the title, I thought the thread would be about a retirement plan balance target.

I could retire at any time in the next three years, most likely 1.5 years. I have to finish putting together a pretty details needs/wants/wished retirement budget that we will live on pre-retirement as a sort of dry run. I figure we will know how doable that is by the end of June.
 
One thing younger guys don’t often think about for their retirement is their health. I know I wasn’t prepared to be in as bad a shape physically when I retired as I am.
The other thing that’s hard to prepare for is health insurance. Retiring before age 65, trying to pay for insurance for yourself and your spouse eats up huge amounts of cash unless you are fortunate enough to have a company pension to help out as I did. It seems a lot of companies are doing away with that retirement benefit.
 
Retirement number? You guys are all talking age.

I was thinking this thread was about total wealth dollars figure, or perhaps an annual total that you’d like to be able to pay yourself or could live off of. $50K? $80K?

My retirement age will be when I can “pay myself” $X every month and do that until I’m 92.
 
Buster1 said:
Retirement number? You guys are all talking age.

I was thinking this thread was about total wealth dollars figure, or perhaps an annual total that you’d like to be able to pay yourself or could live off of. $50K? $80K?

My retirement age will be when I can “pay myself” $X every month and do that until I’m 92.
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As you age and get closer to that $ figure it is very likely to change. Your lifestyle adjusts to your income and it’s hard to be more frugal in retirement. Plus you have lots more time to spend money, lol.
 
I am shooting for 55 . Maybe before if all goes according to plan
 
53
 
I'm nearing mid-50's and have given this some study. To retire at 55 requires that you have enough non-taxible money to make it to 59.5 when you can start to pull money from 401's and Roth. I have kids in HS and College so in addition to needing normal living money, I would need to pay more for healthcare insurance until they get off my plan.

an exception to the rule of 59.5 is a company provided retirement plan which I have in addition to other things. I feel if I needed to pull from that before 59.5 it would be a sign I'm not financially ready. I'm very conservative and don't want to feel I'm restrained finanically in retirement.

I would also like to mention that working 1 to 3 years longer even if you are already finanically ready now reduces risk a great deal.
 
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