Realistically, when do you think you can retire?

No idea...

 

you're canadian, so i assume your future healthcare is predetermined?

here, it is something really to plan for. i buy long term care insurance in Dec. should pay for my old man butt wiping in my golden years.

 

I've retired already at 39, but that's from the military and it's really nothing, but the benefits are where it counts....I've started a second career making way more money than I expected and don't expect to retire until 60 (another 19 years). And that's with the idea that I get to live the same lifestyle I do now. Bottom line is none of us can afford to live like MC Hammer

I think this question can only be answered based on individual perspective. For some, a basic monthly fund is all that is needed (maybe 2-3 k or less), for others, they might want to live a more lavished lifestyle requiring more (5-10k or more). This all depends on where you live too. The cost of living is so different for everyone. A dollar goes a long way in a rural area whereas the city (like Wash DC) it won't get you 20 minutes of parking (I just paid $20 for 1 hour of parking) jeesh!

 

I plan on the world collapsing and going into apocalyptic warfare by the time I need to retire. I am 22.

So for now I just enjoy myself and spend my money on what I want.

So far the girlfriend and I are both 22, paying for a house and 2 brand new cars, making all our bills fine, including bills pertaining to the 3 cats (1 diabetic requiring expensive insulin) and my husky puppy.

All that and we only make like $20.50 an hour combined. So if we can do it anyone can do it.

 

My goal is to retire at 62. By that age, I hope to have enough to have a higher standard of living than I do while working based on my pension, Social Security (if we have it by then) and interest from my retirement accounts. Then I'd hopefully be able to leave a significant inheritance for my heirs (principal balance in retirement accounts). I could easily see myself retiring at some point and then going back to work in the same field as a part-time retiree/double-dipper.

That's the goal, anyways. 35 years of market fluctuations can have an impact on that.

 

Are you saving for your retirement at all??? Wow, you must be cutting it close.

 

I turn 58 in December. I just filed the paperwork to retire on March 1, 2014. Nothing is signed yet, I can still change my mind, but am planning on doing it as of now. Problem was, I worked for a large chemical company for many years and the plant where i worked closed in 2010. I went back to college and got a degree, then couldn't find anything that payed close to what I was used to earning. Ended up with an "OK" job with a medical supply manufacturer, terrible hours and liveable pay. I really am not happy at the job, and my pension from the chemical company is there whenever I decide to take it. It grows by 8% a year, so it's really a question of waiting it out and having a bit more in the future or settling for a bit less and enjoying my life. I've seen way too many people retire late only to get some horrible desease six months later. Don't want to be one of them.

 

I'll retire for the first time between 38 and 45. (20 years of service, plus whatever else I decide to put in on top of 20). I'll net 1/2 my base pay for the rest of my life if I hit 20. Plus 2.5% for every year after it.

I'll find a second job. Not sure what yet, but I will. I should have my degree in Program Management by then, so I shouldn't have a problem finding a job. I'll probably work until I'm 65.

 

That would be me, I retired from the Coast Guard at age 40, I went to work for the State and am now looking at full retirement.

 

I figured out how much i need to live in retirement,, I can live comfortably until nex tuesday on my savings .

 

46... Then I'll get another job

 

I figure 55 at the earliest 57 latest with 3 pensions ( Mil, State, VA ) and some investments It looks like I will be comfortable and have medical ( NO NOT OBAMA CARE ). Hence I got my RV now to see what I want and how I like it so later I can get a big boy and put the Taco on a trailer and head out. Though, I will have a perm residence still just not going to be in it for a good part of the year :}.

Cypher

 

48 and i'm done.

 

27, and semi retired.

 

Plan #1 was to retire at 40. But then I got married.

Plan #2 was a simple combination of saving $ and reduced spending. Then I just sat back and hoped for an early-out option from my top heavy employer (primarily for the heath care insurance). 56 when it came and I jumped. Most of my co-workers that had the same opportunity to leave wanted to, but hadn't planned ahead. They're still stuck.

Simple life, simple needs, but we certainly don't do without.

 

Depends on what specialty I end up matching into when I graduate medical school. If I end up doing something like Emergency Medicine, my plan would be to work ~60 hours a week for 5 or so years straight and then retire completely at the age of 36. I doubt I'll end up doing that, though. Much more interested in anesthesia and surgery, and I actually enjoy medicine enough where I can't foresee ever really stopping. Though, it is quite appealing to retire before I'm 40 and start life anew with some other interests.

As a tip to others that are thinking of retirement, your end goal amount should be about 25 times the income you want to generate in retirement. If you wanted an income of 100,000 a year after you retire, you would need a 25 * 100,000 = 2.5 million dollar portfolio. This presumes that you live for 25 years past your retirement, which is a pretty good rule of thumb, I think.

 

Hopefully 55.

I started late at 34 on my 401k. My own fault. I lived at home till I was 29, not because I wanted to but because I had a lot of debt and spent foolishly partying too much, plus some legal issues (brought it on myself, but still costly).

I've been with my company 13 years now and do have a pension when I retire..plus I've been aggressively dumping into my 401k and get matched up to 5% by them.

My wife is older and also started dropping a lot in her 401k as well. When I retire I'll be able to keep my excellent insurance for both of us.

My long term plan is to move south. My parents are still here in MA as well so I figure when they pass on I will move, be able to buy a home there with no mortgage, and then my wife can retire and get a part time job if she wants.

 

I just retired last June at age 56 and am continuing my health insurance.

Just got my first Tacoma (2014) on October 28, 2013.

Retirement is the best thing I have done in my life.......... good luck to all in your efforts to retire.

 

I work with a group of guys that range from about 28 to 48 years old. Most of the youngest dudes think they're gonna be out by mid to late 50s saying they "need $20,000,000" (it hurts to listen to it). It's amazing to me that people put so little thought on what they will actually earn and spend over their life time. Working a typical week or even busting the overtime they (nor I) will ever get to that $$$ amount even with decent return on investments.

Using our company match (3.5%) and the max 401k pre-tax amount ($17.5k or what is about 15% contribution for us) but, excluding "catch up" after age 50 with a return of 10% (pretty damn good) and inflation adjustment on the max contribution & income. The typical guy where I work who is currently 28 will have $5,092,356 at age 58 in his 401k. Working a typical week we hit the cap on social security around Christmas so they will (if it still exist) have SS at max and we also have a company funded retirement separate from our 401k (and as important, separate from company funds).

With all that said, if you draw only interest at 3% (should be secure) of the 401k nest egg at age 58 it would be about 75% of our inflation adjusted last year earnings.

In any case, listening to these guys and reading some of these post tells me people really have not put much or any thought and planning into their retirements.

Of course people can invest post tax and some rules remove the tax benefits of Roth type investments for some groups (including me). Because of this, many of us where I work don't contribute to a Roth.

For all those planning to retire prior to age 59.5 (in most cases) and take cash from your 401k, under current law, you will pay an early withdrawal/early distribution penalty.

I won't even touch on my thoughts of future taxes for those who have actually saved and planned well.

Moral of the story, save a lot as early as you can and diversify your investment.

 

Having a retirement account of 5 million would allow you to withdraw $200,000 a year for 25 years before it runs out. This is more than enough for most people's purposes. Most people should be at the point in retirement where the house is paid off, the car is paid off, and actual bills are residual, so you could survive off a much smaller income than what you normally make. For someone that is used to making $60,000 a year, a portfolio of 1.5 million would be more that sufficient, and it is doable depending on how frugal you are.

All resident doctors (aka doctors in training), are used to living on $40,000 a year for between 4 - 8 years while they're training to be a full fledged doctor. For an Emergency Medicine doctor, who is paid by the hour and actually gets overtime, it is not unusual for them to make over a million a year if they worked 60 hours a week. Making that much pre-tax and living off of $30,000 a year post-tax (resident pay), means these doctors can (and many do) retire within 5 or so years of entering actual practice.