Realistically, when do you think you can retire?

Yeah I left it at 10% for about 7 years. Never looked st it never thought about it. Then I moved a bunch of stuff around and am dumping as much $ in it as I can. Currently at 20% + 5% match. I'd like to get to 100k by the time I'm 30 and when I move on to a new job hopefully have 100k in 401k, 30k on roth IRA, and 30k in a separate account im having fun with

 

I don't want to fault others, I should have factored in human error, minimum returns, etc............enough to scare me to go 20+% from the start. 401K was almost brand new (started in 1978) at the time (early 1980's), I was in my mid 20's or so.............8-10% "should be enough"....

 

Only good thing is the interest on those is a tax deduction at least..

 

Only up to like $2500 and my interest easily exceeds that still, and you don't get to double it as a family so we don't even touch the wife's interest.

 

I’ll retire when I can’t work any longer. I just plan on working less as I get older, but still keep working. I enjoy it, so I’ll just keep on going. I’m saving to supplement the decline in hours and pay for the progression of jobs I’ll likely have.

 

Agree. I’m just working until I can open my dream business and then that will be my primary work until death/physical inability.

Can’t just stop working, sit at home and eat bon bons all day.

 

We're hoping to be in good shape. I max out my TSP (fed 401k) contribution, have a FERS pension, and an IRA that is just for fun. Wife has a 401k (private) that is doing okay. Social Security will be beer money to whatever capacity it is still around. I plan on maxing my years at 40 (27.5 years to go) for the full pension and then retiring.

I love to work though and get bored on "relaxing" vacations after a couple days, so how I'll take retirement is a mystery. I'll probably go crazy homebrewing beer.

 

My dream business is a microbrewery and I don’t wanna brew. Maybe in 10 years you come brew for me

 

tangent- i'm already homebreweing beer, broke down and got a wort chiller last week, ice baths alone weren't cutting it. I most do 1-2 gal batches though. A local microbew near me got me started and the supply shop is down the street. /tangent

 

Yup, I'd do something. Ideally open a huge animal shelter or be an independent shipper

 

Working on it but even an ok savings in CA doesn’t do much. Hard to buy a house and renting is 30-40k a year. 55 would be Ng rest but about to hit 40 and currently a pipe dream.

 

Retirement just means you can do what you want when you want

 

Exactly but I'm the one calling the shots versus my employer

 

Now.

But we elect to continue working part time for a number of reasons.

 

I'm on my first full week of retirement. Life 'ffing good frankly. Should have started sooner.

 

We've taken multi-month sabbaticals in the past. We learned completely ceasing work is not satisfying for us at this time. So we both work part time.

There's more to unpack there than first glance would suggest. Part time work, when benefits are included, is higher compensation per hour than fulltime work and thus a more effective value add - *and* it takes less of your time!

Additionally, working when you are financially independent is a completely different beast from working without the ability to walk away at any time. I interact with my employer as two parties negotiating in parity. That changes the dynamic entirely. When I tell them I need to change my days to watch my baby girl to avoid childcare, they understand I'm not asking.

 

I can't "like" this enough. I'm in the same boat. Just started my second month of retirement. I can't believe how busy I am!

 

Excellent!

That is pretty much my 2020 relationship with my employer in a nutshell - and it was good - that said, and even best intentions and all good feelings, it's still being employed.

Yesterday I did my state excise taxes for one business and e-filed the 1099's for that business. I dink around more on the net, but I need to work up a product helper page now, first the photo shoot. No deadline, but something that was needed and I never had time before. I guess working for the man, and I'm the man, seems pretty good!!

 

For the wife and I our relatively young age plays a factor. None of our social circle has the financial security we do (that we know of) and everyone works. We have hobbies and leisure activities we love, but there is still a *lot* of empty time in the day even after that and everyone we would spend time with is at work.

Self employed work counts in my view. The wife and I have a few rental properties. It's basically self-employment, but it only takes a couple hours per week of my time at most.

Regardless, I am a firm believer in meaningful use of time. Modern retirement is less and less a binary item and now exists more on a scale. Employers are willing to be flexible with scheduling for valuable employees. For the wife and I right now the right mix includes part time work. Everyone's MMV.

 

10 years ago 56 years was long enough.