Realistically, when do you think you can retire?

Yes but I strongly suggest pairing it with a HRA/HSA of some kind, you get pre-tax money set aside in the event of needing it.

 

Death

 

I'm 48. I have already retired from the military and drawing that pension for life. With that comes life-long health care coverage for myself and my wife. I now have 10 years as a civil servant in which I can retire at 57 for a second pension. I have saved/invested over $1M in my retirement accounts already and continue to contribute. My house will be paid off when I am 55. So I think it will be an easy decision to retire as soon as I am eligible at 57.

 

under 4 years for me to go til I start the civilian life, fortunately have shore duty next to help get myself set really set up (finished MBA last year with TA).

 

Yep ur sitting pretty good. Thats a easy decision.

 

My wife and I were debt free when I was 50 years old.
I retired at 62, took the social security and the COBRA health insurance for 18 months.
After that I just paid for the heath insurance ($600-$700/mo)
Turned 65 in Jan 2021, started Medicare.
Retirement has been great. Tremendous freedom.
The key is being debt free before retirement.
You don't have to make big money to achieve debt free living.
I worked for a Japanese auto parts company and my wife was a school teacher.
Just live within your means and have some discipline.

 

Ya'll I almost tipped out the door yesterday at work.

When you start riding that financial independence line, the struggle to not do something stupid is real!

How do you guys who are close to retirement motivate yourselves internally to not be too eager to make that decision?

 

For me, I don't want to leave any money on the table and work isn't too stressful. At this stage, I have things pretty wired. I know what's important and what's not so I don't sweat the small stuff. I'd like to leave today, not because I don't like my job or dread going in, but because I want to be free to do what I want to. I'll stay because the last few years make a big difference and I want to have the as much money as I can to do those things. I also have over a year's worth of sick leave. I'll use that to facilitate selling our current home and buying/ building/ renovating a new home and moving out of state.

I am a long-term plan kind of person, so I am seeing the result of what we have been working on for some time. Savings, investments, retirement, and debt free. When you work on that stuff for some time, you become careful about screwing it up at the last minute. I have a good amount of self control and I don't give into fleeting desires for "things". The other part of this is to never become a burden to our kids because we didn't plan or we spent everything we ever made. We gave both kids a good start with K-12 private school and a debt-free college education. I wouldn't want to crash their life with, "Sorry, we're broke".

Just a couple of more years.. Anytime after 11/25, I have met my goals and can go. I'm pretty pumped about it. My wife and I have been taking several trips each year to look at property and get a feel for different places.

 

this question for me is more dictated on how much money I want to have. I have it planned at 50. Id be very bored though, so 62 is probably closer to it.

 

I'll be 43 in July and up until last year head done nothing to secure any sort of retirement income. Got hired on with the state of Colorado, and it actually looks like I could feasibly retire by 65 with a very livable pension fund. I'm still new to this public retirement funds thing, but I'm pretty sold on the fact that I will never contribute to Social Security again if I can get away with it.

 

Yup, I have a public pension too. My wife has an IRA. They also cover health insurance until Medicare which is great.

 

So, I am adding a year (or two) onto my military service to put me at 21/22 years. As of right now, retiring at 20 (in 2022) would put me at roughly $30K a year. Add 1-2 years, it adds $2K a year give or take. Add in my retirement savings, I CURRENTLY would make $50K a year in retirement income (add in my wife's, we have even more). I want to make more money... So a second job will be coming when I retire, hoping to add a substantial amount to my retirement accounts. I am hoping to have an income of >$100K a year in retirement. Yeah, I know... it is a dream.

I also don't necessarily want to wait until 65. So, 60 might be a better looking retirement number.

 

You probably have your 40 quarters and can collect some SS. However, When you are in a public pension you are often prohibited from collecting both or there is a reduction. It's covered under the Windfall Elimination Provision which is Gov-Speak for we don't want you to get ahead. You might check into that so you have a realistic picture as to what you re going have when the magical day comes.

 

My ex-wife can retire at 50.Thanks to Governor Murphy I will have to work up until my break on the day that I die.

 

Depends on the state. I work for the state and can claim both.


If I could deny both that would be my choice. Give me the money. Keep your benefit.

 

It could be, I don't know how it works in every circumstance. However, my relatives who work at the state, city, or county level all fall under the WEP. The purpose is to deny federal SS benefits to those in public employment who have a public pension. It does catch (and sometimes really screws them) those who change careers mid life and have paid at least 40 quarters. I've paid 40 quarters because I started working early in life and then went on to a full turn at public employment. I believe it is possible to collect both with SS being reduced by your pension which means collecting zero really. The idea behind it is collecting SS and your public pension is double dipping, though you have paid your share to both.

I'm with you, I would choose to take the money normally paid to SS or a defined benefit retirement like mine and invest it myself. I think I could do better based upon how we have done with my wife's IRA. The upside to defined benefit is you can't lose it and it can't be reduced. There are pretty good COLAs built into it. For fire and PD in CA the retirement is really strong. Fire is the best public service job in CA (aside from being in the legislature, but I mean a real job, where you actually work) in terms of pay, retirement, and benefits. I should have been a fireman...

 

56. I’ll have 30 years into my career and a modest defined benefit pension. My home will be paid off. And I’ve been saving an additional 20% of my gross pay and building up a fat dividend stock account. I figure I should have $6k of after tax income per month and no mortgage. My home will be the place I rest between hunting/fishing trips.

 

Re reading this thread makes me want to give different advice but i don't want to get into a back and fourth with different opinions.
To me it's like all our lives we are told to be debt free and work work work till we retire. Get in line and be normal. I am 34 and when i hit about 27-28 I was like WtF is that going to do for me.
I started upping everything I did money wise. I have zero and I mean ZERO problem with risk. My risk tolerance is as high as humanly possibly. When i was 18 out of school i had nothing. Great family growing up but we were basically poor with 6 people in a small house. Through stocks, rentals, buying businesses, and now building properties, I have millions of equity and i never had any training about it once. Just hard work, focus on goals, and always try to do more. My next goal is to make over 1mil a year. Sounds crazy maybe but once you break the cycle of just getting in line, having low risk and working 9-5 it's not out of the question

 

How will you keep from being bored at 62?