Realistically, when do you think you can retire?

I partially retired at 39 after 21yrs in the Military. I'm not rich but I'm comfortable. I still work though.

 

Im 28. Im planning on winning the lottery, so any day now..

Realistically, I have not even thought about it, even though I'd like to not work

 

If it makes you feel better, I know plenty of people older than you that have the same plan.

 

Time to start working on it....
Even a little at a time is better than nothing...

 

ive got a 401k through my work. No idea what the deposits mean. Hopefully it means that i will get a check after I retire, once I hit a certain age. Ive been putting in 6% of my salary since I started working 4 years ago.

 

I started saving at an early age then hit a "rough" patch where I didn't for most of my 20's. Once I got to my early 30's I kicked it into higher gear. I go by the rule of 10% of my annual income to "survive", 15% to be comfortable, 20% to escape. I'm in the 17% part but really want to kick that to 20% saved. Max out the 401k, then head to the IRA then on to the stock market I hope to retire sometime in my 60's. Honestly I'd like to still do something like rental properties just to keep me busy. I get bored easily and don't see that slowing down. I couldn't agree more having a house that's paid off is HUGE. It's the next thing on the list for me.

 

Why no poll??

At 55 my pension maxes out (35 yrs service) so between 50 and 55 depending how my finances are and what I'm up to at the time. My whole retirement plan is; stay married to wife #1, retire mortgage free with a nice truck in the driveway paid off. Live off my pension cheques (70% salary). Hopefully my 2013 Tacoma will be in the garage with collector plates on it as my weekend backcountry cruiser.

 

You didn't make that way..........somebody else did it for you, oh wait...different country..

 

Out of context knows no bounds

apparently

 

I am also self employed. Have my own retirement plan and talking to my accountant about creating a 401K for myself to save some taxes. It's a different world for self employed people.

 

An update on my retirement (from page 1 of this thread).

I retired in 2012 at the age of 55, I was in the US Military for 20 years and have a pension and health care from that. I also worked in the IT dept (Domain Admin, SMS, MOM, WSUS, SharePoint, SQL) at a fortune 500 company for about 15 years. Have a 401K from that which will mature when I am 65, and social security when old enough and I apply for it.
In 2012 had the opportunity to purchase a home with several acres in central Florida, and decided that I was gonna retire.
Bought the property for cash, paid off the truck, sold the home in PA and moved.

Over the past couple of years I have:
Put in a veggies garden, stocked the pond with blue gill and bass, planted some citrus, got a couple cows, got some chickens, and put in a berm for shooting in a back area. Dug a secondary well for a hand pump.

This year planning on:
Building a small 6x12 fishing dock on one side of the pond, putting a slab and aluminum cover so the emergency diesel generator has a permanent place, and a few other small projects.

I am keeping busy, and enjoying life.

 

That's what I'm talking about! I'm retired Army, but I did my first 4 years in the Marine Corps.

 

Your retirement is how I envision my retirement to be. Any advice you can offer to the next generation?

 

In no particular order:
1. Save your hard earned $$
2. Buy in bulk items that you use, and can store.
3. Don't buy the latest flashy items (Do you really need a new iphone, laptop, etc.. or will the one you have or a older model do what you need).
4. If you have a 401K / IRA invest at maximum or at least minimum 10% of income, understand what you are invested in and adjust investments as needed.
5. Life insurance is only needed if you have dependents, and only cover those whose income supports others.
6. Shop around for everything, compare prices and costs of extras such as maintenance plans.
7. Save your hard earned $$
8. Learn how to do all sorts of things, find people who know how and help them do stuff that they need done, volunteering is also a good way to learn stuff.
9. Live under your means at all times (more $$ coming in than going out).
10. Pay off all loans as quick as you can (an extra $100 each month on your mortgage adds up over the years).
11. Credit cards have 2. One for purchases you pay off in full each month, another for ONLY EMERGENCY high cost surprises.
12. Be friendly to others, Karma is real.
13. Get a stand alone freezer.
14. Re-purpose items.
15. If you cannot afford to pay cash (or pay off in full when first bill comes) do not buy it (few exceptions: car, home, and the like, pay off exceptions ASAP).
16. Save you hard earned $$



Note: duplicates on purpose.

 

My RRSP's aren't looking so good , may invest into a TFSA this year but we'll see , could be a good time to add some shares to my deflated mutual funds

 

yep, definitely took an overall hit the last 6 months. put more into ours after the august market issues so that helped offset some.

 

Tread carefully people...

Bear market?

 

60-65 or ONE MILLION DOLLARS in TSP account.

Which ever comes first!

 

When '14 Tacoma is payed for in about 2 years.

 

This made me laugh. Old but hilarious...read your last post discussing your retirement plan in 2014 including your wife then when you scroll down on the thread about 10 months later you make this gem of a statement