Can you retire at Age 60?

[JEDI]

Retirement calculator

wow..

$200k in retirement funds.

If i only contribute $5k/yr to retirement funds, i can retire at Age 60 and have enuf $ till Age 90. And this is w/o the need for social security. With it, I can survive financially MUCH longer.

Assumptions:
10% avg returns b4 retirement
6% after retirement
$75k (in today's $) annual withdraw

 

[SmoochyTX]

I'll probably be working until I die.

 

[eits]

i know i'll probably retire around that age... if not younger

edit: according to this thing, i'll have over $2 million by the time i retire and about $6 million left to my heirs... if i retire at 65.

 

[pyonir]

LOL...if i retired at 65, my savings would run out at 68.

 

[KK]

I hoping for 50.

 

[spidey07]

Originally posted by: KK
I hoping for 50.

QFT!!!!

Aim for 50.

 

[mrrman]

that was depressing

 

[Corporate Thug]

Originally posted by: KK
I hoping for 50.

i'm shooting for 40 but i'll settle for 50.

 

[Zolty]

If I go at my current plan I have to retire at 60.

 

[JACKHAMMER]

Pension plus 401k FTW! I will be 53 and done! (Hopefully, if the laws don't change in the next 20 some years)

 

[Slew Foot]

Im aiming for 45, but I might go to 50 working part time or something.

 

[kyparrish]

/heads off to fidelity website to put more towards 401(k)

 

[Legend]

According to the calculator, I will with millions. If you start at 21 and put away 15% with an engineering salary in an aggressive diversified portfolio, it builds up.

 

[Legend]

Originally posted by: JEDI
Retirement calculator
Assumptions:
10% avg returns b4 retirement
6% after retirement

Why do you expect such terrible returns? Inflation?

For the first 30 years or so you should be in international, large cap value, small cap, etc. You should be making 12% average annualized (over 40 years).

6% after retirement? Why? Balanced mutual funds that are extremely stable have made 8.5%. For example, Vanguard Wellington (VWELX)

<a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/VGApp/hnw/FundsPerformance?FundId=0021&FundIntExt=INT&DisplayBarChart=false">https://flagship.vanguard.com/VGApp/......ndIntExt=INT&DisplayBarChart=false</a>

The performance since 1929 is a damn linear fit.

 

[DVK916]

Or you can be a cop and retire getting over 100K a year from the county, city, ect.

 

[JEDI]

Originally posted by: spidey07

Originally posted by: KK
I hoping for 50.

QFT!!!!

Aim for 50.

and get hit with a 10% early withdraw penalty (401k/roth) from the IRS?!

 

[ponyo]

Originally posted by: JEDI

Originally posted by: spidey07

Originally posted by: KK
I hoping for 50.

QFT!!!!

Aim for 50.

and get hit with a 10% early withdraw penalty (401k/roth) from the IRS?!

What. The only money you have saved for retirement is in your 401k/roth accounts?

 

[JEDI]

Originally posted by: Legend

Originally posted by: JEDI
Retirement calculator
Assumptions:
10% avg returns b4 retirement
6% after retirement

Why do you expect such terrible returns? Inflation?

For the first 30 years or so you should be in international, large cap value, small cap, etc. You should be making 12% average annualized (over 40 years).

6% after retirement? Why? Balanced mutual funds that are extremely stable have made 8.5%. For example, Vanguard Wellington (VWELX)

<a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/............&DisplayBarChart=false"><a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/............=INT&DisplayBarChart=false"><a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/VGA.........tExt=INT&DisplayBarChart=false"><a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/VGApp/......ndIntExt=INT&DisplayBarChart=false"><a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/VGApp/hnw...1&FundIntExt=INT&DisplayBarChart=false"><a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/VGApp/hnw/FundsPerformance?FundId=0021&FundIntExt=INT&DisplayBarChart=false">https://flagship.vanguard.com/............BarChart=false</a></a></a></a></a></a>

The performance since 1929 is a damn linear fit.

being conservative. doubtful my porfolio will be as agressive the closer i get towards retirement.

VWELX looks impressive. 5* :Q
65% stocks, 30% bonds, 5% cash
But 95% of the stocks are Large caps and other 5% is mid caps. no small.

VBINX (Vanguard Balanced Index) is only 4* but:
60% stock/40% bonds
stocks are in in large, mid, and small caps, kinda like VTSMX (Total stock market)

Anyway, i picked 6% because i plan to have 50%+ bonds/cash. I don't need more $ at age 60. I already have enuf cash to last me till 90 (and that's not counting social security). thus lower the risk.

I also dont believe leaving large $1M sums (in today's $) to my heirs. I just want to setup college funds for my grandchildren/great grandchildren, and that's it. make them understand the value $ and not spoil them w/handouts to waste $.

 

[DaveSimmons]

Originally posted by: JEDI
and get hit with a 10% early withdraw penalty (401k/roth) from the IRS?!

That's why you cash out your non-IRA brokerage accounts first, between ages 50-60.

60 will be easy, but I might have to cut way back on the fancy dijon ketchup to retire very many years before then.

 

[RossMAN]

Originally posted by: DaveSimmons

Originally posted by: JEDI
and get hit with a 10% early withdraw penalty (401k/roth) from the IRS?!

That's why you cash out your non-IRA brokerage accounts first, between ages 50-60.

60 will be easy, but I might have to cut way back on the fancy dijon ketchup to retire very many years before then.

Replace it with Arby's sauce packets :thumbsup:

 

[animalia]

hopefully I can retire at age 65 with teacher's pay (paramedic pay). Maybe I'll go to med school when I am in my 40's. I am 18 now and in EMT school. plan for the future much joe? geez

 

[SSSnail]

If I retire in America, then around 50. If I want to, I can move to some Asian country and retire even earlier.

 

[theprodigalrebel]

Awesome, reality just bit me in the ass.

 

[RaistlinZ]

If you can earn a higher % return after retirement it really makes a big difference. Also, using that chart made it very clear to me that I'll need to have some kind of passive income if I want to live comfortably in retirement.

 

[Scouzer]

I will be 55.

Possibly 49 if I do a good job saving, the company will buy me out for $500k.