Can you retire at Age 60?

[jadinolf]

I retired at 59 but there is no joy because my wife died 5 years earlier.

 

[NanoStuff]

As someone else here mentioned, I won't be retiring until either I die or we've finished everything

Not that I don't have the money, I could retire at 40, but there's a lot to be said about not leaving your talents behind. A whole lifetime of knowledge and experience, it's a shame to not be contributing that to the world.

IMO, people should only retire once they're physically/mentally incapable of work. If you want to puss out, so be it.

 

[JS80]

i will probably "retire" at 50 but work until i die

 

[thirdlegstump]

Most of you guys are way too young to even start thinking about retirement. Enjoy life to the fullest and have fun.

 

[NanoStuff]

Enjoy life to the fullest and have fun.

Don't tell me what to do.

 

[PhoenixOrion]

Originally posted by: 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:

Lol, reminded me of a skit In Living Colour episode.

One of the Wayan brothers pulls up with his BMW. He goes to his apartment and empty each ketchup packet from McDonald's into his Hunt's ketchup bottle.

 

[SpunkyJones]

Originally posted by: SmoochyTX
I'll probably be working until I die.

QFT.

 

[dabuddha]

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

Yep same here for me except it'll be 56. Working for the government does have its benefits

 

[iamwiz82]

You are really caught up on retirement

 

[Old Hippie]

Pension plus 401k FTW! I will be 53 and done!

Same here except I did it 2 years ago at 52. Not having children helps immensely.

 

[Schadenfroh]

I plan on them scraping my corpse from my cubical.

 

[Turin39789]

HAHAHA SUCKERS!

History of heart disease at an early age with males in my family! What retirement savings?

 

[bignateyk]

Starting at the age of 22,

15K a year into retirement, I should be able to retire by age 55 no problem living off 80K a year till im 93.

 

[HardcoreRobot]

my goal is 50, i should make it +- a few years and be able to live off of 75kish indefinitely

 

[child of wonder]

Nice tool but it doesn't account for pay increases. We're not all going to be making the same amount until we retire.

www.paycheckcity.com has a much better 401k calculator. You need to register for free to use it, however.

 

[j00fek]

ill work till im 75

 

[DaShen]

If I stopped putting money a lot of money into retirement by next year (and dropped it to 5%), and I never invested in Retirement ever again, I could still retire by 60 and live to my mid 90s and still have money left for my kids. That being said, you never know what happens, and retirement for me is an incredibly long way away so I will still put alot in now and save up wahtever I have till I have someone to spend my money on.

 

[HannibalX]

I hope to retire at 60. Maybe sooner. After that I'll start a small business working like 20 hours a week doing something I enjoy.

 

[child of wonder]

Question for someone who knows.... when one retires I've heard that taxes get applied to your entire 401k savings. So does that mean when you retire Uncle Sam takes 20% or so of your 401k balance then charges you for the interest you live off of each year?

As of now, my wife and I should have about $2.25 million in 32 years. Adjusting for inflation, that's about $650,000 in 2007 dollars. Is that enough for a couple to retire on or should we save much more?

 

[Al Neri]

if I retire at 40 and die at 61 I'm set !

 

[BurnItDwn]

Given my current income and investing, I can retire by my mid to late 50s.
Realistically though, if I stay with the same company that I'm with now, I will probably work until I am 66 ... because then I will have worked 50 years for them, and not too many people rack up that kind of seniority. That said, come 60, or around there, I could see myself cutting back on the hours a bit ...

 

[Jadow]

I'll be able to comfortable retire @ 55, but I'll probably work till well into my 60's, I imagine retirement to be quite boring.

 

[spidey07]

Originally posted by: Naustica
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?[/quote]

Exactly. The 401k/pension stuff is just gravy. Like it isn't even there.

 

[Legend]

Originally posted by: 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/............=false"><a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/............hart=false"><a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/............BarChart=false"><a target=_blank class=ftalternatingbarlinklarge href="https://flagship.vanguard.com/............playBarChart=false"><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/............a></a></a></a></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 $.

I was showing Wellington not as an example post-retire portfolio, just showing you that there's funds out there that make 8.5% and are extremely stable (8.5% consistently since 1929, barely dips at times like the tech stock crash of ~2000)...so your post-retirement returns can easily be higher than 6%.

If you're wanting a luxurious retirement, then you need to aim for millions. For me, $4 million, because in 40 years, that money will actually be $1 million due to inflation. I've got to have income in case of medical complications and so that it's a really nice retirement.

 

[Feldenak]

Originally posted by: SmoochyTX
I'll probably be working until I die.