How close are you to being retired?

[rcpratt]

I'm 26 and have about $100k saved. Good start but still at least 30 years to go!

 

[ponyo]

I probably need to work another 14 years. I won't retire til I put my daughter through college and grad school. My wife is sort of retired since she's stay at home mom. She retired when we married.

 

[pcgeek11]

Retired military in 1993 ( 20 years ) and I am within 5 years of retiring from my second career...

 

[purbeast0]

I'm 26 and have about $100k saved. Good start but still at least 30 years to go!

i had WAY less than that when i was 26 and i'm still on course to have millions based on my current savings and the retirement calculators. you will be just fine if you continue to do what you are doing!

 

[TeeJay1952]

2002
30 and Out UAW
Was 50
Best thing that ever (still) happened to me. (Beside finding Wife)

 

[JTsyo]

about 30 yrs left.

 

[Exterous]

Too many variables to know for sure. Currently the range is 14-35 years from now. On the positive side I now have access to a 457 account which, assuming I stay employed here, will make retiring early easier (No pesky age based early retirement rules)

I'd be willing to bet he was referring to things more along the lines of "Oh well I'm here to get some gas might as well grab a coke. Oh might as well grab a muffin while I'm at it. Oh look the newest issue of the tabloids is here, better pick that up."

That's the way I read it at least.

I think its that and more. Granted this is just from my own experiences but I think its a general lack of planning in advance. If people have disposable income they spend it - be it on a higher mortgage, a higher lease payment or a coke at the gas station

 

[brianmanahan]

On the positive side I now have access to a 457 account which, assuming I stay employed here, will make retiring early easier (No pesky age based early retirement rules)

it is pretty easy to get around those rules, using either 72(t) SEPP withdrawals from a 401k or a roth ira conversion ladder from IRA or 401k.

 

[brianmanahan]

If people have disposable income they spend it - be it on a higher mortgage, a higher lease payment or a coke at the gas station

the key is to make that income non-disposable right away. i try to only keep enough money in savings/checking to survive on - all other money goes into 401k, roth ira, i bonds, taxable investments, etc. hard to buy a candy bar with those things.

 

[KK]

I don't plan on retiring any time soon. Been at current job for going on 18 years, plan on atleast another 30. Like to make 50 years. Why retire if you like what you are doing?

 

[Red Squirrel]

You still have to live too, and buy fun stuff once in a while. Otherwise it makes life really meaningless.

 

[MongGrel]

I'll probably croak first, and the wife will get the SEP IRA, small pension, and 401K.

She started working a financial place awhile back, haven't done anything with the SEP in a long time, it's just making some bucks, she has a woman she works with were they do higher end investments is gonna look at it for me and will probably roll it into another one that's a little more aggressive.

She's doing pretty well there, got a 8K raise the start of the year and after taking a couple more tests soon she'll go up another 10K, she passing me after all these years my trade has gotten so bad 😛

Almost had the house paid off a few years back before the market dump, but was unemployed at the time a while and we refinanced it, still close to getting it done again.

Anything ever happened to me she'd probably sell the house and get a condo by her sister, house is 180K appraised on top of the others.

I like my house personally and cranking the music on the weekends etc.

 

[Exterous]

it is pretty easy to get around those rules, using either 72(t) SEPP withdrawals from a 401k or a roth ira conversion ladder from IRA or 401k.

I know but easy doesn't mean convenient and I like that I won't be tied in to a set withdrawal rate as you are with a 72(t) distribution.

 

[brianmanahan]

I know but easy doesn't mean convenient and I like that I won't be tied in to a set withdrawal rate as you are with a 72(t) distribution.

the roth ira conversion ladder doesnt have a set withdrawal rate, but does have the 5-year wait period from rollover to withdrawal

i am just doing extra roth contributions to bridge the gap between early retirement and 59.5 - putting more into my roth IRA each year than my 401k, thanks to the after-tax in-service rollover trick

 

[DaWhim]

Am I the only person that think retirement = boring? The longest job I had was an internship in london that last exactly one year.

I did consulting only worked about 4-5 months a year for a few years. It was a semi-retirement like life, I got 7-8 months off to do whatever I wanted. My experiences have been not having anything to do is just boring and don't really see myself ever retire.

 

[Imp]

Am I the only person that think retirement = boring? The longest job I had was an internship in london that last exactly one year.

I did consulting only worked about 4-5 months a year for a few years. It was a semi-retirement like life, I got 7-8 months off to do whatever I wanted. My experiences have been not having anything to do is just boring and don't really see myself ever retire.

Depends on your definition of "retirement" and what you want out of life.

At my last job, people who retired while I was there and what they did:
- one guy was decking out his boat during his last few months, booking parking space at marinas.
- a manager retired, started collecting his topped out pension, went to work in a lower level position on the other side of the country.
- others I didn't catch up with or ask about after they left, but before they left, they said they'd chill for a bit and then go into consulting in the same field.

For me? Retirement without money = bored. Retirement with money = f*** all, going to have some fun.

 

[DaWhim]

Depends on your definition of "retirement" and what you want out of life.

At my last job, people who retired while I was there and what they did:
- one guy was decking out his boat during his last few months, booking parking space at marinas.
- a manager retired, started collecting his topped out pension, went to work in a lower level position on the other side of the country.
- others I didn't catch up with or ask about after they left, but before they left, they said they'd chill for a bit and then go into consulting in the same field.

For me? Retirement without money = bored. Retirement with money = f*** all, going to have some fun.

yea, it does go back to definition of retirement. to be, it is financial freedom.

 

[Exterous]

the roth ira conversion ladder doesnt have a set withdrawal rate, but does have the 5-year wait period from rollover to withdrawal

I know there are ways to get money out of more traditional funds before 59.5 but a 457 makes it very easy: All you have to do is not be employed by that employer anymore. Easy, simple, no real work required. Our mix of 403b, 403a, 457, Roth IRA, taxable and pension, while complicated and a bit annoying to manage our asset allocation, will hopefully allow us a great deal of flexibility to deal with whatever retirement scenario we find ourselves with

yea, it does go back to definition of retirement. to be, it is financial freedom.

Financial freedom is a great stress reliever and might be one reason I would end up working a bit longer. I had a very stressful job and dropped it down to part time when I found a better paying one. The simple act of being able to say 'I'm not doing that\Fuck this\fuck you' if I ever needed too made a world of difference to my stress level. Same job but once I no longer needed it the stress just went away.

 

[Jeff7]

...
Financial freedom is a great stress reliever and might be one reason I would end up working a bit longer. I had a very stressful job and dropped it down to part time when I found a better paying one. The simple act of being able to say 'I'm not doing that\Fuck this\fuck you' if I ever needed too made a world of difference to my stress level. Same job but once I no longer needed it the stress just went away.

I hate hearing the "money doesn't buy happiness" line.

It sure as hell makes the path there easier though, when you're not constantly feeling the stress of wondering if you can make it through another pay period.

That, or you go hardcore Buddhist and assign zero value to worldly goods. (Food, shelter, and clean water are worldly goods too though, and they usually cost either money or time and skill to acquire or produce...:hmm🙂

 

[JEDI]

Started day dreaming about the big day when I no longer have to work. Not sure how much money I'll have to live off of, using the 4% rule. If my rough math is right my current investing plan I'll have ~950-1.1M saved up to retire with. We seem to have a somewhat wide range of ages here on the forums.

So where do you sit with retirement?

Years away? Starts tomorrow? Emotionally not ready and will work until you drop dead? Did you start saving early/late? Are you financially prepared?

as soon as I time the bottom of oil and go triple long, my retirement will be immenent

 

[JEDI]

When I was in my late 20's, early 30's, I had a plan to retire at 45 also. I'm 46 and now a long way off from retiring. One 'BIG' bad investment and a big market drop, followed by more conservative investing will do that.

what bad investment?

 

[JEDI]

Far, I'm doing okay with planning but I can't imagine not working.

why didn't u stay in the military, get your pension.
then work for the govt and get a 2nd pension.
then work as a govt contractor after you retire from your govt job?

A bit older than that, but I put it all on black.

I don't understand how you can profit from Canada tanking.
how can u short Canada?

 

[TurtleCrusher]

Going through the military disability system right now. I may be (partially or full) retired at 26...

 

[JEDI]

Going through the military disability system right now. I may be (partially or full) retired at 26...

how much does that pay? what rank?

and sorry to hear 🙁
I bet you rather have full mobility than retirement?

 

[TallBill]

why didn't u stay in the military, get your pension.
then work for the govt and get a 2nd pension.
then work as a govt contractor after you retire from your govt job?

I've been back in the military almost two years. Promotions are ungodly terrible right now, will hopefully be an E6 soon but still shy of 6 years of service.

I reenlisted in December for four years, but still dunno if I plan on 20 with how slow promotions are now.

Military pension is ok, but not really that much to rely on, plus the salary we make wouldn't be hard to beat at all. The extra income invested wisely would provide more wealth later on.

I'll have my BS in finance and hopefully MBA by the end of this next enlistment so it'll be a decision to be made. I like my job still which is why I came back in and why I might stick around, definitely not for the money.