my retirement date is set: october 1, 2028

[Engineer]

i think he means getting life insurance that lasts until 59.5. cuz after that you can get money out of the 401k without penalty, so no need for life insurance after that point

You can get the money from a 401k earlier than 59.5 without penalty, if you retire before that. Look up IRS rule 72(t).

 

[brianmanahan]

Do you plan on living like a pauper until you retire? Ramen noodles, roommates, and the whole shebang? I've been saving about 30% of my money and even that has been hard at times.

not living like a pauper, but i grew up without a lot of money so am used to living without a lot of it. think the most i have ever spent in 1 year is 35$k and that was eating whatever i wanted, buying a used car, and going on a 2 week vacation.

 

[brianmanahan]

You can get the money from a 401k earlier than 59.5 without penalty, if you retire before that. Look up IRS rule 72(t).

yeah that is what i plan on doing, using a little bit of scheduled 401k payments to get me there. the rest would come from taxable.

 

[Imp]

Come on lottery... I retire the second I win more than $1 million.

 

[Red Squirrel]

I remember checking once for fun. I think I have till like 2047 or something like that. And that's assuming we don't lose our retirement plan by then, which I'm sure we will. I will want to be fully self sufficient by that date, perhaps before. Winning a million would be perfect. I'd keep working, but at least I know I'd be set for life even if I lose my job. The downside of doing a desk job is that it can always be moved somewhere else.

 

[brianmanahan]

So no plan for marriage and kids? You might get lonely as you age.

that possible, but i live near a lot of family so i can always go see them. and who knows, maybe something will work out. but i doubt it, lol. ladies want a guy who can bench 300 lbs, not a guy who weighs 300 lb D:

 

[ultimatebob]

How much do you have saved up already, and how much do you think that you need?

 

[brianmanahan]

How much do you have saved up already, and how much do you think that you need?

i think 1.5$ to 2$ million will be needed

am about 1/5 of the way there and the goal is to invest 30$-40$k per year

 

[Engineer]

i think 1.5$ to 2$ million will be needed

am about 1/5 of the way there and the goal is to invest 30$-40$k per year

So you have between $300,000 and $400,000 right now and you're 35, right?

Also, mighty impressive if you can invest $30k to $40k per year (unless you have a very highly compensated job - which would limit you possibly on your investment choices on the 'tax deferred' side).

 

[Fritzo]

Are you talking about the mandatory disbursements at age 70 for your 401k or something else?

I can start withdrawing from my 401K at 62 1/2. I plan to do scheduled disbursements after that.

 

[Fritzo]

Come on lottery... I retire the second I win more than $1 million.

You know...1 million isn't that much anymore . You'd need at least $4 million to live middle class the rest of your life.

 

[Engineer]

I can start withdrawing from my 401K at 62 1/2. I plan to do scheduled disbursements after that.

Why 62 1/2 instead of 59 1/2? Personal choice?

Why not 59 1/2 (which is the when the law allows other than if using rule 72(t) for earlier distributions without penalty)?

 

[brianmanahan]

So you have between $300,000 and $400,000 right now and you're 35, right?

Also, mighty impressive if you can invest $30k to $40k per year (unless you have a very highly compensated job - which would limit you possibly on your investment choices on the 'tax deferred' side).

yeah right around that, and closer to 30 than 35

i dont get compensated super high, just an average programmer w/ 5+ years of experience salary, so i dont think i will ever run into the very high comp limits (or even roth ira limits). i just live pretty cheap - its how i have always lived, and decided i might as well stick with it. the occasional GPU or SSD are the only things i ever splurge on :awe:

 

[TXHokie]

So no plan for marriage and kids? You might get lonely as you age.

That sure messed up my 15 yrs retirement plan some ten years ago.

 

[ponyo]

That sure messed up my 15 yrs retirement plan some ten years ago.

same. But I wouldn't trade it for the world. I'll retire when it's time. I'm in good financial shape right now and long as my family stays healthy, everything else will take care itself.

 

[Dr. Detroit]

Good for you!

I'm planning on checking out at age 45 or slightly earlier. If the Govt would pull its head out of its ass and get us savers back in the game with a decent interest rate again it would make a world of difference. It was just 5yrs ago I was collecting 5-6% on 1yr or less CD's.

Yeah, I'm diversified but the cash earning 0.85% really eats me up as I'm not about to dump it all into a S&P 500 fund.

Same plan, do some consulting, pick up a project here or there for 3-months and check out and travel for the next 3.

Working on getting the kid through college and into a good job and of course plans change, jobs change, shit happens. In the next 10-15yrs we may very well go through another debilitating recession.

 

[Imp]

Good for you!

I'm planning on checking out at age 45 or slightly earlier. If the Govt would pull its head out of its ass and get us savers back in the game with a decent interest rate again it would make a world of difference. It was just 5yrs ago I was collecting 5-6% on 1yr or less CD's.

You mean you want to "punch out"... "Check out" is one of my Plan Fs.

 

[dawp]

I'm going to be wheeled out feet first, no retirement for me.

 

[Fritzo]

Why 62 1/2 instead of 59 1/2? Personal choice?

Why not 59 1/2 (which is the when the law allows other than if using rule 72(t) for earlier distributions without penalty)?

That's when social security starts, so I'll be able to take less 401k dispersements (if needed at all)

 

[Scarpozzi]

I'll have 30 years in @ the ripe old age of 52.....I suppose I'll likely work longer than that, but maybe I won't work the full 30.

It just depends on if I can save enough in stocks between now and then to fill the gap between 52 and 59 1/2 when I can start drawing from retirement... It makes me think I should have goofed off for that 7.5 years when I was younger.

 

[Hacp]

Good for you!

I'm planning on checking out at age 45 or slightly earlier. If the Govt would pull its head out of its ass and get us savers back in the game with a decent interest rate again it would make a world of difference. It was just 5yrs ago I was collecting 5-6% on 1yr or less CD's.

Yeah, I'm diversified but the cash earning 0.85% really eats me up as I'm not about to dump it all into a S&P 500 fund.

Same plan, do some consulting, pick up a project here or there for 3-months and check out and travel for the next 3.

Working on getting the kid through college and into a good job and of course plans change, jobs change, shit happens. In the next 10-15yrs we may very well go through another debilitating recession.

You can always put your cash in bonds.

 

[Scarpozzi]

You know...1 million isn't that much anymore . You'd need at least $4 million to live middle class the rest of your life.

Location Location Location......when you retire, look for cheap living in the US.

1. You can move out of the cities when you don't need to be there for work.
2. You can move to states that don't have state income taxes (important when drawing retirement earnings)
3. When moving from the cities as an empty nester, you can sell prime real estate for something smaller in a less prime location and cash in your equity without falling for a reverse mortgage scam.

 

[Hacp]

Location Location Location......when you retire, look for cheap living in the US.

1. You can move out of the cities when you don't need to be there for work.
2. You can move to states that don't have state income taxes (important when drawing retirement earnings)
3. When moving from the cities as an empty nester, you can sell prime real estate for something smaller in a less prime location and cash in your equity without falling for a reverse mortgage scam.

Depends on the retirement you want. If you want a retirement living in midtown NYC, strolling through central park and watching young people walk by Starbucks, you'll need 5+ million saved up.

 

[cavemanmoron]

i will officially be retiring on friday, october 1st, 2028, at 4:30 PM.

i have 15 years to get everything ready.

it is an ambitious goal, but i am up to the challenge.

Best wishes, I should have put more money into a 401k type savings
too late now for me.

 

[brianmanahan]

Depends on the retirement you want. If you want a retirement living in midtown NYC, strolling through central park and watching young people walk by Starbucks, you'll need 5+ million saved up.

lol, i dont want that. i would be happy with a little 50$k-100$k house in a rural area in the midwest (or maybe a little south, like WV/KY/TN)