So what are your determining factors on when you will retire?

[DougK62]

Anyone that is saying less than 2-3 million is either single or you don't have much for high aspirations such as traveling or eating out when you retire....

Do you live in a big population center by chance? That may be skewing your perspective. In much of the US you can very easily retire on dramatically less than 2-3 million without sacrificing anything.

 

[repoman0]

I'll start thinking about other things I could be doing at ~$2 million in combined retirement accounts, inflation adjusted since GF and I are 25 and 28. We bought a condo recently in a high rental demand area that we're currently living in but plan to keep as a rental long term so rental pricing and property value of this place will increase/decrease that number somewhat, depending. Also heavily depends on whether or not this country gets its act together re: healthcare in the next ~15-20 years. Canada is an option too.

My GF will probably work a normal job longer but I'm hoping to be done by 45ish. I won't fully quit working but will try to make some money doing the things I wish I could do all day -- photography, piano performance, snowboarding. Realistically the only thing anybody would pay me to do in any of those categories is teach. Or photograph weddings but that sounds boring as hell.

 

[JEDI]

Is there a certain dollar amount you are trying to hit?
Is there an age you'd like to retire?
What are all the factors you are using to determine when enough is enough and retire?

I can retire now but have no idea what to do in retirement.
plus easy 6figure job where I do 4hrs actual work and sleep in an empty room for the rest of the time

 

[AdamK47]

Goal: Financial independence and early retirement

My goal is to have over 25X yearly expenditures in retirement / investments / savings. This means not only investing and saving more, but also paying off my mortgage to get the expenditures cut down.

 

[JEDI]

Do you live in a big population center by chance? That may be skewing your perspective. In much of the US you can very easily retire on dramatically less than 2-3 million without sacrificing anything.

4% withdrawal rule.

yearly expenses/4%
if you have more than that, you can retire

ie: $30k/4% = $750k

 

[AdamK47]

4% withdrawal rule.

yearly expenses/4%
if you have more than that, you can retire

ie: $30k/4% = $750k

It makes it easier to stay within that 4% when you don't factor in any costs for software or digital media.

 

[JEDI]

It makes it easier to stay within that 4% when you don't factor in any costs for software or digital media.

my offset for renting girls
wait..what?

 

[Red Squirrel]

Do you live in a big population center by chance? That may be skewing your perspective. In much of the US you can very easily retire on dramatically less than 2-3 million without sacrificing anything.

Especially since you're no longer tied to a job. You will use your car less, and you can even move to somewhere cheaper. Me personally my goal is to find an acreage property in a nearby unorganized township to still be near family, preferably near a lake, and just build a paradise there. Why travel a lot when you can build your own paradise and live it daily.

 

[ponyo]

Especially since you're no longer tied to a job. You will use your car less, and you can even move to somewhere cheaper. Me personally my goal is to find an acreage property in a nearby unorganized township to still be near family, preferably near a lake, and just build a paradise there. Why travel a lot when you can build your own paradise and live it daily.

frozen tundra is not paradise.

 

[dave_the_nerd]

frozen tundra is not paradise.

It can be if you hate people and going outside.

 

[Dr. Detroit]

I've set a goal of retiring at 45yo for quite a few years. I've also set a retirement goal of $3M but thinking $2.5-$2.7M will have to do.

I'll hit my SSI 2nd bend point max in 2018 so working future years does not help me much there and our kid is out of college with no student loans so that major expense is over.

We're definitely spending less and saving more - $34,500 in 401K contributions + $3K match in 2017 and in 2018 should increase that to $36,000 in contributions and $12K in match. Dividend and Interest totaled about $25K this year on taxable accounts.

If single payer healthcare was in place we'd definitely call it quits a tad sooner. We're budgeting $12K/yr for healthcare upon retirement, hopefully pick up some ACA subsidies along the way.

Just hit 144K miles on my 18yr old Chevy sedan........

 

[nOOky]

Targeting about 2M and living off the interest. Social Security isn't even in my plan so that will be a bonus. We are both around 50 and hoping to retire at 59 1/2-ish. I don't think I will really retire, I may finally take a job that I enjoy though because right now it's just a job and I don't really enjoy it, but health care etc. I enjoy the structure and routine of work, just not what I do, but I do alright so I'll tough it out.

 

[rommelrommel]

Current retirement goal is 55, primarily because I need to work until the year I turn 55 to access my pension without a penalty.

Stretch goal is 50, contingent on my pension becoming a “25 and out” type one (likely to occur, would be the “industry standard” for what my job has become.)

Either way I fully expect to do some sort of part time work... if it was today I would go into immigration consulting. I don’t know what that market will be like in 12-18 years tho. Mainly to keep busy, the income won’t matter that much.