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At what age do you hope to retire?

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Offline  Re: At what age do you hope to retire?
#21

Posted: October 25, 2018, 2:13 PM Post
Posts: 2640
Right, two of my bosses from my first job died before they hit 60. I have been more willing to take vacations and once in a lifetime opportunities since then because tomorrow isn't guaranteed. I still save quite a bit but will put some of my chips in the table now and then.


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Offline  Re: At what age do you hope to retire?
#22

Posted: October 26, 2018, 7:45 AM Post
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Interesting question as I've been spending a lot of time trying to figure it out, myself. Though soon enough I want to hire someone both to make sure my understanding of my retirement benefits is right, but also to see how I can invest with the least taxes in a non-IRA account, since I'll have to buy a home as soon as I retire (currently in work housing).

For a few years I'd interpreted "full retirement" as a full pension, but recently realized that wording didn't actually mean that. I had a rough day that day suddenly realizing I'd have to work five years longer than I'd hoped.

I'm aiming for about 57, but there's a lot of variables which could change that +/- two years. I do have a pension, but since I started here late, it won't pay a ton. In large part, my retirement is dependent on how well I can invest on my own (which I haven't been able to start yet, unfortunately).

But work continues my medical benefits between retirement and age 62, which is probably the best benefit they offer and will save me a TON of money.


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Offline  Re: At what age do you hope to retire?
#23

Posted: October 26, 2018, 7:49 AM Post
Posts: 2812
GAME05 said:
But work continues my medical benefits between retirement and age 62, which is probably the best benefit they offer and will save me a TON of money.


That is pretty amazing. My school district just slashed our retirement benefits.


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Offline  Re: At what age do you hope to retire?
#24

Posted: October 26, 2018, 8:16 AM Post
Posts: 1142
Location: Madison, WI
Deleted post, sorry.


Last edited by JosephC on October 27, 2018, 5:56 PM, edited 1 time in total.

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Offline  Re: At what age do you hope to retire?
#25

Posted: October 26, 2018, 8:36 AM Post
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stoutdude04 said:
That is pretty amazing. My school district just slashed our retirement benefits.


Yeah, the continuing medical is one of the best benefits to state employees here. As law enforcement, I get the additional benefits of a 6% matching 401k (in addition to the pension) and what is effectively social security payments between retirement and age 62 (though for me that'll only amount to about $6k per year).

By my rough math it's looking like I'll retire with roughly a $26k salary not including IRAs and personal retirement savings, which really doesn't feel like very much.

This is slightly off-topic, but make sure you write a will sooner than you think you'd need one. My boss' mother died at 62 and didn't have one, and it's been a tremendous headache for him because she had assets all over the place.


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Offline  Re: At what age do you hope to retire?
#26

Posted: October 26, 2018, 8:39 AM Post
Posts: 1142
Location: Madison, WI
Deleted post, sorry.


Last edited by JosephC on October 27, 2018, 5:56 PM, edited 1 time in total.

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Offline  Re: At what age do you hope to retire?
#27

Posted: October 26, 2018, 9:07 AM Post
Posts: 1142
Location: Madison, WI
Deleted post, sorry.


Last edited by JosephC on October 27, 2018, 5:55 PM, edited 1 time in total.

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Offline  Re: At what age do you hope to retire?
#28

Posted: October 26, 2018, 11:00 AM Post
Posts: 1765
I plan to work to 63. My wife to 61. She has the health insurance. Should have enough in an HRA at that point to get to medicare.

I could retire sooner, but I expect I may spend more in retirement than when I am working, as I will actually have the time to travel, etc.


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Online  Re: At what age do you hope to retire?
#29

Posted: October 26, 2018, 12:12 PM Post
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The Weatherman
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I guess I'm the person here who hasn't even remotely thought about it yet (early 30s). I still have a considerable student loan bill to pay off. I've spent some money on travel that could have gone toward paying down debt, but I feel like I would regret not traveling while young. And I definitely don't regret getting the extra education.


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Online  Re: At what age do you hope to retire?
#30

Posted: October 26, 2018, 2:44 PM Post
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owbc said:
I guess I'm the person here who hasn't even remotely thought about it yet (early 30s). I still have a considerable student loan bill to pay off. I've spent some money on travel that could have gone toward paying down debt, but I feel like I would regret not traveling while young. And I definitely don't regret getting the extra education.


I have put little to no thought into it as well, and I'm 31. My wife will have her student loans paid off next year and then our only debt will be our mortgage. We have a sizeable (I think) amount of savings and add to it every month, I have some investments my parents made for me when i was a little kid, my wife has a retirement plan, and we live well below our means because we have little interest in material things. I have no clue how that will translate into the financial aspects of retirement. I don't even know what I would do with myself in retirement. I've spent the last 3 years as part-time self employed and stay at home parent. I mean, my son takes up a lot of my time but when I do have time to myself I go crazy if I don't have something to work on. I can't imagine going back to having as much free time as I did before kids with nothing to do. I must get that from my mom. She "retired" about a year and a half ago but still works about 10 days a month at her old job.

I have a couple of friends who have taken the "work my butt off and not have a life so I can retire by 50" path. To each their own and hopefully you make it to 50 and are healthy enough to enjoy it so that skipping those 30 years of your life is worth it.


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Offline  Re: At what age do you hope to retire?
#31

Posted: October 26, 2018, 4:01 PM Post
Posts: 1050
What’s a “sizable” savings? Are you talking like a 6 months’ expenses safety net or larger than that? Covering several months of expenses is very wise. Beyond that, you might want to look to a spot where you might get higher returns than your typica savings account.


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Offline  Re: At what age do you hope to retire?
#32

Posted: October 26, 2018, 6:07 PM Post
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I plan on retiring at 57 which is 12 years away, but that all hinges on what my kids do for schooling. If they show the initiative to do something that will draw a larger paycheck I will work longer to help them out more. The money we will give our kids for their wedding is already in accounts for them. By the time I retire the house will be paid for, the roof will be replaced and my wife will have a new car with me getting her hand me down as usual.

My private sector pension at 57 would be 3400/month. My wife will probably never quit working. She loves going to work each day and loves the interaction with people. The big unknown is healthcare. I don't pay for insurance now, but I could get it through my union when I retire at what the yearly cost is. My wife's company offers insurance, but when talking to her co-workers I can't get a definitive amount of what that costs now.

Anyone that says they will have nothing to do when they retire just aren't trying if they own a house. There is always stuff to do.


When I retire my oldest will be 24. My dream job is stay at home dad, maybe I can become stay at home grand dad. I'd volunteer at their schools every chance I'd get. I'd love to do all the things I missed on my children, because of work.


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Offline  Re: At what age do you hope to retire?
#33

Posted: October 26, 2018, 6:08 PM Post
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I plan on retiring at 57 which is 12 years away, but that all hinges on what my kids do for schooling. If they show the initiative to do something that will draw a larger paycheck I will work longer to help them out more. The money we will give our kids for their wedding is already in accounts for them. By the time I retire the house will be paid for, the roof will be replaced and my wife will have a new car with me getting her hand me down as usual.

My private sector pension at 57 would be 3400/month. My wife will probably never quit working. She loves going to work each day and loves the interaction with people. The big unknown is healthcare. I don't pay for insurance now, but I could get it through my union when I retire at what the yearly cost is. My wife's company offers insurance, but when talking to her co-workers I can't get a definitive amount of what that costs now.

Anyone that says they will have nothing to do when they retire just aren't trying if they own a house. There is always stuff to do.


When I retire my oldest will be 24. My dream job is stay at home dad, maybe I can become stay at home grand dad. I'd volunteer at their schools every chance I'd get. I'd love to do all the things I missed on my children, because of work.


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Offline  Re: At what age do you hope to retire?
#34

Posted: October 26, 2018, 6:10 PM Post
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Whoever mentioned a will...you don't want to wait until you retire to get one. Whenever one has children a will should be made to at least outline where any surviving children would live with.


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Online  Re: At what age do you hope to retire?
#35

Posted: October 26, 2018, 7:39 PM Post
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PlayerHader said:
What’s a “sizable” savings? Are you talking like a 6 months’ expenses safety net or larger than that? Covering several months of expenses is very wise. Beyond that, you might want to look to a spot where you might get higher returns than your typica savings account.


It's about half of what my wife makes in a year. I would think we could make it 6-12 months off of it with cutting some things we really don't need. If it's because my wife lost her job then it might be an issue as she has the insurance. Being T1 diabetic, my meds alone without health insurance would take up the vast majority of our monthly budget. And don't get me started on insurance, the medical industry, and the drug companies and their racket. I'd be banned in a heartbeat.


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Offline  Re: At what age do you hope to retire?
#36

Posted: October 26, 2018, 8:34 PM Post
Posts: 1097
stoutdude04 said:
My wife and I just met with some fellas that know a lot more about retiring, investing, and saving than we do. We are on pace for 60, but I am hoping for a little earlier than that.

Don't worry guys and gals, if wallus retires at 42 ill sock him in the belly for all of us.


Fine, I'll retire earlier then.


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Offline  Re: At what age do you hope to retire?
#37

Posted: October 26, 2018, 9:25 PM Post
Posts: 7493
owbc said:
I guess I'm the person here who hasn't even remotely thought about it yet (early 30s). I still have a considerable student loan bill to pay off. I've spent some money on travel that could have gone toward paying down debt, but I feel like I would regret not traveling while young. And I definitely don't regret getting the extra education.


I use friends in similar situations as you as an example in my Econ classes. I tell students that they NEED to think about what their retirement will look like as 17-year olds. Ive had at least a dozen high school students start contributing to a 401k or Roth IRA over the years...totally unexpected. I tell them that by 22/23 they should saving at least $50/pay in a retirement account.

One friend of mine won’t begin saving for retirement until he’s in his 50s due to children, BUT he owns 3 rental properties. That will be paid off generating nice rental income by his late 50s.


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Offline  Re: At what age do you hope to retire?
#38

Posted: October 27, 2018, 6:48 AM Post
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DHonks said:

One friend of mine won’t begin saving for retirement until he’s in his 50s due to children, BUT he owns 3 rental properties. That will be paid off generating nice rental income by his late 50s.


This is basically what I am doing but I am still saving some for retirement. I will have two rental properties paid off by the end of next year. I plan on getting two more and paying them off and then I am good to retire if I want and can live off the income.


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Offline  Re: At what age do you hope to retire?
#39

Posted: October 27, 2018, 12:33 PM Post
Posts: 701
When I first started this thread, I anticipated the average answer would be 60-65. In actuality, it seems like most responses have been in the 55-60 range. Either we’re all good planners or just optimistic - probably some combination of both.

On average, I feel like each child delays a parent’s retirement by about 5 years. This makes an apples and oranges situation out of comparing everyone’s goals. Nonetheless, it’s fun to talk about. I enjoyed reading everyone’s 2 cents. Thanks for indulging me.


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Offline  Re: At what age do you hope to retire?
#40

Posted: October 27, 2018, 12:40 PM Post
Posts: 621
nodakfan17 said:
When I first started this thread, I anticipated the average answer would be 60-65. In actuality, it seems like most responses have been in the 55-60 range. Either we’re all good planners or just optimistic - probably some combination of both.

On average, I feel like each child delays a parent’s retirement by about 5 years. This makes an apples and oranges situation out of comparing everyone’s goals. Nonetheless, it’s fun to talk about. I enjoyed reading everyone’s 2 cents. Thanks for indulging me.


I better not have any kids then... I don't think I could retire much before 70 as is (darn student loans).


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