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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?
#41

Posted: October 27, 2018, 12:42 PM Post
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It's an interesting thread. And heck, maybe they'll bump up the minimum social security age to 65 and all our answers will change.

I'd imagine a lot of us have seen people work until very old and then never really get a chance to enjoy retirement. Maybe some of us feel it's better to have a little money but have the chance to relax in relatively good health, than have lots of money but little opportunity to really enjoy it.


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Offline  Re: At what age do you hope to retire?
#42

Posted: October 27, 2018, 10:37 PM Post
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Nodakfan17 move to Maine where they’re trying to draw people by helping with student loans


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Online  Re: At what age do you hope to retire?
#43

Posted: October 28, 2018, 6:11 AM Post
Posts: 701
DHonks said:
Nodakfan17 move to Maine where they’re trying to draw people by helping with student loans

Thankfully, I don’t have to worry much about student loans anymore unless it pertains to saving for my son’s education. That’s still a pretty neat benefit. I’ve heard some companies are also starting to offer student loan assistance as an employee benefit in order to attract top talent. Personally, I think the trick is to avoid accumulating large debt in the first place unless a cost / benefit analysis shows it’s worthwhile.


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Offline  Re: At what age do you hope to retire?
#44

Posted: October 28, 2018, 10:24 AM Post
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nodakfan17 said:
DHonks said:
Nodakfan17 move to Maine where they’re trying to draw people by helping with student loans

Thankfully, I don’t have to worry much about student loans anymore unless it pertains to saving for my son’s education. That’s still a pretty neat benefit. I’ve heard some companies are also starting to offer student loan assistance as an employee benefit in order to attract top talent. Personally, I think the trick is to avoid accumulating large debt in the first place unless a cost / benefit analysis shows it’s worthwhile.


One of the biggest things I see with my students is that they don’t want to work to find scholarship/grant money. They just accept FAFSA. So they accumulate a large debt in part because working a job making $10.50/hour is more with their time than saving large sums of money by applying for scholarships and writing essays


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Offline  Re: At what age do you hope to retire?
#45

Posted: October 28, 2018, 11:08 AM Post
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typical last teenager stuff...

Entitlement plays a role, especially if their parents have always given them what they want, when they want it...

Lots of teenagers don't see the value in not having debt coming out of college. They will see it when the bills start rolling in, that's for sure, but getting them to avoid it in the first place is tough.


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Online  Re: At what age do you hope to retire?
#46

Posted: October 28, 2018, 11:09 AM Post
Posts: 701
GAME05 said:
It's an interesting thread. And heck, maybe they'll bump up the minimum social security age to 65 and all our answers will change.

I don’t know if you meant that to be sarcastic, but I actually think that’s possible. 5 years ago, I would have said you were nuts. If anything, it’s likely to increase given the program’s solvency issues. Now with the Democratic Socialism movement growing, I view an expansion of benefits as a possibility. I’ll leave it at that. I have no intention of getting political. My point is that as good planners, we should diversify our investments and / or income so we’re covered no matter what way the political winds shift. I love my Roth 401(k) and IRA, but I wouldn’t be totally surprised if the government figured out how to tax those again before I retire. When I was in my 20s, I was all about funding my qualified retirement plans. Now that I’m in my 30s, I’m equally concerned with filling up non-qualified buckets because of the flexibility they afford.


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Offline  Re: At what age do you hope to retire?
#47

Posted: October 29, 2018, 7:45 AM Post
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Meh, that "easy scholarship" money is pretty overblown. I remember when I was a senior and got the list of all the local scholarships. There were probably over 75 (rural area), but after taking out the ones that I didn't meet a requirement (farmer, going into ___ degree, military), had GPA as a requirement( you need like 3.8 or higher to get those), or wanted FAFSA information (so need based) I was left with less than five...and they weren't high money ones.

To really churn out a bunch of scholarship essays can be really time consuming if you are really thinking about what you are putting down. Not worth the time and effort when you don't meet the extreme GPA requirements or aren't in severe need according to FAFSA. Maybe it is easier in other areas, but in my experience there wasn't much worth even trying for.


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Offline  Re: At what age do you hope to retire?
#48

Posted: October 29, 2018, 8:26 AM Post
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Ideally 55ish (I'm 42 at the moment). That would get us to the point where our last kid is through college and (in theory) off the payroll. If my wife stays in her current job until then, she'll qualify for retiree health care, which is the key. If that changes, we'd likely have to work a little longer. I'm self-employed, so I could continue to work on a limited basis to keep some cash coming in if necessary.


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Online  Re: At what age do you hope to retire?
#49

Posted: October 29, 2018, 10:02 AM Post
Posts: 3443
Location: New Berlin, WI
Add me to the group of very early 30s guys that's shooting from the hip at this point. It's hard to plan anything definitively with so much potential variation in the market, government entitlements, healthcare, etc. I'm an extremely frugal person and will have the goal of retiring as soon as I can. I'm not a government employee, so retiring in my early-mid 50s probably isn't realistic unless something changes drastically with healthcare over the next 20 years. At this point, my shoot from the hip strategy would ideally be early 60s and utilizing COBRA or obamacare to stay covered up to Medicare.


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Online  Re: At what age do you hope to retire?
#50

Posted: October 29, 2018, 10:19 AM Post
Posts: 3443
Location: New Berlin, WI
turborickey said:
typical last teenager stuff...

Entitlement plays a role, especially if their parents have always given them what they want, when they want it...

Lots of teenagers don't see the value in not having debt coming out of college. They will see it when the bills start rolling in, that's for sure, but getting them to avoid it in the first place is tough.


I understand the thought, but in defense of teenagers that don't want to do it...a very small percentage of students really have a shot at any of the $500-$1,000 scholarships. The top 5-10% of students are going to scoop all those, while the kid with the 2.8-3.2 GPA that maybe plays 1 or 2 sports isn't really going to have a shot...regardless of how good their essay is(and in reality, it's unlikely that student writes a better essay than the 3.8-4.0 students anyways). I've seen how it works. A relative of a close friend of mine who's going to med school and is basically elite on paper got a majority of the assistance money she applied for. Safe to say, the ones she didn't get were probably other students that were similarly elite on paper...definitely not the 2.8-3.2 GPA guy.


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Online  Re: At what age do you hope to retire?
#51

Posted: October 29, 2018, 11:34 AM Post
Posts: 701
Scholarships are goofy. They say they want welll-rounded students with good grades. What they really mean is high ACT/GPA kids who participate in just enough activities to not be considered shut-ins.


Last edited by nodakfan17 on October 29, 2018, 1:46 PM, edited 1 time in total.

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Offline  Re: At what age do you hope to retire?
#52

Posted: October 29, 2018, 1:40 PM Post
Posts: 2526
I haven't really thought about a specific age, but my wife and I are now both earning pension credit. First thing to realize is how vastly superior pensions are as an investment to any other alternative. 1) Generally much lower fees. 2) The pension never needs to sacrifice returns by going conservative as retirement nears. 3) Compared to an individual saving on their own the pension can assume average lifespan, which prevents you from having to stretch your savings if you are somehow 'cursed' with an extralong life. It is unfortunate that 401Ks were so badly oversold to people. They are better than nothing of course, but to have comparable money in retirement you need to save on the order of 33% to 50% more. It would be fantastic to broaden access to pensions for people.

The math on Scholarship chasing is also not terribly flattering. Even if the scholarship endowments had some how managed to keep pace with the rate of tuition inflation over the last 30 years, there is still a substantially larger number of students going to college. They can certainly help, but I have a suspicion that if you just ran the numbers on merit scholarship dollars and divided by total students you would discover it is about break even with just working more (which in and of itself is a mediocre strategy to avoiding debt).


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Offline  Re: At what age do you hope to retire?
#53

Posted: November 05, 2018, 10:04 PM Post
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Location: Waukesha, WI
If I could pull it off, work full time until 62. Work half time (20/wk or 25 wk/yr) from 62 until 70 either through contract work or permanent part-time work. Doubt it will happen, so sometime between 62 and 65.


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Offline  Re: At what age do you hope to retire?
#54

Posted: November 10, 2018, 11:44 PM Post
Posts: 12308
I am going to drop dead at my desk at the age of 55.

Fan is short for fanatic.
I blame Wang.


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Offline  Re: At what age do you hope to retire?
#55

Posted: November 12, 2018, 11:10 AM Post
Posts: 11693
I retired at 64 1/2. I factored in paying health insurance premiums from my company's coverage for 5 months out of pocket and prepared for that. It was worth it because I was off all spring and summer of 2017 and I love to play golf in addition to following Brewers.

I really got serious about planning when I turned 62. I had both IRA and 401 K's plans and protected my IRA savings in safer investment. Meanwhile between 2014 and 2017 my 401K took off. Still I basically knew my retirement date more than 2 years ahead of time.

I concur with those also in the private sector that public sector employees don't know how good they have it. My brother worked for a Federal agency and he retired at 53. Pension? What's that?


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