I think retirement is a pipe dream... (1 Viewer)

[sfidc3]

I'm an elementary school teacher who happens to be 60.
God's been good and I am very healthy. I feel I have the same energy and enthusiasm as I did 20 years ago. I say all this to lead up to the topic of feeling bored once a person is retired.
I PERSONALLY think that would be me. I'd miss the kids and being part of the exciting elementary school environment.
When we have a week off and my wife has to work at her office job.....that week goes so slowly. If she and I retire together ....sure we could travel more....but we currently have a combined income of $135,000 and when we retired it will become more modest than that. I have a 401k that has tanked during the Biden years....and I'll get a pension. The longer I work...the bigger my monthly pension check will be.
Anyway, even though my wife is younger than me, she might retire first. I just can't picture myself "retired" every day....every year....year after year. Nope...I can't.
I think I am personally better off staying in my teaching job as long as I'm healthy and enthusiastic.

It tanked at times during the Trump years also…..Also it hasn’t really tanked in any permanent or meaningful sense….the market is slowly rebounding and will continue to do so IMO, if you are taking out monthly withdrawals it will be just a distant memory at some point…..the best way to look at it is you are buying low right now!!!!

People get so focused on the short term and it leads to lack of discipline, a total misunderstanding of how this all works and much, much more….

If you are still working because you love your work then good for you….

 

[SteveSBrickNJ]

It tanked at times during the Trump years also…..Also it hasn’t really tanked in any permanent or meaningful sense….the market is slowly rebounding and will continue to do so IMO, if you are taking out monthly withdrawals it will be just a distant memory at some point…..the best way to look at it is you are buying low right now!!!!

People get so focused on the short term and it leads to lack of discipline, a total misunderstanding of how this all works and much, much more….

If you are still working because you love your work then good for you….

I never take out anything.
I contribute $375 for each of my 20 (twice a month) teacher pay checks.
10 month school year...2 pays per month.
I'm hoping that after the Nov. mid terms election results are in, my 401k will improve greatly.

 

[sfidc3]

I never take out anything.
I contribute $375 for each of my 20 (twice a month) teacher pay checks.
10 month school year...2 pays per month.
I'm hoping that after the Nov. mid terms election results are in, my 401k will improve greatly.

Right, I get that, you aren’t retired yet. My point is even after you start taking out money your 401k can grow, if you saved enough and don’t spend lavishly, your money may never run out….

I see this all the time and it is patently false….the market has gains and losses no matter which party is in power…..

 

[saintmdterps]

My parents never modeled great savings habits and neither ever retired. It didn’t matter because both were dead from chain smoking before I graduated from college.

Don’t smoke cigarettes, period. Smoke them and you likely need not sweat retirement.

 

[Heathen Saint]

I don't think retiring in the US for me is an option. It's just gotten too insanely expensive. And the political climate seems to be getting worse and worse..

I have a 401k, but due to unstable jobs/medical problems only started saving at 30. I make good money, but am going to have to make a considerable amount more if I want to retire anywhere near 65 AND be able to afford a good homebase in the US. Especially where i live out west, prices are astronomical. That's been a bit of a point of contention between my s/o and I...she wants a pricy home that we invest in, I want something much cheaper or alternative (townhouse, small condo, whatever) that we could pay off early and be able to enjoy life without shoveling all of our money into a roof over our heads.

Retire one of these places and 'get by' on very little while doing a lot of traveling, maybe work p/t in some sort of consulting role. Might even look to move there now and just visit a rental home we have here stateside when we want to see family. That's the plan for now.

 

[sfidc3]

I guess I'm living the pipe dream then....Seriously though, my wife and I planned for it shortly after we got married. The key is to try to minimize debt and maximize annuity type disciplined, consistent investing and of course, max out your 401k to the extent possible.....and then there is perhaps the most significant factor.....just plain luck.....we were very lucky in that we had no major income altering expenses (long term illness, any type of liability, major house repair/updates that require loans, etc).....We were both able to retire at 56, and it's even better than I thought it would be....like I said we have been extremely fortunate, and I never take that for granted....

 

[JenningsTruckers]

Depends, this has been a long term issue. People don't save enough, or don't earn enough to save, if a workplace plan isn't an option. People over spend. People get bored.

Heck, at my first job, the gray beards would morbidly joke that within a year or less of retirement, most of the guys die.

But I've known many that retired well, or even early, and still are and are quite happy. Now, some of them have odd jobs, or coach baseball, etc. My mom still works for the church as a sacristan, so it's not a ton of hours, and she'd usually be at church anyway. ha. But, she's retired, otherwise.

We also need to keep in mind, a low number, that doubles, is still a low number, but a massive change in growth (100%!). Also, we will have the most people around the age of 65 than we've ever had. So, again, the Boomers tend to skew statistics.

I think it's something worth watching, but I'm not ready to go doom and gloom on it.

Whew , good post , I'll be 65 at the end of November and have already started telling everyone I'm retiring then ( next February would have been 44 years here ) . My health is great and we don't owe on anything , home and car paid for , but yes it is a real concern with everything going up . I'm just burnt out , I've been working since I'm sixteen and could use some time off. My bosses are not happy , they act like they just can't understand why I would want to retire.

 

[melman]

Whew , good post , I'll be 65 at the end of November and have already started telling everyone I'm retiring then ( next February would have been 44 years here ) . My health is great and we don't owe on anything , home and car paid for , but yes it is a real concern with everything going up . I'm just burnt out , I've been working since I'm sixteen and could use some time off. My bosses are not happy , they act like they just can't understand why I would want to retire.

Yea some bosses try to make you feel guilty about leaving. Like you be inconsiderate of the bottom line...sounds like you have a good foundation laid out to throw in the towel. Best of luck and enjoy!

 

[soupcan dan]

no wife , no kids, no debt, rental property and have been saving 15% for a long time.

Vacationing in Costa Rica in 204 days 6 hours and thirty two minutes. 2 days are scheduled with a real estate agent and local American guide. I'm gonna die by a monkey/ iguana invasion.

 

[Mr. Blue Sky]

no wife , no kids, no debt, rental property and have been saving 15% for a long time.

Vacationing in Costa Rica in 204 days 6 hours and thirty two minutes. 2 days are scheduled with a real estate agent and local American guide. I'm gonna die by a monkey/ iguana invasion.

This guy knows what’s up .


Very few people of my generation (Gen X) and younger will be able to retire comfortably in America.. hell, even a lot of boomers wont be able to accomplish that- though many, like my father, have a good pension and are able to do so.. Pensions are quickly becoming extinct though, and i think i read that the average American’s 401k is under $50k, so not great.. Personally, i will be retiring overseas as well.. im in my 40s, but no matter what my net worth winds up being in my 50s or 60s- i know my dollars will stretch much, much further in someplace like Costa Rica or Belize or Mexico or Thailand or the Philippines or Ecuador or …. well, pretty much anyplace compared to the the United States .

 

[sonicboom]

no wife , no kids, no debt, rental property and have been saving 15% for a long time.

Vacationing in Costa Rica in 204 days 6 hours and thirty two minutes. 2 days are scheduled with a real estate agent and local American guide. I'm gonna die by a monkey/ iguana invasion.

I'm glad someone else is proud of no wife, no kids, and no debt. I approve!

 

[tjharris]

I just hope when I die I'm going to work not coming home from work.

 

[saintmdterps]

I just hope when I die I'm going to work not coming home from work.

Yup, I at least want to croak while I'm running or doing something else I enjoy, and not at work.

 

[sfidc3]

Whew , good post , I'll be 65 at the end of November and have already started telling everyone I'm retiring then ( next February would have been 44 years here ) . My health is great and we don't owe on anything , home and car paid for , but yes it is a real concern with everything going up . I'm just burnt out , I've been working since I'm sixteen and could use some time off. My bosses are not happy , they act like they just can't understand why I would want to retire.

Screw your bosses man, if you are ready to retire then do it.....

 

[Bayouboy]

I'm right up on fitty. Two kids in college that we are supporting. Decent 401K and my company still has a version of a pension. The pension is in two parts...the old one with like 5 years of service, and the new one with the balance. Looking online at the numbers, the old one and new one at retirement are almost the same amount! My company had an awesome pension. I would be able to retire at 55 if it were still in place.

I might still decide to retire at 55. My dad's family has terrible heart history so genetics are not on my side. I figure I'll check out way before average, so why work right up until the coffin? Primary goal is to get my two kids educated. College is expensive now-a-days. After that, I'll see just how much money frees up and I can make an informed decision. I'm definitely not working past 60......probably 57-58, but who knows, maybe 55!!!