Retirement: When do you plan to retire? (3 Viewers)

[Bleu Raeder]

I have been thinking a lot about this lately (I have a birthday approaching) and started thinking about it during my health battles (I am winning!). Those battles were costly to my bottom line and the economy is off-kilter on a number of fronts. I find myself thinking that I might not be able to retire until 75 if at all (sans any lottery winning).

When do you plan to retire?

 

[efil4stnias]

Id love to call it a day when im around 65, but i just dont think that will happen. Im stacking chips as we go here, but the intrinsic value of those chips seems to dwindle yearly.

Plus, i dont know that i would be ready to not "work" - i truly love what i do and i think i will miss it greatly.

 

[gboudx]

My plan has been at 60, so I've got 9-10 more years. I have a target for my 401k savings, which I'm 60% of the way to it, plus non-401k savings. The thing we didn't plan for, and may very well extend all of this, is my father-in-law with dementia and now in long-term care. His savings and proceeds from selling his home will run out in about 5 years. After that, it'll be up to his 3 kids to decide to all contribute monthly, or someone take him in, and everyone chip in for home health care. Either way, it's looking like at least 1k/month will be needed for this.

I'm not sure I'll never work again, but it won't because I'll have to; it'll be because I want to.

 

[efil4stnias]

My plan has been at 60, so I've got 9-10 more years. I have a target for my 401k savings, which I'm 60% of the way to it, plus non-401k savings. The thing we didn't plan for, and may very well extend all of this, is my father-in-law with dementia and now in long-term care. His savings and proceeds from selling his home will run out in about 5 years. After that, it'll be up to his 3 kids to decide to all contribute monthly, or someone take him in, and everyone chip in for home health care. Either way, it's looking like at least 1k/month will be needed for this.

I'm not sure I'll never work again, but it won't because I'll have to; it'll be because I want to.

5 years will be the " period of ineligibility " with Medicare- so if he goes into a facility that accepts, you are good.

private facility - different story.

all the best...i know that road.

 

[Zack Lee]

I would like to retire next week but it will likely happen when I can no longer raise my hand to greet the folks right after they have selected their buggy.

 

[jrdbrn]

When I die. Honestly with the way the country has been heading, I made the decision years ago to live now. I save for retirement, but I don't max out. We have began taking couples trips, family trips, etc. multiple times a year. Will I regret it in the future? Maybe. I see family members who sacrificed holidays and family gatherings to work work work, only to retire early and now are back working because they are bored. My FIL goes to Walmart to get out the house. May get cancer next year or another disease.

 

[sfidc3]

I'm incredibly fortunate, thanks to no huge, unexpected expenses (medical or otherwise), relatively good health, some solid investments and maxing out the 401 for over 20 years, i was able to retire at 56 in 2019....

Best advice in my opinion is have multiple income streams and balance your withdrawals from them accordingly....

 

[guidomerkinsrules]

 

[jboss]

Sixty two at the latest. With retirement and personal investments I'm well on track. But with the field I'm in there's a good chance I'll work after retirement. But to me the biggest goal of being retired is to not HAVE to work.

 

[Tapxe]

I'm incredibly fortunate, thanks to no huge, unexpected expenses (medical or otherwise), relatively good health, some solid investments and maxing out the 401 for over 20 years, i was able to retire at 56 in 2019....

Best advice in my opinion is have multiple income streams and balance your withdrawals from them accordingly....

Pretty much same. I learned very young not to run credit cards. I've saved up to buy nearly everything and when I did have credit paid it off asap to save interest payments.

I will be fully eligible and able to retire at 55. Might stay till 58 to take advantage of a deferred retirement plan.

 

[ktulu909]

Roughly 15 minutes after my funeral.

 

[SystemShock]

12/15/2021

 

[gboudx]

Congrats SystemShock.

 

[CapitalCitySaint]

Today. But my bank account said I have to wait like 50 more years.

 

[APSaintsFan]

Hoping to retire from my job in 4-5 years. Then work part time until 62. Social Security kicks in. I will still work part time at least until 65 mainly just to get out of the house. Will see if I am still working part time by age 68. By then I am hoping to not work at all. Do not have much in a 401K saved up because of unexpected medical expenses but oh well. My retirement from my work is not bad. It would pay for mortgage, car insurance, utilities and groceries. So part time work to pay for any meds, medical bills afterword and just little odds and ends.

AP