Retirement: When do you plan to retire? (4 Viewers)

[Saint by the Bay]

Due to medical issues with my wife and kids that require almost constant care and expense I’ll probably never retire, and I’m ok with that. My Dad was talking about how relaxing retirement was one day and he looked at me and said “you’d hate it”. I’m a person who needs to be busy and accomplish things. Fortunately, I work in a field that is mentally taxing but has zero physical aspect. So as long as I have my wit’s about me I can keep working.

Besides I’m sure one of these days I’ll piss my wife off so bad she’ll kill me long before I hit retirement age.

 

[bigdaddysaints]

It all depends on how long my In Laws live and how much they leave my wife and I.
We really screwed up financially until my 40's. So i wouldn't be able to retire until probably late 60's . My In Laws are pretty wealthy since they reired and have millions tied up in their retirement funds. They were told by their finacial advisor that if they lives to be 90, they would have $27 million. I would love it if they lived to that age (they are 65 now), but i don't think they have the best health to live to that age, honestly.
So yes, my retirement is dependent on what my In Laws leave me and the wife.. i am a bad person?

 

[Tater]

When they carry me out in a body bag.

 

[gboudx]

>>So yes, my retirement is dependent on what my In Laws leave me and the wife.. i am a bad person?

Only if you give counterproductive medical advice. "No, you don't surgery for an aneurysm. Those clear up on their own."

 

[Hedon James]

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?

Your story sounds similar to mine, although different reasons. Same result though. I'm afraid I'll be working til lunch break on the day of my funeral...

 

[bigdaddysaints]

>>So yes, my retirement is dependent on what my In Laws leave me and the wife.. i am a bad person?

Only if you give counterproductive medical advice. "No, you don't surgery for an aneurysm. Those clear up on their own."

What about if i send them on vacation to places like on The Willoughbys? (an animated movie, if you haven't seen t)

 

[jayd265]

with these comments, i've been curious.

how do you guys justify the % in 401k. my company matches 5, so i started at 5 here, so 10 total. but it goes up a percent every year. i'm currently at 8, with 5 match its 13.

i hear some guys here are at 19-20% plus company match.

is that just to be safe? am i putting too little?

maybe this should be its own thread.

 

[Bleu Raeder]

with these comments, i've been curious.

how do you guys justify the % in 401k. my company matches 5, so i started at 5 here, so 10 total. but it goes up a percent every year. i'm currently at 8, with 5 match its 13.

i hear some guys at 19-20% plus company match.

is that just ot be safe? am i putting too little?

maybe this should be its own thread.

I am putting 10% plus the 4% the company matches. I might add a percent or two....maybe.

 

[gboudx]

I'm at 19%, plus 6% company match. I could go higher since I'm 50+ and can put in additional 5k, but you gotta live too.

 

[sfidc3]

with these comments, i've been curious.

how do you guys justify the % in 401k. my company matches 5, so i started at 5 here, so 10 total. but it goes up a percent every year. i'm currently at 8, with 5 match its 13.

i hear some guys here are at 19-20% plus company match.

is that just to be safe? am i putting too little?

maybe this should be its own thread.

It's hard to answer that question without knowing how much you actually can put in....if you can afford to I recommend putting in as much as they allow....assuming your 401k has decent performance options (funds)....anything over an average of 10% return will grow pretty fast and many perform way better, you also have to gage how close you are to retirement and how much risk you are able to accept....

 

[jayd265]

It's hard to answer that question without knowing how much you actually can put in....if you can afford to I recommend putting in as much as they allow....assuming your 401k has decent performance options (funds)....anything over an average of 10% return will grow pretty fast and many perform way better, you also have to gage how close you are to retirement and how much risk you are able to accept....

thats the kind of stuff i'm not sure about.

but i'm also about to turn 34. figure earliest is 65/66 i'd retire. so i have 31-32 more years.

 

[Dago]

Health issues and investing into my business didn't leave me with much. Plan was to spend the next 10-15 years getting completely debt free and then selling the business and building to retire on but covid killed that idea

 

[sfidc3]

thats the kind of stuff i'm not sure about.

but i'm also about to turn 34. figure earliest is 65/66 i'd retire. so i have 31-32 more years.

At that age I would say bring on the risk....as you get within 10 then 5 years to retirement you can get risk averse a bit....IMO

 

[FL_Saint]

My plan has always been the December after I turn 62 - 9 yrs, 10 months, 26 days away. Maybe it's 65? Depends on how I feel, I guess. The financial guy says 62 is possible, and the wife can retire with me even though she is 6 years younger.

 

[B4YOU]

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....

This is my plan. Goal is 56 but I expect 60. I have been maxing the 401k for some time. I got lucky to start investing in a 401k during the 2008 crash so just kept adding to the savings rate until it bottomed.

Fear is keeping me from the 2nd stream of income. Owning a 3B/2.5B house in DC and not renting the finished basement is dumb. I just like not managing other people’s expectations, being able to walk away at anytime, and having dedicated exercise space. But it’s still fear mostly.