Retirement: When do you plan to retire? (2 Viewers)

[Booker]

I'm hoping in about 10-12 years, after my kids are out of college and on their own. That would probably be the best case scenario that didn't involve winning the lottery or some other windfall. I'll hit my "full retirement age" (67) in a little under 20 years, so that's (hopefully) my worst case scenario.

 

[Det. Brees]

I can retire March of 2025. But if I wait till Nov. I cash in all my vacation, holiday and comp time receiving a check for 20k.

However. I will still be running the ranch. Have no plans to retire from that.

 

[Nisey55]

My husband's last day is this Friday. I am over the moon. He's 62.
50 to 70 hour weeks, out of town for months at a time, we have spent little time together over the years. He has a pretty good pension and he's taking his social security. We in the process of selling our house and leaving Louisiana, we are just done.
We may regret it financially at some point but after the last few years we have come to realize that life is short and we want to live it.

 

[DomePatrol5657]

62 is my goal And we seem to be on pace for that. My wife can retire in 7 years at 57. she Doesn’t know if she will or not but it will be nice knowing she could if she Gets too pissed off at work. Same with me At 62. Just knowing you have that in your pocket will probably help make work a little more tolerable. And then it will be time to travel the country. Looking forward to just getting in the car and hitting the road with no real plan, just making it up as we go.

 

[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

Also, meant to say that by 65 I could be done with my Mortgage anyway. Unless crap happens, I would think at 68 I am done with my house. So, that would be a blessing so I could stop working part time by 68. Hopeful.

AP

 

[SWJJ]

Current projection is 75. I don't see anything on the horizon that changes that.

 

[Bayouboy]

A few years ago, I was looking at 60. Then moved I moved it up to 58. Looking at my family's heart history, I might not make a deep run into the playoffs, so now I am gunning for 55. Hopefully, the finances say its possible.

 

[SWJJ]

Current projection is 75. I don't see anything on the horizon that changes that.

Let me also clarify that I *could* retire a good bit younger, but that would require changing my lifestyle, which I don't plan to do.

I'm also a busy body and can't imagine NOT doing something, so instead of hobbies that cost money, I prefer to keep myself busy making money.

Kids/Grandkids/Illness/disability could change my plans, but based on my investments and projections, I could quit working at 75 and maintain my current lifestyle.

 

[staphory]

I have been planning on 65. That gives me 9 more years that I want to use to buy a new truck to pull our camper with.
When I retire at 65 I’ll have military retirement, a small pension from the union and social security. I’ll be all right financially and my wife won’t have to work anymore.
If my wife doesn’t live that long (not looking good) I will likely just walk out of my job and just sit down and wait it out.

 

[Crzycjunx76]

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?

Glad to hear your winning!

I dont think ill ever retire, i am hoping for a psuedo retirement, working for a company that I can wotk remotely with will that allows me to travel/work.

Still working full time, but moving around every few months (intercontinental).

That, I am actually working towards already with a goal of 12
years from now when my youngest should be graduating HS.

 

[Nisey55]

OK, so it's morning one of his retirement. I have washed a load a laundry, his work clothes, made the bed, emptied the dishwasher, fed the cat you get the picture. He was on the couch ignoring Mythbusters and playing a slot game on his phone. I picked at him and told him I was going to come to the forum tell y'all what he was doing. In response he says oh, could you run my bath water? I laughed and said you take showers, he says ok, can you run me a bath so I can play with my remote control boat?
Still LMAO

 

[UncleTrvlingJim]

I guess it depends on how you define retirement. I'm trying to figure out what that will mean for me. I think I'm defining retirement as no longer needing to work in order to live comfortably. I'm 45 with no mortgage and one car note, 3 kids ages 12-16, a decent sized 401k, and outside savings. I guess theoretically, I could sell everything and move to Montana and live the rest of life fishing (but not much else) right now, but that doesn't sound too appealing to me at the moment.

My wife "retired" a year ago, mainly b/c she burned out and we don't need the money. It puts off my own "retirement" for a while, but I like my job, so it's not a big deal.

I think my ideal retirement would be working as a consultant for like a thousand hours a year or so, solving interesting problems, but leaving all the administrative crap to other people. I could probably do that once my youngest goes to college in 6 years. We'll see if that's what I really want to do when the time comes.

My other idea for a retirement would be to either start a bourbon distillery and lose money slowly over 30 years, run a trail side tavern near a great hiking trail (also lose money slowly), or a dive shop in the Caribbean. I'd need a fair amount of money for that, b/c the way I'd want to run those would likely not be profitable, but if I do it right I can lose money slowly.

 

[Bayouboy]

For those that did make retirement, did you have to hit a target number? My 401K looks good now, but I'm unsure of what is needed if I do try to retire at 55. For the first time, I'll have legit questions for my financial advisor.

 

[sfidc3]

For those that did make retirement, did you have to hit a target number? My 401K looks good now, but I'm unsure of what is needed if I do try to retire at 55. For the first time, I'll have legit questions for my financial advisor.

It's really different for every one, lifestyle and all....but figuring out your monthly expenses and forecasting the not-so-often big expenses (replacing a vehicle, etc) can help you figure it out.

Once you get a ballpark idea of what you spend (or what you plan on spending) it comes into focus a bit more. You can get to how much you will need to withdraw monthly and how much return you will need so the money doesn't run out (4-5% is what I felt safe with, others may vary)....I'm sure your financial advisor can calculate that for you or perhaps your 401k has calculators to help with that as well....Hope this helps....

 

[MLU]

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?

Never.