At what age do you plan on retiring?

[JoeChalupa]

Will you work until 67, not that it matters since SS will probably be bankrupt but I was just wondering what age you are planning on retiring at.
Or will you be a Wal-Mart greeter or have a PT job in your retirement years?
60?
65?
Or are you investing wisely and early so you can retire at 55?
I know more and more workers are retiring at a later age.
Just curious.

[tlongII]

I doubt that I'll ever retire.

[BacktoBasics]

Organizing, planning and more importantly affording to retire is something thats evolved from being managable for mid level income people to not likely affordable. I'm talking 30k-70k families.

I've pretty much relegated myself to never being able to retire. Even if I manage to save 10% of my income until I'm 65 it'll barely cover what SS would have provided me.


People typically grossly underestimate cost of living when they plan out retirement. So even with a million or two million saved up it'll hardly balance out the inflation. Milk will run what 5-8 bucks. Bread 5-7 bucks.

[ORION]

35

[JoeChalupa]

Organizing, planning and more importantly affording to retire is something thats evolved from being managable for mid level income people to not likely affordable. I'm talking 30k-70k families.

I've pretty much relegated myself to never being able to retire. Even if I manage to save 10% of my income until I'm 65 it'll barely cover what SS would have provided me.


People typically grossly underestimate cost of living when they plan out retirement. So even with a million or two million saved up it'll hardly balance out the inflation. Milk will run what 5-8 bucks. Bread 5-7 bucks.

Yeah, I hear ya. I know I'll be working for at least 20 more years and I need to make sure I get my kids through college. But the wife and I are planning on retiring and enjoying some of our later years. At retirement age I don't see myself drinking lots of milk though since I already have gas.
But I'd like at least some years to relax and be a regular old fart.

[NFO]

I don't know exactly the age I will retire at but I can assure you that it will be before Mouse's friend Travis gets laid again.

[ashbeeigh]

25. May 24, 2009, here I come!







just kidding. Never.

[Hook Dem]

Organizing, planning and more importantly affording to retire is something thats evolved from being managable for mid level income people to not likely affordable. I'm talking 30k-70k families.

I've pretty much relegated myself to never being able to retire. Even if I manage to save 10% of my income until I'm 65 it'll barely cover what SS would have provided me.


People typically grossly underestimate cost of living when they plan out retirement. So even with a million or two million saved up it'll hardly balance out the inflation. Milk will run what 5-8 bucks. Bread 5-7 bucks.

One thing that you haven't taken into consideration is that you can't continue to live the same way you did while working. While you are young, you don't consider retiring because you feel pretty good, but as time goes on, your body breaks down.

[Thunder Dan]

I clocking out for good at 53 at the latest

[Blake]

People typically grossly underestimate cost of living when they plan out retirement. So even with a million or two million saved up it'll hardly balance out the inflation. Milk will run what 5-8 bucks. Bread 5-7 bucks.

So true.

My grandmother is 94 and basically has no money.

My parents retired about 5 years ago thinking they had enough in the bank and they are freaking out already.........mostly on the cost of meds that my mom needs for her asthma.

My plan is to be agressive and try to own about 5-7 rent houses in the next 25-30 years.

[Thunder Dan]

remember that if you are under 30 you will not get social security money like the retirees of today get to help compensate their lack of personal savings. Oh we give them about 10% of our paychecks to help pay it, but we won't see a dime. Talk about getting a raw deal

[Blake]

and you think about it too......

$1 million in the bank (minus the interest you'll make off it) would be about $50,000 per year for let's say 20 years.

That's $25,000 a year per person if you're married........not exactly the type of golf course, cruise ship type of retirement income you imagine.

[Quasar]

So even with a million or two million saved up it'll hardly balance out the inflation.

Buy gold :)

[Thunder Dan]

and you think about it too......

$1 million in the bank (minus the interest you'll make off it) would be about $50,000 per year for let's say 20 years.

That's $25,000 a year per person if you're married........not exactly the type of golf course, cruise ship type of retirement income you imagine.

that is why young adults should open up a Roth IRA so they don't have to cut your savings in half with the tax bill when you take the money out

[RandomGuy]

Organizing, planning and more importantly affording to retire is something thats evolved from being managable for mid level income people to not likely affordable. I'm talking 30k-70k families.

I've pretty much relegated myself to never being able to retire. Even if I manage to save 10% of my income until I'm 65 it'll barely cover what SS would have provided me.


People typically grossly underestimate cost of living when they plan out retirement. So even with a million or two million saved up it'll hardly balance out the inflation. Milk will run what 5-8 bucks. Bread 5-7 bucks.

You will need about 2-3 million saved to live comfortably in retirement and not have to live on dog food.

You need much less if you are able to bring in a small amount of money through a job.

In the answer to the OP:

I would like to retire young enough to enjoy it, but am getting such a horrendously late start that I will have to be saving upwards of 30-40% of my income for the next 25 years. (RG=38)

[RandomGuy]

that is why young adults should open up a Roth IRA so they don't have to cut your savings in half with the tax bill when you take the money out

Bingo.

Future tax rates are likely to be higher, given the amount of debt the government is getting itself into.

[shelshor]

I've already retired--about 6 weeks before my 40th birthday

[desflood]

Also keep in mind that if you retire with any sort of pension, they will "adjust" accordingly the amount of Social Security you get (once again, if there is any by then).

[JoeChalupa]

and you think about it too......

$1 million in the bank (minus the interest you'll make off it) would be about $50,000 per year for let's say 20 years.

That's $25,000 a year per person if you're married........not exactly the type of golf course, cruise ship type of retirement income you imagine.

I guess it depends on how high on the hog you want to live after retirement. My dad retired from GM and they make by on his pension and their ss checks. But his land and house are paid for and they love it. They didn't have anywhere near a million dollars and he retired back in 1992 at the age of 60.

[Ed Helicopter Jones]

A lot of it depends on the economy.


Build equity in things like real estate. If you don't have many bills when you're ready to retire it won't neccesarily take a bunch of money to survive once you actually are retired.


I have a friend who saved all his money in his 401K and built his dream home for retirement here recently. While it was being built the stock market crashed, the real estate market tanked, and he's on the hook for a $650K house with a stock portfolio now worth a 3rd of what it was a year ago. He was financing the house and planning to pay off the construction line after it was completed with the 401K. The builder dragged his feet on the construction work throughout this economic mess and now my friend is screwed. He was banking on a steady economy and his stocks holding their value during this time his home was being built. He had a portfolio worth a little over a million dollars a year ago that's now worth about $300K. He figured he'd build the house for cash, collect his max social security and live off the remaining $500K or so left in his retirement plan.

He would have been much better off buying that house years ago and slowing paying it off. He wanted to save the interest payments for the last 25 years and just buy his house when he was ready to build it and pay it all off at once, and it bit him in the ass, sadly. He's in his 70's, and always seemed spry...more like a guy in his 50's. This stuff has aged him and now he comes across like a guy in his 80's almost. Sad.

[JoeChalupa]

We've already got land down south and will probably just add on to the house my parents built to retire in. And I pump as much in to our 401K's as possible.

[Blake]

I guess it depends on how high on the hog you want to live after retirement. My dad retired from GM and they make by on his pension and their ss checks. But his land and house are paid for and they love it. They didn't have anywhere near a million dollars and he retired back in 1992 at the age of 60.

so that puts him currently at 76.

I'd be curious to know if things are still going good in the next 16 years.

[JoeChalupa]

so that puts him currently at 76.

I'd be curious to know if things are still going good in the next 16 years.

Actually things have tightened up a bit for them due to rising food and gas costs and because they've bailed out some of the grandkids which really urks me but that is another story.

[Anti.Hero]

Soon as I can create enough capital through earned income to live off investments.

I started investing for retirement at 16 and stay out of debt, so I will be done with this hampster wheel before most. :downspin:

[CosmicCowboy]

I guess it depends on how high on the hog you want to live after retirement. My dad retired from GM and they make by on his pension and their ss checks. But his land and house are paid for and they love it. They didn't have anywhere near a million dollars and he retired back in 1992 at the age of 60.

You realize don't you, that his pension with GM isn't funded and when they run out of cash and declare bankruptcy thats one of the first things that will get reduced/eliminated, right?

[fatsack]

at this rate.. when i die.

[Bigzax]

retire so i can stay home and post on spurstalk? fuck that, i'd rather get paid...:lol

[JackLalanne]

Retirement is for wimps.

[Bigzax]

mouse is retired! i think he retired at 40 too...:lmao

[Blake]

mouse is retired! i think he retired at 40 too...:lmao

that's about the same thing as when Paris said she was retiring.

You can't retire if you've never had a job

[JoeChalupa]

You realize don't you, that his pension with GM isn't funded and when they run out of cash and declare bankruptcy thats one of the first things that will get reduced/eliminated, right?

I believe my dad's is funded since he retired before they started cutting pensions but you may be correct. All I know is that when they cut benefits his stayed the same due to the labor contract he was on. His benefits have never gone down and he still gets raises when new contracts are done.

[jack sommerset]

I'm done when Obama swears in. Spread the wealth!

[Thunder Dan]

I'm done when Obama swears in. Spread the wealth!

It's funny that everyone is complaining now with Obama, but nobody had a problem when Bill Clinton had essentially the exact tax plan as Obama for 8 years- hell I don't even think it was an issue for either election of his. They used it as a main stay in this year's election because it tugs on middle class America's heart strings. It said to them "You don't make that much money now, but if you did would it be fair?" --It's Joe the Plumber, who benefits from Obama's tax plan, but dreams of owning a business even though he lacks the money to do so. I'm not sticking up for Obama's tax plan- I'm just saying that it seems like a big deal now, but we have had it before and the economy wasn't all that bad (maybe for other reasons it thrived like the .com boom).

The problem is that there is no middle class America. Nobody owns anything, everyone has a ton of debt, and finally things boiled over. Whether it's a democratic tax plan, or Bush's tax plan, none of them will work when the largest portion of our population is poor. I'm not saying that we don't have access to money- but when you subtract your debts from your net worth, as a whole middle class America is poor and they were surfing a credit wave and they just wiped out.

[Anti.Hero]

And for many of them they have stupid fucking debt. Another man should not have to support them.

Can't afford your kids, you shouldn't have fucking had them.

[CrazyOne]

We've got a home in the Philippines to retire to if things get too bad over here. I hope to retire before they change the name of the country to U.S.S.A. ;)

[RandomGuy]

Buy gold :)

That is the single worst advice one can offer for the long term.

An investment in one ounce of gold in 1980 would have offered a return in 2008 of about $500 on a $200 investment. (sold for $700)

That same $200 bucks invested in say, Ford, would be worth (even today) over $30,000

Ownership of a positive series of cash flows is better than owning a static asset any day.

[RandomGuy]

And for many of them they have stupid fucking debt. Another man should not have to support them.

Can't afford your kids, you shouldn't have fucking had them.

I seriously hope that at some point you are struck too ill to work with an expensive illness for a prolonged period of time until your health insurance kicks you out. Have fun with that.

[Strike]

The day I can afford to not work is the day I stop working.

Which, according to numbers I've crunched, should be when I'm about 214 years old.

[exstatic]

You realize don't you, that his pension with GM isn't funded and when they run out of cash and declare bankruptcy thats one of the first things that will get reduced/eliminated, right?

Not true at all. PBGC will cover any defaulted pensions up to like $51,000 per year.

[Duff McCartney]

There is too much poverty, social injustice, malnutrition, starvation, and genocide in the world for me to ever retire. When those things are eliminated then I'll retire.

[Vinnie_Johnson]

My 201k is not going to let me retire anytime soon.:depressed

[angelbelow]

45.

[MrChug]

Retire? Retiring's for pu$$ies. Be happy you have a job, it's your American duty.

[Anti.Hero]

I seriously hope that at some point you are struck too ill to work with an expensive illness for a prolonged period of time until your health insurance kicks you out. Have fun with that.

I am a pessimist. I plan for shit like that :toast

Common sense and discipline trumps most that Murphy will throw at you in life.