At what age do you plan to retire/have already retired?

[cmh6476 1,025]

No rush I love the line of work I'm in and I couldn't imagine a more perfect position for me to be in. 

[tubby_mcgee 701]

On 2/29/2024 at 3:45 PM, Engorgeous George said:

 It will last if we have good health. 

Or it will last if you have bad health.

Just saying.

How did you get to your 3.5 million?

 

[Engorgeous George 2,331]

11 hours ago, tubby_mcgee said:

Or it will last if you have bad health.

Just saying.

How did you get to your 3.5 million?

 

Put away at least 10% of whatever I earned starting with lawn cutting money from when i was a kid right on through my entire life.  For the last 30 years that was matched by my employer, before that it was just me.  I invested that money well through dumb luck.  I also bought an investment farm which I sold to a land developer who wanted to put up McMansions and made a nice profit.  I never borrowed money except for a fifteen year mortgage which I paid down in 8 years. (School I paid as I went, I did not take out loans though maybe I should have, I passed up some opportunities at schools I could not afford.) Basically I tried to not pay interest to others but to earn it for myself.  I drove the oldest car at work and wore the cheapest suits in the building and I brought my own lunch from home four out of five days.  Also I did not pay others to do what I can do myself whether it is cutting my lawn, shoveling my driveway, painting my house, replacing garbage disposals or installing diswashers. Nothing special, just frugal.

 

 

[peenie 1,915]

I wish I could retire tomorrow. I am planning to retire, if I’m lucky, at 62. 

[BeachGuy23 642]

9 hours ago, Engorgeous George said:

Put away at least 10% of whatever I earned starting with lawn cutting money from when i was a kid right on through my entire life.  For the last 30 years that was matched by my employer, before that it was just me.  I invested that money well through dumb luck.  I also bought an investment farm which I sold to a land developer who wanted to put up McMansions and made a nice profit.  I never borrowed money except for a fifteen year mortgage which I paid down in 8 years. (School I paid as I went, I did not take out loans though maybe I should have, I passed up some opportunities at schools I could not afford.) Basically I tried to not pay interest to others but to earn it for myself.  I drove the oldest car at work and wore the cheapest suits in the building and I brought my own lunch from home four out of five days.  Also I did not pay others to do what I can do myself whether it is cutting my lawn, shoveling my driveway, painting my house, replacing garbage disposals or installing diswashers. Nothing special, just frugal.

 

 

Well done boyo.  You're like a waking, talking testament to what good money management looks like.

The employer 10% match was nice too.

[TheNewGirl 1,490]

Just had a little shake up at my place of employment, so I am hoping between 59 and 65. 

I currently have a 401k, but hoping to find a place that offers a pension, get in enough years to get some of that, and then use the 401k. We will see. I assume I will need to do some kind of part time work for a while into older age as well.  

[Cloaca du jour 2,149]

5 more years...hopefully

[Pimpadeaux 2,406]

On 3/1/2024 at 3:55 PM, cmh6476 said:

... and I couldn't imagine a more perfect position for me to be in. 

Oh, but I could ...

[jerryskids 6,793]

2 hours ago, TheNewGirl said:

Just had a little shake up at my place of employment, so I am hoping between 59 and 65. 

I currently have a 401k, but hoping to find a place that offers a pension, get in enough years to get some of that, and then use the 401k. We will see. I assume I will need to do some kind of part time work for a while into older age as well.  

Does any industry/company outside of civil service still offer pensions?  

[Bert 1,128]

23 minutes ago, jerryskids said:

Does any industry/company outside of civil service still offer pensions?  

Yes, sir.  

I plan to retire at 55.

[jerryskids 6,793]

4 minutes ago, Bert said:

Yes, sir.  

I plan to retire at 55.

If you joined today, would you be eligible?  I know lots of companies have grandfathered programs -- I worked for one in the mil/aero industry.  But by the time I joined they had long since stopped offering.

Not questioning what you said, just wondering.   

[Bert 1,128]

6 minutes ago, jerryskids said:

If you joined today, would you be eligible?  I know lots of companies have grandfathered programs -- I worked for one in the mil/aero industry.  But by the time I joined they had long since stopped offering.

Not questioning what you said, just wondering.   

Yes you would be eligible.  There is a 3 year vesting period.  

It is a defined contribution plan until you reach a certain level and it becomes a defined benefit plan.  

[jerryskids 6,793]

2 minutes ago, Bert said:

Yes you would be eligible.  There is a 3 year vesting period.  

It is a defined contribution plan until you reach a certain level and it becomes a defined benefit plan.  

Awesome, drinks are on you next time we get together!   

[Bert 1,128]

1 minute ago, jerryskids said:

Awesome, drinks are on you next time we get together!   

[Hardcore troubadour 15,427]

On 3/1/2024 at 12:37 PM, Pimpadeaux said:

This is why a big part of what I do is long-term care. We're partnered with AARP, and I'm one of a handful of what is known as an A2O agent, meaning I watched a bunch of boring AARP videos to qualify to represent them. So when someone calls or goes online with AARP to inquire about long-term care, the contact information gets sent to me or another A2O agent. There must not be many of us, because I get leads from all over the state. Sometimes I get two or three a week.

The sad thing is that by the time they get to me, they've usually got something that makes them uninsurable, and these policies are not easy to get. The decline rate for applications I submit is like 60-70 percent, which pizzes me off, but I kind of get it because long-term care is focking expensive. The AVERAGE in my community is like $80,000 a year, and the average stay is three years. Long-term care is the No. 1 destroyer of retirement assets. 

Thank God I got a long-term care policy on my mother-in-law almost a decade ago. She's into late-stage Alzheimer's and soon will need that policy once her management becomes too much for her husband.

Oh look.  Rusty’s mother in law has Alzheimer’s too.  

[HB Localboy 122]

I'll take early retirement at 62 but continue to work. 

[Horseman 2,458]

On 2/29/2024 at 5:50 PM, Horseman said:

That's why I like to call it "independently wealthy" instead of "retired".  It's the point where every day you wake up you get to decide what you want to do.  If you want to keep working, knock yourself out, not me.

 

Done. Early 50s.  

WINNING

 

[KSB2424 3,148]

Retirement is overrated.  I have no date, or age.  I’ve been dumping a percentage of my salary into a 401k and later a ROTH since I was 23 years old.  The two companies I’ve worked for both matched 4%.  I don’t even look at it.  I’m focused on my family and frankly having a good time now. Tomorrow is never promised.

 

 

[Cloaca du jour 2,149]

I'll wait till magic Medicare age

[Horseman 2,458]

4 hours ago, KSB2424 said:

Retirement is overrated.  I have no date, or age.  I’ve been dumping a percentage of my salary into a 401k and later a ROTH since I was 23 years old.  The two companies I’ve worked for both matched 4%.  I don’t even look at it.  I’m focused on my family and frankly having a good time now. Tomorrow is never promised.

 

 

If you love and one of the most important things you do is your job. If not and you do want to retire someday --- one thing money can't buy is more time. 

Imagine all the fun and good times you could have If you didn't have to spend time working. More time focused on the family.  Look at it and make a plan.  

[Horseman 2,458]

4 hours ago, Cloaca du jour said:

I'll wait till magic Medicare age

Insurance is a thing a lot of people worry about. But actually, if you're set up so you don't create income during retirement Obama care is cheap and pretty good. Even to span 10 years or so.  Just add it to your spend and don't think of it as a negative.  

[Tebok 442]

8 hours ago, Horseman said:

Done. Early 50s.  

WINNING

 

Not really seeing as you spend all day here.

LOSING!

[Horseman 2,458]

9 hours ago, Tebok said:

Not really seeing as you spend all day here.

LOSING!

I think you completely whiffed on what it means to be independently wealthy   Not surprising.  

[jonmx 2,429]

At 60.  Should have about $70k of income between pension and SS., about $1.5 million in savings/retirement accounts.  House paid off.  And hopefully my $100k in crypto goes to $1 million. Won't be eating cavier and lobster every day, but I will survive. 

[supermike80 1,910]

62 is the goal for me.  I have a retirement estimator that i spend a lot of time tinkering with, including a budget estimator.   Things seem on track for 62

[Tebok 442]

4 hours ago, Horseman said:

I think you completely whiffed on what it means to be independently wealthy   Not surprising.  

I could retire any time I please but own my business and enjoy running it. 

If I were retired, I certainly wouldn't spend all day here like you do. I'd be doing stuff the wife, golfing, traveling, working outside, playing in a band and engaging in the myriad other hobbies I have.

I only come here during my down-time moments.

You apparently having nothing else to do.

[Horseman 2,458]

1 hour ago, Tebok said:

I could retire any time I please but own my business and enjoy running it. 

If I were retired, I certainly wouldn't spend all day here like you do. I'd be doing stuff the wife, golfing, traveling, working outside, playing in a band and engaging in the myriad other hobbies I have.

I only come here during my down-time moments.

You apparently having nothing else to do.

You have a lot of downtime selling insurance and annuities I imagine. Why don't you do all those things you listed during your downtime, doh. 

And you're a liar, you're on like alias #786.   

 

[Hardcore troubadour 15,427]

2 minutes ago, Horseman said:

You have a lot of downtime selling insurance and annuities I imagine. Why don't you do all those things you listed during your downtime, doh. 

And you're a liar, you're on like alias #786.   

 

[Hardcore troubadour 15,427]

Rusty played in a band. I think it was the one from that pharmaceutical commercial a few years back.  The three old white guys smiling a lot and the black guy on drums. Of course.  

[League Champion 1,911]

26 minutes ago, Hardcore troubadour said:

Rusty played in a band. 

Remember when he posted one of his songs? It was fuking terrible  

[Hardcore troubadour 15,427]

Just now, League Champion said:

Remember when he posted one of his songs? It was fuking terrible  

I didn’t bother. His life sucked enough without me chiming in on that. 

[Horseman 2,458]

4 minutes ago, League Champion said:

Remember when he posted one of his songs? It was fuking terrible  

 

3 minutes ago, Hardcore troubadour said:

I didn’t bother. His life sucked enough without me chiming in on that. 

His yard slopes so when it rains the animal chit washes into the pool. It doesn't get any worse.  Or dumber. 

[Hardcore troubadour 15,427]

15 minutes ago, Horseman said:

 

His yard slopes so when it rains the animal chit washes into the pool. It doesn't get any worse.  Or dumber. 

Yuck. Gross. I bet the guy who sold him that shithole knew and didn’t tell him. 

[frank 2,306]

4 hours ago, Tebok said:

I could retire any time I please but own my business and enjoy running it. 

If I were retired, I certainly wouldn't spend all day here like you do. I'd be doing stuff the wife, golfing, traveling, working outside, playing in a band and engaging in the myriad other hobbies I have.

I only come here during my down-time moments.

You apparently having nothing else to do.

 

[Tebok 442]

2 hours ago, Horseman said:

You have a lot of downtime selling insurance and annuities I imagine. Why don't you do all those things you listed during your downtime, doh. 

And you're a liar, you're on like alias #786.   

 

This is the only handle I've ever had.

You guys have some serious alias paranoia.

[Cdub100 3,907]

Elon is going to retire a bunch of us early! 

[jbycho 754]

52. Been there done that a few years back. 

16 hours ago, Tebok said:

This is the only handle I've ever had.

You guys have some serious alias paranoia.

Ok Rusty. 

[thegeneral 3,209]

4 hours ago, Cdub100 said:

Elon is going to retire a bunch of us early! 

Government worker? The tiny severance they are giving is making the difference?

[supermike80 1,910]

I guess we feel lucky

House will be paid off in 4 years

No debt outside of car loans

Decent 401k balance

Im dropping 21% of my check currently into savings.  Hsa, 401k, savings.

Retiring at 62 means 3 years i have to pay for healthcare but we will make it work.

If i have an opportunity to do some work for 20 hours a week or so just to get out of the house im good with that

[Cdub100 3,907]

8 minutes ago, thegeneral said:

Government worker? The tiny severance they are giving is making the difference?

The vast majority of people who took the buyout were retiring later this year anyway. So they effectively are now going to pay people a few extra months not to retire and sit at home.