Retirement

justincredible Honorable Admin

37,969 posts 250 reps Joined Nov 2009

Wed, Oct 10, 2018 2:03 PM

I know we have a few older folks on here that are already retired. And, as time cannot be stopped, we're all barreling towards old age and must think about our future, I figured this could be an interesting discussion topic.

For those of you who are retired, at what age did you decide to retire? For those that are still working, how much thought and planning have you put into retirement? Any plans to retire early? Anyone planning on retiring abroad in a cheaper location?

Commander of Awesome Senior Pwner

24,621 posts 244 reps Joined May 2010

Wed, Oct 10, 2018 2:19 PM

I'm fairly obsessed with retiring, I hate working for a company and if working for myself was financial feasible without risk I would. Outside of trying to buy a house, I have most of money in the market, max out 401K, Roth/IRA, and live as frugally as possible while still enjoying life. I want to be able to say fuck it an retire by 50.

justincredible Honorable Admin

37,969 posts 250 reps Joined Nov 2009

Wed, Oct 10, 2018 2:26 PM

I'm in the same boat. Retiring at 50 is my current goal. And by retiring, I still plan on doing something to make an income, I just don't want to be working for anyone but myself (or clients I choose). We do have a 6 year plan in place to pay off all of our debts, which would be the last little bit of my student loans, our two cars, and our house.

Zunardo Senior Member

815 posts 15 reps Joined Nov 2010

Wed, Oct 10, 2018 2:26 PM

I knew I could retire without a penalty at age 55, but ended up leaving at 57 on my own terms. Might have stayed til 60 if the job stressed hadn't ramped up like it did.

COA, you're on the right track to meet that goal.

iclfan2 Reppin' the 330/216/843

9,465 posts 100 reps Joined Nov 2009

Wed, Oct 10, 2018 2:33 PM

posted by Commander of Awesome
I'm fairly obsessed with retiring, I hate working for a company and if working for myself was financial feasible without risk I would. Outside of trying to buy a house, I have most of money in the market, max out 401K, Roth/IRA, and live as frugally as possible while still enjoying life. I want to be able to say fuck it an retire by 50.

This is how I live (and try to get my wife to live). I want to be done at 55, she can work as long as she wants to keep me health insurance and she likes working. I would work, just not this career path. We max out 401k's, put as much savings into the market with an advisor as we can. Our problem is we have one kid, another one adds a significant amount of money for daycare, and then who knows what 2 college tuitions would look like in 20 years. So it all sounds nice (I'm 32), but a lof of question marks up ahead.

I'm ok with having debt (1 car payment at a time < 2% interest and a mortgage <4.5% interest) if my money in the market is earning me better returns which it has been. We pay more towards the mortgage than the minimum though, but odds are won't be in the house forever either.

CenterBHSFan 333 - I'm only half evil

7,259 posts 55 reps Joined Nov 2009

Wed, Oct 10, 2018 2:44 PM

I have my retirement already put aside and on the market. I've been very fortunate.

Commander of Awesome Senior Pwner

24,621 posts 244 reps Joined May 2010

Wed, Oct 10, 2018 2:46 PM

Thankfully I have no debt. The only thing that keeps me up at night in the high cost of living here. I currently have a large chunk of money just sitting in a savings account as we're trying to buy a house. But I can't wrap my head around paying $700k for a house that would be worth $50-90k if it were in Cleveland. Living in the bay area is great for many reasons, but I'm not sure lack of snow is worth the potential 10+ extra yrs of work required to retire comfortably.

j_crazy 7 gram rocks. how i roll.

8,623 posts 30 reps Joined Nov 2009

Wed, Oct 10, 2018 3:07 PM

posted by justincredible
I know we have a few older folks on here that are already retired. And, as time cannot be stopped, we're all barreling towards old age and must think about our future, I figured this could be an interesting discussion topic.

For those of you who are retired, at what age did you decide to retire? For those that are still working, how much thought and planning have you put into retirement? Any plans to retire early? Anyone planning on retiring abroad in a cheaper location?

I'm putting a ton of money aside for retirement (like maxing all accounts out). my plan is to retire at 50 regardless of what the money situation is. So some time around 42 years old i'm planning to start only putting the match in my 401k and the 5500 in the IRA. then rathole the difference between that and what i'm putting in now into various investment accounts.

I'm watching my mom die less than a year after retiring. my dad died young. i'm not going out like that. imma do what the fuck i want for the last 10-20 years of my life.

Con_Alma Senior Member

12,320 posts 31 reps Joined Nov 2009

Wed, Oct 10, 2018 3:42 PM

For those of you planning on retiring at 50-55, what is your projected expense for major medical insurance?

iclfan2 Reppin' the 330/216/843

9,465 posts 100 reps Joined Nov 2009

Wed, Oct 10, 2018 4:53 PM

posted by Con_Alma
For those of you planning on retiring at 50-55, what is your projected expense for major medical insurance?

Have my wife keep working! Otherwise f that noise I'll find a job with insurance. Shit is going to be sky high, or free by then and all income going to taxes. Also not planning on needing SS when I'm old, but that would be a nice little supplement.

justincredible Honorable Admin

37,969 posts 250 reps Joined Nov 2009

Wed, Oct 10, 2018 6:02 PM

I'll be playing insurance by ear and dealing with it when the time comes. There is no way to be certain what insurance is going to look like in 15 years so I'm not going to worry about it yet. That said, I do come from healthy stock so hopefully it won't matter much. :)

Belly35 Elderly Intellectual

10,015 posts 56 reps Joined Nov 2009

Wed, Oct 10, 2018 6:24 PM

I close my business down and thought about retiring. Nope not going to happen.

I retired once with a military disability at the age of 21 , provides a nice monthly income that has increase in the last few months because of additional

combat injury related issues.

Medical, dental and vision I'm covered and so is my wife between Medicare/VA so insurance cost is very low

Money saved, 401, investments market, sold property, social security, military disability retirement and a few other revenue earning things adds up to a nice monthly income.

Other than utilities, food/clothing, car/truck, homeowner insurance and small payment to the IRS ( pay that off soon) is all that is out going, no car, truck, credit card or house payments

So I retired from my business at the age of 65 closed the doors 66 collected my SS... started back working 7:30 to 4:00 three months after that.

Im still working and loving it, ( i think I will alway be doing something ... I need work) the wife as just about 1 1/2 years to work for her company retirement plan to retire, she collecting her SS also now.

In the process of downsizing but start to late, I suggest downsizing once the last kid hits high school that way you're ready to move out. Downsizing is a pain in the ass and difficult to d. Not an easy task... to much stuff and to much value to piss away ... but it is what it is.

Looking for a small type home, new but Im just not ready to pull the trigger yet. I'm confident that our home will sell quickly and we will get the asking price. Question is will it cover what we want to buy if we get what the wife is thinking the answer is no.., I dont want to go into another mortgage payment. We started to look at Condos now also.

Note: If it was just me... I would be happy with a condo, old pick up truck, cycle, dog and the idea that I could road trip anytime I wanted.

Ironman92 Administrator

56,729 posts 168 reps Joined Nov 2009

Wed, Oct 10, 2018 8:12 PM

Another 12-16 years for me

Education keeps changing. It’s whatever. Very little thought of it.

ptown_trojans_1 Moderator

8,788 posts 20 reps Joined Nov 2009

Thu, Oct 11, 2018 10:16 AM

I'm in my mid 30s. I have a decent amount in my 401k. I've long had the view that there simply will not be an SS remaining for my generation and thus the 401k is my "retirement". I've also had the long term view that the concept of retirement will not be available for my generation. I'm just going to work until I can no longer, and even then, who knows where technology will be in 30-40 years.

OSH Kosh B'Gosh

4,424 posts 18 reps Joined Nov 2009

Thu, Oct 11, 2018 11:01 AM

I don't imagine I'll really retire. I love what I do, and I can't think of doing anything else other than it continuously. Sure, that could change, but I'm not sure what all would change the mentality.

I'm preparing as much as I can though, mostly to help the kids in their futures. I've got a 401k and a Roth. Will be able to do more every year for the next 5 years, and after year 5...there'll be tons of freed up money (no more childcare, no more student loan debt). We live frugally really. We don't have much else we do or spend money on. I'm sure my wife will retire when she can as a teacher, but she knows I'll keep doing as much coaching as I can.

vball10set paying it forward

26,788 posts 121 reps Joined Nov 2009

Thu, Oct 11, 2018 1:11 PM

posted by OSH
I don't imagine I'll really retire. I love what I do...

This is kinda where I'm at...we were able to put all three of our kids through private high schools (the public school system here in Toledo sucks), as well as their undergrad studies at OSU, YSU & Miami without debt--so needless to say there wasn't a whole lot of 'savings' going on. However, due to a frugal lifestyle and some smart investments (on my wife's part), we're in pretty good shape financially, but we both love what we do and can't imagine retiring just for the sake of retiring. We both have jobs with maximum flexibility, so we travel when we want, along with visiting our kids/grandkids in Columbus almost every other weekend. We know that when we do retire, we'll move to Cbus to be closer to the family--but to be honest, the thought of physically moving makes me cringe.

Verbal Kint Senior Member

1,062 posts 16 reps Joined Jul 2017

Thu, Oct 11, 2018 2:07 PM

posted by Con_Alma
For those of you planning on retiring at 50-55, what is your projected expense for major medical insurance?

This. Will have the assets and wealth, but health insurance will preclude when.

Verbal Kint Senior Member

1,062 posts 16 reps Joined Jul 2017

Thu, Oct 11, 2018 2:08 PM

posted by Commander of Awesome
but I'm not sure lack of snow is worth the potential 10+ extra yrs of work required to retire comfortably.

Does the weather allow for better health that makes it worth it? i.e. biking to work in winter

Spock Senior Member

5,271 posts 9 reps Joined Jul 2013

Thu, Oct 11, 2018 8:04 PM

i was going to retire at 56. But the state added 5 years on retirement. So now 61. that is 15 years away

Fab4Runner Tits McGee

6,997 posts 64 reps Joined Nov 2009

Thu, Oct 11, 2018 8:33 PM

My husband will probably practice law until he dies, even if it's just a few clients here and there.

I really have no idea when I'll retire. I'd like to stay home for a few years if/ when we have kids, but that's also a wait and see situation.

ernest_t_bass 12th Son of the Lama

26,698 posts 204 reps Joined Nov 2009

Thu, Oct 11, 2018 9:13 PM

STRS. I'll retire (more than likely) after 35 years of work. I'm on year 15. I don't think much about retirement b/c our retirement system, for the most part, isn't too bad.

Retirement

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