Retirement - when is it time?

[MVP]

Hey guys. So I am thinking more and more about retirement and how to plan for it and when to do it. What is your general ideas about it? How much money you need to have to retire? How old you really want to be when you retire? The reason I started thinking more about it I had a great client who was pretty rich, had his retirement planned this year at age of 61. He went to Mexico with his wife to celebrate it, had 2 month trip to Australia and N.Zealand planed and all other big plans. Well bummer, he died from heart attack while in Mexico resort on the 3 day of his retirement. So here is the sad part I am thinking about, had he retired few years ago, maybe he wouldn't be as stressed and still would be alive? That's one of the reasons I would like to retire ( or at least semi retire ( work 1-2 days a week) while I am still in good health and shape. You can't take all the money to the grave. Sure he made his kids and wife rich after his death but all his life's hard work ended without much of enjoyment.
So what is your ideal retirement scenario? I want to know age and realistic amount of money. I hope to be done at the age of 55 ( 9 more years to go) and to have at least 1 mil in my account ( that's very reasonable after selling business and the house).

 

[Miggs]

I plan to retire as soon as ****ing possible and want to make sure:

a) we have enough saved for the kids to go to college
b) our house is paid off
c) we have a ridiculous amount saved on top of that (i'd rather not say the amount)

 

[MVP]

I plan to retire as soon as ****ing possible and want to make sure:

a) we have enough saved for the kids to go to college
b) our house is paid off
c) we have a ridiculous amount saved on top of that (i'd rather not say the amount)

damn, my goal was to get the age and number. Be crazy, just say that amount

 

[MVP]

a) we have enough saved for the kids to go to college

That's very nice of you, I certainly won't be able to afford it or planning on that, unless I win lottery or something. Kids can get student loans and pay it off after graduating IMHO. The sooner they learn to stand on their own feet the better.

 

[Stoked]

I am looking at it on a scale of having the same amount of disposable income that I have now. My bills will mostly be gone by that point.

Also I already have a specific date picked out. 11/01/2036. I work that day and I do not ever look back.

 

[Miggs]

damn, my goal was to get the age and number. Be crazy, just say that amount

55 years old. I'm 42 this summer. The issue is, when I'm 55, my wife will be just 49 and have nine more years of mandatory employment for her to receive her pension. So I'm not sure she'll be thrilled at the idea of working her *** off for nine more years while I chill at home. I'd likely get my real estate license and do that part-time.

By the time, I'm 55, I want 1.5M in savings. With another nine more years of work from my wife, we would then have about 2.5M based on very conservative interest. That, with the equity in the house, and our pensions should set us up more than comfortably.

 

[Miggs]

^
This is all contingent on my wife getting her last promotion so despite being told she's getting it, it's a bit presumptuous. Also, if we have a third (or fourth fml) than all bets are off.

 

[Stoked]

55 years old. I'm 42 this summer. The issue is, when I'm 55, my wife will be just 49 and have nine more years of mandatory employment for her to receive her pension. So I'm not sure she'll be thrilled at the idea of working her *** off for nine more years while I chill at home. I'd likely get my real estate license and do that part-time.

By the time, I'm 55, I want 1.5M in savings. With another nine more years of work from my wife, we would then have about 2.5M based on very conservative interest. That, with the equity in the house, and our pensions should set us up more than comfortably.

I am targeting age 57 and my wife will be 48 lol. Same rough scenario.

Hopefully. Pushing 100k now in savings. Wife almost has her degree and then she will start working. Plus my pension on top of all that.

 

[Miggs]

I am targeting age 57 and my wife will be 48 lol. Same rough scenario.

Hopefully. Pushing 100k now in savings. Wife almost has her degree and then she will start working. Plus my pension on top of all that.

Think your wife will be cool with you sitting at home?

 

[Stoked]

Think your wife will be cool with you sitting at home?

I won't be just sitting around. I hope to heavily involved with grandkids by then as well as other hobbies.

But if she has a problem with it that is to bad lol. Pushing 40 years at the same job will have earned my the down time.

Edit: Maybe I will get a job as a Walmart greeter and just mess with people all day long.

 

[Miggs]

I won't be just sitting around. I hope to heavily involved with grandkids by then as well as other hobbies.

But if she has a problem with it that is to bad lol. Pushing 40 years at the same job will have earned my the down time.

Edit: Maybe I will get a job as a Walmart greeter and just mess with people all day long.

I'd be involved in other endeavors as well but that's hardly the same as job stress imho.

 

[Stoked]

I'd be involved in other endeavors as well but that's hardly the same as job stress imho.

That's the point lol. We will have earned a break from that stress. Apart from financial hardship, health or jealousy issues I cannot understand why our spouses would be upset.

I've considered a part time job but more to have some entertainment as opposed to income.

 

[Miggs]

That's the point lol. We will have earned a break from that stress. Apart from financial hardship, health or jealousy issues I cannot understand why our spouses would be upset.

I've considered a part time job but more to have some entertainment as opposed to income.

Well, our kids would still be in high school (maybe middle school) and my wife averages about 70 hours a week between the job and commute so there would be some resentment there for multiple reasons I think.

 

[Stoked]

Well, our kids would still be in high school (maybe middle school) and my wife averages about 70 hours a week between the job and commute so there would be some resentment there for multiple reasons I think.

Fair enough. My youngest will be 21, wife will most likely work within 10 minutes of home and I'd do things like flowers, take her to lunch and what not.

One way you could offset that I think is a larger role in your kids activities. Soccer dad so to speak.

I don't know, every relationship is different and you know what your wife would appreciate.

 

[JAZZGASM]

My plan is to liquidate and move to Ecuador. Already bought a house there before it got popular. Will only need about $1000 a month (adjusted for inflation when I retire in 8 to 10 yrs)for a pretty decent life. Have enough to do it now, but want to save a lot more before taking the leap so we are covered if we decide to go somewhere else.

Also waiting for the kids to finish school.

 

[moevillini]

I'm old as dirt, and my husband is a few years older. So I guess he's old as rocks.

He's been working part-time for the last four years - first 3/4 time and now 2/4 time - he works every other week and enjoys that. He still gets benefits (though we contribute a greater share than when he was full-time) and half the vacation time he got when he was full-time, but when he takes a week of vacation, he still has his regular weeks off so it ends up being 3 weeks off. Pretty sweet. But he wants to keep working as long as possible - - he enjoys what he does for the most part, and the fact that it keeps him around younger people.

I'm part-time with a pretty flexible schedule and often can work from home (and spend all day watching ridiculous music videos)but there are times I really can't get out of town as much as I'd like, so that can present a conflict for vacation time.

We'd started savings for college when our kids were born and were pretty diligent about it, plus grandparents were fairly generous with their contributions, so the kids all had enough (and then some). Our mortgage on our home has been paid off for a while (bought in 1983 at a ridiculously high interest rate, refinanced a couple times and ended up with a 15 year mortgage). The good thing about the high rates in '83 was that the muni bonds we bought for the kids college savings paid at decent rates - - and Illinois was still in reasonably good shape back then. Now they'd be junk bonds...

My husband will be eligible for a pension when he does fully retire - it won't be a huge amount but it is guaranteed and that's in addition to social security. Have always put the maximum into IRA's and other retirement savings, and the market has done well over the past 35 years, so I'm not terribly worried.

My own father, who passed away four years ago, actually made more in retirement than when he was working with his social security income, his pension and what he had to take out of his own retirement savings.

Trouble is, very few employers offer regular pensions anymore.

 

[MVP]

My plan is to liquidate and move to Ecuador. Already bought a house there before it got popular.

I was thinking about moving somewhere south as well, have friends who already bought real estate in Ecuador, Honduras, Panama, etc... To bad my wife is not supportive of this idea. Maybe after 8-10 more years with 6 month winter she will change her mind

 

[JAZZGASM]

Yeah, getting the wife on board was a process. Once we bought the place and spent time there the resistance went away.

 

[MVP]

Yeah, getting the wife on board was a process. Once we bought the place and spent time there the resistance went away.

Well, I was thinking of going there for a 2-3 week trip and just exploring the country. Maybe that will help as well. Will need to start learning some Spanish though.

 

[Stoked]

Leaving the country upon retirement is an increasingly attractive option to many people. Panama, Mexico, Asia, central and South America are all locations retirees flock to