How much do you need to retire?

cadman

AC Man wrote: »

You plan on selling the store or keeping it when you retire?

Sell it most likely. My goal is to live simple enough not to need the money.

cadman

robertgrant wrote: »

My retirement plan involves a box and some nails.

Jeff Foxworthy use to do a joke. "Sophisticated people have retirement plans. Rednecks play the lottery."

TripleX

Powerball!!!

The Cat's Eye

I guess i have been lucky and retired with a substantial pension that started on my 49 th birthday 21 years ago.

AC Man

jad1097 wrote: »

if you have no debt you can do it with less than 10 times your annual income.

I agree. I plan on scaling back in my retirement. Not because of the money, but like I said before, been there done that. Lived out all my material desires, traveled, had a nice house etc. Not important to me any more. The stress in my life due to business is the one thing I want to avoid in retirement. When young it is amazing. Power, being the best it's what drives you. Not any more. My nervous system has checked out.

m9000

3 years, 6 months to retirement. Between SS and investments, we should be be able to live on 80% of current income.

Fishshrimpsnorkel

Small pension from work, 2 ss checks, equity in home to cover finishing our new house in NC, and 2 401K accounts = retirement in 58 weeks. I'll be almost 63, wife 66. Won't actually draw pension or ss until my birthday. FYI: Monthly ss check amount goes up a fraction of a percent for every MONTH after age 62, not for every full year.
My ideal semi-retirement would be as follows, if such work could be arranged:
4 days a week
3 weeks a month
11 months a year
until health issues no longer permit working.

Baits Out

Tarpon65 wrote: »

Monthly social security payments will take care of all of us. Why ya'll sweating the small stuff?

:rotflmao

Oh Yeah!

A Ponzi scheme controlled by politicians.

capt louie

Parkerboy wrote: »

You make a 100k and you will gross what 70K if you're lucky after income taxes fica etc. Probably less but say 70K. Once retired if you have the million you can safely withdraw 4% per annum which is 40K and you haven't touched the principal by conventional wisdom. Plus, you should receive around 2,300 per month in ss added to the 4% is roughly equals 67500 per year. Pretty close to current earning and,most people's cost go down upon retirement.

^ This ^

JKP

Parkerboy wrote: »

You make a 100k and you will gross what 70K if you're lucky after income taxes fica etc. Probably less but say 70K. Once retired if you have the million you can safely withdraw 4% per annum which is 40K and you haven't touched the principal by conventional wisdom. Plus, you should receive around 2,300 per month in ss added to the 4% is roughly equals 67500 per year. Pretty close to current earning and,most people's cost go down upon retirement.

Unless all of the retirement $ is in Roth withdrawals are subject to income tax so that math is off a bit.

Soda Popinski

rock_fish wrote: »

I plan to work until I'm dead. I do not make a very good living


And I like working so i am OK with that. As you said, living while you are still upright is my choice in life. Waiting until I'm 60 before enjoying life is silly, IMO. Good for you. Take a long trip to Europe

This^

Not everyone can be making 6 figures. As long as I can fish on the weekends I'll be fine.

duckmanJR

Man, I sure am glad I didn't pay attention to internet experts ( there was no internet when I was 18) ...and got a few words from my Dad....or I would never have retired at 52.

Parkerboy

JKP wrote: »

Unless all of the retirement $ is in Roth withdrawals are subject to income tax so that math is off a bit.

So is the salary one earns presently but I am assuming that when someone retires they are not saddled with the debt they may incur earlier in life, or at least they shouldn't. Plus expenses should be reduced should as eating lunch out, dry cleaning bills, gas for commuting to work, tolls, etc. Plus, health insurance is generally reduced due to medicare.

Tarponator

Me? About 1.5M. At current course & speed, that's about 10 years more work and retirement (or more likely just a different/less stressful job) at 55.

The biggest variables? Investment returns, inflation, insurance costs, and life expectancy.

Lobstercatcher229

I like the advice, "do what you like to do and learn to budget to live on what that pays." He was talking about a job, or a profession, but the same thing applies to retirement.

If I retire at 62 I get significantly less from Social Security than if I wait till 70 to retire. Obamacare, age, and inflation have jacked up my medical costs so that is a significant thought when considering retirement and how much you need. At 70 I need a lot less than at 62 or earlier.

I have asked my wife if she wants to retire and be poor and she hasn't taken me up on that yet.

capt louie

I jumped ship at 45 and planned on starting another career. Decided to just retire all together and do as I please.

Glad I had a decent amount of good stocks. The splits came in handy over the last 15 years.

Invest , invest and live within your means.

SeaSpy

cadman wrote: »

Zero, I am positioning myself to be able to live on about $2000 a month. So I won't need to rely on any savings I have. The trick is to downsize and have no debt. The other part is to live a simple life.

Amen!

Flash

Menzies wrote: »

Anyone here on a company pension - contributory or non-contributory?

Both my wife and I, though since we left the company before age 55 (her because they were going to try and fire her anyway and me because after I sold our house I gave them a 2 day notice) they cut them by 50%. Should have got a lawyer for her since she was just 3 months shy. At anyrate, 1 good pension between us, both drawing SS.
Semi-retired at 48, fully at 62.

TXWahoo

I married two women; one with ambition to take my money and the other with no ambition. Couple that with a family history of heart disease and I figure I'm working until I'm dead.

I would like to have $150K in todays dollars in passive annual income. I have a defined benefit pension with annual cost of living increases, a little VA disability, and will have social security. Sadly, it won't get me there.

Saltydawg

Wow I am surprised by how simple many of you can live, I don't see the luxury of retiring if I have to downsize everything.

Finger Mullet

Saltydawg wrote: »

Wow I am surprised by how simple many of you can live, I don't see the luxury of retiring if I have to downsize everything.

I used to think the same way years back. I became a widower just after 40 and had to raise two girls by myself, changes your perspective and importance of living everyday to its fullest, not look at me material goods. Managed to retire at 46. Downsized pretentious house to a townhouse on the intracoastal when I got the youngest girl off to college.

Man life is so easy with no bills, just electric and health insurance, travel on the cheap by doing some volunteer work abroad to help the truly poor and explore this wonderful planet. Last adventure was Ecuador, spent 3 months there, and a few in Peru. Oh Machu Picchu and the Galapagos are truly sites to behold. Oh, most important reestablish and maintain tight family relations.

Edit - Salty when retired living on the cheap, people will actually PAY you to do something that their rich money pursuing selves do not have time for. In March, I was paid $1,000 (all expenses included) to relocate a sailboat from St Thomas to Providence, RI with a mandatory stop in Bermuda to pick up some crap. Years back I would have given my left arm to take a few weeks off to do that, and would have been happy to pay big bucks to do it.

Billy No Mates

Saltydawg wrote: »

Wow I am surprised by how simple many of you can live, I don't see the luxury of retiring if I have to downsize everything.

Mine won't change. Golf and fish on probably about 1500 a month.

Saltydawg

P

Finger Mullet wrote: »

I used to think the same way years back. I became a widower just after 40 and had to raise two girls by myself, changes your perspective and importance of living everyday to its fullest, not look at me material goods. Managed to retire at 46. Downsized pretentious house to a townhouse on the intracoastal when I got the youngest girl off to college.

Man life is so easy with no bills, just electric and health insurance, travel on the cheap by doing some volunteer work abroad to help the truly poor and explore this wonderful planet. Last adventure was Ecuador, spent 3 months there, and a few in Peru. Oh Machu Picchu and the Galapagos are truly sites to behold. Oh, most important reestablish and maintain tight family relations.

Edit - Salty when retired living on the cheap, people will actually PAY you to do something that their rich money pursuing selves do not have time for. In March, I was paid $1,000 (all expenses included) to relocate a sailboat from St Thomas to Providence, RI with a mandatory stop in Bermuda to pick up some crap. Years back I would have given my left arm to take a few weeks off to do that, and would have been happy to pay big bucks to do it.

Very good perspective, I don't mind living simpler but I would at a minimum want to maintain my current standard of living which I enjoy very much and it includes a lot of traveling and boating which neither are cheap nor do I desire to do on the cheap but I do hear you.

King_Me

If CD rates were like they were in the 80's I'd be set now! :banghead