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May 18, 2011

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Goal 59 1/2.
If the ecomony does not improve and my investments don't do as well it may be more like 62 to 65.

I'm only 25, but would like to retire in my early 50s. I am going to target that age and try to increase my savings accordingly to make it happen!

Right now I'm budgeted to retire at 62-63 with reasonable certainty of a good stable income. While I can always wish that I started saving for retirement sooner, I know that I am also very blessed to even be in the position I am in right now.

Like many, I was on a path to financial ruin 6 years ago due to a high percentage of my assets and income tied to real estate. We made some very challenging changes which allowed us to significantly reduce our debt, while increasing our savings and net worth. Granted, I still have money tied up in RE investments but have learned the importance of diversification.

I applaud all of you who were disciplined early in life to save for retirement. Many of us average folk simply were never taught to even worry about this, assuming pensions or social security would be our path to retirement.

A decade ago, more people got pensions when they retired, even if they retired early. Now, good luck finding a job that will give you that! (unless you're a public employee like policeman or similar.)

I am lucky to have a defined benefit pension from my workplace, but 5 years ago they modified the plan so you could only receive the benefit after you reached 66 years of age. Prior to that you could receive the benefit even if you just worked there 23 years, and lot of people did retire early.

My husband and I plan to retire when we're 52, made possible by the U.S. Army and many years of planning and saving. We have 14 years to go!

805 more days but whose counting!(Age 62)Pension, SS(Managed Spousal Benefit for Max return), 401K, Roth. Post Retirement Health benefits! Life looks pretty good.

I am 26 and hope to retire at 60. My company still offers a defined benefit plan (not a govt job!), and that is when I can start receiving benefits without reduction. I could receive a reduced benefit at age 55, so that is also an option if I feel like my 401ks and IRAs would provide enough additional coverage.

I think I might be able to make 47 happen (28 now). I'm saving the max in my 401K with 5% match from employer, the max in my Roth IRA, and just getting started in taxable accounts and real estate. Also 47 is the minimum age that, if certain conditions happen and the planets align, I will be able to get my defined benefit plan to kick in earlier than my minimum retirement age (57 otherwise)

I am 38 and trying to retire by 45. So far, on track.

-Mike

I plan to semi-retire at 55 to 60. Hopefully I can work 20 hours a week in some sort of consulting role. This will bridge the gap for medical costs as well as keep my mind sharp.

It pays to be aware that the rules will change as your career progresses. Sometimes the changes are irrelevant, othertimes the changes completely alter your goals and expectations. Changes are seldom implemented to benefit the employee, the goal is to cut costs.

I'm retiring 37 weeks from now, specifically to lock in several important benefits that are being downgrading.

Two ways to look at wealth: (might make an interesting post)

1. utility- save for xyz, retire by x
2. Maximization- save/make as much as possible and make decisions with what you have

Ill retire when I am sick of working or want something different. If I maximize my wealth, I can maximize my freedom of choice and more often than not, get the same utility from the money as someone who focuses on getting x for y.

One more thought- older family member of mine retired in his 40s because his firm was purchased for a large chunk of money. His comment to me years ago:

"once you have money, you can always retire. Once you retire, you really cant ever go back."

In many ways, I know he regretted his early retirement.

I would like to retire now, at 37...! Realistically, I have another *30* years to go. Maybe i'm being dramatic but I feel like I will die before I make it... but, i'm still saving (401K, work pension) just in case I am wrong. ;)

I plan to retire at 55 and the last time I ran the numbers I was ahead of schedule. I've got a few semi-volatile investments lined up though that may increase or decrease that number. :)

I'm 55 and I'm ready to leave my job at any time. I would be OK if I quite working right now. However, If I stay a few more years, it will be even better. Right now my job is very easy, stress free and I get 5 weeks of paid vacation a year. So, I will stay with it for now. I figure 2 or 3 more years and then I will either quit or go part time. ...Actually, part time may come sooner.

IMHO, this is an underreported problem related to our unemployment picture right now. Ordinarily, you have folks that hit 65 or thereabouts rolling off payrolls and into retirement, net/net leaving jobs open for younger folks entering the work force. But that's happening less and less as the Boomers, who collectively have not saved nearly enough for retirement, keep on working past that age on average. And it's going to get worse.

Tyler --

Deciding when to take retirement is a HUGE financial decision as well as a HUGE life decision, with one of the vital issues (IMO) being just what you've stated: "You can't go back."

That's why people need to be very, very sure that they've planned for and thought about all aspects of retirement before taking the plunge.

It's an issue I'm putting a lot of thought into lately.

Somewhere between 65 and 68 me thinks. My husband and I both got an admittedly late/slow start on retirement planning, so "early" retirement is probably out of the question, which honestly? Is totally fine with me.

I'm planning to live a very, very long life - women on both sides of my family have been living into their 90s for a few generations now, so barring disaster or unforeseen disease, I imagine I will quite easily make it to 100.

In that context, the idea of working until my late-60s or even my early-70s sounds not only reasonable (and necessary), but desirable.

Not sure about when I'd want to retire per se, but I would like to have enough saved to work on projects regardless of pay and benefits. I think I might hit that around 40 if our lifestyle doesn't inflate too much.

If you work in a Hi-Tech field and retire too early you may face a problem if you ever decide that you need to return to your former occupation.
Technology changes rapidly, smart young people with better educations are entering the work force every year and employers like new graduates because they are cheaper and can be trained just the way they want in their line of business.

Analyze your finances thoroughly before you take the big step of retiring. If you retire early and a few years later, for whatever reason, want to return to your former occupation and position it may be too late.

I retired at the age of 58 and love it and have no regrets whatsoever but I sometimes come across an elderly person working in a hardware or garden supply store that is way over qualified for what they are doing and I don't like to ask why they have come down in the world. I didn't have to retire in September 1992 but I was offered a golden handshake that was far too good to pass up, especially when my planned retirement was to be 6 months later in March 1993 when my retirement pension would have undergone another increase.

I'm pretty conservative in what I think we need for assets to retire safely. If everything works well, my husband and I hope to retire at 63 - but I expect 67 is more realistic. We are definitely on target for that! It's still more than 20 years away though, so many things might change.

My wife and I are both 53 and make comparable salaries. Prior to the crash we were projected to be able to retire by 59/60 and are almost back on track. However, the big unknown is health insurance as we both have chronic conditions that will make private insurance almost prohibitive to purchase. We will be waiting to see the outcome of Obamacare implementation, medicare reform, or other healthcare reform initiatives to allow us to retire. It is frustrating to think of having to work only for healthcare reasons.

I would like to semi-retire in my 50s, but most likely 60 or maybe 62.

The way the government is sleeping at the wheel though, who knows, maybe none of us will be retiring soon. Especially if there is a giant jump in the inflation rates for a decade...

On Track to retire @55 (be financially free), no pension, no creative investments, just aggressive saving.
But Not-Working, to me, makes for an un-exciting life and I plan on being engaged in the workforce for quite a while after that, maybe even to just share experiences and develop younger talent, just that I wouldn't have to worry about my boss anymore :-)

I'm 36 now, and I hope to "retire" in the next 5-10 years, depending on my financial situation and when I get fed up with the modern work style. That said, I never plan to fully "retire" but want to move to work for myself with the "4-hour work week" mentality -- working on lots of fun projects of my choosing. Hopefully I some will make money too (since I enjoy that) and I can use my money and time to make the world a better place, not just to do what my employer tells me. So far I'm on track -- I bought 3 investment properties last year and have nearly doubled my net worth in the past 18 months! I love this recession, there are lots of opportunities to be had while everyone is busy complaining!

On Tyler's comment that "you can't go back," I took a year off when I was 31 and traveled the world. My company gave me a leave of absence (which included health insurance) so I could come back, but showing up at work again was one of the hardest things to do. It took me a couple of years to really get acclimated back to having the discipline to do something just because my "boss" says so. I still have the attitude that life comes before work, even though I work in a management position in a high-tech firm.

Based on my income and age, I don't think I'll ever be able to retire, despite my frugality. I'll have to work as long as I can. I can "retire" only when I'm no longer be physically able to work. When that happens, I can only hope I've saved enough money to avoid being homeless.

We're thinking about retiring in 4 more yrs (when husband is 59). Depends somewhat on what his employer will be charging for retiree health insurance - right now it's over $400 month per person. Also depends on what happens in our local housing market, as we plan to sell our almost paid-off primary residence to finance the first few years of retirement. When we retire, we'll be moving to our vacation home, which we own free and clear.

A few years ago our income got to the point where we could choose to either a) increase spending quite a bit, or b) retire early. We chose option b! So now we are saving a very high fraction of our income. Neither of us make super-high salaries, by the way, but our combined salary is pretty decent.

"once you have money, you can always retire. Once you retire, you really cant ever go back."


My parents retired in their 50s.
They are almost 70 now and have not regretted a moment. Let's just say that their bucket list is finished, and it wouldn't have been possible if they retired at a later age. They are now winding down.

My uncle retired this year at 63. Unfortunately, this was after finding out that he has cancer.

I know some couples that retired in their 50s and they always seem to be short of money. Early retirement is fabulous if you have enough money to live your dreams. Otherwise, it can drag you down and age you from stress.

We had been thinking of retiring at age 40. However, as we get closer to that age (2 years from now) we've changed our goal from 'full retirement' to 'semi-retirement', not for financial reasons, but more over concerns about 'what are we going to do all day?' At this point, my husband is thinking of working for himself part-time, while I'm thinking of filling my days doing volunteer work. It's still a work in progress.

67, which is my full retirement age for Social Security. (66 10 months, actually, but who's counting?) Much depends on how things work out with my son, who is disabled and will always need care. I run the numbers with very conservative assumptions and it looks like we'll be fine. (Short of an economic, military or natural catastrophe, of course, in which case no one will be fine.)

I am 35, DH is 39. We are currently semi-retired. We "fully retired" six years ago but after 3 years we realized we were missing out on a lot of income potential (consulting). So now we work part time. It really helps that we live in a small paid-for house and have no children. When we work, we work pretty intensively and save, save, save. Then we take time to travel and relax for a few months before jumping back in. I can see us doing this indefinitely. We are very lucky and grateful to have such flexibility, but we have also made some life choices (1 car, tiny house, no kids) that have made a huge difference.

I plan to retire in 4 years when I’m 59 years old. I am fortunate to be a public employee with a defined benefit plan (DBP) with a 2% COLA. I put 30% of my gross income into Roth IRA, 403b, and Emergency Fund cash (EF goal 1 year expenses at retirement). My plan is to let IRA and 403b remain untouched until inflation (I use 4%/year estimate) has diminished the value of my DBP to the point where it no longer covers my cost of living (estimate that to be age 66). I have Health Care coverage for life through husband (retired military). Mortgage will be paid off at age 64, I/we have no other debt. I plan to start receiving Social Security at age 70 (but I don’t count on SS). I perform volunteer work now and plan to make this my post retirement job like activity. Lots of fun activities planned too. The book “Your Money or Your Life” has been instrumental in devising my plan.

Maybe I'll retire at 59.5 and do something else. But my analysts say I am on track to retire at 82! My actually expected age of death is 98 but the analysts don't have a model for living beyond 93 and my father points out that the relatives I resemble all started declining at 93, lived to 98 but did not enjoy the last 5 years. His recommendation is to will death at around 93. This fits with the model I am being offered.

I could technically retire sooner but it would not be in style. It seems smarter to just keep working. I have sort of an interesting job with a flexible schedule so retirement wouldn't be exciting unless I could afford to move somewhere exciting and start something new and exciting.

I am 64+ and will retire in 2 months. My wife is older and retired 4 1/2 years ago. She is busier now than when she worked. We saved most of our lives so between Social Security, 401-K plans, IRAs, etc. so we will be fine financially. (We took our Social Security a bit early - 1 year before "normal retirement age" because given the current political climate, I'd rather have the money now and we could afford to do that. If you can wait until age 70, well that's fine. We are all different.)

I am already planning volunteer and other activities I think will be interesting and other activities I never had time for but will be able to do now. It will be an exciting time of life. Boring - never!

The important thing is to have a flexible retirement scheme because life has a way of throwing "curve balls." Remember, "failure to plan is planning to fail." John Wooden - UCLA basketball coach.

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