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Message
re: Early Retirement
Posted on 5/3/16 at 6:28 am to Odinson
Posted on 5/3/16 at 6:28 am to Odinson
quote:
I've chase money for many years and made lots of it but as I get older, my perspective has changed and believe this to be very true.
I agree with perspective changing... I'm still 20-30yrs away from "retiring", but I have already had a shift in perspective. I used to save, save, save and never really do anything to enjoy it. A few years ago I realized that life is short and you aren't guaranteed shite.
Since then, I have scaled back how much I put away, although I still max out my contributions limits, but I am spending a good bit of money and enjoying life. Traveling and doing the things I've always wanted to do.
I think I would get bored being fully retired, so I'm pretty sure I will always work, whether thats at my current pace or not, who knows.
1
Posted on 5/3/16 at 7:20 am to dragginass
Look up age 55 rule regarding hour 401k
Posted on 5/3/16 at 9:01 am to Lsut81
I'm planning to have roughly $1.5 million by 55 (net inflation). A fraction of that will be Roth contributions and regular taxable stock-based funds, which will get me to 59.5.
At that point, Roth gains and 401k will be optimally accessible, plus a bit later whatever SS happens to be and a small stream from the wife's state retirement.
I don't know what everyone else's numbers are, but the math works for us. We're not huge spenders by nature. 55 here I come!
At that point, Roth gains and 401k will be optimally accessible, plus a bit later whatever SS happens to be and a small stream from the wife's state retirement.
I don't know what everyone else's numbers are, but the math works for us. We're not huge spenders by nature. 55 here I come!
Posted on 5/3/16 at 10:05 am to dragginass
quote:
I want to draw more than that anyway, but if you combine modest draws, part time/freelance work, and no mortgages or debt...it seems very doable.
sure does but that isn't retirement tho.
quote:
I think a better title for this thread would have been F.I., because it seems that is what most of us are after. For me, it's the option to work if/when/where I want. I want to be able to load up my kids in an RV and travel for extended periods of time. shite they will hate me for now but love later, ha.
yep, this is important to me.
Posted on 5/3/16 at 10:06 am to lsugradman
quote:
Don't forget about company match though which can almost double that 20k per year. The total defined contribution limit for 2016 was over 50k per year. And that amount doesn't include the 5500 per year you can contribute to a trad IRA.
sure, but that is the minority that are getting matches that big. So its possible, but IMHO quite unlikely especially at 50.
Posted on 5/3/16 at 10:19 am to dragginass
I'm a fireman, I'll be able to retire between 47-50, don't hate.
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