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re: What is your target savings and age for retirement?
Posted on 1/2/17 at 9:11 pm to YipSkiddlyDooo
Posted on 1/2/17 at 9:11 pm to YipSkiddlyDooo
quote:
I struggle with this, especially with my grandpa who had been the healthiest retiree you've ever seen all of a sudden have some pretty significant hip/low back/nerve pain. Injections worked at first but now he can't walk too far, sit on a plane or in a car for any significant period of time, etc. His millions that he saved for retirement are useless in terms of traveling and "living." I certainly understand the importance of having a nest egg big enough that you have freedom in retirement, but at some point I have to decide wether spending $X on my family today is worth not having $X+Y when I'm 75...
This is why me and my wife travel so much now and why we haven't had a kid yet. I don't think I'll live to be that old, I just don't. And even if I do I can see some of the issues your grandpa having being things I deal with later in life and that would make me pretty upset to have saved and saved to go travel and then I can't go. So we travel like banshees now. I max out my retirement vehicles although I need to look into a Roth 401k. There's a lot of walking and sitting on planes, etc to do when you travel the world so we're doing it now and hopefully when we're old as hell too. But I'm betting on my health and motivation now.
Sounds like you have kids so it's harder I'm sure. But if you're young 20 years from now when you're empty nesters you won't be too old and can travel like crazy as well as the trips you take with the family now. I think saving money is great but life is about living it and experiencing it. Not everyone has to travel to do that but whatever it is for you, people should do it now. Be responsible but live a little.
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Posted on 1/3/17 at 9:18 am to Ramblin Wreck
I am currently planning to retire around 45-48 and live off of $55k/yr or so. If not then, it will be as soon as the mortgage is gone.
Posted on 1/3/17 at 9:44 am to notsince98
What will you do with your time?
Posted on 1/3/17 at 9:54 am to Halftrack
quote:
What will you do with your time?
1) Lots of travel
2) work part time for health insurance or whatever cool job piques my interest
3) spend lots of time with family/kids/and eventually grandkids
4) and lots of golf. lots and lots of golf.
Posted on 1/3/17 at 9:56 am to notsince98
quote:
I am currently planning to retire around 45-48 and live off of $55k/yr or so. If not then, it will be as soon as the mortgage is gone.
Just curious, what type of savings do you intend to have to retire at that age? I ask because I'm trying to retire at 55 but savings for health care might be my biggest issue to do that.
Posted on 1/3/17 at 10:56 am to notsince98
What kind of part time job do you think you can get?
Posted on 1/3/17 at 10:58 am to CaptainJ47
quote:
My goal is to have between 7-10 million and retire at 67. I am 35 now with 325k in the market and 2 rental properties that are 50% paid for. I am putting the max into my 401k and exploring additional rental property in 2017.
if you can get to that level, you can retire much earlier than 67.
My plan is to retire in 30 months and 12 days (not that I am counting) @ 45 with 25x saved my current yearly spend. I will likely work part time/consulting, or off/on for another 10 years. I am currently at 19x yearly spend, and have a savings rate of 65% post tax.
Posted on 1/3/17 at 11:15 am to Ramblin Wreck
Wow I'm surprised at the number of early retirees. I cant imagine retiring at 55.. I think I would get bored.
Posted on 1/3/17 at 11:28 am to greenwave
quote:
Wow I'm surprised at the number of early retirees. I cant imagine retiring at 55.. I think I would get bored.
I think most early retirees have some sort of side hustle or a pretty absorbing hobby. I know what i plan to do - travel and volunteer. plus a side hustle.
Posted on 1/3/17 at 12:16 pm to Halftrack
quote:
Commercial property is good but sometimes harder to rent. It might go vacant a bit longer than residential?
It really depends. I started off with a couple of old houses that had been converted to offices. There were some painful months when they were vacant, but eventually I sold one of them and used the net as a down payment on a small strip center. After several years I sold the strip center and started buying Dollar Generals. Hopefully I'll sell one of those in a few years and will step up to a Walgreens. I basically pour all the rent back into it which has allowed me to buy everything I have with the initial $35K down payment on the two old office houses I bought 12 years ago. Funny thing is, I didn't have the $35K when I started, I took a home equity loan for it. I actually still have the first property I ever bought. I've had it with a realtor for several years and have had no offers. It is surprising since it is a $100K property with a great tenant that has a 10% cap rate. Seems like a great first property for someone. It's paid for, so I don't stress over it.
Posted on 1/3/17 at 12:19 pm to Hawkeye95
Not sure what age, but maybe somewhere between 55 and 60...i work for an oil company and we have let go the vast majority of late career workers, so I need to be prepared for that to happen when I'm older and we get out of another boom cycle.
Just going to try to continue saving and maxing the 401k while still living a fulfilling life involving travel and weekend trips. I'm 30, no kids, last time I checked had about 250k in retirement accounts, and only pay $525 a month in rent. But of course this could all change.
Not sure what I'll have in retirement. But I certainly don't want to forego living life now to do it when I'm old and in worse physical shape.
Just going to try to continue saving and maxing the 401k while still living a fulfilling life involving travel and weekend trips. I'm 30, no kids, last time I checked had about 250k in retirement accounts, and only pay $525 a month in rent. But of course this could all change.
Not sure what I'll have in retirement. But I certainly don't want to forego living life now to do it when I'm old and in worse physical shape.
Posted on 1/3/17 at 12:38 pm to TheIndulger
quote:
But I certainly don't want to forego living life now to do it when I'm old and in worse physical shape.
its all a balancing act. I got lucky and made some smart moves, to enable me to live my life. So while I do mad savings, I also have a pretty robust life. For instance, I have visited 43 countries.
But yeah, don't want to live like a monk to die at 50.
quote:
Not sure what age, but maybe somewhere between 55 and 60...i work for an oil company and we have let go the vast majority of late career workers, so I need to be prepared for that to happen when I'm older and we get out of another boom cycle.
Happens in almost all industries. The one thing that we are seeing in my industry is that the retirement rate is faster than the production rate of qualified younger employees. I have heard this is plaguing a variety of industries, not sure if O&G is part of that though.
The biggest are public sector and technology. There is a shite ton of people who moved from other business functions to IT in the late 80s/early 90s. And they are retiring in mass.
Posted on 1/3/17 at 1:30 pm to Hawkeye95
Sounds like some industries suck if they are laying off older workers. You work your whole like, and then get laid off.
Posted on 1/3/17 at 2:58 pm to kywildcatfanone
quote:
Just curious, what type of savings do you intend to have to retire at that age? I ask because I'm trying to retire at 55 but savings for health care might be my biggest issue to do that.
I think about $2mil should be close. Many factors at play. Cost of health insurance will be a big deal for me, I expect.
Posted on 1/3/17 at 3:00 pm to Halftrack
quote:
What kind of part time job do you think you can get?
I'll have many options. As a PE, I can always contract out to stamp some drawings as KC is the engineering capital of the USA.
I have contemplated everything from home depot or UPS because they have great benefits for part time workers around here and I have also just thought about different careers all together like maybe personal finance help for people in need at our church or something. I also have an interest in residential energy efficiency.
It will be nice to just do whatever sounds good.
Posted on 1/3/17 at 3:35 pm to Halftrack
quote:
Sounds like some industries suck if they are laying off older workers. You work your whole like, and then get laid off.
its really common. I have seen it happen to people in O&G, manufacturing, banking, software/hardware. Older workers are more expensive, take more time off, and aren't as prone to killing themselves for the job.
The corporate mindset has been for years to fire a 50 year old and hire to 25 yos. the problem is top talent is not coming in like it used to.
Posted on 1/4/17 at 7:35 am to Hawkeye95
quote:
its really common. I have seen it happen to people in O&G, manufacturing, banking, software/hardware. Older workers are more expensive, take more time off, and aren't as prone to killing themselves for the job.
Older workers also drive up health insurance costs for the company and employees, sadly.
Posted on 1/4/17 at 9:10 am to notsince98
Damn. How can you make a career in one of those industries knowing you will be fired by 50?
Posted on 1/4/17 at 9:15 am to Halftrack
quote:
Damn. How can you make a career in one of those industries knowing you will be fired by 50?
I also work in O&G and that is not the case here.
Posted on 1/4/17 at 10:29 am to Hawkeye95
quote:
The corporate mindset has been for years to fire a 50 year old and hire to 25 yos. the problem is top talent is not coming in like it used to.
True, and it's a precarious position for the 50 year old who needs 9.5 years to be able to dip into their 401K and even longer if they need SS. It's depressing.
I'm just past 50 and trying to hang on for 4-5 more years where I am. By then I should have enough saved to pad me to 59.5.
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