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Posted on 8/30/22 at 7:12 pm to BestBanker
quote:
Ok. You don't save or invest, but spend as little as possible. That's your plan not mine.
I plan to spend more money in retirement than I spend now. Most people don't, but I plan to.
I don't need anywhere close to my normal income to achieve that.
This post was edited on 8/30/22 at 7:13 pm
Posted on 8/30/22 at 7:12 pm to AUCE05
quote:
I am out at 53 baws. 10 years for me. Looking forward to it.
Same here. On year 20 and I'm ready to be done.
Posted on 8/30/22 at 7:19 pm to JohnnyKilroy
quote:
I don't need
There is never a disagreement with the need. It's what I want. But on the flip side, I really don't know how much money I will need when I retire. I cannot predict the future economy.
Posted on 8/30/22 at 7:21 pm to AUCE05
quote:
I am out at 53 baws. 10 years for me. Looking forward to it.
Health insurance will be the kicker for me to be able to retire early
Posted on 8/30/22 at 7:37 pm to BestBanker
You can certainly do what you want. Your method is just inefficient.
You’re retirement number should be based on your spend. Not how much you “want” to “make”.
You’re retirement number should be based on your spend. Not how much you “want” to “make”.
Posted on 8/30/22 at 7:38 pm to fallguy_1978
quote:
Health insurance will be the kicker for me to be able to retire early
You can plan around this easily if you start the process early enough.
Posted on 8/30/22 at 7:45 pm to sawtooth
quote:
Losers always have someone to blame.
go to bed boomerPosted on 8/30/22 at 8:07 pm to JohnnyKilroy
quote:
Your method is just inefficient.
Not creating animus, but you don't know my methods. To claim to be inefficient is ignorance. I think most here only look to "saved" money vs. passive and deferred income plus saved money. That said, most can only understand a 4-5% distribution option.
quote:quote:
Your "retirement number" should be based on your spend. Not how much you “want” to “make”.
That's not how I operate now while I earn "earned" income, so why does this have to change during my slow down days? My retirement number is 100% of pre-retirement income. I would think everyone would want that if offered.
Posted on 8/30/22 at 8:26 pm to fallguy_1978
quote:
Health insurance will be the kicker for me to be able to retire early
Tell me about it! That’s the conundrum that I’m facing now… well, next year.
Posted on 8/30/22 at 8:37 pm to Upperdecker
quote:
go to bed boomer
You should of seen him in the OT thread a week or so ago. He is going to be one of the people in the OP.
Posted on 8/30/22 at 9:23 pm to BestBanker
quote:
BestBanker
You’re a good example of someone who doesn’t know what they don’t know.
Posted on 8/30/22 at 9:36 pm to BestBanker
quote:
My retirement number is 100% of pre-retirement income
Hmmm…that can be quite the moving target over a career. Do you mean post tax take home? Do you back out the retirement contributions that you make now to gross up to a target? I’m intrigued on how you calculate it.
What I believe you are describing is spending much more lavishly in retirement than you ever do in your earning years, all else equal. If lifestyle is unchanged, then living expenses will reduce relatively with healthcare cost being the bogey.
Posted on 8/30/22 at 10:03 pm to rickgrimes
Good news: I told my wife we’ll both be able to retire very comfortably once our youngest graduates high school.
Bad news: he’s only two lol.
Bad news: he’s only two lol.
Posted on 8/30/22 at 10:12 pm to Odinson
Well, hope that he’s a Doogie Howser and you can send him off to college in about 10 years.
Posted on 8/31/22 at 1:21 am to AUCE05
quote:
I am out at 53 baws. 10 years for me. Looking forward to it.
I’m 41 and couldn’t imagine being done at 51.
Posted on 8/31/22 at 4:46 am to Rize
I’ll be 46 in 2 weeks. My plan is to retire at 55. Im on track as of now.
Posted on 8/31/22 at 5:14 am to armsdealer
Need to use a special needs trust
Posted on 8/31/22 at 6:13 am to rickgrimes
quote:
Annual Spending: $144,000
Needs to curtail that coke habit
Posted on 8/31/22 at 6:39 am to lynxcat
quote:
I’m intrigued on how you calculate it.
My focus is on account paydown withdrawals, rental income, deferred compensation, social security, hard asset liquidation if/when necessary, and business continuity as income. My aim is the same/similar gross income. Truly this is not a difficult concept to understand, nor is it antagonistic in nature. I focus on systems, not numbers. The numbers prove the systems.
Slacker is correct that I don't know what I don't know. It's what keeps me going...
...just hope to keep getting better.
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