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re: What age do you think you'll retire and how much do you think you'll have
Posted on 10/18/24 at 12:18 pm to Thundercles
Posted on 10/18/24 at 12:18 pm to Thundercles
I'd love to retire at 60, but that's only a few years away. If we sold the house and downsized to something with no mortgage we'd have about $2-2.5 million at 60. My wife would likely still work so I could definitely retire at 60. But more likely, I work to about 65-67 when we should have more like $4-4.5 million. If you add in SS, that would be about $100,000 a year for our combined benefit, if we take it at 67 and no income caps or other reductions are enacted.
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Posted on 10/18/24 at 12:32 pm to nugget
quote:
My dad retired at 50. I set a goal for 45. It’s possible, but at that time it comes to how many more years I want to work to extend quality. It would be 4-5 mil in retirement holdings and 4-5 mil in paid off real estate and the. 1.5 in non qualified accounts.
10 million by age 45 is pretty good. What do you do? What did you inherit?
Posted on 10/18/24 at 12:35 pm to elposter
Great to see everybody with millions upon millions to retire.
Posted on 10/18/24 at 12:37 pm to PUB
quote:
Great to see everybody with millions upon millions to retire.
People who aren't into investing and growing a large retirement portfolio aren't posing on money talk.
Posted on 10/18/24 at 12:51 pm to Thundercles
In our early and mid 40s, already have over $900k in retirement accounts, and a couple rental properties. We can probably retire early in our late 50s, maybe 60. Our son is only 2, so maybe when he graduates high school.
This post was edited on 10/18/24 at 1:02 pm
Posted on 10/18/24 at 1:00 pm to ColoradoAg03
Targeting $3m by 40 (4 years from now), not factoring in house.
On track to hit that with current investment plan & this should reliably yield $150k/year.
Plan is to "retire" from the corporate world at that point.
Will likely take 6 months off to figure out what's next, then dive into another project.
On track to hit that with current investment plan & this should reliably yield $150k/year.
Plan is to "retire" from the corporate world at that point.
Will likely take 6 months off to figure out what's next, then dive into another project.
This post was edited on 10/18/24 at 1:02 pm
Posted on 10/18/24 at 1:04 pm to Lawyers_Guns_Money
Ya I could see us doing something similar. Leaving our current careers and going into business ownership with friends who know the game. Is that technically retiring though?
Posted on 10/18/24 at 1:08 pm to ColoradoAg03
quote:
Ya I could see us doing something similar. Leaving our current careers and going into business ownership with friends who know the game. Is that technically retiring though?
Great question/callout..I guess the answer to that is no.
When I think of "Retiring", I am thinking of Financial Independence where I can do whatever I want.
if the question is actually retiring and never earning an income again, I hope to be very old when that happens
Posted on 10/18/24 at 1:12 pm to Lawyers_Guns_Money
A minority (and silent partner) ownership in sustainable business(es) would be ideal.
This post was edited on 10/18/24 at 1:16 pm
Posted on 10/18/24 at 1:17 pm to ColoradoAg03
quote:
A minority (and silent partner) ownership in sustainable business(es) would be ideal.
Preferably one that sells beer.
Posted on 10/18/24 at 1:39 pm to JohnnyKilroy
quote:
Well the most common interpretation of the rule is that you withdraw 4% of your portfolio in year 1 and then withdraw that same amount, adjusted for inflation, each year thereafter. You're not supposed to look at your portfolio on January 1st each year and say "I can withdraw 4% of this number". That reintroduces SOR risk each year.
I have seen it presented both ways: 4% initial and future years adjusted by inflation but also 4% of total portfolio annually. I fully agree with you that "4% adjust annually for inflation" is the more conservative approach.
I favor an approach like Morningstar's "bucket" approach, with 2 years projected spending in cash, 8 years in bonds, and 15 years + in equities, based on projected spending, not a percentage. I am reluctant to put a full 8 years in bonds, but the idea of short term investments/mid term investments/long term investments appeals to me. Those percentages align with the a 60/40 portfolio based on 4%, but to me, it seems like you'd have a decent window to monitor your longer term holdings and put more money in the sort term bucket if things were going well, and a decent window to adjust some things if the longer term didn't look as good. That's more or less what I do.
This post was edited on 10/18/24 at 1:56 pm
Posted on 10/18/24 at 1:55 pm to Rize
quote:
Somewhere between 55 to 60 and I’m hoping 8 mil to 10 mil.
I could retire right now with less than 8 mil
Posted on 10/18/24 at 2:00 pm to Thundercles
Shooting for 55 from salary job, should have $1.75m. Part owner of another company that should net an extra $5m when sold or nothing if it goes bust
This post was edited on 10/18/24 at 2:02 pm
Posted on 10/18/24 at 2:43 pm to elposter
quote:
10 million by age 45 is pretty good. What do you do? What did you inherit?
I haven’t inherited anything yet. I’ve done a few things, started in tech sales out of college then went and worked in large project management.
The company I worked for out of college didn’t offer a 401k but paid pretty well (150kish per year). So, from 22-27 I bought a bunch of properties. I was traveling nonstop, and me and my wife (girlfriend at the time)rented a trailer in a trailer park for $325 per month.
Then I got into PM with a large company that paid even better but offers pretty good retirement as well. I max out 401 and able to backdoor Roth (not entirely sure, FP does this). I also consistently put money into non qualified accounts to help with early retirement. Automatically 1000 per month, but when my accounts get high, I transfer money in. I think I put 40k in last year. This year, no so much.
We are still early 30s, so there could be a health event or something unforeseen not allowing us to meet these goals, but all the calculators put us on this pace with the real estate portion being complete.
Posted on 10/18/24 at 2:45 pm to Thundercles
quote:
Truly wondering, do you think you'll need / spend that much money or do you just want to accumulate a lot to pass on?
I enjoy what I do and don’t have any kids so figured I may work until I hit that number. I’m 43 and already have a good bit saved up but I still spend a lot and don’t really want to cut back spending when I retire.
Posted on 10/18/24 at 4:05 pm to Rize
We are currently 39 & 40. We have $806,000 in retirement accounts so far. Steady contributions and a modest 6% growth have us retiring with $3,557,382 at 61. Growth in retirement is factored at 3.5%. Her pension would also kick in that year and should net us, after a heavy overestimation of 35% taxes, $52,000 a year. My social security would also kick in at 66, with a heavy overestimation of 35% taxes, should net us about $26,000 a year.
Calculated out through her living to 94 and me dying at 90, we should leave our kids somewhere around $6M when we die. This assumes 2.5% inflation increases every year in expenses. This does not forecast any major medical expenses, assisted living, etc...
Calculated out through her living to 94 and me dying at 90, we should leave our kids somewhere around $6M when we die. This assumes 2.5% inflation increases every year in expenses. This does not forecast any major medical expenses, assisted living, etc...
This post was edited on 10/18/24 at 4:06 pm
Posted on 10/18/24 at 4:22 pm to Thundercles
quote:
So then I wonder if that's too much and maybe I shouldn't be quite so aggressive? Or keep up the aggression and call it early? Or maybe my math is wrong here?
Is your current savings strategy keeping you from doing anything different?
Posted on 10/18/24 at 4:30 pm to Thundercles
How do you guys factor in a pension to your thinking on how much you need to retire?
If you think your monthly spending will be $10K and you have a 5K pension, do you view it as needing 5K from other retirement options, or is that the wrong way to view it?
If you think your monthly spending will be $10K and you have a 5K pension, do you view it as needing 5K from other retirement options, or is that the wrong way to view it?
Posted on 10/18/24 at 4:42 pm to kywildcatfanone
I suspect most don't have pensions. I don't have one. I did at my last job but they bought us all out.
My number assumes 401k, IRA and ROTH and whatever I hope we'll get from social security.
I'm shooting for 62 and having around 2 million. We aren't big spenders so could probably make do with less.
My number assumes 401k, IRA and ROTH and whatever I hope we'll get from social security.
I'm shooting for 62 and having around 2 million. We aren't big spenders so could probably make do with less.
Posted on 10/18/24 at 5:42 pm to fallguy_1978
quote:
I suspect most don't have pensions. I don't have one. I did at my last job but they bought us all out. My number assumes 401k, IRA and ROTH and whatever I hope we'll get from social security. I'm shooting for 62 and having around 2 million. We aren't big spenders so could probably make do with less.
My wife and I will both get the max on social. She’s 47 and I can’t see her working more than 10 to 12 more years. We will see what our investment in her company looks like in 3.5 years and see if she’s going to keep it all in and do another 5 years.
This post was edited on 10/18/24 at 9:05 pm
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