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re: What age do you think you'll retire and how much do you think you'll have
Posted on 10/19/24 at 9:13 am to Thundercles
Posted on 10/19/24 at 9:13 am to Thundercles
Man it seems like everyone in here is a multimillionaire in their early 30s with a paid off house.
Projected to have 4 million by 65, but I think the calculators are overly generous. I also think 4 million won’t be shite in 30 years and fully expect to be greeting people at Walmart (unless the robots take that job first).
Projected to have 4 million by 65, but I think the calculators are overly generous. I also think 4 million won’t be shite in 30 years and fully expect to be greeting people at Walmart (unless the robots take that job first).
5
Posted on 10/19/24 at 10:29 am to SouthPlains
quote:
Man it seems like everyone in here is a multimillionaire in their early 30s with a paid off house.
Nah it's just that people in great positions are more likely to respond in threads like these.
I'm 37 and still a bit under 500k. House is paid off but I live in a tiny 1000 sq ft home and the mortgage was barely over 100k.
The reality is if you're in your 30s with over 100k in retirement you're likely way ahead of the vast majority of your peers. There's always going to be some amount of people ahead of you though.
Hoping to semi-retire at 45. Basically, work just enough to pay expenses and fund Roth every year (and get a match if whatever job I have offers that). Until then will shovel as much into retirement accounts as possible to hopefully make semi-retirement before 50 possible.
Posted on 10/19/24 at 10:52 am to SouthPlains
Yeah I was surprised by some of the posts here. I guess the main theme is work hard , be wise and be consistent and the see what happens.
Everybody has goals and hopes but we can only control what we can control. Hopefully favor and good health follows us all.
On a side note; when I was in My 40s I thought a lot about retirement now that I am 51, I just want to keep going and enjoy the journey. Retirement certainly does stimulate me like it did 10 years ago
T
Everybody has goals and hopes but we can only control what we can control. Hopefully favor and good health follows us all.
On a side note; when I was in My 40s I thought a lot about retirement now that I am 51, I just want to keep going and enjoy the journey. Retirement certainly does stimulate me like it did 10 years ago
T
This post was edited on 10/19/24 at 10:56 am
Posted on 10/19/24 at 11:06 am to SouthPlains
quote:
Man it seems like everyone in here is a multimillionaire in their early 30s with a paid off house
I'll be 47 in 2 months and I'm not a multimillionaire. Life hack - get married and have 2 kids in your 20s if you want to work into your 60s
Posted on 10/19/24 at 11:08 am to SouthPlains
quote:
I also think 4 million won’t be shite in 30 years
This is wholly dependant on where you want to live and what lifestyle you want to have in retirement. You're grossly underestimating what you need if you think 4 million won't give you a nice retirement.
Posted on 10/19/24 at 11:35 am to VABuckeye
I will probably work until I am 65 and not have enough.
Posted on 10/19/24 at 11:38 am to VABuckeye
4 million dollars without any debt is a great retirement. Regardless of where you live.
Posted on 10/19/24 at 11:40 am to Colonel Flagg
I'm 41 and my wife is 36. We have two kids (8 and 3). I'd like to shoot for 20 years. I'll be able to retire with a roughly $55,000 a year pension plus what we have saved up in retirement and taxable accounts. We should have roughly $3,000,000 if we keep our current pace and have a 6% annual earnings rate. Our house will be paid off in 2035 and we live way below our means so I feel we'll be living pretty good by that point.
Posted on 10/19/24 at 11:48 am to grsharky
40-41 with $10M+
No loans currently but will buy some land and a house.
No loans currently but will buy some land and a house.
Posted on 10/19/24 at 12:22 pm to Paul Allen
That was sort of my point. Retire to Manhattan? Not so much. Retire in Manhattan, KS? That’s a lot of money to live off of.
Posted on 10/19/24 at 12:51 pm to Paul Allen
quote:
4 million dollars without any debt is a great retirement. Regardless of where you live.
I'd have to crunch the math, but I think I could retire on 4 million right now at 46.
Posted on 10/19/24 at 12:57 pm to SouthPlains
quote:
Projected to have 4 million by 65, but I think the calculators are overly generous. I also think 4 million won’t be shite in 30 years and fully expect to be greeting people at Walmart (unless the robots take that job first).
Usually when we talk about retirement we're talking about the value in today's dollars. Not sure what interest rate you used but if it's 7% or less, your 4M is an estimate in today's dollars.
Seems like a lot of the calculators out there take inflation into account already. Except for the Dave Ramsey one.
Posted on 10/19/24 at 1:03 pm to FinleyStreet
I have one I stole from the interwebz that lets me manipulate growth, growth in retirement, and inflation. Set it at 6% growth, 3.5% in retirement, and I set it to have expenses go up 2.5% every single year.
Posted on 10/19/24 at 1:07 pm to Thundercles
68 years, 4 months
Permanent passive income (assuming SS remains solvent): $15K gross (inflated dollars)
Retirement savings: $1.4m
Only debt will be a sizeable chunk of a mortgage, but at 2.49%, it'll be fine.
Permanent passive income (assuming SS remains solvent): $15K gross (inflated dollars)
Retirement savings: $1.4m
Only debt will be a sizeable chunk of a mortgage, but at 2.49%, it'll be fine.
Posted on 10/19/24 at 1:16 pm to Thundercles
50 and 13-14. Wife just retired. I started slowing down at age 40 as my passive income grew. Don't have a retirement date. My initial goal was 5 at 60. It's liberating to know you can just say f#$k it and quit at any time. I enjoy work and my interactions with patients and employees. I need something to get my arse out of bed every day. I'll probably work forever as long as I have time for my grandchildren and hobbies. Plus, I've come to enjoy investing as much as my dad liked playing the horses. I've also accepted that I'm not the type of person to sit back and enjoy life. I'd love to be, but I'm not wired that way. I need a certain amount of stress or challenge to get my blood flowing.
My goal is to build generational wealth now. I've bought each daughter their first homes, college is paid for, I pay most all expenses for both my grandchildren, and I just got them both new vehicles. Now I'm moving on to building trusts for my grandchildren.
My goal is to build generational wealth now. I've bought each daughter their first homes, college is paid for, I pay most all expenses for both my grandchildren, and I just got them both new vehicles. Now I'm moving on to building trusts for my grandchildren.
Posted on 10/19/24 at 1:56 pm to Rize
quote:
All y’all have paid off houses
paid mine off 12 years ago at a relatively young age compared to any normal homeowner.
all that extra money to invest with for 12 years is mind numbingly fantastic.
This post was edited on 10/19/24 at 2:09 pm
Posted on 10/19/24 at 2:07 pm to fallguy_1978
quote:
I'll be 47 in 2 months and I'm not a multimillionaire
WTF? why not? you post on the great world re known TD MONEY BOARD. LOL
quote:
Life hack - get married and have 2 kids in your 20s if you want to work into your 60s
umm i did get married in my early 20's. and i am raising a 3rd kid now. i have climbed out of debt multiple times through no fault of my own. job losses and medical bills put me there. it is what it is. you just have to bounce back. it sure as shite was not from me being a bad money manager or a degenerate gambler.
yes, i agree. i will be working into my 60s as well most likely even if it is just trading or flipping houses. nothing wrong with that.
Posted on 10/19/24 at 2:38 pm to Fat Bastard
quote:
WTF? why not? you post on the great world re known TD MONEY BOARD. LOL
I probably will be eventually, but I'll have to keep working for awhile. Thankfully we are at a place in life where we can save/invest a decent portion of our income at this point.
Posted on 10/19/24 at 4:32 pm to Ace Midnight
quote:
Ace Midnight
Yeah. I don’t have anywhere near 4 million and we’re looking at about $140k a year in income in retirement. I can live with that
Posted on 10/19/24 at 10:31 pm to Thundercles
Projections and target amounts are less important than how you want to live. Most people on here could retire now if they were fine living in a trailer on $45,000 a year. If you want to spend $300,000 a year in retirement, you need to save more. I personally think I could easily live on $100,000 a year and be happy but my FA does my projections based on my current income. There is a big difference in those numbers.
This post was edited on 10/19/24 at 10:33 pm
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