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What's your benchmark for retirement?

Posted on 9/21/23 at 1:20 pm
Posted by Thundercles
Mars
Member since Sep 2010
5045 posts
Posted on 9/21/23 at 1:20 pm
You waiting for a certain age, certain dollar amount, or certain milestone?

I think I'd like to have any kids done with education and at least somewhat settled and have enough money to cover living expenses +20% or so until 100 (including whatever social security might be left at that point).
Posted by FieldEngineer
Member since Jan 2015
2123 posts
Posted on 9/21/23 at 1:24 pm to
quote:

You waiting for a certain age, certain dollar amount, or certain milestone?


Death.

Seriously, I hope I can work for the rest of my life. I may work less at some point and travel more, but I'll still do some sort of work.
Posted by JohnnyKilroy
Cajun Navy Vice Admiral
Member since Oct 2012
35318 posts
Posted on 9/21/23 at 1:27 pm to
We just did this thread last month
Posted by Tomatocantender
Boot
Member since Jun 2021
4756 posts
Posted on 9/21/23 at 1:32 pm to
quote:

You waiting for a certain age,


At least to age 59 1/2 for qualified money reasons. Then after that, let my health dictate how I feel about still running in the rat race from there.
Posted by StonewallJack
Member since Apr 2008
685 posts
Posted on 9/21/23 at 2:18 pm to
The government is making sure that we never retire.
Posted by horsesandbulls
Destin, FL
Member since Jun 2008
4872 posts
Posted on 9/21/23 at 2:25 pm to
10mm minimum.
Posted by bod312
Member since Jul 2015
846 posts
Posted on 9/21/23 at 2:42 pm to
quote:

At least to age 59 1/2 for qualified money reasons


There are multiple ways to access retirement funds before 59.5.

- 72(t)
- the rule of 55
- Roth conversion ladders
Posted by meansonny
ATL
Member since Sep 2012
25597 posts
Posted on 9/21/23 at 2:46 pm to
It changes.

1) have enough to retire.
I'm probably halfway there.

2) have enough to luxury item my retirement free and clear (beach front, mountain/riverside property, RV).

3) have enough to help my kids launch self employed businesses.

As I move through each stage, the plan is to re-evaluate if I still love my job.
Posted by PhiTiger1764
Lurker since Aug 2003
Member since Oct 2009
13858 posts
Posted on 9/21/23 at 3:06 pm to
Retirement is not an age, it is a financial state.

Posted by horsesandbulls
Destin, FL
Member since Jun 2008
4872 posts
Posted on 9/21/23 at 3:15 pm to
Who’s downvoting my retirement goals?
Posted by Tomatocantender
Boot
Member since Jun 2021
4756 posts
Posted on 9/21/23 at 3:27 pm to
quote:

There are multiple ways to access retirement funds before 59.5.


Understood but I believe some of those ways you laid out are taxable. So in the traditional sense, the age of 59 1/2 gives me an age benchmark to set for myself, taking for granted my health stays in tact up to that age.
Posted by Thundercles
Mars
Member since Sep 2010
5045 posts
Posted on 9/21/23 at 3:44 pm to
quote:

Who’s downvoting my retirement goals?



Wasn't me, but it is a lofty number. Curious what your plan is with that 10 million. Is that 10 mil from age 65 and you're just going to rip through cash in your old age? Or you get 10 mil as fast as possible then call it quits? Or you want to have a bunch left over to pass on?
Posted by horsesandbulls
Destin, FL
Member since Jun 2008
4872 posts
Posted on 9/21/23 at 4:22 pm to
Of course it’s a lofty number and I may never hit it but if I do, its 400k a year to live on and leave stuff to pass onto my kids.

I’m 35 now, and I don’t do well being idle so I’ll probably never retire. But that’s enough for me to feel like I “made it”
Posted by GEAUXT
Member since Nov 2007
29241 posts
Posted on 9/21/23 at 4:27 pm to
Plan to stop being full time at 50. Not sure what I'll do after that.

Dollar amount should be between $8-10 million
Posted by ronricks
Member since Mar 2021
6578 posts
Posted on 9/21/23 at 4:54 pm to
I’m done at 52. Been working in corporate America for 20 years it’s not healthy. Should have enough in 401k, Roth, HSA by then to go and get a part time job at Publix or Home Depot etc and ride it out to when I can withdraw funds.
Posted by Aubie Spr96
lolwut?
Member since Dec 2009
41112 posts
Posted on 9/21/23 at 5:15 pm to
quote:

Death.



I was going to say lack of a pulse. Dad died still working. Father-in-law will die working. Mother-in-law died working. My mother is the only one that didn't, but I wouldn't want to 'retire' like she has.
Posted by makersmark1
earth
Member since Oct 2011
15825 posts
Posted on 9/21/23 at 6:22 pm to
I’m quitting my University/hospital work in less than 2 years.
I had signed up for “TRS” so that is when I get the pension.
I pay 850 a month for the pension.
I only took it because they have a way for my wife to get really good survivor benefit and she is younger than me.

I maintained a small consulting practice on the side which I will keep until I decide about social security. I may keep it for life depending on health and whether anyone wants me, or whether I still want to do it.

I’ve maxed all retirement vehicles for life including TSP when I was active duty(I’m a retiree), 403b, 457, and my SEP, and all Roth IRAs, etc.

I’m ready to retire.

I’ll travel some, but that is not my passion.
I’ll play golf daily. I’ve already recorded about 100 rounds this year.

I manage 3 generations of assets for my family. I try to keep it all simple. I don’t get paid, but I’m glad to do it. I’m sure there are good advisors, but I’ve been a long term investor for several decades. It amazes me how often the articles want me to buy high and sell low instead of the opposite. My family likes companies with growing dividends so we stick to that and indexing.

I’m trying to learn French and chess.
I also want to give music shot.
There are many books I’d like to read as well.
Posted by jamiegla1
Member since Aug 2016
6978 posts
Posted on 9/21/23 at 6:32 pm to
yall are some rich MFers
Posted by kaaj24
Dallas
Member since Jan 2010
608 posts
Posted on 9/21/23 at 7:02 pm to
House is paid off in 12 years so that is my target.
Posted by Redstickbaw
Member since Jul 2023
47 posts
Posted on 9/21/23 at 7:05 pm to
(no message)
This post was edited on 11/17/23 at 9:49 am
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