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re: What's your benchmark for retirement?
Posted on 9/21/23 at 7:14 pm to Redstickbaw
Posted on 9/21/23 at 7:14 pm to Redstickbaw
My target age was 55 now it’s 60. Older I get the more I enjoy what I do. By 50 my house will be paid off and no debt. So every day after that if I wake up and decide I’ve had enough I’ll just retire
Edited to include this
For the past 10 years me and the wife have been living off her salary and throwing my salary into retirement accounts along with her maxing out her 401k. So we have plenty of retirement and we plan on just keep throwing my money there.
Edited to include this
For the past 10 years me and the wife have been living off her salary and throwing my salary into retirement accounts along with her maxing out her 401k. So we have plenty of retirement and we plan on just keep throwing my money there.
This post was edited on 9/21/23 at 7:17 pm
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Posted on 9/21/23 at 7:58 pm to Thundercles
I want to work on something until I'm dead. I've seen too many people retire with their whole plan and Golden years ahead of them and they instantly fall apart physically and mentally as soon as they have no day to day.
I'm hoping by 60 I can focus more on what I want to work on and how much and not how much money I can make, but I'll stay busy producing something until death. Although I'm sure alot of people think this way when they are 25 years away.
I'm hoping by 60 I can focus more on what I want to work on and how much and not how much money I can make, but I'll stay busy producing something until death. Although I'm sure alot of people think this way when they are 25 years away.
This post was edited on 9/21/23 at 8:01 pm
Posted on 9/21/23 at 7:58 pm to Thundercles
I’d like to get $200k in passive income, so maybe 3.3mm assets producing 6% IRR. I probably would still work, just because I like it but I would much more risk averse vs the crazy shite I’m doing now to gain wealth.
Posted on 9/21/23 at 8:15 pm to Tomatocantender
quote:Do you understand though?
Understood but I believe some of those ways you laid out are taxable.
None of those are any more taxable than withdrawals at 59.5. Traditional balances are taxed as income either way and Roth withdrawal is tax free. A Roth ladder started while still working would likely fall in a higher bracket but if started after retirement while living off other funds it may not raise taxes vice waiting. By waiting to make withdrawals you might end up paying higher taxes due to RMDs and exceeding income threshold for tax free SS.
This post was edited on 9/21/23 at 8:29 pm
Posted on 9/21/23 at 9:45 pm to TorchtheFlyingTiger
$5M of invested assets as soon as possible and then evaluate. I’m basically at Coast Fire now…I care more about financial independence than retirement.
Posted on 9/21/23 at 9:57 pm to TorchtheFlyingTiger
quote:
None of those are any more taxable than withdrawals at 59.5. Traditional balances are taxed as income either way and Roth withdrawal is tax free. A Roth ladder started while still working would likely fall in a higher bracket but if started after retirement while living off other funds it may not raise taxes vice waiting. By waiting to make withdrawals you might end up paying higher taxes due to RMDs and exceeding income threshold for tax free SS.
This is really good info, I appreciate it. You know your stuff
Posted on 9/21/23 at 10:27 pm to FieldEngineer
quote:
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.
I would like to move to the countryside raise some animals and some crops in the intervening years, and the hope would be to one day make that my sustenance income. I don't think I'd ever just stop doing anything, but much more on my own terms.
Posted on 9/21/23 at 11:05 pm to Thundercles
Once qualified for immediate pension to cover essential expenses plus $2m at <4% SWR to fund large non-recurring expenses (car, major repairs/renovations) and lifestyle spending.
This post was edited on 9/21/23 at 11:46 pm
Posted on 9/22/23 at 4:14 am to jamiegla1
quote:
yall are some rich MFers
It’s not what you make it’s what you save. Smart man told me that once. I have plenty of friends that ‘make’ more money than I do but have a fraction of the investments/savings I do. They buy a lot of frivolous things. Best advice I ever got when I was 23 and entering workforce was to max a 401k and a Roth. Doing such can lead to being able to walk away from a corporate job early and go get a stress free no pressure type part time job to bridge until withdrawal age. Of course kids factor into this etc. it’s going to be different for everyone but it is possible and you don’t have to be a super high earner to do such you just have to be willing to live within or slightly below your means and not be swayed by all the shiny objects people have to keep up with Joneses.
Posted on 9/22/23 at 5:08 am to Pendulum
quote:
their whole plan and Golden years ahead of them and they instantly fall apart physically and mentally as soon as they have no day to day.
I agree you have to “retire” to something.
I hope to be engaged in my hobbies, and may take on consulting projects. However, retiring for me means not doing work for people that don’t respect my time and/or mistreat me. Currently I trade my time for their money. Work is transactional, like prostitution. I take their money, and put up with their crap. When I retire, I will not “work” for any assholes. I’ll decline it.
Posted on 9/22/23 at 5:41 am to Thundercles
I'm 40 now. I'm probably being overly pessimistic by assuming that Social Security will not pay me anything due to insolvenc. But I'm planning based on that assumption.
So my benchmark is when 2 things happen:
1.) The house is paid off so my living expenses are essentially food, insurance, utilities, repairs, recreation and taxes.
2.) My investments are making significantly more money than my day job and/or I can live comfortably on 4% of my nest egg annually.
So my benchmark is when 2 things happen:
1.) The house is paid off so my living expenses are essentially food, insurance, utilities, repairs, recreation and taxes.
2.) My investments are making significantly more money than my day job and/or I can live comfortably on 4% of my nest egg annually.
This post was edited on 9/22/23 at 5:54 am
Posted on 9/22/23 at 6:08 am to Vols&Shaft83
64 is my benchmark right now. I am 48. This may change depending on if one of my investments come through in the next five years.
Posted on 9/22/23 at 7:27 am to Thundercles
My passive, permanent income projects to be fairly high by modern standards, so realistically I need to be 100% debt free and that's it. I'll probably work until 70, but I won't have to.
Posted on 9/22/23 at 7:54 am to jamiegla1
quote:
yall are some rich MFers
That or deluded.
Posted on 9/22/23 at 8:24 am to Thundercles
I think I can retire comfortably at 62 with $2m in retirement. Will still have a small mortgage, but will let SS take care of that.
Posted on 9/22/23 at 8:31 am to horsesandbulls
quote:
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”
Give it about 10-15 years. Being idle will start to agree with you a lot more.
Posted on 9/22/23 at 8:36 am to Thundercles
59.5 with $4M.
There is a sliding scale in those two numbers. If I hit the $ mark I'll consider retiring earlier, if I'm nowhere close to the $ then I'll work a little longer.
House will be paid for, but I could have bills on other investments into early retirement. I also have a smallish pension payment available to me I'd like to defer touching until after 65.
RMD could throw a wrench in my plan at a certain point, but I have ideas for that.
There is a sliding scale in those two numbers. If I hit the $ mark I'll consider retiring earlier, if I'm nowhere close to the $ then I'll work a little longer.
House will be paid for, but I could have bills on other investments into early retirement. I also have a smallish pension payment available to me I'd like to defer touching until after 65.
RMD could throw a wrench in my plan at a certain point, but I have ideas for that.
Posted on 9/22/23 at 8:54 am to Thundercles
Have 3 thresholds I want to hit. $3.2M in retirement accounts, "vacation/retirement" house paid off, youngest out of HS.
Posted on 9/22/23 at 9:56 am to Thundercles
Question for everyone retiring early. I’ll have enough money to retire at 60, but what is everyone doing for health insurance? It’s something important enough to keep me in the workforce longer than I’d want to be.
Posted on 9/22/23 at 10:35 am to tigerwith3
quote:
what is everyone doing for health insurance
My company has an option as a retiree to buy into similar plans as employees, but at an elevated premium and deductible, and I've also fully funded an HSA for years.
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