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Started By
Message
Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
Posted on 2/6/19 at 9:39 pm
Posted on 2/6/19 at 9:39 pm
And let's take the risk of dying early off the table. Assume you live to 85 in both scenarios
20
Posted on 2/6/19 at 9:41 pm to LSU6262
quote:
Assume you live to 85 in both scenarios
This is a misconception. Retiring early reduces stress and should prolong life assuming you're not an idiot.
Posted on 2/6/19 at 9:50 pm to LSU6262
Retiring early isn’t all it’s cracked up to be unless your wife and all your friends are too. My wife works because she wants to and enjoys her job. I sit home all week long by myself playing Mario Kart, killing zombies on Call of Duty, playing guitar, napping, watching tv...it’s boring as frick. 
Posted on 2/6/19 at 9:56 pm to TigrrrDad
I semi-retired at 62, lasted 5 months, withdrew retirement, repaid SSA.
Totally new field, having fun.
Totally new field, having fun.
Posted on 2/6/19 at 10:13 pm to TigrrrDad
quote:
I sit home all week long by myself playing Mario Kart, killing zombies on Call of Duty, playing guitar, napping, watching tv...it’s boring as frick.
Posted on 2/6/19 at 10:16 pm to LSU6262
My dad retired in his mid 50s. I'd take that over another 10 years of work.
Posted on 2/6/19 at 10:19 pm to LSU6262
what about age 60? split the difference.
I think I would regret it financially at age 55. I will be very tired and overworked at age 65. I think the right answer is age 65, I fear.
I think I would regret it financially at age 55. I will be very tired and overworked at age 65. I think the right answer is age 65, I fear.
Posted on 2/6/19 at 10:24 pm to LSU6262
I retired at 56, I am 64, and it has been a great 8 years, I stay very busy and lack of money is not keeping me from doing the things I like to do. My kids are well educated and have careers, I have already done a lot for them, if there is nothing left for them when I am done they will be fine. My only regret is not retiring even earlier.
Posted on 2/6/19 at 10:26 pm to EA6B
There's always volunteering to stay busy in "Retirement."
Posted on 2/6/19 at 10:36 pm to Fat Bastard
Former partner: “I did 2 root canals, 4 extractions, a crown, and 8 fillings today.”
Me: “I beat my best lap time on Koopa Cape, but kept falling off a mushroom on Mushroom Gorge.”
Me: “I beat my best lap time on Koopa Cape, but kept falling off a mushroom on Mushroom Gorge.”
This post was edited on 2/6/19 at 10:46 pm
Posted on 2/6/19 at 11:03 pm to TigrrrDad
quote:
I sit home all week long by myself playing Mario Kart, killing zombies on Call of Duty, playing guitar, napping, watching tv...it’s boring as frick
I'll trade you. you can go to the office for me and i'll stay home and keep the tv warm.
Posted on 2/6/19 at 11:09 pm to oklahogjr
The real question is how much do you need in the bank to retire at 55. Assuming no debt and no pension. So you have to pay for insurance until Medicare age.
1.5, 2 mil or more?
1.5, 2 mil or more?
Posted on 2/6/19 at 11:21 pm to FriscoTiger
quote:
The real question is how much do you need in the bank to retire at 55. Assuming no debt and no pension. So you have to pay for insurance until Medicare age.
1.5, 2 mil or more?
well you need to be able to live for 30 years. and assuming you don't want to live like a pauper 1.5mill could work some places i'd imagine. 50k a year but if you could squeeze down another 5k you could live off interest of 1.5 for a while probably.
Housing is a big question here though. If your house is paid for then 1.5 would be pushing it and not super enjoyable retirement as you would need to be frugal. certainly wouldn't cover any later care you might need.
2 million is probably realistic in a lower cost of living area.
neither of thsoe come close if you want to live somewhere in a city though.
there are so many lifestyle variables it's hard to put a general number. if it was just me I could make 1.5 mill work, however with the wife and lifestyle we enjoy it's not reasonable unfortunately.
Posted on 2/6/19 at 11:37 pm to LSU6262
I plan to "retire" from my career at 50 next year, I will never fully retire though and will always keep a bit of something going to keep me busy and provide spending money.
My wife will likely work till she dies because she loves her job though.
My wife will likely work till she dies because she loves her job though.
Posted on 2/6/19 at 11:58 pm to oklahogjr
Once you hit 65 you will get SS & Medicare which should offset monthly expenses.
I guess it all depends on how bad you want to retire early.
I guess it all depends on how bad you want to retire early.
Posted on 2/7/19 at 5:25 am to LSU6262
A friend who had a mentally taxing job retired at 50. I thought she was crazy because her work had been her life, but she really enjoyed retirement. Picked up new hobbies and totally changed her lifestyle and happiness. Best thing she ever did.
I'm probably going to do until 62, when my retirement benefits will bump up a level. Going before then causes too big a hit.
I'm probably going to do until 62, when my retirement benefits will bump up a level. Going before then causes too big a hit.
Posted on 2/7/19 at 6:09 am to LSU6262
quote:
retire at 55
Posted on 2/7/19 at 6:48 am to kywildcatfanone
I say this all the time on here, there’s retire and there is financial independence. Retire is stop working basically completely, financial independence is work because you want to.
You can retire from your career to have financial independence but find some additional means of income to supplement you. Even $5-10k in retirement can be a considerable bump for someone with $60-80k of income.
I will tell you one thing to consider is most people’s bodies are considerably less capable and considerably more prone to physical injury at 65 than 55. You don’t see many 65+ year olds skiing for example, tons of 55 year olds.
You can retire from your career to have financial independence but find some additional means of income to supplement you. Even $5-10k in retirement can be a considerable bump for someone with $60-80k of income.
I will tell you one thing to consider is most people’s bodies are considerably less capable and considerably more prone to physical injury at 65 than 55. You don’t see many 65+ year olds skiing for example, tons of 55 year olds.
Posted on 2/7/19 at 7:06 am to TigrrrDad
Agree TigrrrDad, its also making my wife jealous. but she, like yours, loves her job.
Posted on 2/7/19 at 7:08 am to TigrrrDad
quote:
Former partner: “I did 2 root canals, 4 extractions, a crown, and 8 fillings today.”
that sounds miserable
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