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baldona
Auburn Fan
Florida
Member since Feb 2016
8407 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

My perspective on retirement has changed. I wouldn't change what my son and I are doing together for anything. Will I maybe take longer trips in the winter and fly back for meetings?


Come on man, let’s be more honest here. Your posts on the travel board are showing you traveling to the Caribbean as much as anyone I know. How many weeks a year are you traveling abroad? I’m not sure you are being very open and fair here. Now don’t get me wrong you may be working a little, but if most guys could work from italy, isla mujeres, and Grand Cayman their idea of retirement would change considerably too.


Ace Midnight
LSU Fan
Between sanity and madness
Member since Dec 2006
65874 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
I love my job. I'm working until 70. Deal with it.


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Ace Midnight
LSU Fan
Between sanity and madness
Member since Dec 2006
65874 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

1.5mill could work some places i'd imagine. 50k a year


Rule of thumb says you can take 4% indefinitely - obviously you might have to scale back on a particularly poor year and let it build up in particularly good years, but that's about right. But, even being cautious, you can take $60k a year for 5 years then re-evaluate. Then, you're 60 and only a couple of years from early SS eligibility (assuming that's in play).

If the market does well those first 5 years, you can probably up it (because you've got fewer years left). to $70k or $75k. And, at that point, you're nearly full SS retirement age and that's going be anywhere from $15k to $25k additional (perhaps more) in today's dollars and you should be fine to 85.

So, while it's not for me, it isn't crazy if you have the $1.5 million in hand and your mortgage is either $0 or very manageable. I would say no if you have a big mortgage - you either need the $2 million or the house paid down.



lynxcat
Rutgers Fan
Member since Jan 2008
19921 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

Rule of thumb says you can take 4% indefinitely - obviously you might have to scale back on a particularly poor year and let it build up in particularly good years, but that's about right. But, even being cautious, you can take $60k a year for 5 years then re-evaluate. Then, you're 60 and only a couple of years from early SS eligibility (assuming that's in play).

If the market does well those first 5 years, you can probably up it (because you've got fewer years left). to $70k or $75k. And, at that point, you're nearly full SS retirement age and that's going be anywhere from $15k to $25k additional (perhaps more) in today's dollars and you should be fine to 85.

So, while it's not for me, it isn't crazy if you have the $1.5 million in hand and your mortgage is either $0 or very manageable. I would say no if you have a big mortgage - you either need the $2 million or the house paid down.



In the simplest of terms, is your view on "can I retire":

(Retirement savings x 4%) * (1-expected tax rate) = Annual take home dollars available for use
Less: Annual retirement spending
-----------------------------------------------------------------------------
If this number is >0, then ready to retire?

Forecasting retirement spending seems less straightforward. Home being paid off is a big chunk. Auto bills will fluctuate across time. Things like travel are highly flexible depending on interests [but can also be expensive].


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MrJimBeam
New Orleans Saints Fan
Member since Apr 2009
2052 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
I'd rather retire early, but retirement to me doesn't mean I'm not doing anything. I'll find another way to pass time and make money. Hell go work at Cabela's or some shite to interact with people from time to time.


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rilesrick
Member since Mar 2015
4810 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
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.



That's pathetic. You sound like a pussy with no friends. I plan to retire comfortably at 62 . Play golf, Tennis ,Hunt, Fish, and volunteer. 40 years of corporate life is enough.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
22817 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
I take 3-4 vacations a year. Most are 10 days or less. I do still work while traveling but not nearly like I work when I’m at home. I’m very fortunate that my son can run projects while I’m away.

When I’m home I work a lot. In the office early then out on job sites the. Work when I get home usually. But I love what I do so the amount of time I put in doesn’t bother me. I reward myself with awesome trips. When I’m at home I’m at work or I’m at home.
This post was edited on 2/8 at 10:46 am


Fat Bastard
Boston College Fan
Member since Mar 2009
38711 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

Your posts on the travel board are showing you traveling to the Caribbean as much as anyone I know. How many weeks a year are you traveling abroad? I’m not sure you are being very open and fair here. Now don’t get me wrong you may be working a little, but if most guys could work from italy, isla mujeres, and Grand Cayman their idea of retirement would change considerably too.






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Fat Bastard
Boston College Fan
Member since Mar 2009
38711 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

I don't need a ton of money.




i do


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TigrrrDad
Member since Oct 2016
3640 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

You sound like a pussy with no friends


My friends have jobs, dumbarse. They are not available to do things during work hours on weekdays. That’s the whole point about early retirement - unless your friends or wife are retired as well, you’ll have a lot of alone time and it gets boring. I’ve been retired since I’m 44. How many friends do you have that were retired in their 40s and free to do stuff every day during normal work hours?

Same issue when I cut back to 4 days/wk. in my 30s.
“Hey, you want to go play a round of golf Wednesday, or go ride motocross?”
Answer: “Uhhhh....I have to work. It’s a Wednesday. Call me Saturday.”

Take that shite to the OT.
This post was edited on 2/8 at 11:52 am


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baldona
Auburn Fan
Florida
Member since Feb 2016
8407 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

VABuckeye


Cheers, sorry didn’t mean to come off so abrupt before. It was mostly sarcasm just saying you seem to be always traveling out of the country! Goodfor you.

I would agree with your current life big time.

Too many people seem to want to work and then stop. This doesn’t make any sense. Taper it off, enjoy a combination of both. Going from 40+ hours a week to 0 is not an easy transition. Working 15-25 hours a week still allows all kinds of time for golf, hobbies, traveling, etc.

Eta: this is one area boomers screwed up. They are being laid off because they expect a full salary while not being as fully capable as someone in their 40s and early 50s. Cut it back, cut your hours back, and look for roles using your experience and knowledge you have.
This post was edited on 2/8 at 11:52 am


Fat Bastard
Boston College Fan
Member since Mar 2009
38711 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

I’ve been retired since I’m 44. How many friends do you have that were retired in their 40s and free to do stuff every day during normal work hours?




love these posts. they continue proving my points this board is a HUGE anomaly and definitely top 5-10% in nation.


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brian_wilson
LSU Fan
Member since Oct 2016
3313 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

Eta: this is one area boomers screwed up. They are being laid off because they expect a full salary while not being as fully capable as someone in their 40s and early 50s. Cut it back, cut your hours back, and look for roles using your experience and knowledge you have.


Boomers were caught in a bit of a tough spot, since they started workign when there was loyalty and defined benefits from companies, and they end up with no loyalty and defined contributions. The boomers i know that are still working have a really bad attitude, and are unpleasant across the board.



AUCE05
Atlanta Braves Fan
Member since Dec 2009
27137 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
How can they complain when the market was booming during their prime years?


EA6B
Navy Fan
TX
Member since Dec 2012
8883 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

Too many people seem to want to work and then stop. This doesn’t make any sense. Taper it off, enjoy a combination of both. Going from 40+ hours a week to 0 is not an easy transition.


I do not know how long you have been working, but I tend to think the opposite is true, the longer you have worked the easier it is to just hang it up, after 35-40 years you are just ready. It took me almost a full afternoon to transition to the concept of not working, about the same for my retire friends.


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TimeOutdoors
Mississippi St. Fan
Depends on the day
Member since Sep 2014
4007 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

I take 3-4 vacations a year. Most are 10 days or less. I do still work while traveling but not nearly like I work when I’m at home. I’m very fortunate that my son can run projects while I’m away.


Cheers mate.. this is great for you. Many of my work trips are to vacation areas and I am able to add some extra days to it and people give me a hard time about always traveling, but they don't understand how much work I do there or how much I have to do at home in order to be ahead of the game so I can take these work trips.

Most of the people that complain (at work) are the ones that are just doing enough to get by.


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hungryone
LSU Fan
river parishes
Member since Sep 2010
8094 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

Hey, you want to go play a round of golf Wednesday, or go ride motocross?” Answer: “Uhhhh....I have to work. It’s a Wednesday. Call me Saturday.”

Golf and motocross sound pretty damn active for a guy who claims to be disabled, or retired due to medical issues. You go out and make new friends...,plenty of people don’t work 9-5 jobs...like virtually every ER doc and nurse, anyone working in hospitality or on project based jobs in film/TV, or many, many self employed people w flex schedules, etc etc. Hell, even schoolteachers knock off at 3 pm.

Grownups enjoy their own company, and know how to find joy and pleasure in daily life. Boredom can mask depression. Maybe, just maybe, no one wants to hang out with you despite the fact that they’ve all got loads of free time.


kywildcatfanone
Kentucky Fan
Wildcat Country!
Member since Oct 2012
57746 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
I'm 54, my original goal was to retire around 55, but now I'm about to build another house and take on a bit of debt. :sigh:

My new goal will be I guess 58.


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TigrrrDad
Member since Oct 2016
3640 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

Golf and motocross sound pretty damn active for a guy who claims to be disabled, or retired due to medical issues


I said that was when I was in my 30s - where did I say I did that after I retired due to back problems? If I could still race motocross and golf, you think I’d be sitting home playing Mario Kart?

Read the goddamn posts before you start throwing around accusations like that.

Like I said, take that kind of shite off this board and back to the OT.
This post was edited on 2/8 at 3:12 pm


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TigrrrDad
Member since Oct 2016
3640 posts

re: Would you rather retire at 55 ok-comfortable or retire at 65 very comfortable-leave estate
quote:

.,plenty of people don’t work 9-5 jobs...like virtually every ER doc and nurse


On second thought, you’re right....I think I’ll go stand in front of a hospital today and just keep yelling, “Is there anyone here off between the hours of 9:00 a.m. to 5:00 p.m. who is looking for a new friend?”



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