Hi, I am...

[Phoelix]

All Greek to me! I’m a fresh 57 year old male, contributing 14% to my 401k ( company matches 9%). I just checked, and my profit sharing and 401k only adds up to $297,000. The retirement calculator says I’m at 54% of my target retirement needs (whatever that means). Will up my contributions to 18% once our new contract passes. We’ve been over 6 years without a contract or pay raise and finally got a TA, but our negotiating committee does not recommend a Yes vote from us. They want us to hold out for what the company owes us over the years, but the company threatens another long duration before another TA is reached, perhaps ANOTHER year, and starting from square one. We vote the 23rd of September...Rumor is it’s a NO....
Would like to retire at 62 one way or another after 23 years. Fingers crossed!

 

[Mdlerth]

Whenever he gets in a fix, he reaches into his bag of tricks

Welcome, Phoelix! I'm assuming that it's pronounced the same as the cartoon cat with the magical bag?

It sounds like you've got some friction going on at the w*rkplace, and you're figuring on five more years before you FIRE.

Perhaps it will be of comfort to remember that it may look like a long time from this end, but once it's in the rearview mirror it probably will feel like it went pretty quickly. Good luck, and I look forward to your future posts!

 

[imoldernu]

Cheers.. and welcome. First right step is checking in... and the second is to be positive.

You might not get to live in a mansion, but that doesn't mean you'll have to w*rk 'til you're 90. We didn't start retirement with millions in the bank, but we did take a good look at where we were and where we wanted to be. It meant retiring out of a 2500sf home in a high income community, to splitting our year with 6 months in a Park Model Camper and 6 months in an over 55 manufactured home park in Florida... now retired for 30 years since 1989. A long story that you don't have to read, here...
http://www.early-retirement.org/forums/f27/sharing-23-years-of-frugal-retirement-62251.html

.... but the point is, that retirement calculators are just an aid.. not a final answer. The important thing that we have to do, is to look at our world... realistically. Where we live, how we live, how much we have, how much we spend. Not just in the BIG numbers, but down to the details... so we can take good look at where we can find a balance of wants and needs.

Am thinking five or six big spread sheets... What's absolutely necessary and what can wait or be eliminated.

In our case, it was a retirement more or less forced, by health concerns, but a decision made with caveats... like maybe having to go back to w*rk or to w*rk part time, or to begin a paying sideline. Didn't have to, but not a deal breaker if we did.

Admittedly with a little more than you have today, but far from the "million" that many consider "safe" today. Depending on the source, the generally accepted average net worth for ages 60 to 64 is $232,000.

Lots of things to consider, so take some time to understand when reading posts here, that many are independently wealthy, while there are some of us who are doing fine and also enjoying retirement. Glad you found ER
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(just realized I answered you on a different thread)

 

[HI Bill]

Welcome! You have a decent start. How much will you be able to save annually until you retire in 5 years? Will you have a pension or SS? What will your budget be? Will you/do you have debt? Usually, we start out with definining assets and liabilities, establishing budgets for now and in retirement, and see if you have heatlh care taken care of...then we can evaulate whether your desired retirement and retirement standard of living are realistic. Best wishes!

 

[Red Badger]

Welcome aboard!

Sounds like you've defined the problem. That is THE critical first step. Now, get to solving!

Get a good handle on your spending. Most folks have many, many areas where trimming can be done as imoldernu laid out. You just need to get to where your retirement income meets or exceeds your required spending.

I also retired with contingency plans (5 to be exact). Have not had to invoke any yet, but they are like tools in the tool box. Just there if needed.

Hang out here regularly. You'll get much better advice than I can offer.

 

[joeea]

I just checked, and my profit sharing and 401k only adds up to $297,000. The retirement calculator says I’m at 54% of my target retirement needs (whatever that means).

Would like to retire at 62 one way or another after 23 years. Fingers crossed!

Welcome and good luck.

Have you calculated your anticipated expenses in retirement, and determined how much you'll need to add to your $297,000 to meet your goals at 62? Will a nest egg of $550,000 be enough?

 

[Phoelix]

Actually, I’ve been called a “simple man”, and have no desire for a large fancy home. Right now we are in our 5th year of our mortgage of a house built in 1978. We got it for $110k and love it, but the city is growing out our way now along with mass transit and property values declining. I give the neighborhood 5 years before the bars go over the doors and windows. The value today is around $165k according to Zillow.
We know what we want....2-3 acres in a town like Asheville, with either a older ranch style or new mobile home placed on it where I can have my shop out back, and a place for the motor home, no more than 150-170k. I want the most modest least expensive way of doing it all, and just do the best I can with what I have. A large part of me wants to start making payments on the improved/unimproved property, then just pay cash for a double wide and be done as far as a mortgage. I have no numbers, but have good folks helping me invest. Starting to look at lots now...

 

[HI Bill]

The retirement calculator says I’m at 54% of my target retirement needs (whatever that means).

This means that the retirement calculator determined you need $297,000/0.54 or $550,000. There are many calculators out there, and most here trust none by themselves. One needs to understand the inputs and assumptions, to ensure they are realistic for your scenario.

 

[cnocmmz]

Actually, I’ve been called a “simple man”, and have no desire for a large fancy home. Right now we are in our 5th year of our mortgage of a house built in 1978. We got it for $110k and love it, but the city is growing out our way now along with mass transit and property values declining. I give the neighborhood 5 years before the bars go over the doors and windows. The value today is around $165k according to Zillow.
We know what we want....2-3 acres in a town like Asheville, with either a older ranch style or new mobile home placed on it where I can have my shop out back, and a place for the motor home, no more than 150-170k. I want the most modest least expensive way of doing it all, and just do the best I can with what I have. A large part of me wants to start making payments on the improved/unimproved property, then just pay cash for a double wide and be done as far as a mortgage. I have no numbers, but have good folks helping me invest. Starting to look at lots now...

We have been looking in Asheville , NC as well and I guess if you want to seclusion then the lots are cheap; however, if you want something somewhat accessible to hospitals and restaurants and all that, well then, we are talking upwards to 100K+ for lots. In any case.... best of luck.