Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Date based retiring instead of money based?
Old 06-27-2019, 08:46 AM   #1
Recycles dryer sheets
Cassius King's Avatar
 
Join Date: May 2010
Location: Cincinnati
Posts: 283
Date based retiring instead of money based?

With increased frequency I've read posts in regards to people wanting to retire and be healthy enough and active enough to enjoy it.
Has anyone set a date for retirement that wasn't strictly money based? Like, I'm going to retire at 60 regardless of not having $2m? I'll adjust my lifestyle to the money I have and enjoy life while I'm young and can?
I've been thinking about this lately. There is an interesting paradox on where that breaking point is for each individual. I've been thinking of setting a date and jumping off. With less funds I could golf, fish, garden, where with more money you could travel internationally, etc.
What are your thoughts/experiences with this or did you do this?
__________________

Cassius King is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-27-2019, 08:49 AM   #2
Thinks s/he gets paid by the post
 
Join Date: Jun 2016
Posts: 2,892
I did, but I also have been managing my money with that date in mind, so they somewhat go hand in hand.
I picked the date about 2-3 years ago and have been positioning my asset allocation accordingly.
__________________

COcheesehead is offline   Reply With Quote
Old 06-27-2019, 08:50 AM   #3
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 3,523
I retired full time at 55 with a lot less, admittedly DW did work till I was 60. No regrets here.
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is offline   Reply With Quote
Old 06-27-2019, 09:21 AM   #4
Thinks s/he gets paid by the post
 
Join Date: Dec 2014
Location: Florence, AL/Helen, GA
Posts: 3,612
'I live back in the woods, you see
My woman and the kids and the dogs and me
I got a shotgun and a rifle and a four wheel drive
And a countryboy can survive, country folks can survive"

. . . . Hank Williams Jr.
Bamaman is offline   Reply With Quote
Date based retiring instead of money based?
Old 06-27-2019, 09:31 AM   #5
Thinks s/he gets paid by the post
RetireAge50's Avatar
 
Join Date: Aug 2013
Posts: 1,283
Date based retiring instead of money based?

In college I planned for the money to be there by age 50. It worked out.
RetireAge50 is offline   Reply With Quote
Old 06-27-2019, 09:33 AM   #6
Dryer sheet aficionado
 
Join Date: Jun 2013
Posts: 45
Since our RE plans involve relocation, I initially picked a date on the basis of our youndest DD's college grad, figuring we'd need to stick around until then. With that I checked to see if we could save enough to reach my number by then. So 2025, hopefully with $2M which was always my number, was the initial plan, ages 56 and 54.

But DW's far more date than number driven, feels less obligated to see the kids through college, and less patient. She'd pick 2021 regardless of our number at the time.

I expect we'll end up being date driven with a floor I can stomach, but we need to get a better handle on the post-RE budget because I don't know what that floor is yet, but maybe $1.2M?
HenryD is offline   Reply With Quote
Old 06-27-2019, 09:44 AM   #7
Moderator
Aerides's Avatar
 
Join Date: Nov 2015
Posts: 3,576
We knew our expenses and the lifestyle we wanted to retire without feeling unhappy. We don't live large, but we are nicely comfortable and have no worries. We ER'd in our late 40's.

I would never have put a stake in the ground on a date under 50 without the money being right. But at 60, with SS and Medicare far closer, in your shoes, a less than perfect Firecalc might be ok for you, as long as you're clear on where you can wiggle where needed.
Aerides is offline   Reply With Quote
Old 06-27-2019, 09:49 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Apr 2010
Posts: 2,897
No.

When the stars aligned I went. It was a combo of being financial capable of FIRE and having the opportunity to get out with a healthy severance package.

I thought of taking time off and then going back to work. That thought lasted three months or so. I knew that it was time to move on to another stage of our lives. We are thankful that we had the resources to be able to make that choice. Looking in the rear view mirror....this was the right decision for us.
brett is offline   Reply With Quote
Old 06-27-2019, 09:52 AM   #9
Full time employment: Posting here.
 
Join Date: Jul 2014
Posts: 714
I've certainly used dates as a general measure (for example, wouldn't retire until I hit the age where I could buy retiree medical), but I've always considered the amount of money I would need as well.
Katiek is offline   Reply With Quote
Old 06-27-2019, 09:58 AM   #10
Thinks s/he gets paid by the post
 
Join Date: Jun 2004
Location: Diablo Valley (SF Bay Area)
Posts: 1,545
I wasn't going to leave county until 50 bc that's when I'd be eligible for retirement medical/dental/vision. Pension is nice too.

My NW is considerably higher than when I retired.
gayl is offline   Reply With Quote
Old 06-27-2019, 10:03 AM   #11
Recycles dryer sheets
 
Join Date: Jun 2017
Posts: 332
There is a minimum/maximum I think Iíll need at current savings rate/projections - those 5 years in between will likely be set by a date (kids graduations, wanting to travel with them, etc.) once in past the minimum it wonít be about money buy just timing.

Although could be kind of cool to work enough to buy a boat!
pj.mask is offline   Reply With Quote
Old 06-27-2019, 10:19 AM   #12
Thinks s/he gets paid by the post
 
Join Date: Jan 2018
Location: Tampa
Posts: 4,162
Retired at 57, but due to discovering couldn't get work and the numbers worked.
Probably would have worked to about 61 if I could have and didn't know better.
__________________
TGIM
Dtail is offline   Reply With Quote
Old 06-27-2019, 10:32 AM   #13
Dryer sheet aficionado
 
Join Date: Feb 2019
Posts: 49
Quote:
Originally Posted by Dtail View Post
Retired at 57, but due to discovering couldn't get work and the numbers worked.
Probably would have worked to about 61 if I could have and didn't know better.
I wonder how many people continue to work without knowing better.

Last day of work is tomorrow at age 58!
Kabowest is offline   Reply With Quote
Old 06-27-2019, 10:49 AM   #14
Moderator Emeritus
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 42,526
Quote:
Originally Posted by Cassius King View Post
With increased frequency I've read posts in regards to people wanting to retire and be healthy enough and active enough to enjoy it.
Has anyone set a date for retirement that wasn't strictly money based? Like, I'm going to retire at 60 regardless of not having $2m? I'll adjust my lifestyle to the money I have and enjoy life while I'm young and can?
I've been thinking about this lately. There is an interesting paradox on where that breaking point is for each individual. I've been thinking of setting a date and jumping off. With less funds I could golf, fish, garden, where with more money you could travel internationally, etc.
What are your thoughts/experiences with this or did you do this?
I did that. Back in the year 2000 I decided that I wanted to retire on the first date that I was eligible to officially retire and get retiree benefits (including availability of retiree health insurance). That date was 11/7/2009, at age 61 and a half.

It turned out that 11/7 was a Saturday, so the office would be closed that day. Therefore I moved my retirement date and last day of work to 11/9/2009 to make sure that there was no question about my retirement eligibility. To me it was pretty much written in stone "from the get go" even though I didn't announce it to my chain of command until about March of that year. I had revealed my plans to a two co-workers that were my closest friends, a couple of years before then.

I had an alternate date of my 62nd birthday, 6/8/2010, just in case, but didn't have to use it. And, I never even considered retiring after 6/8. My original username here was "Want2Retire", and if anything that was an understatement.

Setting a date like I did, instead of a dollar amount, sure motivated me to kick up the LBYM and save every penny I could for retirement. By doing so I managed to exceed the dollar amount by that time as well. Then at the last minute I unexpectedly ended up with a moderate sized inheritance when my mother sadly died; I had never felt I could count on that, though, for sound reasons, and so it was never part of my planning.
W2R is offline   Reply With Quote
Old 06-27-2019, 10:58 AM   #15
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 1,447
FIL retired early 50s w/ not much savings, but a paid-off home, kids out & on their own, pension & nearly free retiree healthcare.

He & MIL spent almost the next 20 years doing whatever they wanted, but then health issues set in around age 70...he ended up on dialysis, fortunately then receiving a kidney transplant.

Still goes to church but that's about the extent of his getting out of the house nowadays...he even had to skip his grandkid's graduation this year even though it was only a few hours away by car.
ncbill is offline   Reply With Quote
Old 06-27-2019, 11:04 AM   #16
Moderator Emeritus
braumeister's Avatar
 
Join Date: Feb 2010
Location: Flyover country
Posts: 13,226
When I was still a teenager, I set a goal of retiring at 55 if I could afford to. The reason was simply that I saw 65 as the "normal" retirement age (that was the FRA back then) and I wanted to beat it by ten years.

For me, it worked out.
__________________
I thought growing old would take longer.
braumeister is offline   Reply With Quote
Old 06-27-2019, 11:12 AM   #17
Thinks s/he gets paid by the post
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 4,012
I set 58 and went. But I didn’t realize that my husband would get laid off and not be able to find a job or I would have worked longer. He was 5 years younger and planned to work until 60. He was the higher earner so our savings suffered. I did have a high paying part time job for 6 years that helped.
Teacher Terry is offline   Reply With Quote
Old 06-27-2019, 11:12 AM   #18
Dryer sheet aficionado
 
Join Date: Nov 2018
Location: Sacramento
Posts: 37
Not really. Regardless, there has to be enough money - whatever that is for you. Once you know where enough is then it can be a date. A decade or more before RE I had an age window 58-62 that I estimated was going to be reasonable financially. Could have RE at 58 but decided to do two OMY and go at 60. No regrets. Well, maybe that I did not save more younger so I could have opened that window a little sooner.
Chapter 3 is offline   Reply With Quote
Old 06-27-2019, 11:24 AM   #19
Thinks s/he gets paid by the post
joeea's Avatar
 
Join Date: Mar 2015
Posts: 3,251
Quote:
Originally Posted by Cassius King View Post
Has anyone set a date for retirement that wasn't strictly money based?
Most people I know choose a retirement date based on many factors - money being just one.

I don't personally know anyone who said "I'm going to retire as soon as I have $x million, no matter how old I am."

And I don't personally know anyone who said "I'm going to retire as soon as I turn x years old, no matter how much money I have."

I seems silly to me to make such an impactful choice based solely on one factor.
__________________
Old enough to know better.
joeea is online now   Reply With Quote
Old 06-27-2019, 11:34 AM   #20
Thinks s/he gets paid by the post
Cobra9777's Avatar
 
Join Date: Jul 2012
Location: Texas
Posts: 1,898
I always had my eye on 53 since that was when the youngest would finish college. We had no 529s. Paid for 2 kid's college with regular cashflow. So I would not have been comfortable retiring prior to that. Turns out the numbers made sense at 52, while DD was in her last year of college. So that's when Megacorp and I parted ways. I don't think I would have worked past 55 regardless of the nestegg.
__________________

__________________
Retired at 52 in July 2013. On to better things...
AA: 55% stock, 15% real estate, 27% bonds, 3% cash
WR: 2.7% SI: 2 pensions, some rental income, SS later
Cobra9777 is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Anyone "Start their own business" instead of retiring? dd564 Life after FIRE 18 02-07-2015 09:43 AM
DW Retiring instead of ME foxfirev5 FIRE and Money 39 11-06-2011 12:11 PM
The "Medium Chill" - Enjoy life instead of striving to earn more money FUEGO Other topics 7 07-20-2011 07:02 PM
Remember Date You Retired?...Know Date You Will Retire? Danny Other topics 35 07-09-2007 12:02 PM
Re: Asset based or dividend based Bob_Smith FIRE and Money 21 01-05-2004 12:50 PM

» Quick Links

 
All times are GMT -6. The time now is 06:36 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.