Are you aiming at a date or a sum?

[rs0460a]

Date = Want
$$$$ = Need

- Ron

[hellbender]

Quote:

Originally Posted by brewer12345 I target a dollar amount. If you are more than 5 years out by any reasonable set of assumptions, planning by a date is folly, IMO.

I will retire on March 27, 2009 (my 55th birthday). I selected that retirement date over 30 years ago when I reported to work for the Navy Dept.

[kaudrey]

I want to retire in 2016 at age 52. At that point I'll have over 30 years with federal gov't. I can collect full pensions starting at 57, but have to pay my own health bennies.

I also have a target amount for that time, but I figure even if I don't hit my (very conservative) target, I should have enough to FIRE by then.

[Kwirk]

DATE, for sure: June 30, 2008. 30 years = fed pension with health insurance. I could retire earlier but the loss of health insurance and delayed pension would be very painful.

[justin]

Dollar amount. The goal is $1.x million = 25 times desired ER expenses. Could be 7 yrs. Could be 10 years. Hopefully it won't be 15 years!

[martyb]

I'm one of those "gummint employees" brewer12345 mentioned in his earlier post who knows exactly when he's retiring, even though it's a date that's 6 yrs, 1 month & 12 days out at my 55th birthday. That's when I'll be required to retire from Uncle Sam, or else find some other kind of government job that's not related to being a civilian military technician. They can't make me retire, exactly, but the can make me retire from THIS particular job. I'm not interested in job hunting anymore, & financially DW & I will be in good enough shape to live pretty well, so we'll take the plunge on January 17th, 2013. Our finances will include pensions, 401's, IRA's etc.

[Meadbh]

I'ts a combination. FireCalc says I could retire now at 49 but I am not psychologically ready to R this E. I can access my defined contribution pension at 55 and that's my current plan. As I approach 55 I am going to (a) get readier and (b) update my fiscal comfort level. Assuming no market crashes or rampant inflation, my portfolio has the potential to reach a target that would enable a SWR of ~2%. This would support some luxuries and charitable giving. I am prepared to adapt if necessary.

[mb]

Quote:

Originally Posted by Spanky I am in the same boat - two daughters to complete college in 5 and 8 years. I probably will not wait 8 years until the second daughter complete college. My feeling is about 5 years.

DW in 7 years and DS in 9 years.

So what would your do if they decided to go to Med school?

[Linney]

BOTH. Sort of.

For me, it is the DATE when my husband completes the training for his new career and starts a job. At that point I will have worked for 33 years straight with barely any break between jobs. On that date, I may *choose* to keep working but I won't feel compelled to. The nest egg should be pretty substantial by then.

For both of us to retire, it is a SUM. I've kept track of our expenses in Quicken for a couple years so I know the rough target we're aiming for (25 X current expenses), then add more for health care and add a comfort buffer to that and we're done.

[Spanky]

Quote:

Originally Posted by mb DW in 7 years and DS in 9 years. So what would your do if they decided to go to Med school?

Good question - Both express no interest in becoming a doctor or dentist. They might consider law school. If that's the case, they need to find another source to pay for it.

[Goonie]

Me? By DATE!!! First week of April 2007!!! On my 50th BD!!!

I'll have a full DB gov't pension with COLA (which after taxes, ins premiums, etc...will equal ~84% of my current net pay), full medical & dental ins (which I'll be required to pay 25% of premium for), and a few other little things. (Also have my investments)

Definitely by DATE!!!

[Alex]

It is a number for me. Once I hit it, bu-bye. of course that's how I feel now, I reserve the right to change my mind when the time comes.

[scrinch]

I haven't figured out how I'm going to make the decision quite yet. The number has come and gone, yet I am still working. I like the work I do, and I like the people I work with. I just need to ratchet down to about half time, and maybe I'll put in another couple of years until I reach 50.

[ESRBob]

For us it was always the number. Once I hit it in the market runup of the late 90s, I said, Gee, maybe I should have been aiming a little higher, and anyway, I'm not ready to quit. But with the new revised bigger number in hand (and padded against the market rundown that followed), I had a chance to say, 'how much do I really want to be here pounding my head against the wall with these venture capitalist board members/PITA investors?'.

Once you hit your number, at least for those of us without a pension, the date targets can be moved forward pretty quickly, especially if work is a pain.

[OkieTexan]

Quote:

Originally Posted by ESRBob Once you hit your number, at least for those of us without a pension, the date targets can be moved forward pretty quickly, especially if work is a pain.

This is what happened to me. I hit my magic number in 2002. I stayed an extra four years and added to it... even more aggressively. Now in 2006, I have ER'd and feel pretty comfortable with it.

I think I was always working on the number. Circumstances and my reactions to them conspired to set the date. A career (job) that once looked promising and secure became very dull and insecure over the years. I just knew the time was right.

[BarbaraAnne]

Quote:

Originally Posted by OkieTexan This is what happened to me. I hit my magic number in 2002. I stayed an extra four years and added to it... even more aggressively. Now in 2006, I have ER'd and feel pretty comfortable with it.

We are also in that situation. We have hit the magic number and DH has moved from a high pressure job to a different lower-key career that he enjoys more. However, we decided that until our youngest finishes high school in 4 years he will probably continue working. Since we are tied to school schedules and activities on the weekends, we can't travel or change our lifestyle until graduation so we might as well keep feathering the nest. This allows us nicer vacations and some home remodeling that we will need to do before we downsize our home in 4 years...

[boutros]

Neither actually. I am 28 and there are too many variables to think about a date or $ amount that I would need. So I just keep saving as much as possible with no concrete goal in mind.

[Sam]

Quote:

Originally Posted by justin The goal is $1.x million

That "x" is so wide relative to the preceding "1"!

[justin]

Quote:

Originally Posted by Sam That "x" is so wide relative to the preceding "1"!

Well, I feel pretty confident "the number" I'll need is between 1 and 2 million. The last time I considered what exactly it was, I came up with $1,350,000. But who knows what I'll want in 7-10 years (which is when I think I'll be getting close to that number)? I may get fed up and want to quit around $1,000,000. Or I may end up getting scared, wanting to pad the nest a little more, or decide I have more expensive wants than today, and keep working and saving till I get closer to $2,000,000.

I think I'm in the same position as many other folks here who are 5+ years away from an uncertain goal. Who really knows with a great degree of certainty what they will feel and think and want in 5 years? I may get promoted or change careers and find something I really love doing, and not mind working so much.

[Corporateburnout]

Quote:

Originally Posted by justin Well, I feel pretty confident "the number" I'll need is between 1 and 2 million. The last time I considered what exactly it was, I came up with $1,350,000. But who knows what I'll want in 7-10 years (which is when I think I'll be getting close to that number)? I may get fed up and want to quit around $1,000,000. Or I may end up getting scared, wanting to pad the nest a little more, or decide I have more expensive wants than today, and keep working and saving till I get closer to $2,000,000. I think I'm in the same position as many other folks here who are 5+ years away from an uncertain goal. Who really knows with a great degree of certainty what they will feel and think and want in 5 years? I may get promoted or change careers and find something I really love doing, and not mind working so much.

Are these numbers your expected NW or liquid investments?

I am looking at the same numbers (1.3MM) in investments in 3 years or whenever I get there. My house (currently worth 500K) will be free and clear then.