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View Poll Results: What age do plan on retiring by
60+ 4 2.82%
55-60 34 23.94%
50-54 31 21.83%
45-50 34 23.94%
40-44 29 20.42%
Under 40 10 7.04%
Voters: 142. You may not vote on this poll

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Re: Retirement Goal Age
Old 08-05-2005, 12:01 AM   #21
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Re: Retirement Goal Age

I polled 40-44, that is about 4 years from now.

Our priority is to be totally financially independent by that time. Don't know whether full retirement will follow, but it will be nice to know we can walk away from whatever we are doing without giving it a second thought. A decent run up in the investments might mean we can make prior to 40, but we won't hold our breath.
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Re: Retirement Goal Age
Old 08-05-2005, 12:34 AM   #22
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Re: Retirement Goal Age

Goal of 40 was achieved at age 38. That was almost 4 years ago. Worked at several small tech companies that were successful and grew. Made a lot more in salary and options than I spent.
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Re: Retirement Goal Age
Old 08-05-2005, 12:44 AM   #23
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Re: Retirement Goal Age

When I was a software weenie in my late 20's, I remember thinking how much I loved writing code, but I was *certain* that I'd want to do something else by the time I was 40. * *By the time I hit 35, I felt pretty much burnt out as a coder, so I shifted gears into starting my own business, and later into a gig in executive management.

At age 39, I thought "40 is around the corner; time for a change." *So I quit. * Well, my exploiter employer at the time gave me incentive to stick around for a while longer, so I ended up working until 40-1/2. * And then I really quit.

All I knew at the time was that I wanted a change. * I figured 40 was a good age since I still had most of my neurons, and I had enough of a nest egg to provide plenty of flexibility in chosing what came next.

After about six months of doing nothing too time consuming, it finally dawned on me that I had found what I wanted to do next: nothing too time consuming. *
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Re: Retirement Goal Age
Old 08-05-2005, 07:57 AM   #24
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Re: Retirement Goal Age

To repeat - my goal was age 63 - that was 'early' for me in 1992. Layed off jan 93 at 49 - after looking for job - sort of - it slowly dawned on me - a job wasn't worth the effort and the pain in the butt of moving.

Actually didn't become a 'high class ER' until I found REHP and then this forum around 2003.

Back in 98 - when I arrived at 55 - got a small pension check - it was 'offical' retirement.
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Re: Retirement Goal Age
Old 08-05-2005, 09:20 AM   #25
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Re: Retirement Goal Age

I'm out (with my wife) in 16 months. I'll be 44 and she 47.

I've made and saved all the money while she stayed at home (too long) to raise our daughter.


DREAM ONE.

Start a consulting business in software development.
Easy!... Go to school, get jobs, work hard.


DREAM TWO.

Our 2nd dream was to build a home in the country on acres of trees with animals and gardens. Accomplished at age 30. The vegan lifestyle removed the animals and the cooler canadian climate muted the garden however.

Then bordem. Building your dream was fun, but working at maintaining it became a grind. Nothing to look forward too. The came adventure travel. We started taking a month here and there and travelled to cool places with cool people doing cool things in dirty cloths and smelly shoes. I was hooked!

DREAM THREE.

Stop working and see the whole world as a bum.

Save, invest, loose, rebuild, plot, excel and read everything about getting out!

Daughter gradutated last month and is now self sufficient, and we are getting-out in 16 months and 3 weeks.

DREAM FOUR.

Who knows, but I cannot wait to find out!
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Re: Retirement Goal Age
Old 08-05-2005, 09:58 AM   #26
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Re: Retirement Goal Age

45-50 is my goal. Need to make sure I spend some money to do things when I am younger rather than older. I have also thought about switching to a low stress/lots of free time/avg pay job to wind down and glide into ER. So if either of those scenarios push me back to 50 so be it.

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Re: Retirement Goal Age
Old 08-05-2005, 11:44 AM   #27
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Re: Retirement Goal Age

I put down 50-55, but I'll definitely take an early out if I can swing it! I figured it's better to be a bit conservative and be pleasantly surprised than to go aggressive and then get disappointed when I have to work a few more years.

Anyway, here's where I currently stand. I'm 35, divorced, no kids, no alimony. Not exactly rolling in money when it comes to my job...I only make about $50K per year. But I'm in a house that's paid for and has been in the family forever. I'm 1/3 owner in it (with my grandmother and uncle being the other two...joint tenancy with right of survivorship or something like that), although I did take out a $100K HELOC on it. Most of that money right now is sitting in a money market account for easy access with some project I'm planning on, such as building a garage, renovations to the house, and the possibility of acquiring a parcel of land adjacent to me. Other than the HELOC, no debt. Car's paid for, no credit card bills, etc.

Right now, I have about 332K total saved up. About $77K of that is in 401k's and a Roth. $145K is in mutual funds and a Scottrade account. The remaining $110K is scattered between my money market account, checking account, a bunch of old savings bonds that my Mom bought when I was little that are now gradually hitting the 30 year mark, and an I-bond I just bought.

I'm putting around $1200 per month into my 401k (my contribution + the company match), plus another $1300 into mutual funds. When I can, I try to pad the Scottrade account a bit more and play some there, too. Plus I'm trying to contribute the max to my Roth.

So, hopefully by the time I hit 50, I'll be more than set. I'm also trying not to factor in inheritances either down the road, because there's always the possibility that something major could come up. I'm an only child, so I don't have any brothers or sisters to fight over when inheritance time comes, and on Mom's side I'm the only grandkid (my uncle never had any kids...that we know of, at least! ) so ultimately it'll all channel down to me. But still, I'd rather have Grandma, my Mom, and my uncle (and yeah, even my stepdad : than the money. And anything can happen, such as a sickness, lawsuit, or whatever, that could drain resources very quickly.

Besides, when I'm 50, most likely my parents and my uncle will still be alive. Heck, even Grandma might still be kicking. She'd be 96 by then, but she's healthy enough that she might still have a few good years left in her.

Probably the biggest thing I could see happening, financially, is when she does finally pass away. We'll have her house to deal with, and possibly sell, and at that point, depending on how badly the developers are breathing down our neck, we might want to sell the one I'm in, too. They're both right across the street from each other, and combined they cover 5 1/2 acres. So there might be enough profit there to just move someplace cheaper and retire early.
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Re: Retirement Goal Age
Old 08-05-2005, 12:37 PM   #28
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Re: Retirement Goal Age

Does semi-retirement count? We are 31/30 now and I would like to semi-retire in 4 years around the time that I'm 35. I might teach, consult etc. but I'm not really sure. I think I'd like to ease into it by working 6-9 months of the year and then lower the hours as necessary. Wife doesn't want to quit anytime soon.

This is WAY sooner than I had targeted before. Since getting married 3 years ago, we've definitely accelerated our savings. But the most pleasant surprise has been the ability to save so much of her salary tax-deferred (28,000 with a 403(b) and a 457). We only started doing that last year and the increase in contributions (not earnings, although that's been good as well) is substantial. We are taking advantage of this as long as we can since once the kids come, this'll be reduced quite a bit, but then I'm guessing that will increase our desire to have more free time!
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Re: Retirement Goal Age
Old 08-05-2005, 12:58 PM   #29
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Re: Retirement Goal Age

Sure, why not? You can start some passionate debates on this board regarding what defines retirement, but ultimately, it's you who sets your own goals. What helps DW and I stay focused (at age 30 and 29 respectively) is to think about our next interim goal of 200k in investments. Once we reach that, we know we'll be set for regular retirement at 62 even if we have to stop contributing from then on(compounding rules). Baby steps.
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Re: Retirement Goal Age
Old 08-05-2005, 01:17 PM   #30
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Re: Retirement Goal Age

Speaking of baby steps, I like to track my investments as they climb and fall, and always get excited when a new threshold is broken. It's funny though, how once you hit higher and higher peaks, what used to seem like a lot of money all of a sudden doesn't.

For instance, when I finally broke $10,000 in investments way back in late 1998 (this was when I finally fully recovered financially from the effects of my divorce) I thought I was on top of the world! Back then, every time I climbed another $1000, it felt like a major accomplishment. Nowadays though, on my Excel spreadsheet, I don't really get excited until it breaks another $10,000 barrier. My current goal is to see my combined 401k/Roth/mutuals/stocks break the $300K barrier (currently around $222K), and for my grand total (the $222K plus the "low-return" stuff like my checking account/money market/savings bonds) to break the $400K barrier (currently hovering around $332K)

I plotted out a projection, a rough forecast of what that $222K might grow to, and it looks like I could hit $500K in late 2009, and $1M in late 2014. Then $1.5M comes around roughly April of 2018, and then $2.0M in the late 2020, which is when I'd be about 50 1/2. If I keep investing, I'd hit $3.0M during the summer of 2024, and at that point there's no way in hell I'm going to keep working, unless inflation gets to the point that $3.0M will buy you a Happy Meal at McDonalds!

It'll be interesting to see how reality ends up comparing to this projection. Also, one thing I never took into account is the fact that the 401k contribution limit will rise from year to year, and the Roth limit probably will, as well. It also didn't take into account raises down the road. But then, it also doesn't take inflation into account, so that balances out a bit.
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Re: Retirement Goal Age
Old 08-05-2005, 01:53 PM   #31
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Re: Retirement Goal Age

Quote:
Originally Posted by WanderALot
Does semi-retirement count?* We are 31/30 now and I would like to semi-retire in 4 years around the time that I'm 35.
As a semi-retired person who did at the same age what you want to do, I don't think of semi-retirement as a final goal, but a milestone. I still want to fully retire at 40, but figure this is the next best thing.

There are many benefits to semi-retirement. The obvious includes more free time and less stress. But it also gives you a chance to get a feel for ultimate freedom. Some people are afraid of quitting their job, so this would give them some comfort in that they could ease into it like you would getting into cold water, a little at a time.
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Re: Retirement Goal Age
Old 08-05-2005, 02:00 PM   #32
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Re: Retirement Goal Age

Quote:
Originally Posted by Andre1969
...It's funny though, how once you hit higher and higher peaks, what used to seem like a lot of money all of a sudden doesn't.

For instance, when I finally broke $10,000 in investments way back in late 1998 (this was when I finally fully recovered financially from the effects of my divorce) I thought I was on top of the world!* Back then, every time I climbed another $1000, it felt like a major accomplishment.* Nowadays though, on my Excel spreadsheet, I don't really get excited until it breaks another $10,000 barrier.*
Same here. I did the $1K and $10K thing too. Now I go in $50K increments. I've been tracking my net worth growth for a number of years and I have a growth projection based on my historical growth. It's actually been pretty accurate. When I go back to my net worth 7 or 8 years ago and project to today, I'm within $10K of that projection. I remember back then thinking I would never get to that number, but I have.
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Re: Retirement Goal Age 50 3/4
Old 08-05-2005, 05:21 PM   #33
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Re: Retirement Goal Age 50 3/4

Slow and steady. I clicked 50-54 as that magic age 50 is the minimum possible retirement age in the Public Sector System I entered into the bargain with some 22 years ago.

Low to middle pay for the first few years, with added responsibility and increased salary in the latter years. I didn't figure out my own ER principal and plan until age 43. I could ER tomorrow but my "constantly analyzed and edited spreadsheet" tells me there is real sweet spot if I stick around until March 31, 2006. I'll receive a DBP w/cola of 25K per year, with medical coverage included and paid for by a separate stipend. DW effectively ER'd last year at 48 with a similar pension from the same Public Sector Entity.

We will consider ourselves ER'd and at the same time self-employed with the reality that we don't expect our "business", the creation of art objects to be profitable, possibly break-even, but assuming it will be a hobby with some payback potential.

50 3/4 will be my age on what is called the magic date next year, when you can retire, and receive your first Cola the next day, ironically, April Fools Day. :
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Re: Retirement Goal Age
Old 08-07-2005, 09:43 AM   #34
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Re: Retirement Goal Age

I clicked 45-50 and sure hope that happens. I'm 32 and my wife is 34. I'm entering my 10th year teaching and bought 5 years of service towards retirement (the maximum allowed by the state). In order to retire with the nice medical benefit package that the state provides (at least currently), you need 30 years in the system. This would put my retirement age at 47-48. In addition to the medical beneifts, I'd be eligible to collect 45% of my salary (with 3% non-compounding increases to adjust for inflation) for the rest of my life. That... combined with the $ we have saved (and plan to save in the future), will hopefully allow this to happen.
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Re: Retirement Goal Age
Old 08-07-2005, 10:02 AM   #35
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Re: Retirement Goal Age

Well, I retired at 60 1/2. My original intention was never to retire. Now, I think 55 is about right.
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Re: Retirement Goal Age
Old 08-07-2005, 02:36 PM   #36
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Re: Retirement Goal Age

Quote:
Originally Posted by Eagle43
Well, I retired at 60 1/2.* My original intention was never to retire.* Now, I think 55 is about right.
I did not "hate" any job I ever had. Just wanted time to do other stuff.
I dropped out around 50. 50 is a good age for most I think. I wish I had gone earlier.

JG
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Re: Retirement Goal Age
Old 08-07-2005, 09:44 PM   #37
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Re: Retirement Goal Age

Two weeks to go, and I'll be 52 about 3 weeks after that. My sweetheart took early retirement last year, just a few days after she turned 52.

cheers,
Michael
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Re: Retirement Goal Age
Old 08-08-2005, 01:31 AM   #38
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Re: Retirement Goal Age

Retired at 37! Wasn't sure that was it when I left 2 years ago but I'm sure now.

How? Mainly it's a non-consumer lifestyle with a refusal to live in rental accomodation. When I was working I really stretched to buy a place to live and did well every time. Stock market was not particularly helpful: gained a fortune, lost a fortune and a half.
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Re: Retirement Goal Age
Old 08-08-2005, 07:00 AM   #39
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Re: Retirement Goal Age

Quote:
Originally Posted by dougdo
Retired at 37! Wasn't sure that was it when I left 2 years ago but I'm sure now.

How? Mainly it's a non-consumer lifestyle with a refusal to live in rental accomodation. When I was working I really stretched to buy a place to live and did well every time. Stock market was not particularly helpful: gained a fortune, lost a fortune and a half.
Stock market was "not particularly helpful" to me either. Gained not much
and gave most of it back.

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Re: Retirement Goal Age
Old 08-09-2005, 06:52 AM   #40
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Re: Retirement Goal Age

I clicked 40 but plan to be FI by the end of the year at 32. This begins the phase of doing something I really love which is more RE hopefully. We plan to open a family business in Panama (not RE related) so that might distract me a little. I want to be more a strategic thinker than day to day in the business so hopefully I will have time to do both.
For me I think it is enough to know that I can retire anytime but doubt that I will anytime soon. Plus I don't think my energetic 3 year old will let me just loaf around the house! I can hear it now...."Daddy let's play!"
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