Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 08-13-2013, 09:52 AM   #61
Full time employment: Posting here.
 
Join Date: Jan 2008
Posts: 610
I'm not quite 50, but I saved $760K and just retired with $38K annual expenses.

No more savings, so zero at 55 and 60.

Welcome and it seems you're doing quite well on the savings end.

Don't be put off by this thread. Your initial question is a little bit nosy given you offered nothing about your particular situation. This is by far the best online forum with so much to offer to those interested in all things finance.
__________________

__________________
NanoSour is online now   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 08-13-2013, 09:57 AM   #62
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,612
Quote:
Originally Posted by REWahoo View Post
Before you get too concerned about Zig's situation, please note that he's a 'kept man'. His wife is employed full time - or maybe I should say "all the time".
Yes, as long as DW and her congregation don't piss each other off, we're pretty secure. (I should note that for much of the first 20 years of our marriage, she was a "kept woman" so now it's my turn! )
__________________

__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 08-13-2013, 10:02 AM   #63
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,123
Quote:
Originally Posted by ziggy29 View Post
(I should note that for much of the first 20 years of our marriage, she was a "kept woman" so now it's my turn! )
No need to qualify your exalted status. I'm in awe of any guy who can swing a deal to have their DW employed while they retire early!
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 08-13-2013, 10:11 AM   #64
Thinks s/he gets paid by the post
 
Join Date: Jul 2002
Posts: 1,040
Quote:
Originally Posted by cyber888 View Post
Isn't this a forum where people ask questions? I am new here and you are telling me I'm nosy? Of course there is a purpose to such question. People ask these question to benchmark themselves if they have saved enough.
And YES - how much you save at 50, 55, 60 is big retirement issue at large. So I disagree with you on all counts. If you don't have anything useful to say to a new user, then please don't.
This is a forum where we discuss and learn from each other about the challenges to achieving financial independence. It's not a database where you query and expect an automatic response. I think you've got that from the several pages of postings since your first.

We all like to share our stories on the journey to FI, some ER once attaining FI, some continue to work in some capacity.

Me, retired in 2000 at age 50 with a 3 and 1 year old, hence my handle. Have a COLA'd pension so savings were supplemental. Calculated at the time that a withdrawal rate of 4% plus pension kept our living standard constant. So we had enough!! Actually, since I did not wish to give the boys a sense of entitlement, have not significantly increased the living standard since 2000. Before ER, I was saving about 30% of my salary. What really helped at the time of RE was that the house was paid off, so no mortgage payment to worry about. And so the boys know something of working life, I even work 3 months of the year (with overtime) and have fun in the dog days of winter (do income tax returns)

Expenses will definitely go up in next 8 years with kids getting driver's licenses and college coming up, but our modest living standard over the past 13 years means the resources are there to handle these expenses. Net worth up 140% and greatest withdrawal rate was 2% one year when we remodeled the house.

It's not about the absolute dollar amount, it's about having enough to maintain your desired living standard without worry. Each persons living standard, level of frugality, other sources of income other than from investments, is a unique combination of circumstances determining FI or "enough" so that decisions are made for other reasons than strictly earnings.
__________________
RE2Boys is offline   Reply With Quote
Old 08-13-2013, 10:28 AM   #65
Recycles dryer sheets
 
Join Date: May 2013
Posts: 296
Mine are:

Age 20 - negative net worth (started saving/investing fairly aggressively at 22 and increased every year)

Age 30 - 10 times annual spend (by mid thirties had increased save rate to 50% of gross salary for retirement)

Age 40 - 28 times annual spend (continued 50%, didn't want to do more)

Age 48 (today) - 45+ times annual spend (started to dramatically reduce savings rate from 50%, 3 weeks ago when spouse retired)

We have pensions that kick in 6 years that pay half of our annual spend. Next year my spend rate will fall between 1.8% and 2.2% of my market invested assets. (funds, cash) When our pensions kick in, that spend range will drop significantly. The low spend rate allows me to be comfortable with maintaining a higher stocks to bonds ratio going forward. My wife and I both made significantly more than we expected to which allowed us to live quite comfortably while saving significant amounts of money.
__________________
This sig intentionally left blank.
gozer is offline   Reply With Quote
Old 08-13-2013, 10:41 AM   #66
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
HFWR's Avatar
 
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 12,964
Quote:
Originally Posted by ziggy29 View Post
(I should note that for much of the first 20 years of our marriage, she was a "kept woman" so now it's my turn! )
To be a kept woman?
__________________
Have Funds, Will Retire

...not doing anything of true substance...
HFWR is offline   Reply With Quote
Old 08-13-2013, 12:39 PM   #67
Thinks s/he gets paid by the post
Keim's Avatar
 
Join Date: Feb 2007
Location: Moscow
Posts: 1,128
Quote:
Originally Posted by HFWR View Post
To be a kept woman?
That expensive surgery could torpedo the retirement plan.
__________________
You can't enlighten the unconscious.
But you can hit'em upside the head a few times to make sure they are really out...
Keim is offline   Reply With Quote
Old 08-13-2013, 12:50 PM   #68
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Mulligan's Avatar
 
Join Date: May 2009
Posts: 7,381
Quote:
Originally Posted by RE2Boys View Post

This is a forum where we discuss and learn from each other about the challenges to achieving financial independence. It's not a database where you query and expect an automatic response. I think you've got that from the several pages of postings since your first.

We all like to share our stories on the journey to FI, some ER once attaining FI, some continue to work in some capacity.

Me, retired in 2000 at age 50 with a 3 and 1 year old, hence my handle. Have a COLA'd pension so savings were supplemental. Calculated at the time that a withdrawal rate of 4% plus pension kept our living standard constant. So we had enough!! Actually, since I did not wish to give the boys a sense of entitlement, have not significantly increased the living standard since 2000. Before ER, I was saving about 30% of my salary. What really helped at the time of RE was that the house was paid off, so no mortgage payment to worry about. And so the boys know something of working life, I even work 3 months of the year (with overtime) and have fun in the dog days of winter (do income tax returns)

Expenses will definitely go up in next 8 years with kids getting driver's licenses and college coming up, but our modest living standard over the past 13 years means the resources are there to handle these expenses. Net worth up 140% and greatest withdrawal rate was 2% one year when we remodeled the house.

It's not about the absolute dollar amount, it's about having enough to maintain your desired living standard without worry. Each persons living standard, level of frugality, other sources of income other than from investments, is a unique combination of circumstances determining FI or "enough" so that decisions are made for other reasons than strictly earnings.
RE2, I have to agree with you especially your last paragraph. When I retired 3 years ago, my investment portfolio was one whole year in expenses. But with a semi COLA pension that exceeds my monthly expenses by close to $2k a month, retiring has been simple. Well take that back, staying on this forum too much around retirement created a self induced paranoia that caused me to work PT for the last 3 years until I finally pulled it altogether this spring. Oh well, at least I have built up almost 5X in yearly expenses. I do a better job of saving in retirement than I did working.
__________________
Mulligan is offline   Reply With Quote
Old 08-13-2013, 01:25 PM   #69
Confused about dryer sheets
 
Join Date: Aug 2013
Location: san francisco
Posts: 6
the basic rule of thumb is that you can live comfortable on 4% of your invested assets (that would exclude home, etc...). This would also include the present-value of annuities.

Obviously, the mix (pre-tax versus post-tax) also matters. So if you are like me, and spend $100,000 pre-tax per year, then your retirement number would be $2.5 million ($100,000 divided by .04). I had $1.1 - $1.3 million at age 50; and $1.9 million at age 55. I retired at age 53, and decided that I could earn my way through retirement (some part-time work and more aggressive investing).

But again, it all depends on what you feel comfortable with (I live in one of the most expensive cities in the country and have no intention of moving; I also have a small mortgage to pay off).
__________________
bbbob57 is offline   Reply With Quote
Old 08-14-2013, 04:20 AM   #70
Thinks s/he gets paid by the post
obgyn65's Avatar
 
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
I agree with this. The OP may use the google function at the top of this screen to help answer his/her question.

Quote:
Originally Posted by nash031 View Post
People aren't being intentionally combative. They are simply trying to tell you that benchmarking against others solely on a number is close to useless information.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
obgyn65 is offline   Reply With Quote
Old 08-16-2013, 12:42 AM   #71
Recycles dryer sheets
 
Join Date: Aug 2013
Posts: 402
It may be useless to you, but not to me. Everyone's different and you don't seem to understand my point of view. "I'm benchmarking savings, not expenses". Sure, I understand the relationship of expenses vs savings. I understand that if you need $30K a year to survive, you need $900K (or 30X expenses) to survive for 30 years. That's the point of view most of you are coming from. I understand your point of view. But you don't seem to understand mine. I've been to a lot of forum that think people are stupid for asking questions and that their questions are pointless. I'm a Professor with a PhD degree and every day my students ask me some questions which I initially think is pointless, but it is not. They see things from an entirely different perspective. I have also been a Consultant and I see things that VP and Directors don't because they've been too long inside their company - they all think inside the box. They don't have fresh minds. You guys only see what you've been discussing in this forum for so long, that when someone new from the outside comes in - you don't see outside the box. So I will leave it at that. All I can say is that expenses is NOT a concern for me at all - but savings is. Now I will leave it to your imagination why I'm saying that. If you can figure it out, great for you. If you still insist it is pointless, you're still thinking inside your box.

Quote:
Originally Posted by obgyn65 View Post
I agree with this. The OP may use the google function at the top of this screen to help answer his/her question.
__________________
cyber888 is offline   Reply With Quote
Old 08-16-2013, 01:37 AM   #72
Thinks s/he gets paid by the post
Major Tom's Avatar
 
Join Date: Nov 2009
Location: SF East Bay
Posts: 3,129
Quote:
Originally Posted by cyber888 View Post
I understand your point of view. But you don't seem to understand mine.
No, I don't think I do, though I am trying. One thing I have noticed about many truly intelligent and educated people is that they usually express themselves in simple, clear language. If you are indeed a professor with a PhD, could you explain clearly why absolute numbers of amounts saved at the various ages you specified, are far more important to you than the same figures expressed as a multiple of the amount of annual withdrawal required in retirement? I think that's preferable to leaving it to our imagination. If there's a simple reason (which there must be) why not tell us?
__________________
ER, for all intents and purposes. Part-time income <5% of annual expenditure.
Major Tom is offline   Reply With Quote
Old 08-16-2013, 01:40 AM   #73
Thinks s/he gets paid by the post
Major Tom's Avatar
 
Join Date: Nov 2009
Location: SF East Bay
Posts: 3,129
Oh, you know what - don't worry about it. I remember now that you did attempt to explain why, and I thought your logic was flawed. Well, thanks for the mildly entertaining thread anyway.
__________________
ER, for all intents and purposes. Part-time income <5% of annual expenditure.
Major Tom is offline   Reply With Quote
Old 08-16-2013, 07:00 AM   #74
Recycles dryer sheets
 
Join Date: Aug 2013
Posts: 349
Quote:
Originally Posted by Gatordoc50 View Post
You may be under the impression that everyone here retired early because of LBYM and saving/ investing. Some have, some sold businesses, some with great pensions, some with a few lucky breaks or windfalls, etc.
Some LBYM so they could invest in businesses where they caught a few lucky breaks and sold at a windfall.

__________________
aim-high is offline   Reply With Quote
Old 08-16-2013, 07:21 AM   #75
Recycles dryer sheets
 
Join Date: Aug 2013
Posts: 349
Not quite 50 . . .

Currently have 15x (lavish) to 30x (sustenance) anticipated annual retirement expenses saved.

I did it through LBYM, working in start-up companies where I caught a break or and some highly concentrated investments. This year I finally looked up and found my risk tolerance has dropped considerably. Gee, I'm not 25 any longer.

The goal in the next 6-12 months is to divest from my highly concentrated position into a low cost portfolio of index funds with a 65/35 mix.

----

Cyber, you'll learn to really value the collective wisdom from this board. It's a Harvard education in personal finance and world-class counselors for free.
__________________
aim-high is offline   Reply With Quote
Old 08-16-2013, 07:31 AM   #76
Recycles dryer sheets
nvestysly's Avatar
 
Join Date: Feb 2007
Posts: 417
Hello Cyber888 -

Welcome to the forum. There is lots of good information here. I suspect you're question may have been addressed in previous polls. Doesn't hurt to start a new poll.

Yes there is a vague box that I/we live within but the box makes quite a bit of sense. I agree with many of the other posters... you're question seems a little odd without some context. So... assuming there is some method to your inquiring... and assuming the numbers will somehow be meaningful to you... maybe you should explain a little more without giving away your super-secret idea behind the question and use the method described earlier to start a new thread with a blind poll. I'd be happy to participate in the poll.

Many members of the E-R community have participated on this forum for years - some reading, many posting, many moderating. On the surface the forum may be anonymous - not knowing exactly where a poster lives, not knowing their real name perhaps - so in that sense it's anonymous. But financial matters are near and dear to everyone here so it's a little offputting to simply ask how much did a person have at a certain age without some context - particularly in the first post.
__________________
Dreamin' of Streamin'
FIRE'd at 52 on 7/8/11
nvestysly is offline   Reply With Quote
Old 08-16-2013, 07:32 AM   #77
Thinks s/he gets paid by the post
 
Join Date: Nov 2009
Posts: 3,871
Quote:
Originally Posted by Gatordoc50 View Post
You may be under the impression that everyone here retired early because of LBYM and saving/ investing. Some have, some sold businesses, some with great pensions, some with a few lucky breaks or windfalls, etc.
Yup. Some of us needed a combination of LBYM and one or more of the additional items you listed. Besides the LBYM, I needed a windfall in the form of a huge blob of company stock I cashed out at low tax rates (NUA, LTCG). It would have been much more difficult to ER when I did. I probably would have had to work longer or liquidate some of the pretax portion of my 401k and take a bigger tax hit.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.

"I want my money working for me instead of me working for my money!"
scrabbler1 is online now   Reply With Quote
Old 08-16-2013, 08:18 AM   #78
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
I still don't understand how a dollar amount is the least bit useful to you unless you are doing research in how much people have saved for retirement or you need some validation about your own piggy bank (but really a percentage would seem to make more sense there anyway), neither of which seem to apply. But do an anonymous poll and maybe you'll find the answers you are looking for.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 08-16-2013, 08:53 AM   #79
Recycles dryer sheets
 
Join Date: May 2013
Posts: 296
Quote:
Originally Posted by Bestwifeever View Post
I still don't understand how a dollar amount is the least bit useful to you unless you are doing research in how much people have saved for retirement or you need some validation about your own piggy bank (but really a percentage would seem to make more sense there anyway), neither of which seem to apply. But do an anonymous poll and maybe you'll find the answers you are looking for.
He might have to do multiple polls to get graph-able data if that's what we are after. How much did you have saved at 30 years old? How much did you have saved at 35 years old?, etc. He might need to insure that the same people answer each poll depending on what is really desired. Unless there is a multi-question poll feature. Then with that info in hand this thread could be used for whatever specific questions come up.

I still think data like cost of living, size of family, or whatever aspect is being looked at would be necessary to give the data any real meaning, but my degrees are in math, stats and computer science, so I tend to be somewhat analytical.
__________________
This sig intentionally left blank.
gozer is offline   Reply With Quote
Old 08-16-2013, 09:00 AM   #80
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Of course our polls here are for our own entertainment and arguments and have all the validity of nothing .
__________________

__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever 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


 

 
All times are GMT -6. The time now is 11:07 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.