mistermike40
Recycles dryer sheets
- Joined
- Aug 6, 2014
- Messages
- 365
I know this question has been asked a thousand times by every member of this forum... and the logical answer is "when you have enough money/income streams to cover your projected expenses including taxes, health care, etc" (simplistic answer but the general rule of thumb).
My dilemma: FireCALC says I can retire at the end of this year with $60K/year (following Bernicke's Reality Retirement, FireCALC = 100%, 35 years). Which is OK I guess but I was hoping for more, though I'm not sure exactly what I'll need in retirement (my wife and I talk about traveling, but who knows how much?). So I looked at other scenarios... basically each year I work I can retire on $10K/year more (due to increased pension and SS, 401k growth, etc). I look at the end of next year: $70K/year. I think we could live comfortably on that. But if I stick it out two more years... $80K/year. Now travel, etc is not an issue. If I stay THREE more years... $90K/year. Now we can probably afford a modest condo in Florida to escape the cold winters. If I stay FOUR more years....
You get the picture. I've read informative articles here about "there's always a reason to stay one more year"... and I also realize that every year I work is one less good, healthy year of retirement. But hopefully my retirement is long, and the difference between $70K and $90-100K per year (or more) is pretty big.
My question: how did you decide "enough is enough" and pulled the trigger? Was there a "sweet spot" where working longer wouldn't really improve your retirement numbers significantly? I'm not asking when you think I should retire, but I'm curious what was the final deciding factor for you? Many thanks in advance!!
My dilemma: FireCALC says I can retire at the end of this year with $60K/year (following Bernicke's Reality Retirement, FireCALC = 100%, 35 years). Which is OK I guess but I was hoping for more, though I'm not sure exactly what I'll need in retirement (my wife and I talk about traveling, but who knows how much?). So I looked at other scenarios... basically each year I work I can retire on $10K/year more (due to increased pension and SS, 401k growth, etc). I look at the end of next year: $70K/year. I think we could live comfortably on that. But if I stick it out two more years... $80K/year. Now travel, etc is not an issue. If I stay THREE more years... $90K/year. Now we can probably afford a modest condo in Florida to escape the cold winters. If I stay FOUR more years....
You get the picture. I've read informative articles here about "there's always a reason to stay one more year"... and I also realize that every year I work is one less good, healthy year of retirement. But hopefully my retirement is long, and the difference between $70K and $90-100K per year (or more) is pretty big.
My question: how did you decide "enough is enough" and pulled the trigger? Was there a "sweet spot" where working longer wouldn't really improve your retirement numbers significantly? I'm not asking when you think I should retire, but I'm curious what was the final deciding factor for you? Many thanks in advance!!