Tell me about it cuz I,m dreamin about it

[snapdog2]

I want to retire so bad it hurts. 55 in few months . I just dont know how much I need. I think I can still win a Amateur Golf Tournament again even at my age. I can pull out of a 72t 25k a year and i,d get a 1400 pr mont Pension. About 40k a year. My wife makes 20k and wants to work. They have a health plan but id bet id pay a decent chunk where mines free. Dreamin lots these days.. I hit my company stock for 400k over the last 4 yrs since 09. Deserving a bit Nice to meet u guys and gals. Tell me what its like having every day off.

 

[RAE]

Welcome. Having every day off is awesome, but you need to run the numbers to make sure you are ready. Knowing your expenses is key........you really need to sit down and work through all of your expected expenses in retirement, and then compare that to your available income. FIRECALC is one way to do that, once you have the numbers to plug into it. Health care is obviously a critical factor, and you do need to know what that is going to cost you, so I would start by checking into that. At age 55, you will probably live for another 30 years or more, so you'll need to plan for that length of time, at minimum.

One other thing to consider - is your wife okay with you retired and her continuing to work? How would you spend your time? In my case, I have a zillion hobbies and interests, so that's not a problem, but it's something you should give some thought to.

 

[rodi]

You need to do a few things, IMO.
- Figure out your spending. It needs to include estimates for health care, taxes, etc. Figure out how much income will be coming in to supplement your wife's income.

- Run it through a few calculators. Firecalc was mentioned. I'll beat pb4uski to the punch and mention Quicken's lifetime planner. There's also Fidelity's RIP analysis. And some employers offer retirement calculators through their 401k program. My employer has a Financial Engines calculator buried/hidden on their 401k site. (Most of my coworkers don't even know it's there.)

For all of these - you need a good idea of your expected spending (INCLUDING TAXES)...

I was disappointed when I first ran the calculators... But it inspired me to increase my savings, cut my spending, and pay down my mortgage. I'm now in a position where I have 90% odds of success till age 90 if I were to get laid off today. And it's totally gravy if I can make it to my goal of 55. And that's with not selling our house (which is plan B.)

I've heard the 72t can be challenging to do right. It can be done - but you have to be meticulous from what I understand.

 

[Original Wally]

Tell me what its like having every day off.

It was an interesting change... I think "busy" gets a new definition. When I still had to work go to the office every day I managed to squeeze in Dr. appts, getting oil changed in cars, other "stuff" AND w*rk too. NOW, when anything comes up... "Oh, wait. I have a Dr.s Appointment that day". AS IF you can only do ONE thing a day. Sheesh.

Seriously, I used to get up at 4:45 to get to work to the office before 6 AM. I w*rked in Finance, and on the Left Coast the market opens @ 6. NOW I get up when I get up. Ditto on the other end - I formerly **TRIED** to get in the rack by 9 PM. NOW - when I feel like it. I can go to Lowes / Home Depot IN THE MIDDLE OF THE DAY IN THE MIDDLE OF THE WEEK and the joint is EMPTY!!!

I joined a group in that has branches around parts of California called SIR - Sons In Retirement. No political, religious or charitable agends. Just a lunch group, and social activities. Only requirement is that you be a man retired from gainful employment.

Retirement is what you MAKE it to be. YOUR choice - hobby, volunteer, whatever. YOUR CHOICE.