Are you aiming at a date or a sum?

[martyb]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

The goal is $1.x million

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

 

[justin]

Re: ARe you aiming at a date or a sum?

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]

Re: ARe you aiming at a date or a sum?

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.

 

[justin]

Re: ARe you aiming at a date or a sum?

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.

Investable assets in my portfolio (taxable+401ks+IRAs). Doesn't include my house. It'll only be ~10% of the value of my portfolio, but should be free and clear of the mortgage in 8 yrs or so.

 

[justin]

Re: ARe you aiming at a date or a sum?

Investable assets in my portfolio (taxable+401ks+IRAs). Doesn't include my house. It'll only be ~10% of the value of my portfolio, but should be free and clear of the mortgage in 8 yrs or so.

The $1.35 million figure was what I would need to fund the expenses I want at a 4% SWR. I played with firecalc and got good success with a little higher withdrawal rate that included a fixed, inflation indexed withdrawal plus a variable % of assets based withdrawal. I could either retire on a little less and scrimp in down years, or retire with the same $1.35 million, and live the high life during good years. At this point in the game (7+ yrs out), I'm not even sure of my withdrawal strategy and the risks inherent in my choice.

 

[azanon]

I have a date in mind (my federal eligibility for retirement), but i take that very loosely. The reason i do is because I do not want to lose focus on being happy as I can possibly be today. I just think it would be a complete tragedy to be focused on some future time, to occur years from now when i'll be "retired and set free".

For me, I just put in place the savings measures to have my retirement happen when i want it to, then I completely put it out of mind as much as possible and just enjoy today. TODAY i am young and healthy, and I just dont want to waste some of my best years hoping for some date to come when i'll be much older. Just the thought of even waiting 3-5 years (or much more in my case) for some future date seems really sad to me.

So my advise to all? Pick a date or a sum, but like that infomercial says, ..... set it and forget about it!

Azanon

 

[mickeyd]

Neither date nor sum. Prior to ER I saved as much as I could all of the time until it hurt. Then I saved some more. If the pain did not go away (it often did) then I would back off of the savings a bit, however I never stopped saving/investing no matter how tough it got.

My goal was simply: Save as much as possible for retirement. A little pain now, a lot of fun later.

 

[SamHouston]

I've had an Amount in mind for several years now. I'm finally getting close to the amount that I targeted and it couldn't have happened at a better time because my company plans to layoff about 1700 people during the first half of 2007 and I suspect they've now chosen a Date for me.

 

[Nords]

Re: ARe you aiming at a date or a sum?

However, I do foresee a debate (at least in my own mind) about retiring while the young wife is still in harness.

Oh, you'll get accustomed to it.

And if you cook & clean then she'll get accustomed to it too. Maybe even come to love it...

If for some reason that date is delayed, so would my retirement, accordingly. Anyone in this same situation? I don't feel comfortable giving up work until the kids are properly launched.

The heck with med school. Over half of today's 20-something college graduates are living with their parents. It seems unfair to delay a retirement waiting for our kids to find their own assets with both hands.

Are these numbers your expected NW or liquid investments?

Oy, here we go again. And would that include home equity?!?

 

[Spanky]

So my advise to all? Pick a date or a sum, but like that infomercial says, ..... set it and forget about it!
Azanon

That's a good advice. We should live for the present and stop worrying so much about the future. It's easier when one has a steady or secured job working for the federal government with pension and benefits.

 

[Spanky]

I've had an Amount in mind for several years now. I'm finally getting close to the amount that I targeted and it couldn't have happened at a better time because my company plans to layoff about 1700 people during the first half of 2007 and I suspect they've now chosen a Date for me.

Hopefully, they will offer attractive buy-out financial packages.

 

[Arc]

Re: ARe you aiming at a date or a sum?

I aim for both. It looks like they'll both arrive at the same time. However, the deciding factor will be neither. I have two children, they are supposed to have sucessfully finished their bachelor degree in 5 years. If for some reason that date is delayed, so would my retirement, accordingly. Anyone in this same situation? I don't feel comfortable giving up work until the kids are properly launched.

Sam,
Could not agree with you more. During the next 6 years, I will have 2 kids in college at the same time, with no help. Goal is to get through this and then re-evaluate.

 

[Helena]

I've had an Amount in mind for several years now. I'm finally getting close to the amount that I targeted and it couldn't have happened at a better time because my company plans to layoff about 1700 people during the first half of 2007 and I suspect they've now chosen a Date for me.

" The best laid plans..."

One can never have enough $$.

I originally planned to retire next year at age 55,
then I thought... oh well... just keep working for
another year or so for the extra $$.

But now there are major disturbing changes
happening to my job in 2007.

Back to my original plan.