At what age do you hope to retire/Personal Finance and Investing Thread

[nodakfan17]

Or at what age did you retire?

 

I’m just curious about everyone’s perception. For me, it’s 55. If I’m in good health and still don’t mind showing up to the office every day, I could see myself working longer. However, I’m concerned that the decision won’t be up to me and it’s therefore best to be prepared. I think my wife and I are off to a good start, but it’s scary to think we only have 20 years left to earn all the money we’ll ever need.

[gypcasino]

I'm shooting for 55 also, which will be in 2026.

I'll have 30 years with my company shortly after my 55th birthday.

[fondybrewfan]

For me it is 60. While I like my job we are only on this planet once and I want to make the most of it. Travel, grandkid stuff, etc

 

I have a decent 401K account going and still have a long ways to go; the biggest question is how to bridge the health insurance gap between retiring and losing the company health insurance and then eventually signing up for Medicare. I imagine private health insurance for a 60 year old won't exactly be cheap when that time comes.

[TURBO]

57 for me. 4 more years of my current teaching job, then I'll be done.

 

My wife and I have been planning since we got married, and unless the world goes up in flames before that, I will be done at the earliest possible chance.

 

In fact, I'll be 57 for a total of 1 week when I retire.

[Storm]

Seldom post. Have been lurking since around 2003. I check in everyday and greatly appreciate most of the posts I read.

 

I retired at 49, my better half stopped working at 45. How you ask?

 

In our mid twenties we both worked for an international corporation, I as a production manager, she are a research chemist.

 

We decided then to live on one income and save the rest for an early retirement at 45. Hoped to open a Ma and Pa bird feeding store.

 

While our peers had their 5 bedroom homes in the "right" neighborhood and drove several luxury vehicles.

 

We lived in a one bedroom home in the country and drove an economy sedan. Not two but one.

 

We heated with wood, grew most of our vegetables and only went out to dinner several times a month.

 

In 1992 the division I worked for closed. Ugh!! Thankfully, we had already made plans to open a business.

 

Sold our home, moved to Wisconsin and ran a small business for a couple years. Sold that (broke even), she stopped working as I took a job with a competitor. 3 plus years (2004) later retired to Southwestern Wisconsin.

 

Still heat with wood, grow most of our vegetables and are living happily ever after.

[DHonks]

Planning for age 53 when I reach Normal Retirement as a teacher. Scary that I’m almost halfway

[FVBrewerFan]

67 is my goal. Although I hope to start throttling down at 62. Man, teaching has its challenges as all jobs do, but being able to retire that young with a pension is pretty sweet.

[TURBO]

Planning for age 53 when I reach Normal Retirement as a teacher. Scary that I’m almost halfway

 

53 normal teacher retirement age?

[wallus]

42, on my way there.

[DHonks]

Planning for age 53 when I reach Normal Retirement as a teacher. Scary that I’m almost halfway

 

53 normal teacher retirement age?

 

In Arizona, those hired before 2011 reach Normal Retirement once they accrue 80 points, with age and years of experience counting as points. I’ll finish this year at 38 with 12 years of experience, meaning 50 points. 15 years to go. Of course, our pensions have always been contributed 50% by us and our wages are far lower than other states (thus our pensions will be lower payouts). Early retirement (age 50) doesn’t have a good payout, while retiring a few years later can slightly boost the payout. It stinks giving up nearly 12% of our pay each period, but the long term pension is nice. I’m figuring that after all these years of 40 person classes and 185 daily contacts, I’ll be ready to move on at 53.

[pitchleague]

Echoing dhonks, I currently have 8 years remaining until I hit "early retirement" by Arizona standards (my wife has 6.) I will be 53 at that point. But the monthly pension at that age is slightly over $800/month. Egads! That's NOT going to work!

 

If I stay until I'm 58, I can get about $1800/month, and if I stay until "regular/full retirement" at age 65, I will get about $3800/month.

 

So, as bad as I'd like to retire at 53, when I get my "80 points", it's not going to happen. We've got IRA's and other investments, too, but those have just been stagnating for so long. The growth just isn't really where it should be. So, I'm guessing that I will go into my 60s before it's a strong consideration for me. *sigh*

[NeedMoreFans]

I could retire at 55 but probably will work longer (I'm 38). I got started a bit later and got my first teaching job at the age of 28 so I missed out on a few years of retirement contributions. Assuming I stay in the same job and district (which is a huge assumption), there is a policy where any unused sick time gets parlayed into insurance coverage. I'll retire when I have enough banked sick time to get me to medicare and I have enough in the state retirement system to live comfortably.

[DHonks]

Echoing dhonks, I currently have 8 years remaining until I hit "early retirement" by Arizona standards (my wife has 6.) I will be 53 at that point. But the monthly pension at that age is slightly over $800/month. Egads! That's NOT going to work!

 

If I stay until I'm 58, I can get about $1800/month, and if I stay until "regular/full retirement" at age 65, I will get about $3800/month.

 

So, as bad as I'd like to retire at 53, when I get my "80 points", it's not going to happen. We've got IRA's and other investments, too, but those have just been stagnating for so long. The growth just isn't really where it should be. So, I'm guessing that I will go into my 60s before it's a strong consideration for me. *sigh*

 

That’s no fun. Last I checked I’ll be at $2200/month at age 53, but that’ll surely go up since this is by far my highest paying year. The benefit to me going past 53 isn’t that great as it’d take several years to hit the next multiplier

[flatbear]

I'll keep working until I'm 55, but since my health is not so great it might change.

[Outlander]

There sure are a lot of people on Brewerfan with pensions. I can't imagine retiring before 65 which is another 25 years, accounting pays well but health insurance costs are too much and want to delay eating into the 401k.

[PlayerHader]

I have no idea. 55 sounds great, but that’s 22 years out yet, and I haven’t done any detailed planning. I teach in Wisconsin, so I have a pension to look forward to (hopefully), and I also contribute to a 403(b), but that is only about $3k a year. I should probably up that.

 

My wife is a couple of years younger and has a decent 401(k) setup at her work. I tell her she should plan on working until she is 60+ to provide insurance for us when I retire... .

 

We are basically debt free right now, but we will be buying or building a home in the next year or so. I probably should sit down and make some long-term plans.

[Samurai Bucky]

I would love to retire at 55 (six years). However, I don't know if that will be possible. No pension, but have been frugal and put the max into 401K every year. We help our children with college -- the third one is starting next year and the fourth will be in four years. Now that our youngest is in high school, Mrs. Samurai is looking to enter the workforce on more of a full-time basis.

 

Insurance is going to be a big factor. My dad retired from teaching at age 55 and has a Cadillac heath care plan (now at age 72). I don't think that is the norm.

 

When I retire, I don't know what I'm going to do. Coach youth baseball / softball, I suppose, or go on some missions trips abroad.

[stoutdude04]

My wife and I just met with some fellas that know a lot more about retiring, investing, and saving than we do. We are on pace for 60, but I am hoping for a little earlier than that.

 

Don't worry guys and gals, if wallus retires at 42 ill sock him in the belly for all of us.

[MrTPlush]

Well I am waaaaaays away from said retirement, but imagine I will retire in my late 50s if I stick with a federal job for life. I would be eligible to retire at 55 technically due to 30+ years of service, but not sure I would want to start milking my savings that early.

 

Thankfully I was born into a time where saving for retirement early is a pretty big deal and highly recommended. In today's dollars my pension should come out to about $40,000 annually. Add in a my retirement savings account that gets 10% of my salary (with match) I should have a nice sum of money between those two and SS (if it exists then...).

 

Interesting story Storm. Super early retirement can be a nice option if you get into a lucrative career early enough into your life and plan for it. You will never see me driving around a luxury car or having a huge house, but I plan to spend money and enjoy myself too. Spend money on what makes you happy. Some people want to retire at 45 and some don't care if they work to 70 if it means a big house and a Tesla.

[FVBrewerFan]

Well I am waaaaaays away from said retirement, but imagine I will retire in my late 50s if I stick with a federal job for life. I would be eligible to retire at 55 technically due to 30+ years of service, but not sure I would want to start milking my savings that early.

 

Thankfully I was born into a time where saving for retirement early is a pretty big deal and highly recommended. In today's dollars my pension should come out to about $40,000 annually. Add in a my retirement savings account that gets 10% of my salary (with match) I should have a nice sum of money between those two and SS (if it exists then...).

 

Interesting story Storm. Super early retirement can be a nice option if you get into a lucrative career early enough into your life and plan for it. You will never see me driving around a luxury car or having a huge house, but I plan to spend money and enjoy myself too. Spend money on what makes you happy. Some people want to retire at 45 and some don't care if they work to 70 if it means a big house and a Tesla.

 

This is how I feel. We have always tried to balance "enjoy it while you're young" with save enough for retirement. There's no right or wrong way, and I'm not complaining that I will work until I'm 65/67. We enjoy going out, enjoy vacations (often times expensive), concerts, sporting events, etc. No regrets.

[Outlander]

Right, two of my bosses from my first job died before they hit 60. I have been more willing to take vacations and once in a lifetime opportunities since then because tomorrow isn't guaranteed. I still save quite a bit but will put some of my chips in the table now and then.

[GAME05]

Interesting question as I've been spending a lot of time trying to figure it out, myself. Though soon enough I want to hire someone both to make sure my understanding of my retirement benefits is right, but also to see how I can invest with the least taxes in a non-IRA account, since I'll have to buy a home as soon as I retire (currently in work housing).

 

For a few years I'd interpreted "full retirement" as a full pension, but recently realized that wording didn't actually mean that. I had a rough day that day suddenly realizing I'd have to work five years longer than I'd hoped.

 

I'm aiming for about 57, but there's a lot of variables which could change that +/- two years. I do have a pension, but since I started here late, it won't pay a ton. In large part, my retirement is dependent on how well I can invest on my own (which I haven't been able to start yet, unfortunately).

 

But work continues my medical benefits between retirement and age 62, which is probably the best benefit they offer and will save me a TON of money.

[stoutdude04]

But work continues my medical benefits between retirement and age 62, which is probably the best benefit they offer and will save me a TON of money.

 

That is pretty amazing. My school district just slashed our retirement benefits.

[JosephC]

Deleted post, sorry. Edited October 27, 2018 by JosephC

[GAME05]

That is pretty amazing. My school district just slashed our retirement benefits.

 

Yeah, the continuing medical is one of the best benefits to state employees here. As law enforcement, I get the additional benefits of a 6% matching 401k (in addition to the pension) and what is effectively social security payments between retirement and age 62 (though for me that'll only amount to about $6k per year).

 

By my rough math it's looking like I'll retire with roughly a $26k salary not including IRAs and personal retirement savings, which really doesn't feel like very much.

 

This is slightly off-topic, but make sure you write a will sooner than you think you'd need one. My boss' mother died at 62 and didn't have one, and it's been a tremendous headache for him because she had assets all over the place.