What is your "magic number" for retirement?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

So a number is meaningless. I hope to work till at least 70. I am 62 now. Then maybe join boards, teach a college class, consult from 70-90.

My uncle retired at 82. He has been enjoying life golfing and traveling and is now 92. He lives in Malibu. He is crazy rich from face he worked full time 21-82 at major companies as an executive. He would have gone crazy retiring young. He had 400 people working for him at 70.

The people you feel sad for probably have hobbies and friends, so that is their incentive to stop working. Different strokes.

Hitting a little white ball all day with a bunch of old men sounds horrible. And friends are fake. I say that as I recall my sister was in country club, husband did all those travel teams and people over their house a lot. It was 2008. She got cancer, he lost job they a Madoff thing happened and lost their money. I recall the country club friends with smile on face said when your wife gets better, you land a new job and good luck in market see you back here in soon otherwise nice to know you.

Or me my MIL most social person I know in world. Be like 40-80 people her house every holiday and entire neighborhood Bevin house all the time. Every neighbor dropping in all the time. Well she is turning 83 friends all dead 💀. She is back to family.

And hobby’s a grown man what? Gold is just the wife getting you out of house. And friends they are only friends doing what they want to do.

BTW I have no friends at work. I just like being with young people. Like adding value. Like my salary. like mentoring people, speaking at conferences, going to board dinners, strategic planning sessions. Like learning things. I did Covid and was horrible being home that long.

We spend 40 years at work hard for people to imagine I love work. And even when young I never liked a two week vacation.

Why retire from something you love

What do you like about your salary? What do you do with you money with no friends or family or hobbies. Looking at the number get bigger on your Fidelity app is a weird thing to find satisfaction in.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't have one. It used to be $5 million, now we're closing in on $10 million. My husband is already retired, house paid off, kids' college paid. I'm just not ready to retire yet -I'm not even 60. Need to figure out what to do with the rest of my life before I take the plunge.

r


Your husband is unemployed not retired

He's retired, he has a full federal government pension and lifetime health insurance.

[Anonymous]

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Anonymous wrote:We’re mid-50s and our number is around $4M to generate income (with one modest pension & SS). This will probably take into our mid-60s to do, so we have to guess when we reach the breakpoint of enough money to support a lot of travel vs enough healthy years to actually do it.

So glad I never understood the "magic" of traveling. I'd much rather spend time in my nice house than a random village in Thailand.

Since this magical activity seems to be a significant cost in retirement for many, I also get to retire earlier. Yay, me!

I think of the world as a yard you can play in. I cannot relate to someone who is content to spend their life in one corner of the yard and not explore what else there is.

Different strokes for different folks. But air travel is one of the biggest contributors to global warming out there. The world may be your playground but it’s also where you eat breathe and sleep.

Please share with us everything else that you do because of your concern about global warming. Lol. Let me guess, nothing. You say that only because you can’t afford to travel.

DP--huh? I too limit my air travel because of its environmental impact--not because of money. It's kind of basic responsibility 101 these days.

Np +1 we limit ourselves to one to two trips per year. I can’t get my head around people who fly everywhere on a whim.

Oh, ok, now I get it. You limit yourself to one or two and that makes you superior. It has nothing to do with not having the time for more than a couple of major trips a year or the money. Right . . .

Always depressing to see how people justify their immoral behavior. It’s always one of a couple of lies they tell themselves:

- everybody is doing it.
- you’re not motivated by morality, you just want to feel superior.
- you’re too poor to do the immoral thing.

It’s like some people don’t have the ability to understand that normal human brains make us not want to do things that we feel are wrong and bad.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

It's sad that you have no identity outside of corporate life. I honestly think people like you have warped brains. It's like Stockholm syndrome.

Why? I don’t particularly care about my company or co-workers. I switch jobs every 3-4 years while career. I like working. So much I have been on several volunteer boards. I am president of a board now. Plan to do for profit boards later. Could care less product or company.

You aren't even movitated by the mission? So what is driving you? Is it the money? The prestige? What about working exactly so you like? I love my job but that is because I love the people and the mission.

I love to build things and learn new industries, products, hot topics. Once built and I know it. I get bored and move. Right now into AI. I love to disrupt and build teams. I insert myself every new industry, product or crisis at start and jump jobs. I also willing to relocate. The people or product once learned I move on. I love a crisis! Y2K, 9-11, Financial Crash, Mortgage crisis or new stuff. Crypto, FinTech, AI, Cyber. I jump in get a big paycheck then 12-36 month on to next.

My problem as soon as I stop I am dead. Hence I don’t care about coworkers and company it is all a temp thing. So retirement would be a living hell.

Most men who retire die within 2-5 years. Or I retire. My old boss was forced retired at 65 his publicly traded company and un-retired at 70. He is now 80 and CEO of a company he founded at 70 and now has 5,000 employees. It was depressing he said.

“I’m a know-nothing BS artist who jumps ship before anything gets real. I’m in AI now, and what I know about it would fit on a postage stamp, but other people my age mostly know less, so I’m good.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

So a number is meaningless. I hope to work till at least 70. I am 62 now. Then maybe join boards, teach a college class, consult from 70-90.

My uncle retired at 82. He has been enjoying life golfing and traveling and is now 92. He lives in Malibu. He is crazy rich from face he worked full time 21-82 at major companies as an executive. He would have gone crazy retiring young. He had 400 people working for him at 70.

The people you feel sad for probably have hobbies and friends, so that is their incentive to stop working. Different strokes.

Hitting a little white ball all day with a bunch of old men sounds horrible. And friends are fake. I say that as I recall my sister was in country club, husband did all those travel teams and people over their house a lot. It was 2008. She got cancer, he lost job they a Madoff thing happened and lost their money. I recall the country club friends with smile on face said when your wife gets better, you land a new job and good luck in market see you back here in soon otherwise nice to know you.

Or me my MIL most social person I know in world. Be like 40-80 people her house every holiday and entire neighborhood Bevin house all the time. Every neighbor dropping in all the time. Well she is turning 83 friends all dead 💀. She is back to family.

And hobby’s a grown man what? Gold is just the wife getting you out of house. And friends they are only friends doing what they want to do.

BTW I have no friends at work. I just like being with young people. Like adding value. Like my salary. like mentoring people, speaking at conferences, going to board dinners, strategic planning sessions. Like learning things. I did Covid and was horrible being home that long.

We spend 40 years at work hard for people to imagine I love work. And even when young I never liked a two week vacation.

Why retire from something you love

What do you like about your salary? What do you do with you money with no friends or family or hobbies. Looking at the number get bigger on your Fidelity app is a weird thing to find satisfaction in.

I have a wife and kids. I don’t do hobbies. My wife and I spend time together on weekends and with kids.

I literally spend no money on myself. In fact at birthday and Xmas I want nothing. I don’t like things as just more work. I dread if I need to buy a new car or even

What I enjoy, work. Time with kids and wife and watching TV.

And no not a hermit. When I was single I hated being home alone. I go out to bars, clubs, sporting events, concerts 4-5 nights a week and did that till I got tired of it.

I have no desire at 65 one day to pretend to be 25. Plus I rarely drink anymore.

Also due to my prior job I have been to 23 states and numerous counties so sick of traveling. I have been to Bermuda 18 times, Germany 12 times, Japan 3 times, NYC 200 times, Boston 20 times, Milwaukee 50 times. LA, San Fran, New Orleans, Miami all paid for in expense accounts. No desire to be traveling around in retirement.

Look at Joe Biden if he lost the next election he will be unemployed not retired. Even Fauchi has a job now at Georgetown, only losers retire before 90. We all know 90 is the new 60z

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

It's sad that you have no identity outside of corporate life. I honestly think people like you have warped brains. It's like Stockholm syndrome.

Why? I don’t particularly care about my company or co-workers. I switch jobs every 3-4 years while career. I like working. So much I have been on several volunteer boards. I am president of a board now. Plan to do for profit boards later. Could care less product or company.

You aren't even movitated by the mission? So what is driving you? Is it the money? The prestige? What about working exactly so you like? I love my job but that is because I love the people and the mission.

I love to build things and learn new industries, products, hot topics. Once built and I know it. I get bored and move. Right now into AI. I love to disrupt and build teams. I insert myself every new industry, product or crisis at start and jump jobs. I also willing to relocate. The people or product once learned I move on. I love a crisis! Y2K, 9-11, Financial Crash, Mortgage crisis or new stuff. Crypto, FinTech, AI, Cyber. I jump in get a big paycheck then 12-36 month on to next.

My problem as soon as I stop I am dead. Hence I don’t care about coworkers and company it is all a temp thing. So retirement would be a living hell.

Most men who retire die within 2-5 years. Or I retire. My old boss was forced retired at 65 his publicly traded company and un-retired at 70. He is now 80 and CEO of a company he founded at 70 and now has 5,000 employees. It was depressing he said.

“I’m a know-nothing BS artist who jumps ship before anything gets real. I’m in AI now, and what I know about it would fit on a postage stamp, but other people my age mostly know less, so I’m good.”

I jump on bandwagon very early. Then I jump off as early to next thing. Pretty much every new thing in last 40 years I was involved in. I am always there. Like the grim reaper.

And I am ready to roll. I had balls to to book myself as a keynote speaker on Sarbanes Oxley as a the leading industry expert. Dude just happened. I even shared a stage with Paul Sarbanes and had dinner with him.

Crypto I jumped off in 2021. Cyber I jumped off in 2007.

Heck 9–12- 01 we were working in selling business to companies impacted in 9-11.

And yes people will quickly figure out I only know so much. But I have worked directly for 20-30 CEOs and I can pull it off pretty long.

[Anonymous]

Are we counting pensions? We both have them.
We own 1.7M in real estate paid for and probably 3M in retirement accounts.
Thing is, our properties require maintenance and 1 has a crazy HOA fee - we're thinking it will cost of 50k a year just to maintain those residences.
We want to travel a lot and just go between our three homes. We have lots of hobbies and friends and right now, see the next 20 years of our lives as another adventure.
I imagine we'll inherit close to 1M.
It's just so hard to plan. So many things to consider... We are also way under 65 and will need health insurance for several years.

[Anonymous]

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Anonymous wrote:My "I'd walk away without another thought" number is $10M (single, no kids, 50s).

I won't get to 10M absent some kind of windfall, but will likely retire with $3-4M TSP, $1M other, fed pension in the 150-200 range, $1M house paid off.

How are you getting a Fed pension of $150-200k? Are you dual Feds?

Never mind, saw you are single. How are you getting $150-200K pension? Doctor?

I also wonder how you are getting 150-200K pension?

Some private companies still need offer pensions.

Yeah but PP mentioned a TSP account.

Which, not that I am reading about a single TSP with $3-4M, I am realizing PP is trolling.

Can’t 2 Feds do that?

1 fed, independent agency, advanced degree, very long tenure (at top of wage scale now), max tax deferred TSP contributions nearly all in equities for the whole time. TSP now nearing 3M. If retiring at 62, the internal pension calculator puts the pension in the 150-200 range. No, I'm not going to post my statements and W2. But it's possible and I am definitely not the only person in my agency in this situation.

What is an independent agency? Also, the all equities strategy is risky for those not early in their careers. 60/40 is the norm and I wouldn’t break too much with that unless I was very comfortable with risk.

Basically, this person is at an agency that is not on the GS scale and has its own pension plan and version of TSP.

I posted earlier. Am likely at the same agency but longer tenure and greater age. My TSP is considerably larger. All equities for decades but a year ago put 15% into governments and am still questioning why I bothered. Pension is effectively a huge bond portfolio. Am near retirement and switched to including a percentage of governments for dealing with RMDs when they come.

I am also at one of those agencies and I still don’t understand how one person is getting a $150-200k pension. Or has a $3-4M TSP in their 50s.

I am 45 and am no where near that. I am at the top of the scale and will have 35 years at 62. My pension (today’s dollars) is $95K. My TSP is $1.3M with a 10% match.

Only thing I can guess is that this is Fed Reserve Board or CFPB at the top of the scale with 38-40 years?

No, you can do this at your garden variety agency. My DH started working for them while getting his grad degree, so he has almost 40 years in service and he has always maxed his contributions to the tsp. They look at your high 3, so if you have been successful, you will do well.

wait, is he on the old system? no kids? no student loans? parental help with down payment for house in McLean or Vienna in the 1990s? something’s not adding up, agree with skeptical pp

[Anonymous]

^^also, very difficult to max tsp in HCOL area unless spouse is high earner in private sector, imo and additional as above must be in play

[Anonymous]

I feel like I'm on the cusp, but the uncertainty about kids and college keeps me working.

[Anonymous]

My bare bones number is $3M plus a paid off home ($800K or so). We are past that.

Kids are still in middle and high school. So we will reassess when they go to college. Most likely DH would keep working till 55 (I will be 52 ) and would like to retire together. Minimum another 7 years

[Anonymous]

Anonymous wrote:

Anonymous wrote:I don't have one. It used to be $5 million, now we're closing in on $10 million. My husband is already retired, house paid off, kids' college paid. I'm just not ready to retire yet -I'm not even 60. Need to figure out what to do with the rest of my life before I take the plunge.

r


Your husband is unemployed not retired

So?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

It's sad that you have no identity outside of corporate life. I honestly think people like you have warped brains. It's like Stockholm syndrome.

Why? I don’t particularly care about my company or co-workers. I switch jobs every 3-4 years while career. I like working. So much I have been on several volunteer boards. I am president of a board now. Plan to do for profit boards later. Could care less product or company.

You aren't even movitated by the mission? So what is driving you? Is it the money? The prestige? What about working exactly so you like? I love my job but that is because I love the people and the mission.

I love to build things and learn new industries, products, hot topics. Once built and I know it. I get bored and move. Right now into AI. I love to disrupt and build teams. I insert myself every new industry, product or crisis at start and jump jobs. I also willing to relocate. The people or product once learned I move on. I love a crisis! Y2K, 9-11, Financial Crash, Mortgage crisis or new stuff. Crypto, FinTech, AI, Cyber. I jump in get a big paycheck then 12-36 month on to next.

My problem as soon as I stop I am dead. Hence I don’t care about coworkers and company it is all a temp thing. So retirement would be a living hell.

Most men who retire die within 2-5 years. Or I retire. My old boss was forced retired at 65 his publicly traded company and un-retired at 70. He is now 80 and CEO of a company he founded at 70 and now has 5,000 employees. It was depressing he said.

“I’m a know-nothing BS artist who jumps ship before anything gets real. I’m in AI now, and what I know about it would fit on a postage stamp, but other people my age mostly know less, so I’m good.”

So rue

[Anonymous]

Back to the original question. Our minimum number is 3.5M. We have $2M now (early 50s) and will have that in 8-10 years we think, when we retire.

Not paying off the house before retirement. but we will have $200k left on a $1.2m house, and the rate is 2.65% so not urgent to pay off.