At what age do you plan to retire?
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Anonymous
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People on this board are so obsessed with saving for retirement. I understand having a financial safety net for when you are older in case of health problems or simply being unable to work for other reasons, but these days people are living longer. What do you plan to do for 20+ years?
At what age would you like to retire? How old will your kids be? Would you voluntarily retire later to earn extra money to help your kids pay for college? Grad school? A wedding? If your mortgage and childcare expenses are paid off by the time you retire, how much (or what percentage of your current income) will you need when you retire per year? |
Anonymous
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At what age would you like to retire? I plan on retiring at 67 as does DH.
How old will your kids be? 19 and 21 Would you voluntarily retire later to earn extra money to help your kids pay for college? Grad school? A wedding? This is why I will be working until 67 - to ensure we can pay for college grad school. Weddings are not the priority. If your mortgage and childcare expenses are paid off by the time you retire, how much (or what percentage of your current income) will you need when you retire per year? About 50%, though we'd like to do a lot of traveling, so we are aiming for 60- 65%. |
Anonymous
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56
24 and 22 No, they will have finished college No, they can pay for grad school themselves. If I have a little extra cash I will kick some in, likewise for the wedding. I am not going to stay in a job I despise to pay for a bigger wedding. That would be ridiculous. I estimate I will need around 50% of my current income to retire comfortably. I will do whatever I want, as opposed to whatever my boss tells me to do. I am literally counting down the days. 6,247 to go. |
Anonymous
| Never |
Anonymous
I would like to retire at 67 -- but . . . My kids will be 29 and 26, so . . . "at what age will I really retire?" is likely closer to 72 Yes, yes, and maybe I will need roughly 65% of my current income ($150K for me; $110K for DH) and each of us have pensions (mine is private, DH is CSRS) and we are not counting on Social Security |
Anonymous
LOL this. |
Anonymous
Age to retire - 60 Kids will be 24 and 25 We are saving for college, etc. it's part of the 60 yo retirement plan Plan is to have a house near the beach, volunteer, travel, tennis, exercise, retirement income $150K, with no debt |
Anonymous
We'd like to retire at 63/60; my kid will be 25. College will be over (hopefully!) and grad school likely will have started. In any event, as a PP said, paying for those things is factored into retirement planning, as are what I consider extras for my kid - wedding, cash to help with home purchase, etc. Our mortgage will be paid off - not retiring otherwise, though it may make sense for others to do so, especially if they have pensions. I feel like we could live pretty well on $100,000 per year, especially with no mortgage and no savings obligations. The big wildcard is healthcare costs. No one knows hat the healthcare situation will be in 20 years in this country. Assuming the system stays the same as it is now, which it won't, I plan on having enough put aside (separate from retirement funds) to pay for private insurance costs to get us to Medicare. That's probably an extra $100,000 total. As for what we'll do - stay active! Not in a world traveler way, although we'll definitely do some traveling, and not in a keep working way, although I'll volunteer some. I am a firm believer that living in an urban, vibrant, walkable area pays both mental and physical dividends for retirees. No retirement homes or moving to the country for us. Also beginning to think about an overseas retirement - there are some great places/deals out there. |
Anonymous
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62
Kids will be 28 and 26 College, yes, grad school or a wedding, no, not willing to work longer Mortgage paid off now (we're 50 and 47), and our childcare expenses are summer only. We need about $120K if we plan to maintain our standard of living. |
Anonymous
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Around 62, unless I am really enjoying work then maybe stay parttime for a while.
Kid will be around 25, so college should be over, and should have enough to fund grad school mortgage will be paid off, estimating we need 75-80% of current income, because we want to travel |
Anonymous
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Plan to retire between 65-70. Currently have job flexibility so could do it on a reduced basis at some point.
At 65 kids will be 30 and 33. College is already paid for (one is part way through, other is fully funded through 529). Will pay for some grad school (that's already being discussed for one kid). Will definitely pay for wedding, which I expect will be before retirement. Not sure exactly what we will need. Mortgages will be paid off by 65. Aiming for $4-5 million in retirement savings, have about $2.5 now but have been ramping up savings significantly the last couple of years. |
Anonymous
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My husband is planning on retiring or semi-retiring at age 60. Kids will be 26 and 24. I imagine him being really semi-retired (consulting type work) from 60-65 as he is someone who enjoys working if he is healthy. I am not sure about myself. I am embarking on a new field after having a successful career and then being a SAHM for 5 years. We will see where this takes me, but the goal is to work part-time in this field for as long as it makes sense. We are currently 44 and 42.
We will pay fully for college. Graduate school we will likely kick in some, but will cross that bridge when we come to it. Current projections would not indicate that will be a financial burden, but I also believe in having some "skin in the game" I would never fund a big wedding. Just not our style. I will, however, help with a downpayment for a home, or even seed money for a business (if it seems like a good business plan) when the time comes. Our children stand to inherit quite a bit, but we are doing our best to make sure they don't know that. Besides, we could live to be 100! We do have trusts set up for them, but other than education through college, and living needs, they would not see any money until age 35. |
Anonymous
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Plan to retire at 65. But DH will keep working till ~70 (he can work 20 hours per week and maintain good living standard for both of us if no mortgage or college)
Only child will be 28 and done with college. May have to work few more years if she gets in Medical School. Mortgage will be paid off long time by then. 50% of current income will be enough for living expenses and travels. |
Anonymous
| I have a question related to this. We live in a much larger home than we will want at retirement. Let's say it's a 2M home today and will be paid off in 10 years, but we are 20 years away from retirement. We plan to sell in about 10 years and downsize. I assume house might be worth more in 10 years, so let's say 2.4M, and we would buy the about a 1M place. We can "count" that 1.4 m for retirement, correct? And do we get taxed (at 40% current rate) for what we would take out of the sale? How could we protect that money better? |
Anonymous
| I will work until the day I die because I have no other choice. |