At what age do you plan to retire?

[Anonymous]

Do you plan to downsize when you retire?

I look at my parents generation, and they are just now retiring. It seems like they are all buying these huge homes to live out their "retirement" years in, even though they are empty nesters.

I always thought I'd downsize in retirement, in part to cut down on costs, but also b/c I don't need that much "house" with the kids gone. Am I in the minority?

[Anonymous]

Anonymous wrote:

Anonymous wrote: Need a min of 2.5 to maintain our lifestyle/not feel like a slave.

What's with the eye roll? We have 2.2 and have no plans to stop saving anytime soon. $2.5 million is like $125,000 a year in income. Good, but certainly not luxurious.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I will probably retire in my 60's, 70's depending on how my health is. I will work as long as I am capable whether it is PT or FT.

My kids will be in their 30's. We plan to pay for college and grad school. We have sons so we hope that the brides pay for the wedding but sure, we'd chip in. I would not work extra to pay for a wedding but we should be able to pay for it pretty easily.

I think we would need $20k/month to live comfortably in retirement. I haven't done my calculation recently but I think we need about $5-6 million saved. That is how much our life insurance policy is for because that is what we calculated it to be.

You people crack me up. We live "comfortably" now on 10k/month and that's with an enormous mortgage. We would be rolling in it with that and no house payment.

It is all relative. Our credit card every month now is $10k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Need a min of 2.5 to maintain our lifestyle/not feel like a slave.

What's with the eye roll? We have 2.2 and have no plans to stop saving anytime soon. $2.5 million is like $125,000 a year in income. Good, but certainly not luxurious.

I'm in a similar boat. We need $5 million to retire.

We just started our careers though. We only have about $250k saved up. We have 30+ years to save another $4.75 million.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I will probably retire in my 60's, 70's depending on how my health is. I will work as long as I am capable whether it is PT or FT.

My kids will be in their 30's. We plan to pay for college and grad school. We have sons so we hope that the brides pay for the wedding but sure, we'd chip in. I would not work extra to pay for a wedding but we should be able to pay for it pretty easily.

I think we would need $20k/month to live comfortably in retirement. I haven't done my calculation recently but I think we need about $5-6 million saved. That is how much our life insurance policy is for because that is what we calculated it to be.

You people crack me up. We live "comfortably" now on 10k/month and that's with an enormous mortgage. We would be rolling in it with that and no house payment.

It is all relative. Our credit card every month now is $10k.

We plan to have money to do more in retirement. Between crazy jobs and kid activities, we don't spend much money on "extras". Lots of what we plan to do in retirement will be "extras". And we'll need more money to pay for that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Need a min of 2.5 to maintain our lifestyle/not feel like a slave.

What's with the eye roll? We have 2.2 and have no plans to stop saving anytime soon. $2.5 million is like $125,000 a year in income. Good, but certainly not luxurious.

The eyeroll was for thinking you need $125,000 a year to "not feel like a slave." Maybe that's what you need to maintain your lifestyle but you need a reality check.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Need a min of 2.5 to maintain our lifestyle/not feel like a slave.

What's with the eye roll? We have 2.2 and have no plans to stop saving anytime soon. $2.5 million is like $125,000 a year in income. Good, but certainly not luxurious.

The eyeroll was for thinking you need $125,000 a year to "not feel like a slave." Maybe that's what you need to maintain your lifestyle but you need a reality check.

Why? She clearly was speaking for herself. Not anyone else. It's a great plan.

[Anonymous]

$10k a mo =

$500 a month in property taxes
$9,500 in travel and fun

I think I can make that work

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I will probably retire in my 60's, 70's depending on how my health is. I will work as long as I am capable whether it is PT or FT.

My kids will be in their 30's. We plan to pay for college and grad school. We have sons so we hope that the brides pay for the wedding but sure, we'd chip in. I would not work extra to pay for a wedding but we should be able to pay for it pretty easily.

I think we would need $20k/month to live comfortably in retirement. I haven't done my calculation recently but I think we need about $5-6 million saved. That is how much our life insurance policy is for because that is what we calculated it to be.

You people crack me up. We live "comfortably" now on 10k/month and that's with an enormous mortgage. We would be rolling in it with that and no house payment.

It is all relative. Our credit card every month now is $10k.

We plan to have money to do more in retirement. Between crazy jobs and kid activities, we don't spend much money on "extras". Lots of what we plan to do in retirement will be "extras". And we'll need more money to pay for that.

You are going to wait until you are old and gray before doing extras? That sounds like a sad life.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Need a min of 2.5 to maintain our lifestyle/not feel like a slave.

What's with the eye roll? We have 2.2 and have no plans to stop saving anytime soon. $2.5 million is like $125,000 a year in income. Good, but certainly not luxurious.

The eyeroll was for thinking you need $125,000 a year to "not feel like a slave." Maybe that's what you need to maintain your lifestyle but you need a reality check.

I'm a different poster. While maybe an exaggeration, if you make 300 or 400K a year and have no debt, I can't see wanting to live on 125K when you're older and have higher medical costs. At 75, sure, but not as a young retiree.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I will probably retire in my 60's, 70's depending on how my health is. I will work as long as I am capable whether it is PT or FT.

My kids will be in their 30's. We plan to pay for college and grad school. We have sons so we hope that the brides pay for the wedding but sure, we'd chip in. I would not work extra to pay for a wedding but we should be able to pay for it pretty easily.

I think we would need $20k/month to live comfortably in retirement. I haven't done my calculation recently but I think we need about $5-6 million saved. That is how much our life insurance policy is for because that is what we calculated it to be.

You people crack me up. We live "comfortably" now on 10k/month and that's with an enormous mortgage. We would be rolling in it with that and no house payment.

It is all relative. Our credit card every month now is $10k.

We plan to have money to do more in retirement. Between crazy jobs and kid activities, we don't spend much money on "extras". Lots of what we plan to do in retirement will be "extras". And we'll need more money to pay for that.

You are going to wait until you are old and gray before doing extras? That sounds like a sad life.

Me too. The kids consume our lives right now, and their college education comes first before extras. Luckily, we like our daily lives.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I will probably retire in my 60's, 70's depending on how my health is. I will work as long as I am capable whether it is PT or FT.

My kids will be in their 30's. We plan to pay for college and grad school. We have sons so we hope that the brides pay for the wedding but sure, we'd chip in. I would not work extra to pay for a wedding but we should be able to pay for it pretty easily.

I think we would need $20k/month to live comfortably in retirement. I haven't done my calculation recently but I think we need about $5-6 million saved. That is how much our life insurance policy is for because that is what we calculated it to be.

You people crack me up. We live "comfortably" now on 10k/month and that's with an enormous mortgage. We would be rolling in it with that and no house payment.

It is all relative. Our credit card every month now is $10k.

We plan to have money to do more in retirement. Between crazy jobs and kid activities, we don't spend much money on "extras". Lots of what we plan to do in retirement will be "extras". And we'll need more money to pay for that.

You are going to wait until you are old and gray before doing extras? That sounds like a sad life.

Me too. The kids consume our lives right now, and their college education comes first before extras. Luckily, we like our daily lives.

Maybe I don't know what you consider extras. We still vacation with the kids. We go to the Caribbean, plan to go to Europe next year and maybe Asia the year after that.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote: Need a min of 2.5 to maintain our lifestyle/not feel like a slave.

What's with the eye roll? We have 2.2 and have no plans to stop saving anytime soon. $2.5 million is like $125,000 a year in income. Good, but certainly not luxurious.

The eyeroll was for thinking you need $125,000 a year to "not feel like a slave." Maybe that's what you need to maintain your lifestyle but you need a reality check.

I'm a different poster. While maybe an exaggeration, if you make 300 or 400K a year and have no debt, I can't see wanting to live on 125K when you're older and have higher medical costs. At 75, sure, but not as a young retiree.

I'm the OP and yes the slave statement was an exaggeration but DH and I work our butts off at work and also are supporting our kids private schools. We only make 220k. Everything is relative though. By world standards everyone on this board is lucky access to health care, food, clean water and shelter.

[Anonymous]

Not original poster on board but original poster of slave statement.

[Anonymous]

For those who save aggressively for retirement, do you forgo fun/extra things in your current life? Vacations? Extra classes/sports for kids? Private school? home renovations?

Is saving aggressively for retirement affecting your current life or finances in any significant way?