thankful for what I have, but fear we will never retire

[Anonymous]

We have a good income (not rich, but definitely reasonable). We have no debt (including no mortgage - we own our home). We live modestly, but comfortably (e.g., no fancy furniture or cars, but do travel quite a bit). We max out our retirement accounts and even have a reasonable pension from an earlier job (17 years of service, so probably not enough to live on, but definitely helpful). We have savings for our only son's college (probably not enough, but definitely quite a bit - he has some learning disabilities, so won't be going to Harvard - in fact might do best with some kind of vocational training - not sure yet).

I'm very thankful for all of this, but fear we will never retire with the economy the way it is (NYT - had an article about this last Sunday).

I have to admit - I am in the camp of those who hate living in the DMV. I dream about retiring in 10 years - but maybe we will never be able to do it. I am 54 and hubby is 58. DH loves his great job which also adds to the sense that we will never retire.

What do you all think. At what age do you think you will be able to retire with the economy in the state it is in.

[Anonymous]

58 - retired TODAY!!!!!!!!!!!!!!!!!!

[Anonymous]

I am 50, DH is 56, and I have the same fear. We are six years away from paying off the mortgage, have a few hundred thousand saved for college for our two kids, and are generally conservative/frugal. We have no cleaning help; I shop at Value Village for the kids' clothing; we eat out maybe 1x/month.

Still, with what's happened in the market, I fear we will never retire. And like you, I do not like this area and would like to leave here some day.

I am afraid that all I can do is commiserate.

[Anonymous]

Ten years is a long time in the economy. The economy could be quite improved by the time you are actually ready to retire.

Don't stress. You have done all the right things so far. Keep saving. Focus on finding a place to retire with a lower cost of living. Practically every place is.

[Anonymous]

OP thanks for being thankful about the good things in your life.
One easy thing for us in the DMV area to do is sell our homes and buy in cheaper places. Easier said than done if you want to be near grandkids, but definitely an option. My dream is summers in VT and winters in FL.
BTW, I am 48 and plan to work until 70. My job is physical (doctor), so that might prove to be impossible.

[Anonymous]

We are in a similar situation with the added burden of medical debt due to a disabled child. Seems unfair at times because we have not lived extravagently, but it is what it is. Comforting to know that others share this worry. We will be working well into our 70s.

[Anonymous]

I am in my late 40s and expect to be working another 20 years. It seems a long way off, and yet it also seems reasonable, in a way, because there's no logical reason I should be able to work for fewer years than I will spend in retirement. I'm imagining working for a total of about 40 years and being retired for about 30 -- that's a lot of years to save for.

[Anonymous]

Anonymous wrote:I am in my late 40s and expect to be working another 20 years. It seems a long way off, and yet it also seems reasonable, in a way, because there's no logical reason I should be able to work for fewer years than I will spend in retirement. I'm imagining working for a total of about 40 years and being retired for about 30 -- that's a lot of years to save for.

Do you plan to live into your late 90s?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I am in my late 40s and expect to be working another 20 years. It seems a long way off, and yet it also seems reasonable, in a way, because there's no logical reason I should be able to work for fewer years than I will spend in retirement. I'm imagining working for a total of about 40 years and being retired for about 30 -- that's a lot of years to save for.

Do you plan to live into your late 90s?

Not the PP but 21 plus 40 plus 30 = 91. It's pretty reasonable to plan to live that long. Seems like most of the women in my family have held on until their late 80's and one grandmother died at 99. Although as one of my b-school colleagues working at investment management company said in 2008 when asked about retirement strategies post crash - work longer and die earlier.

I plan to retire at about 65 but want to work less between now and then. We just refinanced our mortgage for a shorter term so we will be paid off at 65. Have saved for college already so all savings now is focused on retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am in my late 40s and expect to be working another 20 years. It seems a long way off, and yet it also seems reasonable, in a way, because there's no logical reason I should be able to work for fewer years than I will spend in retirement. I'm imagining working for a total of about 40 years and being retired for about 30 -- that's a lot of years to save for.

Do you plan to live into your late 90s?

Not the PP but 21 plus 40 plus 30 = 91. It's pretty reasonable to plan to live that long. Seems like most of the women in my family have held on until their late 80's and one grandmother died at 99. Although as one of my b-school colleagues working at investment management company said in 2008 when asked about retirement strategies post crash - work longer and die earlier.

I plan to retire at about 65 but want to work less between now and then. We just refinanced our mortgage for a shorter term so we will be paid off at 65. Have saved for college already so all savings now is focused on retirement.

PP said she is in her LATE 40s. Therefore 48+20=68 (retirement age for PP), +30 years = 98.

It is rare to live that long. Still, yes, it happens, and it can't hurt to plan for it.

[Anonymous]

You're supposed to plan to live until you're 95, at least according to the articles I've read.

[Anonymous]

Count me among those no expecting to retire because I simply do not have savings to speak of (not college, retirement, home equity or expected inheritance). When my youngest is 21 my wife and I will be 63. At some point I suppose I will be unemployable but until then I'll be workin' it.

If you hate living where you are, though, you should make a change. Every day is precious. Don't waste another one just pushing the plow to get to a someday (retirement) that does not seem to be at hand.

[Anonymous]

bump

[Anonymous]

We're planning to be done at 62, when the youngest is out of college.