At what age will you retire and with how much?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Include home equity amount in the total but indicate it in parentheses.

Retiring at age 54 this year. DH will be 61. (House entirely paid off & worth $700K.)

No debt. Kids all through college, that we covered. $3 million in retirement savings, $300,000 cash, and no pension (business owners).

Congratulations! What are you guys doing for health insurance?

We'll be paying out of pocket. We have sufficient resources and low bills, and DH will start taking social security at 62 in one year. Health insurance for us will be about $2,000/month, and his social security will be around $2,500/month at age 62. I'll wait to take my own social security, which is also projected to be ~$2,500/month at the age of 62.

Great! I think SS at 62 makes sense for DH since he's much older than you and you will need that money to pay for healthcare. However, cash flow permitting, consider waiting until 70 to collect SS so you maximize that benefit (remember that your healthcare premiums will drop when DH hits 65, thanks to medicare). It's not about collecting the max amount of money from SS but maximizing guaranteed income as you grow older.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. [b]The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

Under what circumstances, swami? Market’s been shyte and we’re down 15% overall on an account that we’ve not touched since inception. Are you a Congressperson or Ray Dalio?

DP. Compound interest. Assuming a 7% annual compounded growth, $2M becomes
- $4M in 10 years
- $7.7M in 20
- $15M in 30

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Include home equity amount in the total but indicate it in parentheses.

Retiring at age 54 this year. DH will be 61. (House entirely paid off & worth $700K.)

No debt. Kids all through college, that we covered. $3 million in retirement savings, $300,000 cash, and no pension (business owners).

Congratulations! What are you guys doing for health insurance?

We'll be paying out of pocket. We have sufficient resources and low bills, and DH will start taking social security at 62 in one year. Health insurance for us will be about $2,000/month, and his social security will be around $2,500/month at age 62. I'll wait to take my own social security, which is also projected to be ~$2,500/month at the age of 62.

Great! I think SS at 62 makes sense for DH since he's much older than you and you will need that money to pay for healthcare. However, cash flow permitting, consider waiting until 70 to collect SS so you maximize that benefit (remember that your healthcare premiums will drop when DH hits 65, thanks to medicare). It's not about collecting the max amount of money from SS but maximizing guaranteed income as you grow older.

Thanks for the advice! Yes, I'll be waiting until age 70 for myself. Good reminder about my premium dropping when DH hits 65.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Between 59 & 62.
$4-5M including about $1M house.
Fed so solid pension about about 50% of current salary and health care covered.

We are similar. Currently both early 40s feds with $4 million in investment assets, $600,000 in retirement accounts $2 million house and will retire in 15-20 years with hopefully more in assets, bigger retirement accounts and a pension that will bring in 35-40% of our pre-retirement income.

How did you manage that nest egg on Fed salaries? Good job!

Lie or got lucky picking a stock.

Two grandparents died when we were in our late 20s. We took the inheritances and invested them. Also have an investment account that I’ve put money in since I was a teen and every job I had through law school - it’s got 500k in it now.

Can we all just agree that when responding to these types of posts it should be incumbent on posters to disclose significant family assistance/inheritance/lottery wins upfront instead of perpetuating the misconception that if you just are frugal/work hard you can save 4 million dollars by 40 as dual fed workers.

And have a 2m house lol

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. [b]The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

Under what circumstances, swami? Market’s been shyte and we’re down 15% overall on an account that we’ve not touched since inception. Are you a Congressperson or Ray Dalio?

DP. Compound interest. Assuming a 7% annual compounded growth, $2M becomes
- $4M in 10 years
- $7.7M in 20
- $15M in 30

This is not realistic

[Anonymous]

47 YO, Fed. Will retire when I can sense my kids college is funded. I have 1.2 m in retirement accounts, DW has a bunch too, probably 1m. Houses equity 1.5 million. Very likely to retire abroad.

[Anonymous]

49 year old fed; spouse is 48 and isn’t in govt but makes less than me. We hit our first $1M around 8-9 years ago in retirement. We have at least $3.5M combined in 401k/403b accounts. At least $1M equity in house which will be paid off when oldest is a sophomore in college. I’ll have a pension at least 90K and we’ll both have social security. Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then. No inheritances and I paid off a huge grad school loan debt for law school. How? We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans. Fingers crossed markets are ok 10 years out.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. [b]The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

Under what circumstances, swami? Market’s been shyte and we’re down 15% overall on an account that we’ve not touched since inception. Are you a Congressperson or Ray Dalio?

DP. Compound interest. Assuming a 7% annual compounded growth, $2M becomes
- $4M in 10 years
- $7.7M in 20
- $15M in 30

This is not realistic

Thank you! Just ridiculous

[Anonymous]

Anonymous wrote:49 year old fed; spouse is 48 and isn’t in govt but makes less than me. We hit our first $1M around 8-9 years ago in retirement. We have at least $3.5M combined in 401k/403b accounts. At least $1M equity in house which will be paid off when oldest is a sophomore in college. I’ll have a pension at least 90K and we’ll both have social security. Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then. No inheritances and I paid off a huge grad school loan debt for law school. How? We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans. Fingers crossed markets are ok 10 years out.

You must have bought your house in late 1990s/early 2000s.
How did you do that with low Fed/non-Fed newbie salaries, nanny costs, grad student loans needing repayment early on in your careers? Were you private sector pre-Fed? Something’s not adding up.

[Anonymous]

Or were you serving abroad multiple tours while renting out your home and having virtually no living expenses? People can make bank and really save with differential.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. [b]The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

Under what circumstances, swami? Market’s been shyte and we’re down 15% overall on an account that we’ve not touched since inception. Are you a Congressperson or Ray Dalio?

DP. Compound interest. Assuming a 7% annual compounded growth, $2M becomes
- $4M in 10 years
- $7.7M in 20
- $15M in 30

This is not realistic

Math is math. I assume you are saying 7% return is not realistic. Then change that percentage and calculate the amounts yourself.

[Anonymous]

We make a lot of money and we have a lot of money. However, I really don’t see myself retiring. I enjoy being busy and working. I feel like my brain would go to shit if I stopped working. The key for me is finding an employer that will still want me when I’m 86.

[Anonymous]

I’m 61 and love my job. Have no plans to retire but easily could. ~ 8 M (~1 M home equity)

[Anonymous]

41 and $6m, mostly from tech equity. We moved from a VHCOL to MCOL and all expenses plummeted. Private school, a nanny, expensive housing - just disappeared. That gave us the breathing room to downshift work. I left and am freelancing/volunteering. DH is still working for now but probably not for much longer. For health insurance we’ll buy a HDHP on the open market when the time comes, plus pay cash for as much as we can.

[Anonymous]

Anonymous wrote:

Anonymous wrote:49 year old fed; spouse is 48 and isn’t in govt but makes less than me. We hit our first $1M around 8-9 years ago in retirement. We have at least $3.5M combined in 401k/403b accounts. At least $1M equity in house which will be paid off when oldest is a sophomore in college. I’ll have a pension at least 90K and we’ll both have social security. Hope to retire by 60 at the latest when I’d qualify for full health care and no reduction in pension as I’d have 30 years of service by then. No inheritances and I paid off a huge grad school loan debt for law school. How? We always maxed except one period when nanny expenses were really right with our mortgage etc. No new cars til paid off my grad school loans. Fingers crossed markets are ok 10 years out.

You must have bought your house in late 1990s/early 2000s.
How did you do that with low Fed/non-Fed newbie salaries, nanny costs, grad student loans needing repayment early on in your careers? Were you private sector pre-Fed? Something’s not adding up.

Also, what fed agency do you work for where you qualify for a 90k+ pension with 30 years in government?