At what age will you retire and with how much?

[Anonymous]

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).

very similar to us.

Will retire at 56 and 62. Hoping to hit $3mil in retirement savings, with about $300K in cash. We will have about 9 yrs left on our mortgage, but the PITI is like $1400, 2.5% rate, but the mortgage balance is like $150K. House is worth right now about $950k.

Kids will be in college, fully funded in state.

Also business owners. No inheritance. I might work PT off and on to fill my days when I'm not traveling. I want to travel 3 to 5 months out of the year. We have friends/family all over the world that we can stay with. We might even retire short term abroad - spouse is a dual citizen.

I am counting down the days.

$3M doesn’t seem like nearly enough, especially for someone in their 50’s who could live 40 more years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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?

+1 Yeah, I wonder if this poster will even reply, lol
Maybe financial reg agency? Are those pensions that high?

My DH works for a financial reg agency and it should be that high.

[Anonymous]

Fed here, hoping to retire at age 48 with early retirement approval in 5 years. Need a republican president to come in and downsize the government to help my cause. If not, will keep working until 57. Should have 3m net worth including equity at 48 and 4m at 57. Sure, 3M at 48 is not a lot, but I will live cheaply in other countries most of the time to enjoy life and travel. Working 45 years would suck.

[Anonymous]

Anonymous wrote:Fed here, hoping to retire at age 48 with early retirement approval in 5 years. Need a republican president to come in and downsize the government to help my cause. If not, will keep working until 57. Should have 3m net worth including equity at 48 and 4m at 57. Sure, 3M at 48 is not a lot, but I will live cheaply in other countries most of the time to enjoy life and travel. Working 45 years would suck.

Lots of dependencies there.. BTW, your $3M at 48 would double to $6M at 58 at a 7% rate of return. Even more money to travel and enjoy!

[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).

very similar to us.

Will retire at 56 and 62. Hoping to hit $3mil in retirement savings, with about $300K in cash. We will have about 9 yrs left on our mortgage, but the PITI is like $1400, 2.5% rate, but the mortgage balance is like $150K. House is worth right now about $950k.

Kids will be in college, fully funded in state.

Also business owners. No inheritance. I might work PT off and on to fill my days when I'm not traveling. I want to travel 3 to 5 months out of the year. We have friends/family all over the world that we can stay with. We might even retire short term abroad - spouse is a dual citizen.

I am counting down the days.

$3M doesn’t seem like nearly enough, especially for someone in their 50’s who could live 40 more years.

Ran the numbers with our financial advisor. It's doable. We can live on $140K per year for the next 10 to 15 years, then when we slow down and won't be traveling as much, our expenses will go down. We aren't pulling out of the market completely. So there will be some growth. Also, social security will still be around to some degree.

[Anonymous]

Anonymous - Will retire at my Sales Job at 65 in 2050. Pension - 144k per year. Plus $1.25m in savings and $4.5m social security. $22million in investments. $0 in debt. Bought my $500k home, furniture, and $100k vehicle in cash. I’m also 27 years old. I also started with nothing.

Having a home in every state would be cool.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

+1 Yeah, I wonder if this poster will even reply, lol
Maybe financial reg agency? Are those pensions that high?

My DH works for a financial reg agency and it should be that high.

I don’t know any SES that makes $300k annually. Are you also counting his TSP?

[Anonymous]

I retired at 45. Dh was 46.

$35M (6M)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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?

+1 Yeah, I wonder if this poster will even reply, lol
Maybe financial reg agency? Are those pensions that high?

My DH works for a financial reg agency and it should be that high.

I don’t know any SES that makes $300k annually. Are you also counting his TSP?

I am at a Finreg and know many SES making at least that.

[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.

Are you asking how they bought a house in the early 2000s? I did the same with one salary of about $75k and it wasn’t hard. Now have more than $1m in equity.

[Anonymous]

66 or 67 with 6.7M in investable assets (not including house). We don’t have a home for retirement picked out yet so I don’t know the projected value of that home.

[Anonymous]

57 with 20m. Business owner

[Anonymous]

Why do people want to retire? Why not get a job you enjoy?

[Anonymous]

Anonymous wrote:Fed here, hoping to retire at age 48 with early retirement approval in 5 years. Need a republican president to come in and downsize the government to help my cause. If not, will keep working until 57. Should have 3m net worth including equity at 48 and 4m at 57. Sure, 3M at 48 is not a lot, but I will live cheaply in other countries most of the time to enjoy life and travel. Working 45 years would suck.

I am actually in year 43 of work. I enjoy work. I really love my work. I plan on retiring in 5 years then join a few boards. My 401k alone is 2.8 million! I should end with a 4 million dollar 401k

Full SS is 70 if you start work at 21 then 49 years is pretty common

[Anonymous]

Anonymous wrote:Why do people want to retire? Why not get a job you enjoy?

This is my plan. I would like to retire from big law in 5 years. I will be 54 then. NW (excluding 529s and home equity) should be around $7m then. My plan is to find something that I enjoy doing. Either teaching or a non-profit. Hoping to work for another 10 years after that. I would not know what to do with myself otherwise