Revise retirement number/age?

[Anonymous]

Anonymous wrote:I was at my number at 55, I was well paid with a lot of work/life balance. I planned to work to 58 or 59.

A voluntary separation program was offered and it was very generous. I took the offer and haven't looked back.

I got laid off my long term job at 54 with $450,000 severance. Big deal tons of taxes and one time payment and 9 years me for Medicare, 11 years for wife and 13 years SS at 67.

I started new job three weeks later a raise and sign on bonus $120,000.

Lost that job three years later. They paid me full bonus plus 3 months severance so $175k check. But now I am 57 still 10 years out.

So got another job with a 80k sign on. Well they were crap with raises, medical insurance and not stable. At 59 going on 60 I needed a more stable job. Luckily my 1/2 of vested stock I got at sign is now worth $300k

But that is also a one time check. I am finally at stage of life once I hit 63.5 if laid off over that age will retire. Will ride cobra to 65, six months unemployment and maybe some severance.

Although my wife thinks I have “one last rodeo” in me. She was thinking at 63.5 I should go for a very high paying executive job even if a boiler cooker of high stress. Something insanely stressful and very high paying. Her theory I will get big cash, big sign on and if fired who cares, I am already at retirement age will take big check and ride off into sunset.

I thought she was crazy last week. But she has a point,

[Anonymous]

Anonymous wrote:

Anonymous wrote:I would not want to retire early as that is sad in a way. If you love your job and it makes you happy there is no rush.

It’s sad to have nothing better to do than your job

I could have afforded to retire at 52 but I had a great job and I really enjoyed going to work. I had two kids at home so I wasn't going to travel the world or retire to some warmer climate. None of my friends were retired and I didn't want to hang out with 65+s. I retired at 60 and more than doubled my net worth between 52 and 60 at which point my kids were out of college and we were free to go wherever we wanted to.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would not want to retire early as that is sad in a way. If you love your job and it makes you happy there is no rush.

It’s sad to have nothing better to do than your job

I could have afforded to retire at 52 but I had a great job and I really enjoyed going to work. I had two kids at home so I wasn't going to travel the world or retire to some warmer climate. None of my friends were retired and I didn't want to hang out with 65+s. I retired at 60 and more than doubled my net worth between 52 and 60 at which point my kids were out of college and we were free to go wherever we wanted to.

Good for you. But my post was in response to a PP saying that it would be sad not to have a job. Which is ridiculous.

[Anonymous]

No changes at age 61. Will continue to work as long as I can get paid because I need the money.

[Anonymous]

We've realized we need to work for 4 more years instead of the 2 we had planned. But we're going to move because my husband can work remotely. I'll have to find a new job, which won't be easy at this age, but I don't need to earn what I've been earning since my husband is the bigger breadwinner.

Our number is SO much smaller than the ones I'm seeing here. Wish we had started sooner.

[Anonymous]

We have $3 million in cash and a $1.2 million paid off house. One of us working a PT hobby job, one fully retired, health insurance covered by retirees previous job and pension of $3k per month.

Don't be scared by the crazy numbers people lie about here. We are doing great, travel, visit the kids (recent college grads, by no means settled) and are living our best lives.

[Anonymous]

I don't have a pension or access to health care so will have to keep toiling though if I make it to 59 1/2 I will worry less about being laid off and unable to find another job because I should have enough savings to carry me to Medicare age. It's these next four and a half years that are the scariest.

[Anonymous]

Anonymous wrote:We have $3 million in cash and a $1.2 million paid off house. One of us working a PT hobby job, one fully retired, health insurance covered by retirees previous job and pension of $3k per month.

Don't be scared by the crazy numbers people lie about here. We are doing great, travel, visit the kids (recent college grads, by no means settled) and are living our best lives.

You have 3 million in cash 🤯

[Anonymous]

I can retire when we sell our stupid house with a giant mortgage that feels like a noose around my neck. We could pay cash for a perfectly adequate townhome with the equity.

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have $3 million in cash and a $1.2 million paid off house. One of us working a PT hobby job, one fully retired, health insurance covered by retirees previous job and pension of $3k per month.

Don't be scared by the crazy numbers people lie about here. We are doing great, travel, visit the kids (recent college grads, by no means settled) and are living our best lives.

You have 3 million in cash 🤯

Plus, the $36/yr pension is equivalent to another $900,000 (at a 4% withdrawal rate). And paid for health insurance. And no indication of age.

The PP is an idiot.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I would not want to retire early as that is sad in a way. If you love your job and it makes you happy there is no rush.

It’s sad to have nothing better to do than your job

I have a job I enjoy. I really get to work with some really smart people. With this BS hybrid work I only have to go to office two days a week. On wfh days I have no boss who bothers me, I just check up on staff periodically.

This is a semi retirement job for me. I could easily do it till 70.

If you have right job retiring before 67 is sad. I can travel, do stuff. I am pretty sure my 5 days a week hime to go in my pool and sleep in is plenty.

In retirement I be on a few boards anyhow if I could to keep mind sharp.

I think it is better to enjoy your job. And I am semi retired working full time. My prior job I got paid a ton of money was a pressure cooking back stabbing place. I got laid off that at 58. Took a job with pay cut that is relaxing and enjoyable.

When I was young I worked a cushy non profit, out C level team all left demanding jobs or laid off demanding jobs with pay cut and rode of 58-65 in a stress free job, going to lunch friends, showing up at 10 am and headed out at 430 pm, going ballgames, conferences and was good transition for wives. Not going from husband gone 12 hours a day to home all the time.

My wife claims magic number is 10 million and we have 7 million, so I guess three million to retirement.

Are you the two job guy? This post has an interesting style.

[Anonymous]

In answer to OP’s original question, I’m somewhat factoring in the possibility that the market is overvalued into retirement planning. We’re currently ahead of our original schedule - due to great market returns - and that feels great, but I also have concerns about an upcoming market crash, so I’m trying not to get ahead of myself. However, I’ve long been planning a transition to another (lower paying) career, and this gives me a bit more courage to make the jump - likely in about 2-3 years.

However, i will note that my spouse and I will have at least $100k/year in pension income during retirement, so that also is a very solid hedge balancing out market volatility risks.

[Anonymous]

I’m 45. I used to say the number had to be $7M. I’m not so sure anymore, I think $5M is pretty good.

My plan is boring but beautiful
- Have ski house in a town I like
- Sell current home or rent it for income
- Take a seasonal job at ski resort in retirement. You typically only have to work 20 days a year for perks, more for other benefits but not insane numbers.
- Ski, swim, hike and bike for as long as my legs allow

[Anonymous]

I'm 53 with about 3.5M net worth. Of that, 900K is in house equity. Wife is a SAHM. One kid is freshman in college and one is a junior in HS. I'm about to lose my job as a govt contractor as the work flow is being cut. So, yes, my retirement number and age has drastically changed. It looks like it's going to be whatever I have when job gets axed. I will certainly look for another job but I'm not optimistic. Not sure if I will stay here until HSer graduates or if we need to move to lower cost of living immediately. We will probably wait until the end of the school year at least. No idea where to move to though. Sucks.

[Anonymous]

Anonymous wrote:I'm 53 with about 3.5M net worth. Of that, 900K is in house equity. Wife is a SAHM. One kid is freshman in college and one is a junior in HS. I'm about to lose my job as a govt contractor as the work flow is being cut. So, yes, my retirement number and age has drastically changed. It looks like it's going to be whatever I have when job gets axed. I will certainly look for another job but I'm not optimistic. Not sure if I will stay here until HSer graduates or if we need to move to lower cost of living immediately. We will probably wait until the end of the school year at least. No idea where to move to though. Sucks.

That does suck.

When I was in high school my family faced a similar predicament and I stayed with family in the area to finish high school while my parents moved to new job location. It worked out fine for me. I guess that's just an anecdote, but figured it may help. Maybe you can come up with some other idea. Finishing high school in the town I grew up in was important to me, but maybe it isn't for your kid and he or she will be excited about a new opportunity/adventure. Good luck!