What is your "magic number" for retirement?

[Anonymous]

Anonymous wrote:It’s $10m for us. Hope to get there in the next 5-10 years. And I swear I will quit, once we hit the $10m. DW does not believe me.

DW doesn't believe you'll get there, or that you'll quit? Once you hit the number you might feel a sense of being able to breathe, and things will look different.

[Anonymous]

My number was always $6 million because I figured we could life comfortably on 4% ($240K) a year and hopefully it would never run out. Now I think we'll end up higher. We're in our early 50s and currently have $2.3 million in retirement savings, which with our continued contributions and 5% growth should reach $5M+ by age 62. Add my fed pension at age 62 of 68K (essentially the same as $1.7 million) plus social security at 62 of $45K (same $1.1M). Total effective net worth at age 62 will hopefully be 7.8M or so. We still have a mortgage with over 20 years left and a 570K balance but the house is worth twice that and at 2.25 percent there's no reason to pay it off early.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:There's a lot of feds in this thread who don't know how to calculate their pension.

https://www.fedweek.com/fers-csrs-calculator-get-a-ballpark-estimate-your-annuity/

Anybody who's under the FERS system and thinks they're getting $150k/year is in for a rude awakening. Maybe if you're maxed out at a finreg and have 50 years of service...

This calculator gives the exact same answer for my scenario: 154k. So what rude awakening are you talking about?

What are your inputs?

This is my previous post:
"If you work for a finreg, you highest salary will more than likely reach 400k in 15-20 years. If you have worked for 35 years at the time of retirement, you pension will be $400k*1.1%*35=$154k. For fed board, the multiplier is even higher."

Congrats, that's a sweet deal. But these are apples to oranges comparisons when you talk about an increase in salary 20 yrs down the road due to inflation.

[Anonymous]

DH is retiring in a year. We have about $12M not including home equity and 529.

We only own one home now, but will probably be purchasing a second home in the next couple of years. Problem is we don't know where yet, but it needs to be warm.

[Anonymous]

Death

[Anonymous]

I don't have one. It used to be $5 million, now we're closing in on $10 million. My husband is already retired, house paid off, kids' college paid. I'm just not ready to retire yet -I'm not even 60. Need to figure out what to do with the rest of my life before I take the plunge.

[Anonymous]

Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

So a number is meaningless. I hope to work till at least 70. I am 62 now. Then maybe join boards, teach a college class, consult from 70-90.

My uncle retired at 82. He has been enjoying life golfing and traveling and is now 92. He lives in Malibu. He is crazy rich from face he worked full time 21-82 at major companies as an executive. He would have gone crazy retiring young. He had 400 people working for him at 70.

[Anonymous]

Anonymous wrote:I don't have one. It used to be $5 million, now we're closing in on $10 million. My husband is already retired, house paid off, kids' college paid. I'm just not ready to retire yet -I'm not even 60. Need to figure out what to do with the rest of my life before I take the plunge.

r


Your husband is unemployed not retired

[Anonymous]

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

It's sad that you have no identity outside of corporate life. I honestly think people like you have warped brains. It's like Stockholm syndrome.

[Anonymous]

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

So a number is meaningless. I hope to work till at least 70. I am 62 now. Then maybe join boards, teach a college class, consult from 70-90.

My uncle retired at 82. He has been enjoying life golfing and traveling and is now 92. He lives in Malibu. He is crazy rich from face he worked full time 21-82 at major companies as an executive. He would have gone crazy retiring young. He had 400 people working for him at 70.

The people you feel sad for probably have hobbies and friends, so that is their incentive to stop working. Different strokes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

So a number is meaningless. I hope to work till at least 70. I am 62 now. Then maybe join boards, teach a college class, consult from 70-90.

My uncle retired at 82. He has been enjoying life golfing and traveling and is now 92. He lives in Malibu. He is crazy rich from face he worked full time 21-82 at major companies as an executive. He would have gone crazy retiring young. He had 400 people working for him at 70.

The people you feel sad for probably have hobbies and friends, so that is their incentive to stop working. Different strokes.

Hitting a little white ball all day with a bunch of old men sounds horrible. And friends are fake. I say that as I recall my sister was in country club, husband did all those travel teams and people over their house a lot. It was 2008. She got cancer, he lost job they a Madoff thing happened and lost their money. I recall the country club friends with smile on face said when your wife gets better, you land a new job and good luck in market see you back here in soon otherwise nice to know you.

Or me my MIL most social person I know in world. Be like 40-80 people her house every holiday and entire neighborhood Bevin house all the time. Every neighbor dropping in all the time. Well she is turning 83 friends all dead 💀. She is back to family.

And hobby’s a grown man what? Gold is just the wife getting you out of house. And friends they are only friends doing what they want to do.

BTW I have no friends at work. I just like being with young people. Like adding value. Like my salary. like mentoring people, speaking at conferences, going to board dinners, strategic planning sessions. Like learning things. I did Covid and was horrible being home that long.

We spend 40 years at work hard for people to imagine I love work. And even when young I never liked a two week vacation.

Why retire from something you love

[Anonymous]

Anonymous wrote:

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

It's sad that you have no identity outside of corporate life. I honestly think people like you have warped brains. It's like Stockholm syndrome.

Why? I don’t particularly care about my company or co-workers. I switch jobs every 3-4 years while career. I like working. So much I have been on several volunteer boards. I am president of a board now. Plan to do for profit boards later. Could care less product or company.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

So a number is meaningless. I hope to work till at least 70. I am 62 now. Then maybe join boards, teach a college class, consult from 70-90.

My uncle retired at 82. He has been enjoying life golfing and traveling and is now 92. He lives in Malibu. He is crazy rich from face he worked full time 21-82 at major companies as an executive. He would have gone crazy retiring young. He had 400 people working for him at 70.

The people you feel sad for probably have hobbies and friends, so that is their incentive to stop working. Different strokes.

Hitting a little white ball all day with a bunch of old men sounds horrible. And friends are fake. I say that as I recall my sister was in country club, husband did all those travel teams and people over their house a lot. It was 2008. She got cancer, he lost job they a Madoff thing happened and lost their money. I recall the country club friends with smile on face said when your wife gets better, you land a new job and good luck in market see you back here in soon otherwise nice to know you.

Or me my MIL most social person I know in world. Be like 40-80 people her house every holiday and entire neighborhood Bevin house all the time. Every neighbor dropping in all the time. Well she is turning 83 friends all dead 💀. She is back to family.

And hobby’s a grown man what? Gold is just the wife getting you out of house. And friends they are only friends doing what they want to do.

BTW I have no friends at work. I just like being with young people. Like adding value. Like my salary. like mentoring people, speaking at conferences, going to board dinners, strategic planning sessions. Like learning things. I did Covid and was horrible being home that long.

We spend 40 years at work hard for people to imagine I love work. And even when young I never liked a two week vacation.

Why retire from something you love

So don’t retire. But no need to judge others. You sound very bitter. And the OP was not asking about whether to retire or not.

[Anonymous]

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

So a number is meaningless. I hope to work till at least 70. I am 62 now. Then maybe join boards, teach a college class, consult from 70-90.

My uncle retired at 82. He has been enjoying life golfing and traveling and is now 92. He lives in Malibu. He is crazy rich from face he worked full time 21-82 at major companies as an executive. He would have gone crazy retiring young. He had 400 people working for him at 70.

My dad was like this. Retired at 74. Traveled a ton and golfed every day upon retiring. Got cancer at 76, dementia set in early at 78 from intense cancer treatment. Now 79 with round the clock home health care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Find it sad that anyone looks forward to retirement. I love working. I hate being home. I have zero hobbies. My friends I had are all in different states I have not seen in person years.

It's sad that you have no identity outside of corporate life. I honestly think people like you have warped brains. It's like Stockholm syndrome.

Why? I don’t particularly care about my company or co-workers. I switch jobs every 3-4 years while career. I like working. So much I have been on several volunteer boards. I am president of a board now. Plan to do for profit boards later. Could care less product or company.

You aren't even movitated by the mission? So what is driving you? Is it the money? The prestige? What about working exactly so you like? I love my job but that is because I love the people and the mission.