When will you retire? What age, number?

[Anonymous]

Anonymous wrote:Plan is 61/62, for the .1 FERS bump. But if we hit $5M invested before that (which we well may), then I would jump sooner. I like my job fine and it's not particularly strenuous, but I've never had a job that I like more than I like not having a job.

I have never had a job where by the end of vacation I could not wait to get back.

[Anonymous]

Anonymous wrote:

Anonymous wrote:55 and 58 - hopefully we have at least 3 million and a fully funded 529 for two kids who would just be starting college. Life is too short to sit at my 9-5 until I’m in my 60s, would happily downsize for the pleasure to retire early.

You got the right idea. We’re in similar boat, about two years away from retirement. Trying to get things ready and trying to learn about medical coverage.

+1. Shooting for 3.5M and paid off house + additional 529's for 2 kids in college. Will be 51-52. Biggest concern is healthcare, we won't have any employer based benefits (or pensions). But I agree. Life is too short and I've seen too many family members waste the good years of late middle age trying to make more money that they never get to enjoy.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:55 and 58 - hopefully we have at least 3 million and a fully funded 529 for two kids who would just be starting college. Life is too short to sit at my 9-5 until I’m in my 60s, would happily downsize for the pleasure to retire early.

You got the right idea. We’re in similar boat, about two years away from retirement. Trying to get things ready and trying to learn about medical coverage.

+1. Shooting for 3.5M and paid off house + additional 529's for 2 kids in college. Will be 51-52. Biggest concern is healthcare, we won't have any employer based benefits (or pensions). But I agree. Life is too short and I've seen too many family members waste the good years of late middle age trying to make more money that they never get to enjoy.

3.5M with 4% withdraw rate is 140K/yr. Healthcare will go about 18K/yr for both of you. I would retire NOW. Time is something you will not be able to get back.

[Anonymous]

After my house is paid off (at 44), I will definitely find a less stressful job or part time. Then fully retire at 50.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I feel sad for people wanting to retire early. I only say that as I had some miserable jobs I could not wait for it to end. I had some jobs I love to death.

My cousin a state worker who is ony 45 can retire at 55 she is miserable and cant wait till 55 to retire. I saw her last month and she most have gained 30 pounds since I last saw her, barely any make up and was dressed very dated. SHe is dreading the next decade.

I had jobs like that I get it. But wouldnt you rather have a job you love till 65 then retire at 55 from a job you hated your whole life.

What about those of us that have jobs we enjoy AND want to retire early? I enjoy my job quite a bit, but I would enjoy total freedom more. It's hard to exercise, garden, travel, have hobbies, see friends and family as much as I would like to while working fulltime.

+1. I don’t hate my job—it’s actually quite interesting and occasionally rewarding—but I can think of about a thousand things I would rather be doing with such a large chunk of my waking hours each week.

[Anonymous]

I wish everyone - good deeds, good health and good children - in their old age.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've been on here a lot talking about my decision to retire from Biglaw at 53 about a decade ago. At the time my net worth was about 4 million. Now it's about 8 million. I'm still covered by my former firm's group health care plan, but I pay the full premium (which I also did as a partner anyway). I elected to take SS early and started last year, not because I needed to but because I didn't need to.

I love retirement, am never bored, have found plenty of ways to occupy my time whenever I want to occupy it -- which isn't always -- and don't miss work for a second. It's almost like I never even had a job.

Best decision I've made since in decades.

I always like reading your posts, Retired Former Biglaw Partner! I actually thought of you when deciding whether or not to take early retirement at 56 from a Federal law job I’ve loved for close to 30 years. I did so a couple months ago, and am very happy with the decision. I too have no problem finding things to occupy my time and interest, and I am absolutely loving the freedom to structure my time mostly as I see fit—I still have a teen at home. Finances were not an issue for us as we have significant savings in addition to my pension and DH will work for another few years. My only current struggle is my ongoing failure to convince myself that I actually enjoy gardening.

Ha ha thank you for the shout out and congratulations! I'm happy to have assisted in my small way in inspiring you.

[Anonymous]

Our story is a little different. Hope to have 2m by 67.

[Anonymous]

Anonymous wrote:I wish everyone - good deeds, good health and good children - in their old age.

Nice! My husband and I plan to retire next year when we turn 70. We are very wealthy, but we both grew up poor, so we want to pass on as much as we can for our child so they never have to worry about money. We travel a lot, go out to eat, see movies, workout and enjoy city living. We're both frugal/cheap and enjoy growing our funds together. Everyone is different.

[Anonymous]

I'm 36. I have 400k in brokerage and 400k in my spouse and my 401k, with a 800k house at a 3.5 mortgage with 500k left on it. Both maxed out gs15 feds.

If the market goes up at 6% a year, we're looking at 4-5 million if we keeping maxing 401ks. Should be enough to retire at 57. Who knows if we'll get a pension or social security, not counting on it anymore. If we do, we shouldn't have to touch our retirement funds, hopefully generating some nice intergenerational wealth.

I'm retiring as soon as I can. Is probably like a job with now flexibility after. Doing stuff is fun, but I'd like to work on my own terms

[Anonymous]

63 and took the first DRP so technically full retirement at the end of the year. Spouse already retired, both feds so pensions (one CSRS) and combined about $5M in TSP, fully paid off house, and a healthy stock portfolio. I financially could have retired earlier, but wanted the FERS pension and had my last kid just graduate college so wanted to be able to easily cash flow that. I started my "career", married and had kids later so I had a lot of "fun" in my 20s (working just enough to travel/pay for entertainment) and don't feel like I've missed a lot working longer. At this point with the crazy going on inside the federal world, was happy to take the offer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Never. I will work until I drop dead. If I physically can't work, I will end my life.

I honestly don’t get this mindset.

Sure, I'll explain. I have a job that doesn't earn me much, but it's the highest-paying job I can get. I can't get more education, or become qualified to do anything else. I don't have much savings (low six figures), and won't ever be able to retire. My savings would last me about six years. max. If I can't work, I will blow through said savings and then become homeless. I am not interested in living as a homeless person, so will kill myself if I am about to reach the end of my savings. This is best case scenario assuming I don't get some disease that costs a lot of money health insurance won't pay for that eats up my savings.

[Anonymous]

in DC even blue collar people have five million at retirement. I think soon the new number will be 10 million to retire.

Look 15 years ago in 2010 million dollar 401ks and Million dollar brokerage accounts were very rare and you get top service, private banking and you were one of very few customers to hit that number.

Today is 2025 million dollars 401ks and Brokerage accounts are a dime a dozen, no one cares. A kid with an robinhood account can one million by 30 and a Fed in the C fund can hit it in their account by 40 easily, maybe sooner.


So flash forward to 15 years forward to 2040. 5 million will be new number and by 2055 it will be 10 million.

Someone retiring today at 50 with 2 million by the age of 85 will be eating dog food.

Kids today are starting out at 100K out of college and MBAs or law degrees are tarting out at 200k. My daughter started out of college at 90K her BF got lucky and got 120K. So as a couple (they broke up a year later_ were making 210K a year at 21 and living at home.

My 86 year old MIL almost choked on her food last week when my teenage daughter told her she is making $16 an hour at her camp job. That was her rate per hour when she retired at 60 .

[Anonymous]

Anonymous wrote:

Anonymous wrote:Plan is 61/62, for the .1 FERS bump. But if we hit $5M invested before that (which we well may), then I would jump sooner. I like my job fine and it's not particularly strenuous, but I've never had a job that I like more than I like not having a job.

I have never had a job where by the end of vacation I could not wait to get back.

PP, what do you do for work?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Never. I will work until I drop dead. If I physically can't work, I will end my life.

I honestly don’t get this mindset.

Sure, I'll explain. I have a job that doesn't earn me much, but it's the highest-paying job I can get. I can't get more education, or become qualified to do anything else. I don't have much savings (low six figures), and won't ever be able to retire. My savings would last me about six years. max. If I can't work, I will blow through said savings and then become homeless. I am not interested in living as a homeless person, so will kill myself if I am about to reach the end of my savings. This is best case scenario assuming I don't get some disease that costs a lot of money health insurance won't pay for that eats up my savings.

OE is the answer.