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Reply to "At what age do you plan to retire?"
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[quote=Anonymous][quote=Anonymous]People on this board are so obsessed with saving for retirement. I understand having a financial safety net for when you are older in case of health problems or simply being unable to work for other reasons, but these days people are living longer. What do you plan to do for 20+ years? At what age would you like to retire? How old will your kids be? Would you voluntarily retire later to earn extra money to help your kids pay for college? Grad school? A wedding? If your mortgage and childcare expenses are paid off by the time you retire, how much (or what percentage of your current income) will you need when you retire per year? [/quote] As soon as we can afford to, definitely by the time DH is 65 (I am younger and have my own business, so retirement is a fuzzier concept for me). Our son will be 25. We expect to pay for college. We will not pay for grad school. We plan to be able to afford a contribution to a wedding, but not the entire thing (thankfully we have a son so it is unlikely to be expected). So, no, we do not plan to work longer for these things. Our approach is a bit different, in that we will plan to arrange our lives to afford to live on what we can retire on, rather than to work longer for more money. We plan to move near the ocean, travel, read/write/garden, make art, engage in hiking/biking/swimming, get more involved in local politics, volunteer for charities, and spend time with our families and friends. Maybe consult in our fields in a very limited way. Basically, all the things we love to do now and don't have as much time for since we're working. One consideration for us, particularly as older parents, is that people in DH's family have died younger than average, from stroke and cancer. We both have a lot of Alzheimer's in our family, which could appear as early as our late 60s. We want to plan to have quality time with our son and minimize our stress later in life as much as we possibly can. We have too many examples of the opposite in our lives and we are trying to be realistic but not negative about those possibilities.[/quote]
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