Anonymous
Post 01/22/2023 20:47     Subject: At what age will you retire and with how much?
you have to be really rich to retire before 65. My health Obamacare health insurance is $2,000 a month.
Anonymous
Post 01/22/2023 12:13     Subject: At what age will you retire and with how much?
Age 52 from what I am currently doing, but I will continue to work at least part-time doing something else.

Two pensions, but I don't know how that gets figured into the "How much" answer.
Anonymous
Post 01/22/2023 12:03     Subject: At what age will you retire and with how much?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:These threads are always so relatable!


LOL - I'm sitting here reading and realize I'll never be able to retire.


I am PP and me neither, not with a mere $11 million in savings and $200k per year coming from my pension. How is a person supposed to survive with those numbers??


Agree. Hookers and blow will eat that up in 6 months!
Anonymous
Post 01/22/2023 11:03     Subject: At what age will you retire and with how much?
Anonymous wrote:I will think about retiring when both my kids are graduated from college. I will be 56 by then and should have at least $5M, not including my house which is already paid off (~$950k).


Same, although my house is not paid off. 2.5% mortgage, so I don't plan to pay it off early.
Anonymous
Post 01/22/2023 08:54     Subject: At what age will you retire and with how much?
Anonymous wrote:
Anonymous wrote:These threads are always so relatable!


LOL - I'm sitting here reading and realize I'll never be able to retire.


I am PP and me neither, not with a mere $11 million in savings and $200k per year coming from my pension. How is a person supposed to survive with those numbers??
Anonymous
Post 01/21/2023 23:04     Subject: At what age will you retire and with how much?
Anonymous wrote:
Anonymous wrote:Not sure. Currently 48 and 50 with a 7 year old child. Net worth $7 million with ($1.5 million in home equity. Maybe 63 and 65. Who knows what the future will bring. Time will tell.


I would retire now, you all must love your jobs, those of you with more than 5 mil who keep working


I'm in that boat. I don't retire right now because I don't want to sit around all day with my DH, and want to figure out what to do next before I give up my job.
Anonymous
Post 01/21/2023 23:00     Subject: Re:At what age will you retire and with how much?
Husband retired at 58, I am still working at 57 and have no present plans to retire. Our net worth is about $6 million ($1 million home equity).
Anonymous
Post 01/21/2023 22:42     Subject: At what age will you retire and with how much?
Anonymous wrote:
Anonymous wrote:These threads are always so relatable!


LOL - I'm sitting here reading and realize I'll never be able to retire.


You and me both brother...or sister
Anonymous
Post 01/21/2023 22:20     Subject: At what age will you retire and with how much?
Oh yall rich rich…i’ll see myself out <tiptoes out side door>
Anonymous
Post 01/21/2023 22:02     Subject: At what age will you retire and with how much?
Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!


Most of the people in this area (on this board) are the beneficiaries of generational wealth. Inheritance, no student loans, housing gifts, college paid by grandparents, etc. That helps a lot. Unusually high net worth is more often rich parents
Anonymous
Post 01/20/2023 21:18     Subject: At what age will you retire and with how much?
About half the time I want to retire now at 45, and the other half of the time I think I can continue at my current part time job and keep up with my skills. I like what I do just don't like all the politics and dealing with certain aspects of working for others. However, with this economic uncertainty and with kids in school, I continue to work to have health insurance and a little bit of money so we don't need to dip into our savings. I really don't know how much would be enough especially living in a really high cost of living area but yeah if I won 10 million dollars in lottery I would quit now.
Anonymous
Post 01/20/2023 17:33     Subject: At what age will you retire and with how much?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I’m 47 and have seven million and am starting to think that might be my answer. Tempted to quit.

No kids so no college expenses, but also no safety net when I’m old.

I would look into a 55+ community when you are much older where you can have a support group around you.

If I were you, I'd go PT. Maybe consulting when you feel like it. And travel.


Everybody will need a 55+ community and support group for when they get older.

I am older and kids are not that helpful.

that's depressing.


Actually it's not. The over 55 community is amazing and people are very active and supportive. And your not holding your kids back.


I have zero interest in one of those places. My grandparents lived in one - no way.

DP.. are you assuming that your kids will live near you to help you in your old age?

Both my parent's and ILs are 85+, and they need help. Luckily, one of their children live near them, but my IL did have to move to be near one of their kids.

It's hard to imagine how immobile we could be in our old age, but it does happen more frequently than we realize. I also realize that I will need to live in a very warm climate when I'm 75+ because at a certain age, apparently even 75F is too cold. I'm also seeing this with my parents and ILs.


If I need it, I'll do it at that time. But multiple posters are encouraging others to go right from their SFH to a 55+ community, regardless of whether they need it or not. That's not for me.

Watching my IL move at 88 was painful. We've been telling them to move to a smaller home with no stairs since they were 75. They procrastinated. I would do it before it gets to the point where you are forced to move because you need help. At that point, moving becomes even more painful, and expensive because you have to pay people to pack everything for you, and you are more desperate to move.


I've been telling my parents (nearing 80 but highly active and in great shape with strong social networks) this for the past 5-10 years--now to a single level smaller place where you can still readily form new communities etc. They live in a cold climate, lots of stairs, and they are just now starting to feel their age a bit. But they've lived in their house for 50 years and are deeply embedded in their community and they keep putting it off. Their own parents lived in their own homes until they went into nursing homes in their mid-90s so I think my parents think they will do the same. But it's sort of risky.
Anonymous
Post 01/20/2023 16:55     Subject: At what age will you retire and with how much?
Anonymous wrote:These threads are always so relatable!


LOL - I'm sitting here reading and realize I'll never be able to retire.
Anonymous
Post 01/20/2023 15:24     Subject: At what age will you retire and with how much?
Anonymous wrote:
Unless you have serious health issues, don't do cobra. That's really pricey. Depending on what state you live in, private health insurance for a high deductible plan would probably be about $900/mo or so depending on the age.


You shouldn't make a flat statement like that. I'm still working but have checked my marketplace options. Around $900 is about right for a HDHP on the marketplace, but those all come with pretty serious limitations. I pay full frieith for my work health plan for about the same price, and it's a vastly better plan. COBRA can only add on modest administrative charges, so I expect it will be a much better deal.
Anonymous
Post 01/20/2023 14:19     Subject: At what age will you retire and with how much?
Anonymous wrote:
Anonymous wrote:Trying to figure it out now... DH would like to retire in a year or two (he's 60) and I'm thinking about it as well (59). We are going to get a fin'l advisor to assist us in determining how to decide this-
We have one still in college (will cost another $80K)
About $1M in home equity
About $5M in investments
No pension and health will be on us
If we retire now it will cost about $34K/yr for Cobra then we'll have to buy private insurance
We spend a fair amount on travel and if we do retire want to do a lot of traveling over the next 10 years which will cost us a lot but then will settle down and cut back when we hit 70.

You can do it with these numbers.

We have a financial advisor, and our numbers are lower than yours -- $3mil in retirement accounts, no pension (not feds).

FA stated it's totally doable.

Unless you have serious health issues, don't do cobra. That's really pricey. Depending on what state you live in, private health insurance for a high deductible plan would probably be about $900/mo or so depending on the age.


Thank you. Especially good to know on the State insurance. We are in VA- will need family insurance (DD in state college for 2 more yrs) Will start looking into it. Good to hear that your FA gave you that good news.