Anonymous wrote:

Anonymous wrote:How do you decide if you have enough money to early retire ? 30x to 50x of your spending money ( spending + tax + healthcare cost ) ?

It depends on your current age. The earlier you retire, the more you need to retire early.

30x is a good number if you want to retire around 55. Assuming you keep some funds invested in the stock market via an index fund or something, your portfolio will continue to grow even as you pull money from the investments. The funds should last you more than 30 years.

DH is 60 and I'm 54. We are counting on some social security, as well. Maybe not the full amount, but some. We also have about $4mil in investments and cash. Our expense, with some travel, is about $140K/year.

Thank you so much much.

Anonymous wrote:

Anonymous wrote:Americans don't want to retire early, corporations push them out. This country is full of sh**t. One one hand our stupid government tells up to work until 70, but good luck finding a corporation that will keep you post 59. Yes a lot of people would love to work longer so can save more for retirement. But our corporations which have now reached an absurd level of power and influence dispose of us as soon as we reach a certain age when we supposedly become toml expensive to invest in.

Yes. I’m telling my kids to focus on being able to retire by 45 or 50 even if they choose to work longer.

Better to be prepared for ageism and layoffs.

+1 when I was younger, ageism never occurred to me, though I had gone through two layoffs. So, now we tell our teens to plan for early retirement and layoffs. We talk extensively about investing early and started a roth for them.

Anonymous wrote:Jobs today suck.

In my 30s I planned to work until I was 70.

But now I will be out at 65 with my Medicare.

16 months!

I retired this past year at your age. I couldn’t make it to 65, though I wanted to. I worked for an ageist, corrupt federal agency and toxic manager. He handed me some bs assignment and I just said to myself “nope. That’s enough”. I was out in 3 weeks.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Early retirement became my goal. I chose a range of disturbed and mentally ill managers. Eventually, I chose better by learning what to look for.

But I decided I do not want to work for toxic companies and toxic employees.

What do you look for

+10. I worked for toxic managers in the government. Funny thing. Everyone admitted they were terrible and toxic but this is who the government promotes upward.

"Up and out".

Anonymous wrote:How do you decide if you have enough money to early retire ? 30x to 50x of your spending money ( spending + tax + healthcare cost ) ?

It depends on your current age. The earlier you retire, the more you need to retire early.

30x is a good number if you want to retire around 55. Assuming you keep some funds invested in the stock market via an index fund or something, your portfolio will continue to grow even as you pull money from the investments. The funds should last you more than 30 years.

DH is 60 and I'm 54. We are counting on some social security, as well. Maybe not the full amount, but some. We also have about $4mil in investments and cash. Our expense, with some travel, is about $140K/year.

Anonymous wrote:

Anonymous wrote:Early retirement became my goal. I chose a range of disturbed and mentally ill managers. Eventually, I chose better by learning what to look for.

But I decided I do not want to work for toxic companies and toxic employees.

What do you look for

+10. I worked for toxic managers in the government. Funny thing. Everyone admitted they were terrible and toxic but this is who the government promotes upward.

I started working at 14/15 babysitting then fast food work. Worked through college and grad school. I initially loved my first job post school but realized in hindsight that they took advantage of me and I was doing the work of 2 positions. So I burnt out. I switched positions and found a more cushy position which I also loved however the job has changed and I spend much of my time doing pointless paperwork. I do get a fair amount of time off but I can't unwind because I have to bring my work phone and laptop to make sure everything is covered. I have had to do work on vacations. I also think the demands of having a family make work life that much more stressful as once I am done with the work day, I need to shop, cook, clean, drive, help with homework and then finish up more paperwork that I couldn't get done in the day. I am 3 years away from an early retirement at 53. I am retiring the moment I can.

I'm planning to retire at 50. My husband is older, so by the time I am 50, he will definitely be ready to retire. I don’t want to continue working to contribute to our finances while he enjoys his retirement and spends down our savings. I have saved aggressively to retire at the same time as him.

How do you decide if you have enough money to early retire ? 30x to 50x of your spending money ( spending + tax + healthcare cost ) ?

Because I’ve been working since I was 16. Worked thru college (to pay for tuition) and then working full time since 20. With the exception of two 10-week maternity leaves, I’ve never had longer than a week-long vacation.

I’d like to just turn to my husband and say let’s go to _____ next week, and just do it. Not have to figure it out around work schedules, not have to request time off like a little kid asking for permission to do something even though I’m 55 years old.

Alternately I’d like to just sit on my butt and do nothing if I feel like it. And not have to log in the next morning to 59 stupid emails.

And life is short. I’d like to enjoy it without a job while I still have good years left.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Only 15% of people voluntarily retire

The other 85% are forced due to physical problems/ailments or are fired at an age where nobody will hire them for the same kind of job (and they have enough saved to have an OK retirement…but not the retirement they wanted).

This. I'm mid-50s and my parents were forced out when they were my age. It was a shock to them, and as a result I saved enough $ so that it wouldn't be a shock to me. On top of that, I'm friggin' tired. I've been working since I was 12. Honestly, I'd love to take a year or so off and then re-evaluate, but agism is real, and getting hired in your 50s-60s is rare.

I feel like I've got plenty to do - hobbies, kids, travel, 2 houses to take care of, old people to take care of, maybe future grandkids, etc.

Upside: I'm set to retire.
Downside: I have a scarcity mindset.

I feel similarly. I have been working since I was 15, and my current job ishigh stress with long hours. After doing it for 25 years I am burnt out. My kid are also in high school. If I could safely take a year or two (or four) off to reset body and mind and focus on my kids, I would do it in a heartbeat. But there is no guaranteed on-ramp back into the workforce, especially not at the level I occupy. I feel I have no choice but to push through the next 8-10 years and then I can retire or downshift. If I do retire early, I will have an adequate but not at all flush retirement lifestyle, but I am ok with it.

I decided to take the time off and if I have to go back to work I know I'll have a difficult time getting a job, and it definitely won't be at the level I left.

Only time will tell if I made a horrible mistake!

What’s happened is the pandemic and a record stock market. The pandemic gave people an extended taste of life at a slower pace. The record stock market has made many people significantly more wealthy. Put the two together, and many who have already had an extensive career and saved assiduously are now at a point where they’ve mentally transitioned to a slower lifestyle and don’t want to give that up - and their finances now support that ambition.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Americans don't want to retire early, corporations push them out. This country is full of sh**t. One one hand our stupid government tells up to work until 70, but good luck finding a corporation that will keep you post 59. Yes a lot of people
would love to work longer so can save more for retirement. But our corporations which have now reached an absurd level of power and influence dispose of us as soon as we reach a certain age when we supposedly become toml expensive to invest in.

Only 15% of people voluntarily retire

The other 85% are forced due to physical problems/ailments or are fired at an age where nobody will hire them for the same kind of job (and they have enough saved to have an OK retirement…but not the retirement they wanted).

Please provide a citation for these likely made up numbers.

Urban Institute…the figure is 19%.

I like my work and thought I would be one of those people who keep working well past the usual retirement age. But now, at 59, I am acutely aware that I am entering (or am already in) in the last third of my life, and I find myself thinking about other things like I'd like to do with my remaining time. And I find myself caring less about my work TBH.

Unfortunately, I'm not quite ready to retire (at least, not in the way I'd like to live in retirement), so I'll keep muddling along.

Anonymous wrote:

Anonymous wrote:
Only 15% of people voluntarily retire

The other 85% are forced due to physical problems/ailments or are fired at an age where nobody will hire them for the same kind of job (and they have enough saved to have an OK retirement…but not the retirement they wanted).

This. I'm mid-50s and my parents were forced out when they were my age. It was a shock to them, and as a result I saved enough $ so that it wouldn't be a shock to me. On top of that, I'm friggin' tired. I've been working since I was 12. Honestly, I'd love to take a year or so off and then re-evaluate, but agism is real, and getting hired in your 50s-60s is rare.

I feel like I've got plenty to do - hobbies, kids, travel, 2 houses to take care of, old people to take care of, maybe future grandkids, etc.

Upside: I'm set to retire.
Downside: I have a scarcity mindset.

I feel similarly. I have been working since I was 15, and my current job ishigh stress with long hours. After doing it for 25 years I am burnt out. My kid are also in high school. If I could safely take a year or two (or four) off to reset body and mind and focus on my kids, I would do it in a heartbeat. But there is no guaranteed on-ramp back into the workforce, especially not at the level I occupy. I feel I have no choice but to push through the next 8-10 years and then I can retire or downshift. If I do retire early, I will have an adequate but not at all flush retirement lifestyle, but I am ok with it.