Anonymous wrote:Until my mortgage is paid in full, I need to be fully employed. After that with my savings and a part-time job for health care I am OK. I am divorced so no spouse as a backup plan.

My mortgage is not paid off and I live in a LCOL area. At 3.5%, paying it off would save 1,000/month. If worse comes to worse, I can downsize to a condo

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Well, this is a depressing thread. I'm 59 and looking for a job after many years freelancing.

May I ask why you want to stop freelancing?

My DH's future health is uncertain and I like the idea of having benefits for myself.

Sucks that health insurance is tied to employment.

Anonymous wrote:

Anonymous wrote:Well, this is a depressing thread. I'm 59 and looking for a job after many years freelancing.

May I ask why you want to stop freelancing?

My DH's future health is uncertain and I like the idea of having benefits for myself.

Anonymous wrote:Well, this is a depressing thread. I'm 59 and looking for a job after many years freelancing.

May I ask why you want to stop freelancing?

Until my mortgage is paid in full, I need to be fully employed. After that with my savings and a part-time job for health care I am OK. I am divorced so no spouse as a backup plan.

I'm a Federal employee, age 46. I'm making $180K a year. Single, no kids. $1.5M in retirement, $400K in investments, $150K cash. I own my condo outright, but it's still costs me a minimum of $1,100 per month for condo fees, taxes, and insurance. If you budget for inside maintenance/repairs, that could be $1,600 per month.

I could quit my job today and receive a pension of $3,200 per month at age 60. The only reason I keep working is to have good health insurance. I would rather not spend the next two decades on Obamacare.

Dial back. My spouse and I are 48 and envious of the Feds we know and some of my colleagues who either took the recent early retirement option or were laid off in their late 50s. It would change our plans but it would not devastate us.

We’ve saved money for college and are on track for retirement. When we are 58, our kids will be just finishing college and our house will be nearly paid off. How much of our income we would try to replace would depend on how our kids were doing (do they seem on track to fully launch by age 22-24?) and how much support our elderly parents need financially but also physically.

Well, this is a depressing thread. I'm 59 and looking for a job after many years freelancing.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.

At 58 I had two kids in college at same time, a third kid in HS and a mortgage and everyone on my Health plan. Sure sounds like a great time to retire.

And I had around 5 million net worth at that time but would have ran through it by 68 and would be eating dog food in a cardboard box by 70.

Most of net worth was house, rental properties, 401ks, IRA. Only had two million in after tax accounts.

That two million disappear quick as I was making $25k a month.

Yea, I never use the equity in my primary residence in my nw, but you can certainly sell your rental properties if you had to. Also, your $25K/mo expenses is crazy. So yea, if you aren't willing to pull back on expenses, you can't retire on even $4mil at 58.

I'll retire at 56, and we will have about $4mil, not including the house. Our monthly expenses is about $10K.

The 25k was when two kids in college. That was running me alone like 110 a year, plus running 3 cars, a mortgage, and my house things kept breaking and when layoff had 2k cobra.

Last month I spend at age of 63, 85 thousand in bills. 30 tuition, 15k family Vacation, 6k unexpected major car repair, 5k homeowners insurance, and 2k car insurance plus a 15k property tax bill plus 5k for house payment and my wife’s back to school 4k credit card bill.

Bad month

You were making $25K/month and you didn't save money for college?

Nope. I cash flow things. I was not making good money till almost 50. So when money coming in I could buy SUVs, do kitchens, pay college tuition out of my checking account.

Even now I don’t have funds last kid college but I am doing super catch up 401k plus I have 457b at work with match doing 80k in retirement accounts and paying bills on cash flow as still have a high paying job at 63.

I have four million 401k, 2 million in home equity, 800k company stock, three paid off cars that’s all illiquid. I fund bills as they come off paycheck. I plan on doing that till 68 when youngest done with college and wife turns 65 so she and I can be on Medicare.

I quit now I go on expensive health care family plan and I bleed out. I have to stop rolling over CDs, stop reinvesting bond interest and dividends in my brokerage account and once that 3 million runs out, have to tap my company stock than 401ks. I be homeless by 75.

Anonymous wrote:I wouldn’t be able to retire because I’ve got 2 HS kids who are heading to college but that doesn’t seem to be of too much concern for most people on this board. Is that because college is “fully funded” or you assume you’ll get aid?

No, not fully funded. I was done having kids at 32 and will be done putting them through college by 54. I will be spending the next few years mostly cash flowing their college since ex husband and I financially struggled in the early years and weren’t able to save much for their college. Now I make much more
money. I know DCUM likes to have their first kid at 40 after checking all the boxes for being financially “ready” but I am glad I had my kids young, and will be able to retire in mid 50s if I need to with paid off house and cash reserves. And definitely plan to be done by 60 and be able to help with grandkids.

DH was laid off at 59 and "retired" after a fruitless 6-mo job hunt. It happened to my dad too and several friends. Age discrimination is real. Most people who get laid off at that age won't be able to get another professional job.

I'm still working (7 yrs younger than DH) and 56. We'd be fine financially if I retired but just to keep busy I'd want some kind of PT work. DH has really struggled with what to do with his time.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.

At 58 I had two kids in college at same time, a third kid in HS and a mortgage and everyone on my Health plan. Sure sounds like a great time to retire.

And I had around 5 million net worth at that time but would have ran through it by 68 and would be eating dog food in a cardboard box by 70.

Most of net worth was house, rental properties, 401ks, IRA. Only had two million in after tax accounts.

That two million disappear quick as I was making $25k a month.

Yea, I never use the equity in my primary residence in my nw, but you can certainly sell your rental properties if you had to. Also, your $25K/mo expenses is crazy. So yea, if you aren't willing to pull back on expenses, you can't retire on even $4mil at 58.

I'll retire at 56, and we will have about $4mil, not including the house. Our monthly expenses is about $10K.

The 25k was when two kids in college. That was running me alone like 110 a year, plus running 3 cars, a mortgage, and my house things kept breaking and when layoff had 2k cobra.

Last month I spend at age of 63, 85 thousand in bills. 30 tuition, 15k family Vacation, 6k unexpected major car repair, 5k homeowners insurance, and 2k car insurance plus a 15k property tax bill plus 5k for house payment and my wife’s back to school 4k credit card bill.

Bad month

I think you could pitch your own reality tv show.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.

At 58 I had two kids in college at same time, a third kid in HS and a mortgage and everyone on my Health plan. Sure sounds like a great time to retire.

And I had around 5 million net worth at that time but would have ran through it by 68 and would be eating dog food in a cardboard box by 70.

Most of net worth was house, rental properties, 401ks, IRA. Only had two million in after tax accounts.

That two million disappear quick as I was making $25k a month.

Yea, I never use the equity in my primary residence in my nw, but you can certainly sell your rental properties if you had to. Also, your $25K/mo expenses is crazy. So yea, if you aren't willing to pull back on expenses, you can't retire on even $4mil at 58.

I'll retire at 56, and we will have about $4mil, not including the house. Our monthly expenses is about $10K.

The 25k was when two kids in college. That was running me alone like 110 a year, plus running 3 cars, a mortgage, and my house things kept breaking and when layoff had 2k cobra.

Last month I spend at age of 63, 85 thousand in bills. 30 tuition, 15k family Vacation, 6k unexpected major car repair, 5k homeowners insurance, and 2k car insurance plus a 15k property tax bill plus 5k for house payment and my wife’s back to school 4k credit card bill.

Bad month

You were making $25K/month and you didn't save money for college?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:At 58, you are done. Don't plan on finding another job on a senior level. Just retire or go get a hobby job.

And remember to vote your pocketbook.

At 58 I had two kids in college at same time, a third kid in HS and a mortgage and everyone on my Health plan. Sure sounds like a great time to retire.

And I had around 5 million net worth at that time but would have ran through it by 68 and would be eating dog food in a cardboard box by 70.

Most of net worth was house, rental properties, 401ks, IRA. Only had two million in after tax accounts.

That two million disappear quick as I was making $25k a month.

Yea, I never use the equity in my primary residence in my nw, but you can certainly sell your rental properties if you had to. Also, your $25K/mo expenses is crazy. So yea, if you aren't willing to pull back on expenses, you can't retire on even $4mil at 58.

I'll retire at 56, and we will have about $4mil, not including the house. Our monthly expenses is about $10K.

The 25k was when two kids in college. That was running me alone like 110 a year, plus running 3 cars, a mortgage, and my house things kept breaking and when layoff had 2k cobra.

Last month I spend at age of 63, 85 thousand in bills. 30 tuition, 15k family Vacation, 6k unexpected major car repair, 5k homeowners insurance, and 2k car insurance plus a 15k property tax bill plus 5k for house payment and my wife’s back to school 4k credit card bill.

Bad month

I’m a fed and retirement eligible, so if involuntarily retired due to Doge, I would not look for full time work again. My finances aren’t 100% of where I want them to be before retiring and I have a kid in college, but I planned and saved well enough that I don’t need to look for a full-salary job, just something to make my “mad money” and money for the extras. I’m too young to just not have anything scheduled.