Anonymous wrote:At 70.But will be working only part time from 35 to 70.

So basically 35.

Have you already saved your millions ?

Once I am done paying for dc's college. By my calculations, I would be 62. But may be I will change my mind and work till 65-70 if I am healthy enough still.

At 70.But will be working only part time from 35 to 70.

Anonymous wrote:My plan is to retire when we have 4M to 5M in retirement assets. Need a min of 2.5 to maintain our lifestyle/not feel like a slave. Now we have 1.2 and we are 43. Will retire or try to get flexible jobs in our late 50's. I've worked like a dog my whole life. I would like to watch grandkids. My kids will be close to 30. Mortgage should be paid off in 3 years with extra payments) 6 without. Saved enough so that both kids could go to college in state without loan. If they get into an Ivy, it would be hard. No plans to help with graduate school now except live with us for free etc. Wedding I will give them money and they can choose how to spend it.

I am a slave.

Anonymous wrote:Never

I am going through my Aunt's retirement...And I will never retire either.

The day of the pension is over. Social Security will feed me and that is about it!

I will be homeless and fat.

60

Anonymous wrote:70, anything earlier is pure laziness and very baby boomer

BS. Have you worked 60 hours + 50 weeks a year for 25 years already?

70, anything earlier is pure laziness and very baby boomer

As an excellent saver most of the time I feel great about it. Honestly traveling I feel more comfortable staying at budget inn. Since travel prices vary so much I make a game out of getting the best deal possible. I don't care for fancy cars as I leave my car in the parking lot anyway. We do believe in spending for education and we have a beautiful house.

Anonymous wrote:

Anonymous wrote:$10k a mo =

$500 a month in property taxes
$9,500 in travel and fun

I think I can make that work

Sure, because you won't need health insurance or utilities or food or gas or any other kind of insurance in retirement.

Well, for starters its obviously a simplification intended to illustrate a point.... Second, I get free healthcare in my home country anyway, and as it happens, I also own approx 280 acres of productive farmland... but yes, I would have to periodically buy gas. Thats true.

Anonymous wrote:For those who save aggressively for retirement, do you forgo fun/extra things in your current life? Vacations? Extra classes/sports for kids? Private school? home renovations?

Is saving aggressively for retirement affecting your current life or finances in any significant way?

We live very well by most standards but we bought an "average" house in a great public school district and renovated it over a few years. So I say we chose to live in an established neighborhood with a low mortgage and we chose public schools. And it turns our we're pouring money into retirement. I don't feel like we've given anything up.

Anonymous wrote:For those who save aggressively for retirement, do you forgo fun/extra things in your current life? Vacations? Extra classes/sports for kids? Private school? home renovations?

Is saving aggressively for retirement affecting your current life or finances in any significant way?

Nope. Our house isn't old enough to need renovations and we are a public school family.

Anonymous wrote:$10k a mo =

$500 a month in property taxes
$9,500 in travel and fun

I think I can make that work

Sure, because you won't need health insurance or utilities or food or gas or any other kind of insurance in retirement.

Anonymous wrote:For those who save aggressively for retirement, do you forgo fun/extra things in your current life? Vacations? Extra classes/sports for kids? Private school? home renovations?

Is saving aggressively for retirement affecting your current life or finances in any significant way?

No, it is a balance. But that means you need to make enough to do it all. No private school, though. We bought a house in a good school cluster so we don't have to pay for private. We live in Fairfax County, but we live about 5 minutes from work, so for us, housing is more affordable and we are still close to work.

At what age would you like to retire? 53 (me), 55 (DH)
How old will your kids be? 24 & 22
Would you voluntarily retire later to earn extra money to help your kids pay for college? Grad school? A wedding? We expect to have the money for grad school and weddings when we retire.
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? This is hard to determine. We expect the house to be paid off (or have the money to pay it off) and that will be our biggest expense. We plan to keep our house in NoVa for a few years, until the kids are settled, but also have a smaller home in a better climate. Once we sell the NoVa house, we will be able to pay off the retirement home and need much less money to live.