Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
Member Login

Site Notices
1/22/2020 12:12:56 PM
Posted: 10/8/2007 6:22:01 PM EST
Well really 65, have to wait for wife to get SS.

We are planing on total Retirement income at 65 of around 110K, numbers are looking ok. I am 58 now, looking at 7 years ahead. It may not be as high as many, but beats, half that.

What about you guys?

Ones with 4-10 years away from 65.

Those 20-40 years from 65.

What are your feeling on attaining what you think you will need?




Link Posted: 10/8/2007 6:48:44 PM EST

Originally Posted By Winston_Wolf:
... Planning on working until I don't enjoy it any longer; but as it stands now, I hope to have the same (or somewhat better) equivalent income than I have now @ age 59½. That and about one million dollars to spend as I see fit.



I hope you enjoy a quality life.
Link Posted: 10/8/2007 6:50:09 PM EST

Originally Posted By Pacs:

Originally Posted By Tim_the_enchanter:
I'll be retiring at 56 with a pension of about 60K per year, net. and about 650K in annuities. Home and cars will be paid for. I'll be O.K., I think.



I don't want to be nosey?
A 60K pension at 56 is very nice. I it monthly annunety?


I can withdraw it as I like. On a monthly stipened or in lump sums. I'd rather put it to work for me with some secure investments. No telling how long I'll live. My wife will get a reduced pension after I die (assuming I go first). She will need some of those annuities after I'm gone. I'm working on a plan to set some aside for the kids as well. It's never as much as it seems.
Link Posted: 10/8/2007 6:53:20 PM EST
I am maxing out my work 401K ($15.5K / year) and maxing out a Roth IRA for both my wife and I ($4K /year per person). I plan on doing this for the next 2-4 years and then will start my own consulting firm if I feel like it.

My wife and I have about $200,000 in retirement funds right now. I'm 43.
Link Posted: 10/8/2007 6:54:11 PM EST

Originally Posted By Tim_the_enchanter:

Originally Posted By Pacs:

Originally Posted By Tim_the_enchanter:
I'll be retiring at 56 with a pension of about 60K per year, net. and about 650K in annuities. Home and cars will be paid for. I'll be O.K., I think.



I don't want to be nosey?
A 60K pension at 56 is very nice. I it monthly annunety?


I can withdraw it as I like. On a monthly stipened or in lump sums. I'd rather put it to work for me with some secure investments. No telling how long I'll live. My wife will get a reduced pension after I die (assuming I go first). She will need some of those annuities after I'm gone. I'm working on a plan to set some aside for the kids as well. It's never as much as it seems.


I just read an article today that said that the average person should plan for their retirement income for 30 years.
Link Posted: 10/8/2007 6:58:35 PM EST
The last time I ran the numbers it was 3.7-4.2 to retire at 65.
Link Posted: 10/8/2007 6:59:00 PM EST
I am 64 and I retired at the age of 62 after working 42+ years. My first retirement check (this does not include SS) was $100.00 per month more than when I was working. Guess working for the same retirment system helps.
Link Posted: 10/8/2007 7:01:56 PM EST
[Last Edit: 10/8/2007 7:02:50 PM EST by Desdinova721]
I'm 19. My current goal is to save half or more of all my income (at least until my living expenses rise dramatically...).

My goal is to retire in my 50's and never worry about money afterwards. Also, I'd like to have my own jet fighter in 20 years.
Link Posted: 10/8/2007 7:05:23 PM EST
I'm going to have to work until the day I die. I've never worked at anyplace that has had any sort of retirement plan---no 401Ks etc. I also have not made much more than what it takes to live-on. Not to mention that I depleted my savings while attending school for the last 5 years. I'm now 46, and I don't see anyway that I can get sufficient money for retirement. Maybe when I'm 90 I'll get there.
Link Posted: 10/8/2007 7:45:41 PM EST
heard today on Clark Howard, You need to be able to live off 4% a year of what you need to have set aside for retirement.
example if you need 40k a year you will need $1,000,000 in retirement funds.
Link Posted: 10/8/2007 8:00:40 PM EST
Don't forget that inflation will continue to chew away at the value of your savings. If you retire at a given age with a "decent" income, you need that income to keep getting COLAed, or your standard of living will continue to sink lower and lower.
Link Posted: 10/8/2007 8:02:35 PM EST
I currently have about 25k set aside for retirement. So I would be fucked if I were forced to retire soon. The rub is that I am only 21 and have yet to work a full time job. So I figure that I will be able to set aside enough money to live a pretty decent life.

James
Link Posted: 10/8/2007 8:11:24 PM EST
I am 33 yrs old, wife is the same age and we currently max out my 401k and she contributes about $4500 a year to her 403b plan. With the calculator we have it says we could expect to have a couple of million in my 401k account and my pension could pay as much as $165,000 per year. (This is if I work unitl 60 yrs old) That does not count her retirement plan or SS which I don't expect to recieve. I know we should also start a seperate IRA, but we really like to buy stuff. I know alot can change over the next 22 yrs, but I hope to retire by 55 yrs old. Wish me luck!
Link Posted: 10/8/2007 8:40:37 PM EST
The minimum I'll have in my TMRS is somewhere around $300k, not including pay raises and overtime. My TSP will be somewhere around $240k by the time I reach 62 and am able to collect from that. I'll have to contribute atleast 8% of my department income elsewhere since I can only contribute 7% into TMRS. Even if I were to stick that other 8% into a savings account (which I won't do) the minimum I would have would be a little of $100K. If I finish 16 more years in the reserve (that would be my high year tenure) and the 3% annual increases continue and never advance again (I'm an E6) my reserve pension will be about $1,800 a month when I'm eligible to collect that (age 60). My house will be paid off way before then and so will any vehicle I may be driving then.
Link Posted: 10/8/2007 9:03:27 PM EST

Originally Posted By brasidas:
I am aiming to retire at 50. My wife will probably still want to work after that.

And I am OK with that.

If she didn't work, our lifestyle would be pretty spartan. But that does not bother me. All I need is a fortified shack, rice, beans and an internet connection.



You forgot ammo.
Link Posted: 10/8/2007 11:24:37 PM EST
Right now its looking like 175k a year + whatever SS I get when I'm 67
Link Posted: 10/8/2007 11:33:16 PM EST
I'm on track to retire at 52
Link Posted: 10/9/2007 12:23:10 AM EST
Don't forget to take care of your health.

Early Retirement Age Found To Double Death Rate


A research conducted on petrochemical workers health and their retirement age has revealed that workers who retire early have nearly double the death rate of those who work on until they reach 65. This finding disapproves the existing misconception that people who take off from work early enjoy healthier and happier lives as a consequence.

Men were far more likely to die at a younger age than women, as were those on lower incomes compared to those with the highest incomes. This observed effect is more pronounced in cases where poor health is the cause of retirement.

The employees who retired at 55 had a significantly increased mortality compared with those who retired at 65. In contrast, employees who retired at 60 had a similar survival rate to those who retired at 65. Surprisingly, the observation could not be explained by factors such as sex and socio-economic status.

The results of the present study also highlight the need for improving the health of the ageing population, which cannot be achieved without better social engagement and involvement. The results are consistent with the positive effects of work on the physical and mental health of an individual. In addition to the income, work also provides self-esteem and social interaction.

Perhaps, it would be necessary to provide either part time or full-time employment opportunities for pensioners who wish to work even after retirement. It goes without saying that the other group should be encouraged to engage in social activities.

This would give older people the opportunity to build up a decent retirement income, to use existing or new skills, to help maintain a sense of self esteem and to have social contact. After stopping work, it is vital for older people to stay mentally and physically active to enjoy a fulfilling retirement.
Link Posted: 10/9/2007 2:02:02 AM EST
[Last Edit: 10/9/2007 6:57:39 AM EST by webtaz99]
What is this "retirement" of which you speak?

Top Top