I've been retired for 5 years from the Federal Government. I served almost 39 years.
Fun hypothetical - how much to retire today?
- Thread starter financeNfootball
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Weird question. If your plan is to save up and just draw from that money you’ll need a lot of money if you plan on living for a while.
I use my excess income to invest in secondary income. As my secondary income keeps rising, the amount I need saved up is greatly reduced. As of now I’m in the process of installing 2 more ice makers and in talks to buy 3 self serve car washes in the Columbia Area. Once that goes through I’ll consider myself retired even though I’ll be working for myself.
If you live off lake Murray on 378 side of Lexington, you’ll have access to ice by Feb 2023.
I use my excess income to invest in secondary income. As my secondary income keeps rising, the amount I need saved up is greatly reduced. As of now I’m in the process of installing 2 more ice makers and in talks to buy 3 self serve car washes in the Columbia Area. Once that goes through I’ll consider myself retired even though I’ll be working for myself.
If you live off lake Murray on 378 side of Lexington, you’ll have access to ice by Feb 2023.
My specialty is getting folks retired early. I have clients all over the country who we are fast tracking their retirement.
Society (Dave Ramsey, Suze Orman, The Media) has everyone thinking they have to have X number of dollars to retire early or retire at 65. It’s not about how much you have but how much income you can create and what you need.
Financial Advisors (Full Disclosure: I’ve been one for almost 30 years) love to sell you on buying a $3k Financial Plan. It will come with a beautiful binder that’s 125 pages long with only 10 pages specific to you. Don’t waste your time or money.
The bottom line in retirement planning is your net monthly income versus monthly expenses.
You might have a $5 million net worth but if $4m is in raw land and not producing income, it means very little unless you sell it.
Focus on income creation and your lifestyle (monthly expenses) and you’ll be just fine.
Society (Dave Ramsey, Suze Orman, The Media) has everyone thinking they have to have X number of dollars to retire early or retire at 65. It’s not about how much you have but how much income you can create and what you need.
Financial Advisors (Full Disclosure: I’ve been one for almost 30 years) love to sell you on buying a $3k Financial Plan. It will come with a beautiful binder that’s 125 pages long with only 10 pages specific to you. Don’t waste your time or money.
The bottom line in retirement planning is your net monthly income versus monthly expenses.
You might have a $5 million net worth but if $4m is in raw land and not producing income, it means very little unless you sell it.
Focus on income creation and your lifestyle (monthly expenses) and you’ll be just fine.
Your net worth is 4 dollars and 20 cents? Hell, quit now. You and your wife can both get a big gulp. What else do you need?
FTR - my specialty too. CFP in the industry for 15 years now. I agree with you, mostly - although a custom plan helps a lot of people who don't have the mental capacity or time to map it out. It amazes me how many peopple don't even have an idea of what they spend each month. And therefore, don't have any idea how much money they really need to live comfortably long term. This thread wasn't meant to be a deep dive on financial planning / retirement planning - more so just what # people had in their head. End of the day, to your point, just have more coming in than going out and with just a little planning, you're probably going to be ok.
I don’t see myself ever retiring completely. I don’t know what people do all day.
I’ll transition to consulting and project work so that my schedule is what I want it to be.
I’ll transition to consulting and project work so that my schedule is what I want it to be.
39 ... 2 chicks at the same time
You must really love what you do. If I were 55 my ass would be grass long before I got to 10 mil.
I retired at 62. My belief was my stress levels were low and work was OK. Once I got into retirement, my blood pressure dropped and sleep got a lot easier. I would suggest you don't know your stress level until out of the environment.
As to how much for retirement: My wife retired from the State of South Carolina and we are covered under the State health plan (buying health insurance before Medicare is $$$). I had / have NO debt. The house and cars are paid off. I took all the 401K, 403B, IRAs, social security, and other retirement to my Fidelity advisor. Using the planner available, I put together a complete budget necessary for a decent living and vacations. The planner asked if I wanted to leave my son 2 million (assuming a poor market). I had a cruise to Great Britain and Iceland. In February I go cruising to the Antarctic. In May we go to Hawaii.
A lot will change. My Medicare premium for my wife and I will double. That will just piss me off more than anything. Really piss me off Unlike the progressive income tax if you are 1cent over the next income bracket your ENTIRE premium goes way up. And I will also have more disposable income even after tax. Maybe get a Tesla. 😀 I may or may not reinvest. May travel.
I will have to pull a bunch out each year and my children will be hoping the balance stays the same by growth. Ha. Maybe.
One good thing is that at least for now starting at 70.5 you can pay all of your charitable contributions out of the funds and it wont be taxed. And at 72.5 that will also count toward the mandatory minimum. (I look for the 70.5 to sync with the 72.5 soon)
1.5mm in investments prior to age 40? Bravo sir
Age 60. Wife already retired. My number is also $2.0 million.
I retired 10 years ago at the age of 62. My wife and I found that we continue to spend about the same amount of money in retirement as we spent when we were both working. I think many reasonably active retirees end up more or less like we are. It's a big wide wonderful world and a couple can find a lot of ways to enjoy the world. Many of those ways cost money. So prepare well.
If someone offered me a job that paid $500,000/year I would turn it down immediately. Retirement is terrific.
(It would be important that my wife NEVER learn of my decision not to work for half a million year.)
If someone offered me a job that paid $500,000/year I would turn it down immediately. Retirement is terrific.
(It would be important that my wife NEVER learn of my decision not to work for half a million year.)
Hit nail on head.
Wife and I travel, lake and beach house ( hers with her sister) 21 rental homes, part of 3 commercial buildings 16-25,000 sq ft.
I look at my “net worth” then look at “if I had to firesale tomorrow” worth and figure everything on worst case scenario’s.
Not planning on using my retirement but not not planning on using it….
My wife ( me too just not as much) has the gift of “GIVING”. Which I don’t care but it is anyone in any kind of need, tithe, anyone doing anything in the community…..
she would love me to win lottery as she says she could help so so many and totally enjoy. I’ve got to much invested in her to get rid of her ha ha but I do enjoy her company most ( not all) days
Hopefully you live a long and healthy life and if so your son will be a big boy and will have earned his own 2 million by then
I get nice medical coverage if I stay until age 60, so that's the goal. I'm a year away. Looking forward to not having conference calls interfere with my track training, fly fishing, etc.
I had some buddies who initially questioned my choice to take this newly-created role in Sacramento. I don't think most understood how well the company was setting me up for future part-time lobbying work by relocating me here. I'm literally watching the very senior folks retire, creating a natural gap, especially for the environmental agencies that are my portfolio. Ideally, I'll work on my schedule in my early 60's and be able to pick & choose projects. I'll be filing the LLC paperwork in the spring.
Like some on here have mentioned, I too, have family that I know will need financial help. If not now, then eventually. I'm not a bank, but I'd rather have more than I need, just in case.
42 here. Retired at 39. Enough to own a place in the upstate, the nc mountains and spain. Zero from inheritance.
51 and wife is 44.
Paul Foster is the goat..
We are at 3.95 currently. I’m working 8 more years then retiring.
We have a 5 yr old and 12 yr old but college fund is already set. But we want to make sure our children’s children are taken care of.
Wife’s company handcuffed her with a golden parachute so she will work till 62.
But this all could change tomorrow as I had a ct heart scan today and I have a widowmaker in my main artery that has to be taken care of asap.
Paul Foster is the goat..
We are at 3.95 currently. I’m working 8 more years then retiring.
We have a 5 yr old and 12 yr old but college fund is already set. But we want to make sure our children’s children are taken care of.
Wife’s company handcuffed her with a golden parachute so she will work till 62.
But this all could change tomorrow as I had a ct heart scan today and I have a widowmaker in my main artery that has to be taken care of asap.
I think, every year I work is one year I will not spend my savings. Dad lived to 88, Mom to 98. Don’t want to outlive my money.
that being said, @. 71 yo, I’m about done either way.
I basically do this right now. I'm 58,
I inspected 2 reactors at a plant in Rock Hill on Monday. I normally work in the office from 9:30 - 4:30 minus lunch most days. I will spend the next 4-6 days importing the thickness data into a database, captioning photos, creating an engineering model of the reactors and writing evals/reports for them. For that I'll invoice them about $5K. Some weeks I make $5-10K. Some weeks more. Some times I don't make anything for 2-3 weeks... Overall I work a little more than half full time.
47 and wife is 31 Lemme get “$2.50 and a jawbreaker? $1.00 and some envelopes”…..😂
Almost same here. We’re 28 and 29.
Edit - I still wouldn’t retire if that was in my bank account now. I love what I do and would be even better if I only took assignments I wanted or could make tons of $. I’d love to become a big philanthropist and make an impact on Greenville.
I never plan to retire. Just plan to keep acquiring commercial real estate and run the investment fund with my kids one day.
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Not to get political but tell me who the president is? I had been growing a decent nest egg for retirement but it has gone backwards significantly the past 2 years. The number I would give you now is quite a bit higher than what I would have said back then.
this is me 3 years ago. my biggest surprise is that insurance is $4000 per month (with a $5000 deductible) ps inflation and the stock mkt sux right now
Lord, you are old. You better retire now while there’s still time! 😉
$1mm. Bc at $1mm, you now have enough to invest in Georgia tax sales and literally make over 100k per year after tax in a truly passive fashion.
In Georgia, you shownup to a tax sale, bid on the property, and 1 of two thongs happen. 1. They homeowner pay you 10% of the bid amount 2. They dont pay up and you get to keep a $500K home that you bought for 300K
In Georgia, you shownup to a tax sale, bid on the property, and 1 of two thongs happen. 1. They homeowner pay you 10% of the bid amount 2. They dont pay up and you get to keep a $500K home that you bought for 300K
To maintain the standard of living I want to maintain and be able to do what I want in retirement? $10-12MM.
