I plan on retiring at 60, which is longer than I planned on working. This should put me in good shape financially, or at least I hope so. I was reading online that the average american retirement income is at $48,000 anually, with an average of $46,000 spent. To me, that seems like a slim margin of error, for unseen problems, sickness, etc!
I was planning on retiring at 57-58 but have decided to go 5 more years, to 60. I guess my question is, for you folks whom retired early, do you have any regrets? Do you wish you would have worked longer?

Here are some things to think about:

inflation - what if there is 3% inflation over the next 30 years?

Stock market - what if there is another crash like 2008

How much do you currently owe?

How much do you have saved?

What do you plan to do in retirement? Travel, Hunt, fish...

Do you have money to draw on besides social security?

My financial guy talks about having $1.6 million in assets before retiring.

The people who retire early enjoy more years of good health which is also a big consideration.

Good luck on making your decision.

Our current plan is to turn our house (3000 sq ft 5 bed 4 bath Victorian) into a bed and breakfast once the kids move out. I'm 31 now and can retire when I'm fifty from my job with full pension, kids will be out of the house when I'm 48, like it or not. There are currently none in town, of course that can change in the next 20 years. Running a bed and breakfast isn't exactly retirement, but it's income that allows me more freedom. But there's a lot of time and a lot to do between now and then, so we'll see how it all goes.

Read the book "Rich Dad Poor Dad"

Good luck with your plan. I hope it works for you!

When it comes down to the brass tax.

The only things you will worry about are the utilities and health care.

Me

I'm not playing life to retire at an age where I can't enjoy anything. I'm playing life to furnish a mansion for eternity!

Here

My goal is to build a financial empire that will support missions, Buid churches, build schools, build orphanages, and fund pastor's. In such a way that will keep on going long after I'm called home.

But I'm just a greedy man that wants to make sure I'm not moving into an empty mansion when I am.

Lol

When I die you probably wouldn't even know I had money. But you will be asking to live with me if we ever meet in eternity!

I don't see how one can save half of their wages, plus run a family life and have enough to even think about retiring.

If one bad accident happens or a calamity, even your insurance can't be trusted to cover it any more. Life insurance helps the family but is still a bill going out while your alive. Until your to old to have it, then look at all the funds you spent on it you don't get back, legalized gambling, like health insurance is. Only one winner in either.

People have to work two jobs today to help keep anything theirs, plus get the kids through school unless your the sort of parents who just tell the kids see ya, which is another thing I can't understand, but a different thread.

I don't plan on retiring, I can't afford to and don't want to live off the street either !

At 60, I will still do something to suplement my income. It will be a tough decision for sure. I do know people that retired early, and I don't know how they get by, and that will only get worse.

Insurance is the biggest killer for draining your income, my wife works and I pay her for the insurance, most people wait until 65 to get on Medicare for coverage to retire. State pension and SS and good health goes a long way if you retire early if sickly keep the insurance you have.

How much ?

You can't have too much or even enough .
You just decide you've had enough and live with it the best you can .

One of the very first things you need to do is get a very exact number of your expenses. Then pad that number for incidental/unexpected things that come up.

When you know that number then you should have 30X the expense number you come up with. That would be for 30 more years of living from that money. You will gain SS and gains from the money you have as time goes on but that should be your cushion. I would advise that you have NO debt when you plan to exit.

I retired early (5 to 6 years before the start of SS) and had a lot of mixed feelings about it but I kept telling myself I can't buy back time. My health is good and time was worth more then to me then a pay check.

You will never hear someone say lying in their death bed, that they wished they had worked one more year or stayed at the office after hours doing work. I didn't want to be one of those.

I can say for myself it was the best choice I ever made. I have never had so much fun doing what I want and when I want and healthy so far to do it my way.

I spend many pleasant days in paradise at the ranch just living life simple and one step at a time. LOL

I wish you well and hope it works out for you. I'm no financial expert this is just my opinion.

I was fortunate in that I started saving for retirement and items like insurance the same year I started my job that I held for 31 years. I did the same for the 5.5 years I worked 60% until I was 65. By starting early I was able to accomplish my goals. The real benefit of saving money for retirement is not as much about amassing wealth as it is doing a good job managing expenses the 37 years I was saving money. It is amazing what one can learn to do without or how to find lower cost ways to entertain, live and still be charitable. By the time one reaches retirement age the lifestyle is pretty much set. We are able to live on and spend more in retirement than we did while I worked. My wife worked 7 out of the 37 years I worked. One thing we were able to do was I had a basic contract and the college challenged my one year to increase enrollments if we wanted to keep our jobs and 22 out of the next 23 years I had an additional income due to higher enrollments. Those extra dollars after tax allowed us to assist greatly in our two children's weddings and more than half of their two college educations and putting money into our savings accounts.

Retirement or more exactly financial independence is a state of mind more so than a dollar amount. I am so grateful that I understood the need to save for increased Health insurance premiums at a young age. That is really a nice fund to have. Way more important to me than a home worth 100K more than the one I live in.

Bryce

Before I retired, at 61 and 6 months, for a two year time period, I kept track of every cent, and I mean every cent, I spent. I wanted to know exactly what I was spending. Once I knew what I was spending, and then adding in for unexpected things, I knew just what I needed.

The genius Mike Tyson once said, everybody has a game plan until they get hit in the mouth one time.

I retired in 2002 and the wife a few years later. I am now 72. A rule of thumb is to use 4% of your savings each year. We violate that rule every year, but fortunately the financial markets have provided excellent returns. That is bound to end someday and we may have to tighten our belts.

Hurts to pay more taxes now than I ever did while working.

I quit working for the company when I turned 55, they agreed to pay me to stay home! Invested in the stock market took some lumps and learned from it, when we moved 12 years ago got out of debt and have enough to do what we want. One regret was we should of left NY the day I quit and will never buy an annuity or life insurance---you lose control of your money with the annuity with the life insurance you're betting that your going to die and the life insurance is betting your going to live! If it all works out it will be a cash bar at my wake!

I am 62 reading this n taking it all in. Agree in knowing what u spend, 2 very good friends told me same thing,write down everything you spend for 2 years prior , add 10% then u have a really good idea of what u need.

Have more coming in than when you were working.

I plan on retiring at age 55 I started saving for retirement when I was 19, I work for 31 years for a big company. we had good retirement every year they took something away final we had no retirement . at age 51 I had cancer an a stroke was planning on going back to work 1 year later . they told me I didn't have a job anymore that I was a liability . so they retire me I have had 2 more cancers since but still going strong I got ss when I turn 57 .one think I no is you can only spend what you have coming in . I found out the hard way it don't take much to live a good life on if you don't have any major monthly bills ,retire when you can saw to many guy wait till they get to 62-65 ,and were in to bad of shape[wore out] to do what they like get out when you can

Yep..Make no mistake about it..Each step you take is a step to the last step in your life..And in the end nothing matters..no matter how rich nor how poor..done is done....

https://www.daveramsey.com/smartvestor/investment-calculator?snid=footer.tools.investingcalculator

This guy is fun to listen to and has lots of good advise to help you get out of debt. Also good suggestions to set yourself up for retirement.

I retired at 55 and have no regrets. Two other guys, who were not planning to retire for 5 years, asked how I could afford to retire. They were convinced I must have saved a pile of money. I told them I was going to retire and live on my retirement pension. Period. My savings consisted of not spending as much money after I retired. They both retired the same month I did, and all of us are glad we did 13 years ago. Those have been the best years of my life.

I turned 62 last week. I will work 9 months and done. I need to work on heath care and that is IT.

So what do you guys plan to do after you retire; just sit in the shade? Making money is fun, not just because you can do stuff with money, but it's kind of a game. I'm 60 and have never given retirement a thought. My plan is to work and play until I drop.

Me i'll dug roots and fish all summer. hunt,trap,ice fish.and can work some cash jobs.JUST BE A WOODBUM .

I quit my job at 54 1/2. I worked everyday underground for 20 years and then another 17 in management which was both inside and outside work. My accountant guaranteed me that I had enough money for two families to retire with, but I couldn’t find a doctor who could guarantee that I would live past 3:30 today. My three kids finished college and we paid for their 4 year degrees. I used several money managers and bought mutual funds, preferred stock, bonds, common stock and an annuity to diversify my holdings. I invested for 20 years, buying every month, and increased that amount every year as my income rose. My wife retired at 57 as a teacher and she recieved a pension and we will have health insurance till we turn 65.

I had a long range plan to retire early ever since I turned 40. My health is good and I’m very active at 60 years old. People ask me....what do you do all day? You can’t just hunt, fish and trap? I respond, yea you can, and I’ve even done all three in the same day. I grow a 3/4 acre garden, tend to an orchard, keep bees, go to camp every week, cut wood, and play with my 5 grandsons who are all under 4.

I had a great job with a great company but the urge to play was too much for me to keep working. I do miss my friends at work, and there isn’t many kids my age to play with....they’re all still working. But there was never a day I regretted retiring early. You’re not guaranteed any tomorrows.

Well, today was kinda rough. I got up this morning, about 4, and went squirrel hunting. Came home and read a bit of “Common Sense” by Thomas Payne. Kind of a weird read, if you have never read it.
I went out, about noon, and dug potatoes. Came back in and read a little more of “Common Sense”.
About 2 in the afternoon I picked up my 4 year old grand daughter and took her to the swimming pool. She didn't want to leave and we spent three hours at the pool. I got home about 6 and ate some sea food bisque and started drinking “Rusty Nails”. This retirement is rough. Don't do it unless you are really prepared for it

15 years ago I retired at 53. If I knew it was going to be this much fun I would of done it at 50.

I work part time but can only work 20hrs a week or the State gets huffy and some weeks I don't get called. I work on skunks, glands and lures in the summer time help out the brother-in-law at the farm with cattle and driving truck. I trap 6-7 months here in the fall, winter and some spring beaver or badgers at times.

If I knew I would be having such a good time, I would never had started working in the first place

A guy can spend a few years selling off the junk that he no longer needs that is piled up in the sheds! LOL

My broker told us we'd need about $6000.00 a month to retire. Thought he was nuts. Health care is absurd! Have no payment/mortgage. He wasn't far off! Retired @ 55 are doing great but had no idea the expense.

To me the five or ten good years I hope to have that I feel like hunting, trapping and fishing will be worth more than the salary. I’m going to take that deal in a couple years and I’ll gear down on spending if I have too. Everyone must make this huge decision in life if you work for a living someday.

This***.I had a good friend who spent 40 yrs.working for the state of Michigan,spent all his spare time hunting,guiding bear hunters,fishing,trapping.Couldn't wait till he retired so he could go all out,1st yr.into retirement he was diagnosed with a brain tumor,he fought it for a year,3rd into retirement was his funeral.Enjoy your time now,not after you retire.

My buddy retired at 50. Says he spends a lot less now that when he worked. Says I'm stupid for waiting till I'm 55.

But everyone has different financial situations...But some THINK They need more money than they really do.

After about that age, Being able to do things like you want physically can be lost...so what's your quality of retirement if you wait for "X" amount of money?

Retired at 55 and 6 months, I do not regret 1 min of retirement. I have done a lot of things I always wanted to do, vacations, trapping trips, Canadian fishing trips. I have been retired for 8 years. I was able to carry my insurance into retirement, so that saved a bunch.
Also having no debt is nice, makes it easy to do the fun things.
I agree with law dog, you can sell off all the junk you have accumulated over the previous 30 plus years and put a lot of cash aside.
Our sell off produced about 30 grand.
I also work cash jobs as I am needed to stay busy.
The amount off money needed will depend on what you want to do after retirement, do you want to stay home raise a little produce, trap, roots,hunt,fish ect. Then it will be a lot cheaper, but if you have vacation plans ect you will need more. The price of retirement will differ by individual and life style.

A lot of good advise here. I still have a lot of thinking to do.

Retirement is just a political made up idea created to draw funds into a Social Security tax.

If you can't work until you die, you're just a drag on society.

T Rex, you're just a ray of sunshine.

I’m seeing guys where I work that could have retired several years ago and they’re having major health issues, strokes, and such or their wives are. My wife’s stepfather worked longer than he should and lived three months after he retired. I have a friend that retired from the education system and retired as soon as he could and he’s been retired longer than he worked now, he’s 82, and he lived a whole other life after retirement. These things have been factors in my decision.

Work keeps you young. I work hard, play hard and if I retired I would retire hard.

I had Know idea that people retire in there 50’s!! Sounds like a good plan to me. It must be a regional and a cultural thing?? Around here no one retires. Dad worked from 4am-9pm yesterday, he’ll be 70 in November. My FNL is 68 and still works sunrise to sunset. Both work 7 days a week. Sunday’s are short so everyone can get to church.

Good for you guys. Play hard!!!!

Yep..I see retired people all the time on the road in their late model 2500 and 3500 pick-ups and their very,very nice pull trailers or fifth wheels. AND LOVING IT..

And, just because you retire that doesn’t mean to become lethargic and watch soap operas. I’ve talked to 20 people or so that live locally and not one has wished they kept working. I’ve driven the same road 11 miles each way for going on forty years and I want to drive the roads I want to instead of have to for a few years.

I am 57 1/2 and I retired Friday from a my full time, mostly office job where I have worked for nearly 33 years. My wife is 4 years younger and has a very good job that she really enjoys. She plans to work 8 more years.

I am taking September off, including 3 weeks in Alaska, and then I start a part time job in October doing field work. The plan is to work part time April to October and also trap, hunt, pick up sheds, and run a few cattle. At my retirement party I had another job offer for part time work on a ranch. I tell folks that I do not plan to stop working, I just don't want to go to that place every day anymore.

We do not plan to touch our retirement funds until she retires. She can keep building "her's" and "mine" can keep growing.

At the party there were several folks that have retired in the last few years and not a one of them wanted to come back!

Yep..I even see and talk to all kinds of people that have living quarter horse trailers..These are some extremely nice horse trailers and living quarters. Seems like they can live off grid easily.

A guy that works for the same contractor that I do, is 68, and plans to retire at 72. He has no kid, no wife, and lots of money. This guy could be travelling the world, but chooses to keep going to work. I just don't get it.
My wife watched her parents struggle during retirement, and now she's scared that could happen to us. Everything we will own at retirement will be paid off, and I will have a good pension. We also have been putting money into stock ( company I work for ) for a long time. That has grown big time, as our company grows. I think we will survive. As long as the wife is happy, and I have some fuel for the boat, we'll be good. Lol

Every day is like a Saturday when you hang it up. I really enjoy seeing Monday morning every week....all the amateur play babies go back to work and leave the woods and waters to us pros who really know how to have fun.

I trapped hard in my younger days, but had to hang it up when my job had me working 5 am to 4:30 am for 30 years. All 300 traps hung for years in the shed, dyed and waxed, ready to be called back to active duty. When I retired in the summer of 2013, the first job for me was to get those traps ready for that fall’s season.


Trapping had changed dramatically since I quit many years before....new animals like fisher and coyotes. New methods and gear....cable stakes, trapper caps, wax dirt, cable restraints, etc. I had to relearn the whole sport over again.

Its funny you said that kytrapper, Momma always used to joke that she wanted to retire so she could sit around all day and eat bonbons and watch soap operas.

Retirement means something different to everyone. Some are realistic, some not so much. I know several people who think they will retire and do things they could never afford to do when they were working. Does that seem realistic? I retired early at 50 in 1997. Couldn't be happier. I never made a ton of money. Never saved or invested like I wish I had either. Pay things off, make sure your health insurance is covered and go for it. Interest in things other then work is important. Doesn't matter much what it is. Keep active and your mind busy. Those who only know the work world, without any hobbies and other interest don't live long after retirement. Its all what you make out of it. Retirement life is good.

At 62, am retiring this year. Never made $48,000 dollars so guess I'm below average, however lived within what I made. My out is no debt, there are still monthly bills though, you just got to figure those up. My financial guy says I'm good to go, and I trust him. Told my boys growing up, it's not always what you make but what you spend, when making a purchase ask yourself and be honest do I need it or want it? I have options to generate income if need be or want to, I am not able to generate more time. Stay healthy and in shape as best you can, they kind of go together, make sure you have enough traps and gas money for your truck. People ask me if I make money trapping, my usual reply is, just try and cut my losses. I knew or know of to many people that did not get a chance to retire, and there are those that have nothing to retire to.

More to think about. You have to liquidate all of your assets 7 years prior to going to nursing home which is around $6 to $8,000 a month or the state will take everything you own. Therefore,not wise to show any money in the bank.They make some pretty good safes now days.So you save all your life to retire,then go to a care home and they take it all anyway,pretty sad.

tbn, if you don't pay for nursing home care who does?

Exactly! It gets old hearing about how the home "takes" everything one works for. If people don't like it they should take a swan dive.

I didn't know any of you worked in the medical profession?Tell me about Medicade and Medicare? Tell me about the countless people I personally know that had to sell their farms to pay their nursing home bill each month? Tell me about when you can't pay you are simply told they do not have a bed for you?Must just be Kansas.Carry on.

What does working in the medical profession have to do with personal responsibility?

My Dad worked 38 years in a coal mine,was able to retire with a great pension at 56 years old when the mine shut down. He was healthy and a hard worker, so he took a job with I.B.O.E. ( operators union),worked about 2 years and was killed in a car wreck coming home from work.
I'm out asap! Tomorrow is promised to nobody.

Some of the private elder care providers will not take persons who need public care. Most of the publicly owned ones have to and the care level is considered by many as lower due to the fact that they work on much smaller margins if they make money at all. My mother in law still has enough funds to cover the 90 K per year her estate is charged for her care. She went into extended care about 4 years ago with over 400K in insurance proceeds when her husband dies. She will be out of money within the year. We hope she can stay there as she is 96 and her demencia is progressing rapidly. She was in a very nice assisted living place for 5 years but they would not care for indigent customers so we started looking several years ago to get a head of the curve.

Also many create trusts etc. and other legal vehicles to transfer all of their wealth away from the elderly persons and thus they will qualify for Medicaid when they enter into care. The look backs vary from state to state but we do see many financially able to pay families follow this policy so they don't lose their inheritance by elder care. I have talked with our two children and we have decided to not try to protect our assets. They are not large by many standards but we will prefer to buy some insurance and pay our own way as long as we can. To many that sounds stupid but I moved away from home at 14 to raise myself and I don't need to have others take on my responsibilities just because I can.



Bryce

More and more it seems like people look for someone to foot the bill when times get tough.

If you love your job and you are happy work till you drop. What I see in some that I know that still work into their 60's and 70's is that they have nothing but work. They don't have a hobby and all they know is how to work and save money. Nothing wrong with that life.

For me I want to do other things and explore life after working for 40 years. The stress of the work place can be a bad thing and a killer for a person. It is amazing what retirement can do for one's health.

When people retire they need to retire too something just not retire. If you don't have a plan it might not be for you.

hrdtoflw
Be very careful, if your job and retirement are both invested in one company.
Kodak. Enron. Sears. If the company goes south you lose both your job and your portfolio. No matter how great the company was or is.
As always, the "when to retire" thread is both somewhat informative and somewhat humorous.
I hope you all get it right and have the time of your life in your later years, no matter if you want to work till you die or quit when you're 50.
The sh^ts of it is we don't know when our "later" years are or our last day is.
If we did,retirement planning would be pretty simple.

I went at 55, wife at 52... never looked back... we have state benefits from her being a teacher. Our assets have grown nicely actually. I think the key is being debt free, we have no mortgage or car payments and all college education is behind us... We use CC's all the time, but pay off monthly for no finance charges and get the points...
We're pretty "middle class" IMO... it can be done.

i would love to go out earlier, but will try for 60. A man has to have some toys for retirement. If I get debt free sooner, I'm gone. Life is too short to spent it working, if you don't need to.

Maybe I'm doing it wrong, but I'm 36 and I put a little back for retirement, my wife is a nurse and she is 32 and I have her putting 20% into her retirement. But we enjoy life now, we always take at least one good family vacation, I bought a place in Ohio and go there several times a year hunting, I also have 800 acres leased in Illinois and spend several weeks a year hunting it. I just want to enjoy life now while the kids still like doing things with us and we feel good. I've saw several people not enjoy anything while they were young and save all there money only to not feel like doing anything when they retire or die soon after. I guess its all how each person wants to live their life. I know I could put a lot more money away now but I'm enjoying everyday

A nice retirement community starts around 5k a month and goes up sharply, especially if you require assistance.

Go walk around a nice place. Then go walk around a Medicaid funded nursing home.

How much to save for retirement can at least partially be answered by how many years you want to be able to stay in a private funded retirement community before getting dumped into a Medicaid funded nursing home.

To me this is just a disgusting practice in general, for several reasons. Welfare at its worst.

I’m going at 65 got just under 3 years.got everything almost paid off except the house and there’s no way I can get that paid off unless I Used my 401 k money.We have one house we’re going to sell next year and should net around 70-75 k I’m thinking I might use that money to pay down our house which is 143,000 and refinance the balance for a long term small payment.I think not drawing down the 401 k to pay the balance would be best as half my 401k draw down of 4% will make the payment.What do you guys think.

One of the guys I worked with had said. " You don't make living, you live on what you make." He got cancer and died before he could retire.

I have 10 more years with the company to have 30 years and I’ll be 60 years old. The only expenses I will have (barring some catastrophic event) will be your basic monthly bills. I hope to retire then. I workout 6 days a week with weights and cardio and hope to continue as long as I’m alive. I have it in my living will to not do anything to save my life in the event something happens. No nursing home. Let me die and have a cookout when I’m gone. With my life insurance and retirement, my family will live very well when I pass. Death doesn’t bother me as much as where I die. I’ve always told them I hope it’s in the woods, and if it is to check the gun or bow and make sure an empty bullet isn’t in the chamber or that all arrows are accounted for. If not they better find the critter before removing my body! I plan on having a little fun after retirement, lol.

Used to say it was Sunday if I looked in the driveway and the big newpaper was there. Dont take the paper now.

I am not sure how much it will take either. I am now almost 40 and don’t have much in savings. My 401k looks good but not enough to live on. If I make it to 60 my plans are to have everything paid off and buy a good sized boat to live on traveling down the Mississippi River for the cold months and back north when it’s warm. Probably just a dream. I will not work full time after 60 if I can help it. Insurance is the biggest factor

Most states use about 25-30% of their budgets for their share of Medicaid. Typically, about 30% of a state's Medicaid budget goes for nursing home care.

I've never considered myself a big spender, only have owned 1 new vehicle in my life, my wife's 2003 Honda van that I'm now driving but I must be doing something wrong compared to some of you guys. Then again, I came to my real profession fairly late and didn't make much money in my 20s and 30s. Probably bought too big a house when we built this one in 2008 but I've enjoyed it here. On paper, I think our retirement funding is doing well but as of now we live check-to-check. My wife's 57 and has been a RN for 32 years but made the mistake of renting instead of buying a home in her earlier nursing days. Her 1st husband mooched off of her until they got divorced. We've been married for 22 1/2 years, first kid started college this fall but is living at home, second kid wants to do Army before going to school. He's a hs senior. Trying to get the wife to make it as a RN for another 5 years but she's pretty gimped up from multiple issues.

I had a cop friend in the old neighborhood who asked me, "when can she retire?" (city workers know exactly when they can retire!). I said, "when she thinks she's financially able to." It was foreign concept to the cop, his magic number was "75" (50 years of age, 25 years of service) but I heard he had to do another couple because of the great recession and he still works part time for the cops after retiring (that's sort of a racket here, local and state people pulling their retirement from those governments but coming back and working part-time sometimes in the same jobs as before). Big difference too if a person enters federal service in their 20s or in their 40s.

I plan to retire at the end of 2025, seems like a nice round number and I'll be 63, the wife 64. I still want to get some things done at work that I think should be done and if nothing else, I want to see how my section fairs after all the old guard SOBs who have ruled the place are gone in another 3 years or so. I'd also like to get the last advancement that I can probably achieve and then turn around and give the whole organization the double bird within a year or so. Everybody has their own reasons for how long they stay "working" for someone else and when they walk out the door and "work" for themselves until they can't anymore. So it goes...

Get out as soon as you can.I built up my pension by working lots of overtime the last 5 years I worked.My pension wound up as the same as my regular wage when working,and I was able to retire at 56,a year earlier than if I hadn't built up the pension thru the extra hours.

Most young people don't think about pensions and retirement,but when you are young is the time to salt away whatever you can by taking on extra work to build up your retirement fund.This will allow you to retire early with a decent income and you can do whatever you want whenever you want for a good number of years before father time catches up with you.After 5 years of retirement,I felt a lot better physically than I did my last 5 years of working.A lot of the joint pain has disappeared.

I drive 2 hrs. a day on a state highway that averages 6 fatalities a year. Heart disease runs heavy in my family, even though I'm fit and healthy, I have worked in factories since I was 18 being exposed to all sorts of "by products". At 45 I'd like to think I'll retire in 10 to 15 years, but who am I kidding ? Right ? I try to enjoy every minute of life with the people I still have with me, not pine away for some glory day fantasy of not going to work any more .

When my wife wants to buy something we really dont need I tell her to picture the item next to the cash money it costs, then deside which to pick up and go home with.

It depends on the life style. If you want to run the world and see everything, you better have had a good job with benefits with a wife working and have the same good benefits. Have a summer home, two new cars every few years. But if you own your home, and have a retirement plan from work. Have a health plan that helps pay your insurance. Item you can not get away from are taxes, light bill, food.
A lot depend where you live. If you live in the city you get stuck with other bill you can not get rid of. I retire when I was 56. I never look back.

I just started working my career, but am already dreaming of retiring. I worked my way through college, and with about 50% help from my parents (one of the greatest gifts I could get), I came out debt free with considerable savings. I was able to pay for my wedding and finance a home and some land. Wife is going to grad school, so when she gets out she should make decent money. Between personal contributions and a very generous employer match I'm contributing about 25% to retirement, and payingfor extra 10% on my mortgage. We live a very modest life, but we're comfortable and enjoy ourselves. No tv, spend our weekends working on our house, and working my new pup to be a bird dog. Goal is to have my 20 year note gone at 35. I'm 22 now. When the wife gets out and starts working we'll feel like we're rolling in money after living on one income for so long.

I have decided that saving my first million dollars is too difficult. So I will just start on the second million now. Lol!

Smart man here.

I didnt come into my career until my late 20's Before then I spent every dime I made and then some,but once I had a different job I started saving/investing. Due to some unforeseen events 1/2 of what we had put back is now gone. The plan was to retire as soon as I have in my 20 years, I have 3-4 years left till then. I drive an old truck, dont buy new extravagant things ,but do enjoy a treat now and then. We are down sizing the house right now. I can work longer if I would like because my pension does not max out at 20 years. I plan to work another job where I could get in 9 more years of paying into some type of retirement and downsize even more. OR I could hang it out where Im at and contribute more to the pension I already have. The down side to staying where Im at is the job is physically and mentally draining. The up side is I cant go anywhere else,start over, and make what I do now.I currently have several weeks of vacation, only work 36 hours a week,and have access to almost unlimited OT. We plan on and want to just live as simply as we can so we can afford to do things when we want.

The only down side to retirement now is heath insurance. Retiree insurance is ok but still expensive. I cant find anything on the market that is or will be any cheaper. Medicare right now dont kick in till you are 65 and you still need supplemental insurance.

I retire in two days so I’ll decide whether it was a good decision on Thursday. I do intend to work part time but if I feel like heading to the woods, I’m going. I can make a case for working longer but I finally decided it was time to enjoy some of what I have worked for.

Good for you. Go get life like you own it. You earned it, and that is the final word. I will be the same way when my time gets here. CONGRATS to you!!!

That is great! I wish you well and you will find your way. It may take some adjustments but you will soon find that freedom.

Now you are the boss, everyday, do it your way.

Our passive income exceeds the amount we need to live on by a few thousand a month. Next year I’ll be eligible to draw a small pension. All our money is tied up in rentals. The trouble is we’re used to making the money my job brings in as well. While we could make it without my income, it would be a definite hit in lifestyle. If it was solely up to me, I’d be gone now. Any talk about early retirement makes my wife nervous as all get out. I’m 54 as of this week. Some people in my family live until they’re 90 and others dropped dead in their 30’s. So who knows. Definitely something to think about.

Somewhat the same in my situation. The males in my family (both sides) average about 67 when they die. Most really lived hard and I am 70. On my wife's side of the family the women live into their mid 90s plus regularly. No matter how successful one is and saves it takes a lot of money to live 25 to 30 years plus in retirement.
I have some limited LTC insurance from my job. My wife did not qualify. I probably won't need or use LTC but my wife very well may so yes putting aside and or not spending several 100K for her in later life has been an aim and a goal. Good thing I grew up very poor as it is not a sacrifice for me to do without what many feel they need or want.

Bryce

I retired this year at 57, and am busier than when I was working. I make a "to do" list weekly. When it is all crossed off, I make another one. Between competitive rifle shooting, reloading, competitive fishing, fun fishing, hunting, trapping, welding, wood working projects, home improvement projects, food plotting, working on and maintaining 4 vehicles, yard work and landscaping, putting up firewood, BBQ'ing and smoking meat, visiting my 80 some year old parents weekly, and helping them with the farm...I barely have time to eat supper and go to bed. And...I left out a few other things that I do weekly.

I went to New Zealand this May, hunting Red Stag and Himalayan Tahr. Next year it is an African Safari for plains game. 2020 will be grizzly bear in Alaska. And so it will go until I tip over.

The original question was...how much to retire? There is no set price for everyone. Financially, I can do it...so I did. I spent the last 26 years running heavy equipment, and all the bouncing and banging around is taking a toll. I'm starting to slow down...I can feel it. I'm going to enjoy it while I can.

I am 66 and don't want to retire. I like working. I switch jobs every once in the while just to keep it challenging. Right now I liquidate timeshares (its all drafting and recording deeds then mailing them to the resort). Easy computer job, I work out of the house and can make my own hours. My dad still works some each day and he will be 90 on the 28th of this month.

As a friend of mine said after retiring, it's not how much you need to retire, it's how much you can do with out. He said he's not talking about the things you enjoy, it's how your priorities changes.

As others have said clean out the junk, if you haven't used it in last 1-2 years its gone. I have another friend that within 5 years of his retirement he began going off grid, solar panels, water well etc. He basically disconnected and made sure vehicle and property was paid off before retiring. His advise, set a plan and stick with it what ever you decide.

B

When you retire you should have way more disposable income than when you are working.No mortgage,no kids to raise,no college fund,everything paid off,no debt,lower tax bracket,and a slush fund bank account.Even if you have a bit less monthly income when your retired,the expenses should be way less than when you are younger paying a mortgage,and raising kids.
Also,just because you retired from a steady job,doesnt mean you have to blimp out in front of the TV.You can work at what you want,when you want and how much or little you want(Trapping fits in very well especially if your young enough when you retire).Also volunteer for church or trapping org,etc.

Stay working as long as you can. Keep your mind busy, you will stay younger and live longer!

One of the things we are seeing in a service related economy which means work is much more variable in physical demand is that many now realize that retirement is more or less something they many never afford and thus are finding careers that let them work longer or work in places where change in hours and tasks is desired. Many will figure out how to do the things while employed and younger and healthier and thus can and will work much longer into their lives. SS will be a pay raise for many as they continue to work and downsize their employment over time. Cost of living and paying for major stuff such as health care, housing, travel, family costs like weddings, funerals and education will demand higher spending while working and so why not work. I spend a lot of time doing many physically active things some of which make a small net income for me to use. Most of the healthy retired people I know are doing some to a lot of retirement work. Some because it is fun, some due to financial need.
The ones that do the least around me are retired long term factory workers who did work hard while working and their bodies are not working well but due to their belief that they worked that hard they do little and complain more about the cost of living and the state of the world.

Bryce