When will you retire?

[Geurk]

Both the wife and I are 32. By using online tools, we are forcasting 55-60, depending on a few variables.

To be honest, it doesn't really matter to me when I retire. I work a 4 day week, have Fri-Sun off, and wake up every morning to the sound of my kids, not an alarm clock (we home school as well as the wife stays home with the kids). I also have my own business (on top of my day job), which requires minimal time investment, so growing that just helps the situation.

We too try to balance what is important 'now', and what will be important 'later'. Right now, my kids are young and living at home. So we know to invest a lot in the 'now', even if it means sacrificing a little down the road.

 

[Go Aweigh2452]

I'm 57 and was looking at retiring from my second career job in Jan 09 and then rehire as a teacher... but... the housing market is not friendly right now... so will wait a while longer (2 years?)

Plan to sell current home when the market picks back up and buy a small place for cash, travel a lot and boat a lot... do some community work (not ACORN)... :thumbsup:

 

[Woody]

Interesting...so if I read this correctly Gov't employees at one point were given the option to not contribute to SS and could contribute to FERS instead?

That is incorrect. They were originaly in the CSRS and didn't pay into the SS system. In the mid 80's they had to make a choice between the CSRS and the new FERS system that does pay into the SS system. The new employees since that time are automatically in the FERS system. The manditory contributions to these plans are both currently 7%.

 

[mrsrobinson]

I am 43....will be eligible to retire at age 50 (under Federal Law Enforcement)....mandetory at age 57. Right now I don't know if I will go at 50 or not.....I will cross that bridge when I get there.





There was a change in the retirement systems in 1984 or 1985(I think)....the old system prior to these dates was CSRS (Civil Service Retirement). These employees did not contribute to Social Security, but are paid a percentage of their salary when they retire, based on their years of service. After 1984/1985 (FERS) the retirement was changed and contributions are now made to social security...but the big change was the establishment of a 401K type vehicle...which includes matching funds(if you contribute 5% the gov't will match 5%). The FERS program is a "3 source" retirement....social security, pension (% paid based on salary on years of service) and 401K.

Damn this sure sounds nice... and I never went to work for the gov't because why?

 

[highslice]

My wife and I are both 42. Our boys are 14 and 12. Next year we start $10K per year high school tuition. We will be facing 10 years of high school and collage tuition, some of which is funded if the market doesn't completely tank. I'll be 52 when the youngest gets out of college. Eight more years working and I should be able to retire at 60.

We have some stock in a closely held company. If the company were to ever sell, I could retire the day after closing. All that being said, I don't think I will ever completely retire. I had a chance several years ago to take a year off after receiving a very generous severance package. I figured I would take the time to play golf with my dad. I'm glad I took the opportunity, because he is sick now and can't play anymore. But on the days we weren't on the course, I wa incredibly bored. After about a month, I took a job with a financial staffing company as a CFO for hire. After two months I started looking for a real job again. So I may never actually retire, just slow down. Or just drop dead from a heart attack, or get hit by a bus, or get run over by a 24' boat...Can't plan for that stuff. I believe the saying is: "men plan and God (or Allah or Yaweh) laughs":grin:.

 

[mawyatt]

Sounds like we have the same plan. I have 25 years left to fly, but considering that my right hip required surgery two months ago, and my left hip will have to be done next summer, I wonder if my body will make it to 65 and still pass the first class medical. I would wager that I'll need artificial hips at some point in my life, and once that happens, I doubt I would return to work. Hopefully between now and then I can recoupe some of what this industry has taken, but it doesn't look real good at this point.

Fly 'til you die is fast becoming a reality I'm afraid.

Maybe I can start a shrimp boat fleet in Lake Michigan, surely that can't fail.

Scott,

Are your hip problems due to tennis?

Mike

 

[mrsrobinson]

Both knees, my left foot, my right elbow, my right shoulder and my low back, all due to tennis...but I keep picking up the rackets 2-3X a week.

 

[Bill Gillespie]

I am glad that I read these threads. I did 25 years of law enforcement retiring in '93and my retirement check is now higher than when I worked full time. I worked ten years in the private sector, invested in the company and bailed in 2004 at age 59. Life is good!

Bill

 

[mrsrobinson]

You are only 39? Yikes, I thought I was bad at 42. Sorry to hear this man.

" it may be hereditary as well. Basically what I have going on is bone on bone contact"

This is my knees, my brother is 10 years older than me, 52, walks with a limp now, bone on bone, degenerative arthritis. I am taking all the "bone/cartiledge" pills I can to fight this.

 

[caruso1006]

Definition of Reitrement - The point in life where one has given up all work!

Definition of Death - The point in life where one has given up all work!


I will turn 30 in 5 says, so I am estimating that I have about another 35 years to work...noooooooooooooo.

 

[RonF]

Friday, Oct 17th.

Seriously, that's the day. The wife and I have been working for 40 years, never had children. We have had one significant job change for each of us, and one major relocation. She is a first year baby boomer, and retired this past August. I'm two years older. We will both have pensions and social security, plus 401k. We bought the boat when I turned 60 so we would have enough experience to get more use in retirement. I grew up with boats, but then waited over 35 years to get back into it. We can't get that time back, but we can make the most of what's left.

 

[billandamy]

Financially around 55 the latest. Benefits of having a wife who brings in a significant income to help out. Im 39, Amy is 31.

Mentally, not so sure. There is a few retired people I know who went back to work to ward off dementia. One works for me. Jim owned an advertising agency for 28 years. Retired at 51 with plenty of money. He is now 58 and works a couple of days a week for me doing ad layouts, designing displays, and is in general a sharp guy so helps out in engineering/production time to time. He sometimes skips a week or comes in an extra day.

I have a feeling I am going to be like Jim. Work just to have something to do once in a while.

 

[mrsrobinson]

One of our neighbors is like that. Retired from 300+ years with "the phone company" and is now doing estimates for a painting company. I think his retired wife made him get out!

 

[billandamy]

Let's see ... I am 47 ... my wife is 38 and we have a 2 year old son ... we checked ... there are web sites where you can run these estimates ... when he turns 20 a four year college degree will cost approx. $180K to $200K ... sooo us RETIRING?? Probably never. Even though we are saving at 22% of gross p.a. I am probably needing to sell our organs and intestins to the highest bidder to allow my son to go to college.

We started college funds for each child as soon as they were popped out. Dont wait. Make it part of your financial plan immediately.

 

[billandamy]

One of our neighbors is like that. Retired from 300+ years with "the phone company" and is now doing estimates for a painting company. I think his retired wife made him get out!

:lol: Im sure she isnt the first, only, or last wife that will get the hubby out!

 

[Chief]

Well,

I just retired after 22 years of military service and went right back and now working for the Government as a civilian. Plan on another 15 years which puts me at 60. The wife also works for the government so we plan on 3 nice federal retirements and head off on the boat to the south (Georgia Coast).

Git R Dun

Craig

 

[Woody]

Retirement isn't easy for some people. After awhile you realize what an important part of your life work really is(besides the money). You often need a replacement even if that means more work. It's different then cause you know you don't have to.

 

[Hampton]

As I tell my kids I will be working till I am a 110 to pay their bills. Kids make boating look like a cheap hobby.

That's funny. A little while ago I described to one of my co-workers the 3-day ordeal I've been putting myself through getting my blue hull back in great shape. She said it sounds like an awful lot of work. I told her, no, it's an awful lot of love. Kids are a lot of work : )

 

[rktktpaul]

Not tennis, but it was speculated that running, and previous football injuries (helmet to the hips) may have helped it along. The Doctor also said it is possible it may be hereditary as well. Basically what I have going on is bone on bone contact when I am sitting down, which needless to say causes excrutiating pain, and not good for my typical Anchorage to Hong Kong non-stop flights.

The surgery I had in August hopefully will prevent severe (dibilatating) osteo-arthritus from forming and postpone the need for an artificial hip. (Without it, Doc said I would need one within 10 years, which would put me at age 49) I'll have my left hip operated on sometime next year. Though there are no guarantees, hopefully I won't need full replacement surgery for quite a while.

If you are having trouble with your hips, I'd advise you to go to a bone specialist, and get X-rays, as if you do have a problem growing, it's best to take care of it early.

Has your Doc spoken to you about a hip resurfacing?? I had my right hip done last year (@ age 46) and am gearing up to get my left one done soon hopefully. Helped my tremendously, and I can still get a full replacement when I'm older.

Oh, and I'll be 59 when my youngest finishes college and I can start saving for retirement; so basically never!!

 

[Larry&Leisa]

I had always envisioned selling out at 55.. but seeing as how that date came and went 6 days ago.....:huh:

I have great people employed, leaving me with mostly just 'oversight' duties and the businesses keep growing so I just don't have any great urge right now. Certainly beats the aggravation of having the money invested and worrying about that now!