Retirement!
07-08-2007, 05:42 PM
#1
Thread Starter
Retirement!
Do you plan to retire? If not, why. If so, at what age?
07-08-2007, 05:56 PM
#2
1.Yes
2.Someday, probably within the next 10 years.
2.Someday, probably within the next 10 years.
07-08-2007, 06:01 PM
#4
Thread Starter
Originally Posted by jukngene,Jul 8 2007, 08:58 PM
I just retired...at age 62+. (After 36 1/2 years with the same company) I feel as if a large weight was lifted off my shoulders. Monday mornings?.....I don't have to face the commute, the knot in the pit of my stomach, etc. - just waiting for my 
to perk!
My mind says I'm 26, so it's now time to really enjoy life!
to perk! My mind says I'm 26, so it's now time to really enjoy life!
07-08-2007, 06:03 PM
#5
Thread Starter
Originally Posted by ralper,Jul 8 2007, 08:56 PM
1.Yes
2.Someday, probably within the next 10 years.
2.Someday, probably within the next 10 years.
07-08-2007, 06:14 PM
#7
Originally Posted by Legal Bill,Jul 8 2007, 09:03 PM
That sounds like my time table also. 10 years or less. Any giudelines that you are following Rob? Any financial goals that you feel you must reach before you can stop working?
In my particular line of work you really don't have to retire, you can slow down and work pretty much forever. I don't think, however, that idea suits me. I either have to be completely involved or not at all. I've never really been able to work half way.
As far as financial goals, I have an idea of the amount of income I want (without working) that would enable me to retire and do the things that I want to do. I think I'll probably reach that goal before I'm ready to retire. Liz and I have paid particular attention to this for a long time, and we are near the goal we want to be at.
I used to think that I'd work forever, but now, over the last few years I've realized that in fact I want to retire while I'm still young enough to enjoy my retirement years.
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07-08-2007, 06:15 PM
#8
Thread Starter
Originally Posted by jukngene,Jul 8 2007, 09:09 PM
Bill,
Definitely...my goal was 15 x annual income. Working with my financial advisor, we mapped out a strategy that will allow us to continue our current standard of living, without delving into the principle. I am delaying getting Social Security benefits as long as possible, also. (betting that I will beat the longevity odds!) We shall see.
Definitely...my goal was 15 x annual income. Working with my financial advisor, we mapped out a strategy that will allow us to continue our current standard of living, without delving into the principle. I am delaying getting Social Security benefits as long as possible, also. (betting that I will beat the longevity odds!) We shall see.
did you use before tax or after tax annual income to set your goal? Did you use a 5 or 10 year average, or 15X last year of employment?
07-08-2007, 06:17 PM
#9
Originally Posted by Legal Bill,Jul 8 2007, 10:15 PM
That's the spirit Gene!
did you use before tax or after tax annual income to set your goal? Did you use a 5 or 10 year average, or 15X last year of employment?
did you use before tax or after tax annual income to set your goal? Did you use a 5 or 10 year average, or 15X last year of employment?
07-08-2007, 07:07 PM
#10
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Not sure if this is what you're looking for, but I have saved/invested since my early days in the Navy. When I was given the privilege of retirement after 22 years of service to my country, my wife decided that my Navy pension was what we were essentially living on for the basics of mortgage, food, utilities, etc. Anything that I earned beyond that was our discretionary money for the extras, including CARS and GOLF CLUBS. 
Now with 10 years in higher education, I'm ready to retire again in a year or so at 60/61. My goal was to make this soon-to-be additional small pension and the tax-deferred mutual funds (and someday Soc. Sec.) make up for what we spend for the extras. I'm not sure if most people consider essential and discretionary spending and requisite incomes as separate entities, but it helped me to make a firm decision about retirement. And when the time comes I can be certain of where to draw the limit on 'fun money'.
Now with 10 years in higher education, I'm ready to retire again in a year or so at 60/61. My goal was to make this soon-to-be additional small pension and the tax-deferred mutual funds (and someday Soc. Sec.) make up for what we spend for the extras. I'm not sure if most people consider essential and discretionary spending and requisite incomes as separate entities, but it helped me to make a firm decision about retirement. And when the time comes I can be certain of where to draw the limit on 'fun money'.