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We will have our house paid off in 5 years; plan on having $499685.6 in 401k savings by 45 (currently at 110k), I pan on having saved $632000 Cash by 45, and my wife $425000 for a total of $1,556,686. With a paid off house, we anticipate having an anual requirement of about 45k (including generous figures for vacation/insurance/maintenance/all taxes/food/gifts/utilities/emergencies/etc.) but to be safe, i'll say 55k.
Dividing the $1,556,686 figure by 55k gives about 28 years.....which will put us at about 73 years of age.
We'll figure it out after that if we're still alive. We could always do a reverse mortgage towards the 'end' :-)
We will have our house paid off in 5 years; plan on having $499685.6 in 401k savings by 45 (currently at 110k), I pan on having saved $632000 Cash by 45, and my wife $425000 for a total of $1,556,686. With a paid off house, we anticipate having an anual requirement of about 45k (including generous figures for vacation/insurance/maintenance/all taxes/food/gifts/utilities/emergencies/etc.) but to be safe, i'll say 55k.
Dividing the $1,556,686 figure by 55k gives about 28 years.....which will put us at about 73 years of age.
We'll figure it out after that if we're still alive. We could always do a reverse mortgage towards the 'end' :-)
Why would you want to retire so early? You'll end up wanting to shoot yourself by age 60. Unless by retirement, you mean quitting your day job. Otherwise, you need something to keep your hands busy. Your life just begins to deteriorate without something to do.
I'm planning for retirement in about 35 years. I think I'll realistically need to have between $15m and $20m saved, to live on a withdrawal rate that will not entirely deplete my resources. Also, 6% is too high a return, 4% is more likely.
Why would you want to retire so early? You'll end up wanting to shoot yourself by age 60. Unless by retirement, you mean quitting your day job. Otherwise, you need something to keep your hands busy. Your life just begins to deteriorate without something to do.
I retired when I was 55 and I am having a great life
Why would you want to retire so early? You'll end up wanting to shoot yourself by age 60. Unless by retirement, you mean quitting your day job. Otherwise, you need something to keep your hands busy. Your life just begins to deteriorate without something to do.
i guess your definition of 'retire' is skewed if you think when you retire you start to 'deteriorate'.
Retirement means (to me), not 'having' to do anything (or at least limited things you 'must' do), and instead focus on the things you love to do, full time! that includes, fishing whenever you want to, traveling whenever you want to (cost dependent), gardening whenever you want to, reading whenever you want to, etc.
Retire does not mean sitting at home doing nothing but eat potato chips and watching crappy television shows. not to me at least.
I hope that puts things in perspective for you as far as my situation and my intent.
i guess your definition of 'retire' is skewed if you think when you retire you start to 'deteriorate'. Retirement means (to me), not 'having' to do anything (or at least limited things you 'must' do), and instead focus on the things you love to do, full time! that includes, fishing whenever you want to, traveling whenever you want to (cost dependent), gardening whenever you want to, reading whenever you want to, etc. Retire does not mean sitting at home doing nothing but eat potato chips and watching crappy television shows. not to me at least.
I hope that puts things in perspective for you as far as my situation and my intent.
i guess your definition of 'retire' is skewed if you think when you retire you start to 'deteriorate'.
Retirement means (to me), not 'having' to do anything (or at least limited things you 'must' do), and instead focus on the things you love to do, full time! that includes, fishing whenever you want to, traveling whenever you want to (cost dependent), gardening whenever you want to, reading whenever you want to, etc.
Retire does not mean sitting at home doing nothing but eat potato chips and watching crappy television shows. not to me at least.
I hope that puts things in perspective for you as far as my situation and my intent.
I understand, but unless you map out and plan things to work on, either at home or a side business or something, you will lack the structure that you have been dependent on your entire life.
I understand, but unless you map out and plan things to work on, either at home or a side business or something, you will lack the structure that you have been dependent on your entire life.
Maybe because the government is clearly on the way to bankrupty. That is not evidence?
If you need me to spell it out for you 16 trillion in current debt not counting unfunded liabilities, which are 119 trillion dollars (medicare liability, presciption drug liability and SS liability).
Also probably more disturbing is that yearly deficits are increasing. (i.e. things are getting worse not better)
2.4 trillion in revenues and 3.6 trillion in spending. Does not look good.
But if you want to rely on hopium, good luck to ya, you will need it.
None of this is evidence you won't get social security. These are just talking points about government income statement and balance sheet issues. Even the most conservative proposals and deficit reduction plans aren't anywhere close to proposing an end of SS benefits.
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