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My 401k is projected to be 1 million in 20 years, I have an older $300/mo pension due then, and my home will be paid off.
Assuming all goes to plan, can I quit work at 60? I can start withdrawing my 401k and I'll have SS a few years later.
My only plans in life at that age are road trips and camping. My current health numbers are average, I'm a seafood buffet eater and beer drinker, I'll be literally shocked if I live past 80.
I could have written this, though my dollar amounts will be higher (thankfully). Minus the beer part, and few members of my family live beyond 82 so that's that. Road trips, riding bikes, and camping (all of the above) for maybe ten years, probably within CONUS and Canada.
Watching responses with interest. I'm ten years closer to it, or 9.5 years to be exact. In a couple years I'll figure out how to best monetize assets to produce income.
At 60, when I burn the mortgage (throw a party, i.e.), it's that two year wait to collect SS. Wonder if I'll want to work, or bag it until. Doubt I'll "need" the income.
Great. So we can go without insurance. That's not an attractive plan to me. It wasn't really much of a mandate anyway since one could just pay the fine, and there were even ways to squirm out of the fine if one was so inclined.
My 401k is projected to be 1 million in 20 years, I have an older $300/mo pension due then, and my home will be paid off.
Assuming all goes to plan, can I quit work at 60? I can start withdrawing my 401k and I'll have SS a few years later.
My only plans in life at that age are road trips and camping. My current health numbers are average, I'm a seafood buffet eater and beer drinker, I'll be literally shocked if I live past 80.
one thing I don't think I saw anybody above mention was health insurance. if you retire at 60 health insurance can be a really serious expense. I think that's number one bridging that 5 years to 65 and medicare will be costly
Keep your assets protected and pay them on YOUR schedule. Health care is the biggest scam going.
My 401k is projected to be 1 million in 20 years, I have an older $300/mo pension due then, and my home will be paid off.
Assuming all goes to plan, can I quit work at 60? I can start withdrawing my 401k and I'll have SS a few years later.
My only plans in life at that age are road trips and camping. My current health numbers are average, I'm a seafood buffet eater and beer drinker, I'll be literally shocked if I live past 80.
20 years is a long time and lots of things can happen between now and then. However at the moment your on track for that possibility though 1 million in 20 years might not be enough. You might need an additional 20% or more to make it. It isn't so much about the income at this point. The really telling of the tape is health insurance. If you can keep your health insurance into retirement it is doable.
At 40 years old you should be thinking about a career that fits you. Believe it or not many of us found jobs and careers that were rewarding and interesting and at the very minimum we did not hate them. Get off your duff. You have lots of choices and opportunities and plenty of years left to work.
Unless your savings are a lot better than you anticipate, your current plan is not going to work out very well. You have another 20 years of hating work and then if you retire at age 60 you will spend the rest of your life in poverty. That $300/month pension is not even worth mentioning unless it is going to grow with inflation. Same with the projected $1MM in savings. That would give a safe withdrawal rate of 4%, $40k/year. Twenty years from now that is likely to be equivalent to $10K/year at todays costs. That will not even cover healthcare insurance.
At 40 years old you should be thinking about a career that fits you. Believe it or not many of us found jobs and careers that were rewarding and interesting and at the very minimum we did not hate them. Get off your duff. You have lots of choices and opportunities and plenty of years left to work.
Unless your savings are a lot better than you anticipate, your current plan is not going to work out very well. You have another 20 years of hating work and then if you retire at age 60 you will spend the rest of your life in poverty. That $300/month pension is not even worth mentioning unless it is going to grow with inflation. Same with the projected $1MM in savings. That would give a safe withdrawal rate of 4%, $40k/year. Twenty years from now that is likely to be equivalent to $10K/year at todays costs. That will not even cover healthcare insurance.
I just don't believe that. There are people that retired today with $0, they somehow do it. I'm not in it for extravagancy, just survival
Great. So we can go without insurance. That's not an attractive plan to me. It wasn't really much of a mandate anyway since one could just pay the fine, and there were even ways to squirm out of the fine if one was so inclined.
Correct. Neither the individual mandate or the lack thereof fixes the problem of high healthcare costs.
I just don't believe that. There are people that retired today with $0, they somehow do it. I'm not in it for extravagance, just survival
That's fine if you live a very frugal lifestyle while you are working. If you run into an event beyond your control, you can probably keep working to pay for it. But when you're old, you don't have that luxury. So you have to make sure you have a lot of cushion in your savings. Trust me. Being young and poor sucks. Being old and poor is 1000X worse. I have seen it first hand.
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