Retirement planning age (financial advisor, social security, retired, graduated)

[Caladium]

Financial planning started in my early 20s, but was intermittent--there were long stretches of time when I didn't think about it much. Probably became more of a regular thought in my late 30s. Planning details such as where to live started at about age 50. We spent a long time visiting potential cities--probably gave this more attention than it needed, but we enjoyed checking out those places out. So it was partly planning but also an interesting vacation activity.

[BucFan]

Started saving for retirement in my 20's. Stashed away significant (for me) amounts into mutual funds from day one of receiving a paycheck.

But planning retirement is another story - probably 3-5 yrs out, started thinking about location, housing, etc etc.

During my professional life, I visited and lived in various parts of the country and always would gauge the area (S.C., FLA, Nevada, other states) as a possible retirement spot. Did this over 30 yrs, probably and opted for Tampa, FLA.

[Ghostly1]

For most of my prior married and raising children life I thought about retirement but figured I'd work until I died or until I was physically no longer able to. All that changed 12 years before I pulled the plug. I remarried and my wife also worked and had a pension coming when she retired, as did I, and suddenly a comfortable retirement seemed possible.

We both worked hard toward that end, living frugally but nicely and pumping up our self-directed (did pretty well) 401Ks. At the end of those 12 years retirement was a done deal!

Thankfully we pretty much knew where we wanted to retire and that's where we are.

[Caladium]

Originally Posted by BucFan

During my professional life, I visited and lived in various parts of the country and always would gauge the area (S.C., FLA, Nevada, other states) as a possible retirement spot. Did this over 30 yrs, probably and opted for Tampa, FLA.

We did this, too. Lived in several cities, plus my husband had quite a few long term contracts that resulted in staying in other cities for months at a time. As a result we got to visit places all over the US, and even a few in other countries. It was a fun hobby to eyeball each town and daydream about what it would be like to retire there. After awhile you get a feel for what you'd really want in a community.

[Ghostly1]

Originally Posted by Ghostly1

For most of my prior married and raising children life I thought about retirement but figured I'd work until I died or until I was physically no longer able to. All that changed 12 years before I pulled the plug. I remarried and my wife also worked and had a pension coming when she retired, as did I, and suddenly a comfortable retirement seemed possible.

We both worked hard toward that end, living frugally but nicely and pumping up our self-directed (did pretty well) 401Ks. At the end of those 12 years retirement was a done deal!

Thankfully we pretty much knew where we wanted to retire and that's where we are.

So the answer is, very early 50s.

[jghorton]

It depends on what you mean by "planning". I probably got serious about 'saving' for retirement in my mid-30's (prior to then, retirement just seemed like a distant concept, but, after switching jobs for the third time, I realized that 'spending' whatever we had accumulated in various pension /retirement plans (upon leaving a company) wasn't working. While I thought that I was late and 'behind the power curve', I am amazed by the polls and surveys today that show many people in their 50's with little or no retirement savings! ONE CAN DO ALL THE RETIREMENT 'PLANNING' THEY WANT, BUT, WITHOUT FUNDING, IT'S LIKE FIDDLING WITH A SET OF 'WORRY BEADS.'

Over the years, I periodically reviewed and adjusted our retirement savings accounts, but, didn't really get serious about 'planning' until about 58. At that point, retirement within about 5-years really began to appear feasible (largely because my wife was working toward a sizable pension).

'Planning' consisted of actively paying-down our mortgage, consolidating and paying-off debts and moving investments to more conservative vehicles. (The latter paid-off, since we were actually able to retire in 2008 (61; about the time the entire economy tanked -- without taking the same beating that many did.) Additionally, although we had always lived within our means, we also increased our savings to effectively reduce our budgeted income to match our anticipated post-retirement income (thus, testing-out the plan).

We are now in our 6th year of retirement. We've traveled significantly, have plenty of income and no debt ... and everything is going according to 'plan'. About every 6-months, I re-review our assets, liabilities and spending against what has become a rather detailed 'plan' ... and make adjustments, as seem necessary. BTW, this 'plan' has morphed into a living document for my wife (and/or heirs). If something happens to me, she/they will have a clear picture of where the assets are and the strategy for maintaining financial stability. As it looks now, we will not have to touch our IRA's for several years (and even then, may be able to use much of it for grandkids college). Not digging into IRA's, etc. has worked well in the face of an investment economy that has remained in flux for the past 5+ years.

[StealthRabbit]

I watched my parents go broke a few times SO...

Age 18 for me (planned to retire at age 35). That didn't work... (cuz I bought a farm at age 28...) so I started my kid's planning at age 12. They each got self directed ROTH's and I matched $ for $ of earned income age 12 to age 18 at which time when they were 'set - free'. I hope it works better for them, but they just might run up against a barrier like healthcare needs that zap their start,,,They had built their own houses while in Jr High (new meaning to Home-schooled' and each had ~ $100k in assets by age 18, so they got a head start on the $1.50/hr wages that I was making at that age.

My employer had a great stock purchase and automated savings plan. I credit that for helping me pull the plug at age 49. I always worked extra jobs and "bucketized" my earnings. Bought my first house at age 19 (and MANY to follow).

A working spouse would have gone a long way toward retirement planning, but we are very frugal and have always given a lot away, so it has worked out pretty decent and have a decent quality of life, tho not wealthy with $$$. Both lost parents TOO early, so realized retirement was not worth WAITING for. SO sooner the better. The 6-12 week long 'field trips' while home schooling and living abroad when ever possible helped to keep us in practice for retirement !

I still take PT jobs when I'm hungry, have a toy to buy, or to add to the 'travel' coffer. I'm well below SS age, so lots can change in retirement.

[sweepea]

I started planning at about age 40, when I was divorced and had no savings and my ex-husband got the retirement account. I went back to work and saved and saved, but I didn't begin to do calculations or understand budgeting or lifestyle needs until my 50s. Fortunately, my saving habits had already put me on the right track, so I could steer my thoughts into the other issues. The last 3 or 4 years have been nonstop retirement thinking and planning, and I am retiring in 94 days (but who's counting). I'm almost at my goals, and the reason I'm retiring at the "almost" point instead of working for another year is that other factors have come into it: my husband's work and a change in location, to name two biggies.

[ABQ2015]

<p>I always contributed the maximum to my 401K, bought a home as soon as I could afford the down payment and had a sufficient salary to buy in a neighborhood that I liked, and worked hard at my career to get promotions. Once I hit 50, I maxed out the 401K catchup and refinanced my home at lower interest rates to a 15 year loan. About age 53, I started a Roth IRA (should have done this earlier) and started paying additional principal on my mortgage. About he same time, I started reading retirement articles on the internet and thinking about where I wanted to relocate upon retirement. At 55 I took a retirement course offered by my employer (had taken a similar course about 10 years earlier) and started to read a couple of retirement forums.

Am now 58 and two years away from retirement. I vacation in my desired retirement location about once a year and at different times of year - a close friend lives there and I will be spending Thanksgiving there this year. Also read their City Data forum, the local TV station internet website, an MLS (where I watch the home prices shoot up), and Craigslist for rentals. I'm tracking my expenses this year and keeping a log of things that I need to do before retirement (many based on ideas from reading the forums). I have a planned budget for retirement based on expenses and wish list for retirement (e.g., travel) and am running retirement calculators to make sure that my retirement income matches my projected expenses.

I'm trying not to buy any new furniture or replace anything until after I relocate so am living with the 20 year old washer/dryer, the old mattress in my guest bedroom, the cat scratched furniture in the den, etc. as do not want to pay to transport these 1500 miles in three years. Did buy a new, lighter digital or high defintion TV last year to replace the heavy tube TV. Also driving a seven year old car that I plan to replace once I relocate and buy a car more suitable for that lifestyle and climate. No more animals! I love my 14 year old cat but hope she dies before I move for both her and my sake. Not buying any more expensive work clothes like blazers. Just replace the essentials and wear the old stuff over and over.

Lots of things left to do to get my house ready to sell after I retire. Lots of junk to get rid of but I just have no time while still working. Trying to diet and exercise - a close friend and two relatives died in their early 60's from health issues triggered by their poor habits and I'm going to be really mad if that happens to me. I figure that decluttering can wait and exercise is more important.

Paying my house off in the next three months and then need to start saving like mad to pay for closing costs on house and relocation costs (I have a chunk of cash in savings but need more). Keeping my annual leave balance as high as I can carry over - want to cash it out once I retire. May talk to a realtor in my desired relocation locale at Thanksgiving. Want to start a Health Savings Account next year. There are several financial related items that I need to research further. Things like buying a house in retirement, withdrawal strategies, etc. Lots to do but may be too early for some of it as things change. Hoping that home prices start to rise in my area in next year. Am excited about retirement but also fearful to make that final decision as once I retire, there is no going back. I make a good salary in a government job and there is no way that I will ever make that much again. So I feel that I need to plan carefully but have concerns that I will miss something. I know I could always just lower some of my retirement expectations but don't want to do that from the get go. I may also give into the One More Year (OMY) syndrome.

Am overly preoccupied with retirement planning at this point but I enjoy it and it keeps me motivated to continue working on my financial independence and saving for retirement.</p>

[psuindc]

We've been saving for retirement since we graduated college, and just last year (at age 31) found out about the idea of "early retirement". After using some of the online tools available to do calculations, and realized that it was possible, I've been sort of obsessed ever since.