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Old 11-22-2016, 12:28 PM
 
Location: Long Neck , DE
4,903 posts, read 3,031,560 times
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OP I would put the maximum that you can comfortably afford away for retirement. Just the fact that you will be able to retire at a certain age does not necessarily mean you should. There are many retirees in my area. Quite a few are obviously unhappy and just seem to be doing "busy" things. My poor next door neighbor washes his car everyday and just sits on his porch waiting for some one to pass by and hopefully speak with him.
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Old 11-22-2016, 12:40 PM
 
13,879 posts, read 7,391,112 times
Reputation: 25361
Quote:
Originally Posted by NewbieHere View Post
You should prepare to retire early, about 40-45. If you get to work pass that then it's bonus. Also I didn't plan to retire at 65 either. The window for me and my husband is 45-65. So thats how I planned. It's hard to go den to details, what year and months 30 yeas out.
How does that work? The OP is 32, has less than $100K in savings, and makes about $70K.
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Old 11-22-2016, 12:49 PM
 
18,850 posts, read 13,597,069 times
Reputation: 14266
Quote:
Originally Posted by TwinbrookNine View Post
Do what I did. Assume you're going to retire at 55. Sock away all the money you can, stash it out of sight out of mind. Skip all those useless toys and show off junk like a Lexus - nobody cares what you drive. Pay off that house ASAP (interest is costly even at 3.5 % - just do the math) and then let whatever happens in the next 23 years decide when. That's what I did. Retired at 54 (instead of 55). BTW...make sure you've calculated how much you'll need...then double it. You'll be right on the money; and forget about SS - it probably won't be there 30 years from now.
The reality is SS will be around in 30 years
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Old 11-22-2016, 12:53 PM
 
18,850 posts, read 13,597,069 times
Reputation: 14266
Quote:
Originally Posted by nep321 View Post
I already did/started all that stuff you listed! I have a $10,000 emergency fund that is cold hard cash. Some people might think $10K is low, but I'm debt free, have no dependents, and am renting an apartment and would qualify for unemployment insurance if I lost my job. But in reality, in addition to the $10K, I actually have $54K in cash anyway.

I just dont know if I should plan to retire at 67, 65, 60, 55, 70, or never. Obviously, the earlier the better.

My friend has an 84 year old neighbor who refuses to retire. He runs a masonry business and said that if he retired, he'd probably die.

Also, sometimes I wonder...what is the purpose of retirement anyway and why is it such a big deal? Is it hard for someone over 60-65 to go to work everyday? Or is the purpose of retirement just to enjoy the last years of your life without having to work? I dont get it.
The point of retirement for me is getting the point of financial security and getting to decide what I want to do with my time. You can decide what your retirement is or if you even want to consider it
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Old 11-22-2016, 12:54 PM
 
18,850 posts, read 13,597,069 times
Reputation: 14266
Quote:
Originally Posted by GeoffD View Post
How does that work? The OP is 32, has less than $100K in savings, and makes about $70K.
In reality it's not going to work. Tough sledding to get what you need in 8 years possibly 12
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Old 11-22-2016, 01:36 PM
 
Location: Wisconsin
26 posts, read 19,204 times
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"sometimes I wonder...what is the purpose of retirement anyway and why is it such a big deal? Is it hard for someone over 60-65 to go to work everyday? Or is the purpose of retirement just to enjoy the last years of your life without having to work? I dont get it."

Retiring is a major decision in anyone's life - at any age. Some are forced into it, some are not. Some feel their job/career is part of their identity & they would lose part of themselves. Some love their job & wouldn't consider retiring at any age. Some have no choice but to continue working for financial reasons. Whatever life brings your way, the best you can do is prepare for retirement, then whether it is by choice or involuntarily, you will be prepared. Don't worry about when the time is right, worry about how to get there!!!
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Old 11-22-2016, 02:01 PM
 
Location: annandale, va & slidell, la
7,336 posts, read 3,035,025 times
Reputation: 6141
Quote:
Originally Posted by nep321 View Post
I already did/started all that stuff you listed! I have a $10,000 emergency fund that is cold hard cash. Some people might think $10K is low, but I'm debt free, have no dependents, and am renting an apartment and would qualify for unemployment insurance if I lost my job. But in reality, in addition to the $10K, I actually have $54K in cash anyway.

I just dont know if I should plan to retire at 67, 65, 60, 55, 70, or never. Obviously, the earlier the better.

My friend has an 84 year old neighbor who refuses to retire. He runs a masonry business and said that if he retired, he'd probably die.

Also, sometimes I wonder...what is the purpose of retirement anyway and why is it such a big deal? Is it hard for someone over 60-65 to go to work everyday? Or is the purpose of retirement just to enjoy the last years of your life without having to work? I dont get it.
You have many years to ponder the age you retire. You seem confused, but you'll cross that bridge when you get to it.
I had hoped to retire at 55 like my dad, but had to work a little longer to achieve a bit more padding for my hobbies.
I made critical mass at 62. I am now free from schedules, meetings, dry cleaning, and ass hole bosses. I sure get it.
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Old 11-22-2016, 02:24 PM
 
Location: Jacksonville, FL
11,145 posts, read 14,116,699 times
Reputation: 7075
I am confident that Social Security will be around and will be in great shape by the time I am eligible for it in 2051. I believe that by then, we will have had solutions (probably from a Democratic president) put in place to make it work.
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Old 11-22-2016, 02:37 PM
 
13,677 posts, read 13,583,473 times
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I'm 40. I put the max into my 401(k) with regard to the "matching" from my employer. No matter what.

You can't plan on a retirement age now because you have no idea what your circumstances will be come retirement age. My father has never really retired - he's 85 and still trying to come up with a business idea and futzing with his investments.

Diversify your portfolio - some financial people call that the only "free lunch" in investing. That is one of the best things you can do. Further, when planning for retirement, incorporate you SS payment into that calculation. They say that may go away though, so who knows?

For me, my 2 best friends and I are planning to go into business together and basically to spend our old age together. At your age, I would never have considered either of those things a possibility. But none of us have children and none of us have siblings we trust with our welfare if we should become incapacitated. So we are each other's best bets (spouses are unlikely as we are very set in our ways and do not date). And ya know what? All of that could change in a few months.

So your best bet is to stuff any money you can spare (and at least as much as your employer will match) into your retirement accounts and diversify those investments. When you hit the vicinity of 60, start looking around, measure your happiness and your resources, take into account your health and what you require at a minimum to be happy. Then plot your course from there.
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Old 11-22-2016, 02:47 PM
 
Location: Jacksonville, FL
11,145 posts, read 14,116,699 times
Reputation: 7075
Quote:
Originally Posted by JrzDefector View Post
I'm 40. I put the max into my 401(k) with regard to the "matching" from my employer. No matter what.

You can't plan on a retirement age now because you have no idea what your circumstances will be come retirement age. My father has never really retired - he's 85 and still trying to come up with a business idea and futzing with his investments.

Diversify your portfolio - some financial people call that the only "free lunch" in investing. That is one of the best things you can do. Further, when planning for retirement, incorporate you SS payment into that calculation. They say that may go away though, so who knows?

For me, my 2 best friends and I are planning to go into business together and basically to spend our old age together. At your age, I would never have considered either of those things a possibility. But none of us have children and none of us have siblings we trust with our welfare if we should become incapacitated. So we are each other's best bets (spouses are unlikely as we are very set in our ways and do not date). And ya know what? All of that could change in a few months.

So your best bet is to stuff any money you can spare (and at least as much as your employer will match) into your retirement accounts and diversify those investments. When you hit the vicinity of 60, start looking around, measure your happiness and your resources, take into account your health and what you require at a minimum to be happy. Then plot your course from there.
I do incorporate my estimated SS benefit into my retirement plan. But I project that it will only account for 50% of my annual income during retirement. The other 50% will come from IRA withdrawals (after rolling over from an employer's 401k). The hard part, is saving up for years PRIOR to the years in which i can collect SS. If I am going to retire prior to SS eligibility, then I will need to plan to live 100% off my IRA.
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