Phoenix84
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Post by Phoenix84 on Jun 12, 2014 13:48:36 GMT -5
So, how many years in total do you plan to work, and at what age do you plan to retire?
It seems early retirement is a common goal among YM'ers. I'm interested to see who plans on retiring early, and who plans a more traditional retirement age.
As for me, I plan on retiring at about age 63, after 40 years of government service. No particular reason, just at this point in my life, 40 years seems like a nice round number. Though if you want to get technical, it'll be more than 40 years, since I've been working (almost) continuously since I was 16. So it'll probably end up being closer to 46 or 47 years.
In theory, I could retire at age 57, with about 34 years of service.
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movingforward
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Post by movingforward on Jun 12, 2014 13:57:42 GMT -5
I guess it depends on ones definition of retirement. I can see myself doing some type of part-time work through most of my 60's. I actually have no plans for early retirement but would like to have the option available to me. I just want CHOICES!
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violagirl
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Post by violagirl on Jun 12, 2014 14:00:27 GMT -5
I can see not exactly retiring but going down to part time by 55.
My brother has a nice defined benefit pension plan from the government but I do not. So we have to rely solely on our own contributions and who knows if there will be any government old age benefits for me, they have already raised the age limit for receiving pensions.
I'll probably just go the self employed route for a few years.
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kittensaver
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Post by kittensaver on Jun 12, 2014 14:04:26 GMT -5
What almost40 said. It's not about the traditional "retirement" like our parents and grandparents had in their generations (work for The Man long enough to collect a gold watch and a pension), it's about finally having enough money to have some freedom - whether that is at age 40, 50 - or 65 or 80. It's not about living out a "role" - it's about financial security and freedom.
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busymom
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Post by busymom on Jun 12, 2014 14:06:12 GMT -5
I want to work as long as my good health allows me to. Both sides of my family tend to live to be quite old, so I want my money to last as long as possible. Plus, I just don't picture myself sitting in a rocking chair doing nothing: I need to be doing SOMETHING.
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justme
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Post by justme on Jun 12, 2014 14:06:57 GMT -5
I plan to work until I win the lottery! Though, more realistically, I'd like to retire before 60.
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bean29
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Post by bean29 on Jun 12, 2014 14:19:13 GMT -5
I figure I need to work until I am 65 to save enough to retire.
No retiree health here. I am very concerned about that, and the fact that we don't have enough saved/invested.
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Regis
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Post by Regis on Jun 12, 2014 14:19:24 GMT -5
I graduated from college in 1987 and I plan to retire in 2025 or before so, if my math is correct, 38 years or less. If it's 2025, I'll be 62.
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Deleted
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Post by Deleted on Jun 12, 2014 14:19:53 GMT -5
It is more than a little depressing to think of doing what I"m doing now for another 20 years (I'm 45). I would love to be in a position where I could just walk if I wanted and be ok. I doubt I would ever do "nothing", but if I could pick up a couple part-time gigs doing things I liked and make enough to pay the bills I would be happy. It's the being trapped in needing the income part that is stressful.
Oh, and to answer the question. My plans WERE to retire at 59, but that was when I was married to a younger guy that could carry the health insurance and such. I need to reevaluate.
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NoNamePerson
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Post by NoNamePerson on Jun 12, 2014 14:33:09 GMT -5
I quit at 60 took early SS. Had a former client of CPA I worked for call me last month about doing working part time work for them. Who says old folks can't get a job!! As for the question in subject. I didn't "plan" much. I woke up one morning and on the way to office I said it's time therefore I quit. Gave notice, evacuated for incoming hurricane and never looked back.
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Sam_2.0
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Post by Sam_2.0 on Jun 12, 2014 14:33:33 GMT -5
Probably another 2-3 years here, then taking the mommy track to "retirement" hopefully. Who knows though.
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Lizard Queen
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Post by Lizard Queen on Jun 12, 2014 14:33:59 GMT -5
Now that I've been reading Mr. Money Mustache, another 12 years or less. If you had asked a few months ago, it would have been until my youngest finished college--about 20 years. Honestly, I don't know between the 2. I've just been realizing how short life really is, and I don't want to wait until I'm much older to start enjoying it. I've been thinking about this a lot lately, but I still need to run the numbers to see what is realistic.
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swamp
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Post by swamp on Jun 12, 2014 14:35:51 GMT -5
I'm done at 60. 16 more years.
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souldoubt
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Post by souldoubt on Jun 12, 2014 14:38:40 GMT -5
Right now all of my projections I do in excel regarding current retirement and savings balances are built out to the age of 62. That said I'm aiming to be able to retire before then and as others mentioned work part time and/or volunteer my time to keep busy. I know too many people who had health problems in retirement or died young after working long hours their entire life. No one on their deathbed wishes they worked more.
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Phoenix84
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Post by Phoenix84 on Jun 12, 2014 14:45:19 GMT -5
Probably another 2-3 years here, then taking the mommy track to "retirement" hopefully. Who knows though. That doesn't answer the entire question. At what age do you plan on retiring and how many years total in the workforce will that give you?
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alabamagal
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Post by alabamagal on Jun 12, 2014 14:45:54 GMT -5
I probably need to work until 65 (14 years) to get full pension from previous job + ss. That will be 42 years in the "real" workforce, not counting teenage/college part time jobs.
My pension + social security at 65 are more money than I make now! I will likely not have enough to retire early. Unless I hit the lottery. And I don't play the lottery.
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Sam_2.0
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Post by Sam_2.0 on Jun 12, 2014 14:48:19 GMT -5
Probably another 2-3 years here, then taking the mommy track to "retirement" hopefully. Who knows though. That doesn't answer the entire question. At what age do you plan on retiring and how many years total in the workforce will that give you? 2 years gives me an even 10 years of service here and makes me 32/33. This is my first professional job since graduating, not sure I should count all the pt work before that but I did start babysitting at 11 and working for a business at 16.
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Phoenix84
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Post by Phoenix84 on Jun 12, 2014 14:48:53 GMT -5
Seems like most posters misunderstood the question.
At what age AND how many years in total in the workforce will that give you?
Just telling us "I have 16 more years" doesn't tell us much. For all we know you just started work yesterday and will only have 16 years in the workforce.
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Phoenix84
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Post by Phoenix84 on Jun 12, 2014 14:50:57 GMT -5
That doesn't answer the entire question. At what age do you plan on retiring and how many years total in the workforce will that give you? 2 years gives me an even 10 years of service here and makes me 32/33. This is my first professional job since graduating, not sure I should count all the pt work before that but I did start babysitting at 11 and working for a business at 16. Why would you take the "mommy" track into retirement?
If you'll be 33 when you quit to raise kids, you'll be 50-51 when they are in college. You could easily work another 15 years minimum after that.
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lynnerself
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Post by lynnerself on Jun 12, 2014 14:54:41 GMT -5
I just turned 60.
I worked full time for about 10 years, then part time for about 12 years when the kids were young and then back to full time. I could probably retire right now and be fine. But just to be sure I am going to wait until 62 when I can start collecting my Social Security. (So about 38 years working counting full and part time).
At one time, I thought I could retire at 58, but the recession and time for the market to recover pushed that back.
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Sam_2.0
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Post by Sam_2.0 on Jun 12, 2014 14:57:04 GMT -5
I could keep working, if I find something that I want to do, but I shouldn't NEED to keep working. We hope to have 4 more kids so I will probably have kids in the house until I am nearly 60. Looking at possibly fostering/adopting after that.
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Lizard Queen
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Post by Lizard Queen on Jun 12, 2014 15:02:13 GMT -5
2 years gives me an even 10 years of service here and makes me 32/33. This is my first professional job since graduating, not sure I should count all the pt work before that but I did start babysitting at 11 and working for a business at 16. Why would you take the "mommy" track into retirement?
If you'll be 33 when you quit to raise kids, you'll be 50-51 when they are in college. You could easily work another 15 years minimum after that.
There is more to life than working. To answer your question, I worked full time for about 15 years, and part time for several years before that. Depending on how little I want to live on, I could probably retire now. I want to work a few more years though and stash as much as I can, although, if I could find a decent paying part time job, I would be all over it.
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achelois
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Post by achelois on Jun 12, 2014 15:05:59 GMT -5
I will retire at the end of this month. It will make 46 years working. I am 62
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Deleted
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Post by Deleted on Jun 12, 2014 15:25:16 GMT -5
I could keep working, if I find something that I want to do, but I shouldn't NEED to keep working. We hope to have 4 more kids so I will probably have kids in the house until I am nearly 60. Looking at possibly fostering/adopting after that. oh dear god, there is not enough alcohol on the planet for that. what do stay at home moms do all day when their kids are in school full time? to answer the OP - I don't really plan on retiring until around 70 (can't collect full SS until 67). that would give me 47 years of working (another 21 to go).
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Sam_2.0
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Post by Sam_2.0 on Jun 12, 2014 15:32:28 GMT -5
Well, with that many I am guessing there won't be much alone time home between shuttling everyone around. We've also kicked around the thought of home school depending on the kids & their individual needs. And then there's always helping out DH with his stuff when needed, basically being an assistant for him with his business.
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Deleted
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Post by Deleted on Jun 12, 2014 15:38:45 GMT -5
I plan to retire at age 65 or 66 (tied to Medicare/FSA ages) if all goes well. I began teaching when I was 20, but I spent several years as a SAHP and then part-time graduate student. So it's really hard to tell you how "long" I have been teaching.
Let's just say that I will have 25 years in service credit at age 65 (private school teaching and being an adjunct don't count there), but 45 years in the profession.
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giramomma
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Post by giramomma on Jun 12, 2014 15:43:12 GMT -5
I could keep working, if I find something that I want to do, but I shouldn't NEED to keep working. We hope to have 4 more kids so I will probably have kids in the house until I am nearly 60. Looking at possibly fostering/adopting after that. oh dear god, there is not enough alcohol on the planet for that. what do stay at home moms do all day when their kids are in school full time? Well, I figure that my DH deserves a little bit of a break. He's had a decade of diapering. I think that merits a little relaxation after that. I figure after a year of enjoying, I'll expect him to start doing more of the volunteering, since he won't have kids at home. In the busy season at school, I'm at school 4-6 times a month. I either take vacation time or make up my work hours after the kids go to bed. He might even have enough time to be scoutmaster again. It also would be nice for him to have an opportunity to take care of himself (ie, exercise or get a haircut more than 3 times a yearO, Or even sleep. I'm totally jealous of Sam. I wanted a large family, and would kill pretty much to have a 4th. It's not in the cards for that. But, I too would like to do foster/adoption. We need a while for that to happen, though. Most of the kids I look at on the state adoption site say that the adoptive kids (generally aged 7-10) need to be the youngest. Kids are amazing people.
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giramomma
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Post by giramomma on Jun 12, 2014 15:48:39 GMT -5
I'm hoping to retire from my day job at 57. It's the youngest I can go. I've got 19 years left.
I'll continue with my night job, but work less. I'm also hoping to pick up some bookkeeping skills, and maybe work for other businesses that just need 10 hours of help a month.
Pretty much all I do is work and take care of the kids. It took DH and two weeks to watch 2 episodes of Game of Thrones. I don't want to keep doing this until I drop dead. Actually, if I had to work 60+ hour weeks for 50 years, I'd probably off myself. It's far too depressing to think I'd never have any time to spend on "fun" things for me. Working like that isn't my idea of fun.
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Deleted
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Post by Deleted on Jun 12, 2014 15:52:16 GMT -5
Well, with that many I am guessing there won't be much alone time home between shuttling everyone around. We've also kicked around the thought of home school depending on the kids & their individual needs. And then there's always helping out DH with his stuff when needed, basically being an assistant for him with his business. I'll have one at home until I'm almost 60 too. You sound like my aunt, she was adopting well into her 50's. She has 8 kids (3 biological, 5 adopted). She is 65 or 66 now and still has 4 at home, ages 13, 15, 17 and 34 (severely disabled). She couldn't be happier and says the kids keep her young.
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Mardi Gras Audrey
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Post by Mardi Gras Audrey on Jun 12, 2014 16:04:07 GMT -5
I am hoping to "retire" at age 55 (DH will be 58). That would put me at 33 years in the workforce fulltime (I worked part time jobs for another 4 years-high school + grad school). I need to do the math to see if that will work 55 just seems like a nice round number. I don't have a pension but DH does (govt). If I stay with my current employer and their retirement plan doesn't change, I would have a pension as well. I don't see that happening though, as I want to move to an area where my employer doesn't have any locations
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