[wtwo3]

What's helped me is estimating my expenses in retirement will be assuming no debt (property taxes, health insurance, travel, cars, etc) and also based on what I'd like my standard of living to be.... adjusted for inflation.

Then I work backwards assuming 4% withdrawal to understand how much money I would need for me to retire. From there I determine how much I need to invest every month towards my nest egg (through 401k, brokerage accounts, etc).

[1MOREMOD]

With no debt i could retire now. Plan to retire at same amount as I have now and pay my mortgage or sell it to fund my moldy years. No benefit to paying off my house to leave it to the bank.

[M_Six]

Anyone in the same basket as I am with a wife who will continue to work (and makes a nice salary)? How do you account for the second continuing income? Does that make it easier to not worry about a 4% yearly take from retirement accounts?

[1MOREMOD]

Heck yeah buy a Ferrari and say support me baby you got this

[M_Six]

Originally Posted by 1MOREMOD

Heck yeah buy a Ferrari and say support me baby you got this

She tolerates my 5 bikes. Not sure it would work with a Ferrari.

[1MOREMOD]

Better to ask for forgiveness 😌

[tom2021]

Thank you all. Points taken.
Best of luck for those who are going to retire in the near future.
Enjoy your retirement and your life for those who have retired. And congratulations.

[chassis]

tom2021

The best site for this topic is early-retirement.org. bogleheads is also OK for some things. The clientele on those two sites skews into the upper 70s and 80s, be aware of that. There are younger posters but the "people with time on their hands" skew much older.

You must have a decent idea about your living expenses. Then the 4% rule of thumb can be applied.

Prestige is not a reason to keep working.

[ASAP]

While I am not remotely close to retiring age... from the people that I've met that have retired (outside of financial considerations), the only thing that I can say is make sure you have hobbies and interests outside of just working... and especially ones that you make sure you have enough $ to enjoy once you retire.

I don't know anything sadder than-

1) Someone waiting to retire because they wouldn't know what to do.
2) Someone retiring and going back to work later - part time or whatever.
3) Someone retiring and not being able to do anything they actually want to do because they can't afford it.

I know faaar to many people in the above 3 categories... in fact, I can say I only know one that doesn't fit in that category... and he a has a million hobbies AND quite a bit of $.

[XutvJet]

Originally Posted by M_Six

Anyone in the same basket as I am with a wife who will continue to work (and makes a nice salary)? How do you account for the second continuing income? Does that make it easier to not worry about a 4% yearly take from retirement accounts?

Use this calculator. You can account for things like your wife's income.

http://www.engaging-data.com/will-mo...-retire-early/

[3.0L]

Originally Posted by ASAP

While I am not remotely close to retiring age... from the people that I've met that have retired (outside of financial considerations), the only thing that I can say is make sure you have hobbies and interests outside of just working... and especially ones that you make sure you have enough $ to enjoy once you retire.

I don't know anything sadder than-

1) Someone waiting to retire because they wouldn't know what to do.
2) Someone retiring and going back to work later - part time or whatever.
3) Someone retiring and not being able to do anything they actually want to do because they can't afford it.

I know faaar to many people in the above 3 categories... in fact, I can say I only know one that doesn't fit in that category... and he a has a million hobbies AND quite a bit of $.

When I met with my financial planner 10 years ago with all of my retirement income numbers in my hand, she pushed back in her chair and smiled. She said we were more than ready to retire and that we made her day. Why? Because she told me that only 1 in 10 of her clients who come marching in, saying they are ready to retire, aren't. They aren't financially ready to retire.

She doesn't enjoy popping their bubble, but they must face reality and avoid disaster.

[ASAP]

Originally Posted by 3.0L

When I met with my financial planner 10 years ago with all of my retirement income numbers in my hand, she pushed back in her chair and smiled. She said we were more than ready to retire and that we made her day. Why? Because she told me that only 1 in 10 of her clients who come marching in, saying they are ready to retire, aren't. They aren't financially ready to retire.

She doesn't enjoy popping their bubble, but they must face reality and avoid disaster.

Man, that's true but I am telling you that is only a part of the equation...

...too many retired people only know one thing and that is work.

When you retire, that will be a tough pill to swallow? All the saving up for retirement could feel like wasted years...

[UncleWede]

I reached minimum retirement age in August. 2/23 the house is paid off. Can I live without that $3000/mn payment on my 2.7%/55 with 20 years in the hole?

I don't need a fancy bike, nor clothes. If I can find a reliable gym offering, and start to save some seeds to plant my gardens, I might be ready to go come 3/23!!!

[DenverSteve]

Originally Posted by 2000cs

...If you can work though all of this with some confidence, you can handle it yourself. You may want to get some financial planning advice from a real pro (not some anonymous dude on a BMW forum)......

This is paramount for anyone (everyone). You should have a retirement specialist, usually associated with your insurance/estate planning that isn't you. You/we frequently look at our financials in a manner that prioritizes our wants and not necessarily our reality. "Oh yeah, I can afford that....". You need someone completely objective to review your investments.

Originally Posted by ASAP

...
I don't know anything sadder than-

1) Someone waiting to retire because they wouldn't know what to do.
2) Someone retiring and going back to work later - part time or whatever.
3) Someone retiring and not being able to do anything they actually want to do because they can't afford it.....

Actually, one thing that many people thrive from is working part-time at non-profits or charities that appeal to them. Or, at a job - between traveling and golfing or just enjoying life - that makes them feel connected. Heck get a job working a a golf course, zoo, museum, baseball park... that allows you to connect with things you enjoy and participate for free.

[DenverSteve]

Originally Posted by UncleWede

I reached minimum retirement age in August. 2/23 the house is paid off. Can I live without that $3000/mn payment on my 2.7%/55 with 20 years in the hole?

I don't need a fancy bike, nor clothes. If I can find a reliable gym offering, and start to save some seeds to plant my gardens, I might be ready to go come 3/23!!!

Silver Sneakers is offered free with your Medi-Care so you can go to gyms and recreation centers (municipal) for free or greatly reduced for retirees.

[ASAP]

Originally Posted by DenverSteve

This is paramount for anyone (everyone). You should have a retirement specialist, usually associated with your insurance/estate planning that isn't you. You/we frequently look at our financials in a manner that prioritizes our wants and not necessarily our reality. "Oh yeah, I can afford that....". You need someone completely objective to review your investments.

Actually, one thing that many people thrive from is working part-time at non-profits or charities that appeal to them. Or, at a job - between traveling and golfing or just enjoying life - that makes them feel connected. Heck get a job working a a golf course, zoo, museum, baseball park... that allows you to connect with things you enjoy and participate for free.

Why would any of that "need" to be a job?

[DenverSteve]

Originally Posted by ASAP

Why would any of that "need" to be a job?

I never said the word - need. I said working (whether volunteer or paid) allows many people to feel, or remain, connected to something. There's nothing sad or "sadder" about someone choosing to work to fill time or enhance their life.

[ASAP]

Originally Posted by DenverSteve

I never said the word - need. I said working (whether volunteer or paid) allows many people to feel, or remain, connected to something. There's nothing sad or "sadder" about someone choosing to work to fill time or enhance their life.

But you just worked for 60 years and are climbing right back lol.

A hobby where one works or "volunteers" isnt a hobby... It's never the same.

[DenverSteve]

Originally Posted by ASAP

But you just worked for 60 years and are climbing right back lol.

A hobby where one works or "volunteers" isnt a hobby... It's never the same.

Once again, I never said the word hobby. However, since you brought it up, I'll give you a "hobby" example. I know people who love to golf. They retire and take a job working part-time - 2 to 3 days as week at a golf course as a marshall or in the pro-shop. That allows them to play golf 2-3 days a week for free. Likewise, people who retire take a volunteer position as a docent at the theatre or part-time usher at the baseball stadium and as a result they get to see shows or baseball games for free. There's nothing sad about someone choosing to have a great time after retirement.

As semi-retired, I travel the world 2-4 months a year (in non-pandemic times) and enjoy the heck out of it. Some people don't travel and choose to "work" at something they love or enjoy near their home. Additionally, some people have medical issues that preclude them from travel or some other activities so they stay connected with the world around them by volunteering at a zoo, church, museum, performing arts center....... and anyone who thinks volunteering isn't work has never volunteered.

Originally Posted by ASAP

While I am not remotely close to retiring age... from the people that I've met that have retired ......

When you get nearer to retirement age you will look at things with a different perspective - one with experience. At this point in time your vantage point might be a bit narrow.

[3.0L]

Originally Posted by ASAP

Man, that's true but I am telling you that is only a part of the equation...

...too many retired people only know one thing and that is work.

When you retire, that will be a tough pill to swallow? All the saving up for retirement could feel like wasted years...

When considering retirement, I think it is vital to consider what one is going to do with their new-found time. Travel? Hobbies?

For me, it's my hobbies. As a retired electronics technician, my curiosity about gizmos didn't retire the day I quit working. My outlet is through my long-time passion for building and flying model aircraft. I'm deep into radio control of all sorts and like all things electronic, it isn't static. There's always something new to learn.

Same, same with computers. I build and upgrade my own.

I also have a nice yard to hang out in, plus 2 nice cars to tour around the county in.

[ASAP]

Originally Posted by DenverSteve

Once again, I never said the word hobby. However, since you brought it up, I'll give you a "hobby" example. I know people who love to golf. They retire and take a job working part-time - 2 to 3 days as week at a golf course as a marshall or in the pro-shop. That allows them to play golf 2-3 days a week for free. Likewise, people who retire take a volunteer position as a docent at the theatre or part-time usher at the baseball stadium and as a result they get to see shows or baseball games for free. There's nothing sad about someone choosing to have a great time after retirement.

As semi-retired, I travel the world 2-4 months a year (in non-pandemic times) and enjoy the heck out of it. Some people don't travel and choose to "work" at something they love or enjoy near their home. Additionally, some people have medical issues that preclude them from travel or some other activities so they stay connected with the world around them by volunteering at a zoo, church, museum, performing arts center....... and anyone who thinks volunteering isn't work has never volunteered.

When you get nearer to retirement age you will look at things with a different perspective - one with experience. At this point in time your vantage point might be a bit narrow.

None of what you just said answers my question or changes my viewpoint... but again your last paragraph may be true. None of what I am saying is speaking from my experience but numerous retired individuals that I've met and encountered.

[DenverSteve]

Originally Posted by ASAP

......None of what you just said ...a changes my viewpoint... but again your last paragraph may be true. None of what I am saying is speaking from my experience but numerous retired individuals that I've met and encountered.

I would never try to change your viewpoint. Sometimes information helps to inform others. Thanks for your input as well.

Originally Posted by ASAP

But you just worked for 60 years and are climbing right back lol.....

Man, if you worked ANYWHERE for 60 years, you would be over 80. At that point, don't climb into anything but a hammock.