[Nkc]

I have been contemplating/planning my way into retirement for the past 3 years. No matter how I cut it, I hate working even when I'm working for myself. My boss is a straight up asshole lol. I'm at a stage in my life that I really do not wish for anything more than happiness for my family and I. I'm well past all the materialistic things in life and just want to spend time (which I find the most valuable) with the people I care most about in a place that makes them comfortable (Vancouver).

So the question is, who here is actually planning for retirement? I mean, we all have an end game right? What's does it take? What's the $ amount that will set you free and allow you to live your life the way you want to? How does your equation work?

For me, based on several factors such as inflation, investment return rates, other passive income (ex. rental income), monthly expenses (with conservative contingencies), and a significant amount of rainy day cash, I have concluded that I need no more than $3m usd to get the job done regardless of age for me and my family.

In other words, assume you hit a lottery. What amount would it take you to completely retire and why?

For those who say they will continue to work no matter what, you sicken me lol jk.

[richardbb85]

i would like to save enough n move back to HK/china when im in my 50s. but things could change when i have kids.

[ASAP]

I know I am going to sound like an outlier but...

I simply do not think thinking about retirement is nearly as important as people make it out to be. Assume you are 25... that is a minimum of 40 years away... you don't even know if you will be alive by then. If you plan on retiring real early, then you better make way more than you do know or live so frugally, it's near pointless. Assume, you have a lot of money by the time that you are 65... so what? Your health likely will not allow you take advantage of it... People in other countries outside of the USA do not put nearly the emphasis on this as people in the USA do, I don't know whether this has to do with the profitability of selling retirement plans or what...

In any case, give me $100k a year for the next 35 years and I am good. You can do the math lol.

[Myrder]

Aside from savings and 401k thats all the plan is now, I'm younger pre-30 so I am not in full swing of top earning yet. Soon though. Amount to retire now would need to be 3M. I'm not a greedy person and a new Z06 would sit perfectly as a dream car.

[Joekerr]

I'm hoping to be able to save $3M over the next 20 years, but its almost certainly not going to happen.

For me, I think retirement will hopefully be around 55...so 22 more years...sigh. And by that time I hope to have a fully paid off house, with about 2M in either investments, rental property, etc with a portion of that in rainy day cash.

I think if the house if fully paid off, $2M would be my number.

[2011CrazE89]

Based on the fact that Allstate raises my auto insurance every 6 months for no apparent reason. I will never be able to retire.

[Billup]

I've been thinking about retirement ever since I first heard the word.


Unfortunately I have a long way to go yet. Oh well, more time to buy materialistic things and act a fool.

[Nkc]

Originally Posted by richardbb85

i would like to save enough n move back to HK/china when im in my 50s. but things could change when i have kids.

I'm guessing you were originally from HK? How old are you and what's your motive to move back to HK? Kids will definitely change the equation quite a bit but what's the number you have in mind?

Originally Posted by ASAP

I know I am going to sound like an outlier but...

I simply do not think thinking about retirement is nearly as important as people make it out to be. Assume you are 25... that is a minimum of 40 years away... you don't even know if you will be alive by then. If you plan on retiring real early, then you better make way more than you do know or live so frugally, it's near pointless. Assume, you have a lot of money by the time that you are 65... so what? Your health likely will not allow you take advantage of it... People in other countries outside of the USA do not put nearly the emphasis on this as people in the USA do, I don't know whether this has to do with the profitability of selling retirement plans or what...

In any case, give me $100k a year for the next 35 years and I am good. You can do the math lol.

Retirement in this case simple means to stop working and be able to live life doing the things you choose for you and your family and not have to worry about money. To me that sounds pretty important.

On a side note, that $100k/year would also equate to something significantly less after inflation in 10, 20, and 35 years.

Originally Posted by Billup

I've been thinking about retirement ever since I first heard the word.


Unfortunately I have a long way to go yet. Oh well, more time to buy materialistic things and act a fool.

I hear ya bro but how long is a long way to go? How much would you require? What's the end game man? I'm all for actin a fool especially at your age and artistic prowess.

[grimlock]

Nkc, are you selling drugs.. we want to know how you make all that money on 3hrs/week

Not thinking of retirement, I'm thinking of a career lol.. I haven't even got started and I'm in my 30s.

[UncleWede]

About 20 years ago I went to a retirement class at work. They freaked that someone that young was there. I needed $4m. Now that I have about 8 years left on the mortgage, that number is greatly reduced. Plus I and the wife are now supposed to get pensions, so I'm just putting in time until I meet the minimum age requirement. I always figured with the diabetes I'd be dead by 50, yet now I'm at 48 and starting back into the gym to bulk up . . .

Like said above, I got a job that lets me spend as much time with the family as possible. Middle son is just starting a union job and hates that I get to participate as much as I do in the youngest's life. That's why I picked a job that keeps us comfortable, but doesn't require 80hr/wk.

[MrPrena]

I am in mid 30s, and I am semi-retired. I am in mid 30s.

Having any IRA, ROTH, 401(k), and etc are important. I manage that. Only thing is that I should contribute it more, but I need more $ on regular money market acct than those retirement vehicles.

Why semi-retired? I do get bored and I do need exercise. I try to find job which requires some physical activities. I average about 10hours per week +/-.

Would I get out of semi-retirement? Sure why not? As long as there is good paying job I enjoy, I will start working again.

[P1]

People who want to retire early are people who either hate their job or have a very restrictive job that gives them very little freedom or satisfaction during working hours. I haven't had a job like that in a very long time and wouldn't even think about retiring at this point.

[ASAP]

Originally Posted by P1et

People who want to retire early are people who either hate their job or have a very restrictive job that gives them very little freedom or satisfaction during working hours. I haven't had a job like that in a very long time and wouldn't even think about retiring at this point.

Or they are rich or have made enough to retire on... to continue working if one doesn't have is in my eyes madness... passion or not there are hundreds of other things that you could be doing... oh u dont have hobbies? I feel sorry for you.

[Joekerr]

Originally Posted by ASAP

Or they are rich or have made enough to retire on... to continue working if one doesn't have is in my eyes madness... passion or not there are hundreds of other things that you could be doing... oh u dont have hobbies? I feel sorry for you.

I'm on your side on this - even if I *couldn't* find *anything* else to do, I'd prefer to have that time to myself rather than give it to someone else.

But I'm going to bet that even the guy who doesn't have hobbies (and I don't have many) would find a way to occupy his time reasonably quickly in retirement. Just try new things!

I cannot wait till retirement. Sadly this is likely close to 30+ years away. It is depressing.

[2011CrazE89]

My uncle drove a UPS truck for 30 years. That is the only job he ever had. He retired with a nice pension at the age of 49.

[P1]

Originally Posted by ASAP

Or they are rich or have made enough to retire on... to continue working if one doesn't have is in my eyes madness... passion or not there are hundreds of other things that you could be doing... oh u dont have hobbies? I feel sorry for you.

So if you've got plenty of money or have enough to retire on, would you not want to share what you've learned along the way? I'd love to be able to teach one day, do consulting, perhaps write a book.

Just to "retire" and play golf all day, I mean, I'd go mentally insane.

[2011CrazE89]

If I ever hit that "magic 6" I would still have to do some sort of volunteer work just to keep my mind young and active.

[kscarrol]

Originally Posted by P1et

So if you've got plenty of money or have enough to retire on, would you not want to share what you've learned along the way? I'd love to be able to teach one day, do consulting, perhaps write a book.

Just to "retire" and play golf all day, I mean, I'd go mentally insane.

This. I semi-retired a couple of years ago and now teach at the local university. Needless the say the pay is not why I'm doing it but health insurance is covered (so no Obamacare!), the hours are great and you get a five week winter break and three months off over the summer. Not a bad gig if you can get it!

[MrPrena]

Originally Posted by P1et

So if you've got plenty of money or have enough to retire on, would you not want to share what you've learned along the way? I'd love to be able to teach one day, do consulting, perhaps write a book.

Just to "retire" and play golf all day, I mean, I'd go mentally insane.

I agree.
Sometimes I get extremely bored doing same stuff I like, and it gets boring fast.
That is why most of people I know who are multi-millionaire who retired went to get a part time job. They are very satisfied with about 15-25hr/week job which pays whatever.
Some rich guys went on and bought franchises, and hired manager. There are dime a dozen of good managers available for franchise business.

Some avg mid class went to open their small business for the heck of it.

Don't get me wrong. I am NOT filthy rich. I just can't find a job which pays be the amount I want, and amount of hours I want to work. Finding above median income job maybe easy in some sector. I can sit home and make more than above average post grad median income w/15+exp (bull or bear market), and I just don't see an incentive to be stuck at work for 60+ hr/wk.

Originally Posted by kscarrol

This. I semi-retired a couple of years ago and now teach at the local university. Needless the say the pay is not why I'm doing it but health insurance is covered (so no Obamacare!), the hours are great and you get a five week winter break and three months off over the summer. Not a bad gig if you can get it!

I would love to have a job like that as a part timer.

[P1]

Originally Posted by 2011CrazE89

If I ever hit that "magic 6" I would still have to do some sort of volunteer work just to keep my mind young and active.

What's the "magic 6"?

[2011CrazE89]

Originally Posted by P1et

What's the "magic 6"?

Lotto. We're up to 25 million here in Florida.

[ASAP]

Originally Posted by P1et

So if you've got plenty of money or have enough to retire on, would you not want to share what you've learned along the way? I'd love to be able to teach one day, do consulting, perhaps write a book.

Just to "retire" and play golf all day, I mean, I'd go mentally insane.

Thats exactly what I mean... lack of hobbies... u said play golf all day, to me that would be boring as well.

When you have money... 100s of avenues for fun and enjoyment open... especially when u have someone else to share it with.