So what are your determining factors on when you will retire?

[DietDrThunder]

Is there a certain dollar amount you are trying to hit?
Is there an age you'd like to retire?
What are all the factors you are using to determine when enough is enough and retire?

 

[Carson Dyle]

Whether or not my heart is still beating.

 

[dave_the_nerd]

As soon as I can afford it. So many things to do, so little time. Then you die.

 

[DietDrThunder]

Whether or not my heart is still beating.

Really? You want to work that long? Or is it that you won't have enough to retire on?

 

[DietDrThunder]

As soon as I can afford it. So many things to do, so little time. Then you die.

So what method are you using to determine if you can afford to retire?

 

[dave_the_nerd]

So what method are you using to determine if you can afford to retire?

...math?

"Do I have enough money to live with the "income" I more or less want, for the remaining number of years I can expect to live, plus a few?"

 

[DietDrThunder]

...math?

That is a lot of help, let me tell ya.

 

[HotJob]

$600,000. But I'll never hit it at the job I'm at, and I'm too old to be hired by someone else, so once I get laid off/fired, I guess that's "retirement"

 

[MagnusTheBrewer]

Depends on getting my renal cancer under control. I have to work for the insurance to do so. Once it's under control, I'll retire.

 

[LurchFrinky]

Is there a certain dollar amount you are trying to hit?
Is there an age you'd like to retire?
What are all the factors you are using to determine when enough is enough and retire?

I would like to retire now, but the holdup is, of course, money.
I plan on retiring around 10 years from now when I expect to have around $1,000,000 in retirement.
But there are other considerations/assumptions such that I couldn't retire if I had that money now. Specifically, if I were to retire now, I would spend more time in retirement and would need more money. Also, I have some outstanding loans that I reasonably expect to be paid off in ten years.

Maybe if I had $2,000,000?

 

[BD231]

Well first I gotta get laid, haven't done that yet.

 

[BoomerD]

I didn't get to pick my retirement time...or conditions. The doctors did it for me. (following a couple of work-related injuries) BUT, I've been "retired" since just before I turned 50...and while the money isn't "great," we make do pretty well...considering.

 

[monkeydelmagico]

As soon as my dad croaks and leaves me that fat inheritance. He won't tell us how much. It better be enough otherwise I won't visit his grave.

 

[vi edit]

1) Kids out of college
2) Wife's student loans paid off (we are 13 years into a 30 year $90,000 loan for that)
3) House paid off (will be done roughly the same time as student loans assuming we don't pay down more)
4) My income to "can I stand my job" ratio hits a point where money isn't worth the bullshit of staying there

There's not really an age or money factor.

 

[Zeze]

1) Kids out of college
2) Wife's student loans paid off (we are 13 years into a 30 year $90,000 loan for that)
3) House paid off (will be done roughly the same time as student loans assuming we don't pay down more)
4) My income to "can I stand my job" ratio hits a point where money isn't worth the bullshit of staying there

There's not really an age or money factor.

You don't need your kids to be in college to retire.

If you had the money, you can retire now and just 'raise them'.

 

[Exterous]

Its a swirling array of changing factors like the strength of the MI State pension system (Questionable), state of SS funding (Not terrible) and cost of non-employer health care (High and rising). Those can all be dealt with by us having more money but the needed dollar amounts are in question. Hopefully as we get closer to a potential retirement dates the ranges of those factors decrease meaning we'll have a better idea what dollar amount we'll want which determines how long we'll work. Ideally we'd want to replace our current income levels (maybe slightly higher since we'll have more time to travel) so working with a 4% SWR gives us a $ amount to shoot for with SS and, likely, pension to pick up any shortfalls. This could be in around 15 years but a lot can change between now and then

 

[vi edit]

You don't need your kids to be in college to retire.

If you had the money, you can retire now and just 'raise them'.

My employment basically gains them free college. Not being saddled with a pile of college debt is a hell of a boost on your standard of living once you are out.

 

[K1052]

When we can spend half the year in Europe at our current level of lifestyle. About 5 years more or so I think.

Might end up relocating permanently but we'll see.

 

[DietDrThunder]

One problem I have is determining my personal life expectancy. I had one grandmother die at 94, the other grandmother died at 96, one grandfather died at 90, and one grandfather died at 63 one month after a car accident where a blood clot went to his brain. My mother is still alive and living unassisted at 80, my dad died at 78 but was a heavy chain smoker (always lit a cigarette with a cigarette, then would get up in the middle of the night to go smoke). His lungs finally gave out and then he died.

I have no medical issues at this time and I always get a clean bill of health from my doctor at my yearly physical. I don't smoke, drink alcohol (I'm not a prude, I just never acquired the taste for beer or hard liquor) or take any medications (I sound kind of boring).

I know I'll have to find another job before I turn 60 for the simple fact that my company's pension plan penalizes you by reducing your pension benefit every month after age 60. So I'll find another job and start drawing the pension before I retire. It's one way my company can legally get rid of older workers.

I know the earliest you can start taking SS is 62, so I should factor this in as well.

My biggest problem though is not having a clue how much health insurance costs will be from when I retire to when I can start getting Medicare. Also, how to determine what Medicare will cost me when I'm fully retired.

If I could get a good grasp on this, I think I could get a better idea of when I can retire.

 

[Exterous]

Might end up relocating permanently but we'll see.

Will it have a guest room you'd be willing to rent out for a reasonable cost to fellow ATOT'ers? I'm asking for a friend.

My biggest problem though is not having a clue how much health insurance costs will be from when I retire to when I can start getting Medicare. Also, how to determine what Medicare will cost me when I'm fully retired.

If I could get a good grasp on this, I think I could get a better idea of when I can retire.

If you're not close to medicare eligibility dates I'm not sure anyone has a good grasp on where it might end up given that there seem to be quite a few elected leaders intent on tearing it down let alone fixing the growing problems.

My employment basically gains them free college.

I'm not saying your kids are like this but both my wife and I have seen a lot of well behaved young kids blow their full ride scholarships or get kicked out for bad grades when their parents pay for it all. One of my long time friends was the Director of Admissions for a nearby University and said kids with free rides from scholarships or parents were more likely to be kicked out than any other group. My sample size is only local but I do think 'free' college makes many of them care less about going to class, studying and doing homework.

 

[DougK62]

Health care is the great unknown. Assuming that reasonable healthcare costs will exist when I'm ready to retire, I'll probably have enough to "retire" at age 50. I put it in quotes because I'll likely never stop working, volunteering, helping out with stuff, etc. but I'll have the means at that point to do whatever I want, including sitting on my duff.

 

[Thebobo]

Is there a certain dollar amount you are trying to hit?
Is there an age you'd like to retire?
What are all the factors you are using to determine when enough is enough and retire?

Assuming money is ok, for me when my job doesn't fulfill me anymore. My job is good but not like it once was, so I will likely go in the next year or two. I'll be able to find something that is enjoyable and maybe less hours and money. But my base retirement salary will keep me afloat how ever I spend my extra time.

 

[ponyo]

I plan to retire when my daughter is out of college. That should be in about 10-12 years if everything goes according to plan. And I should be in my mid 50s so I should be able to enjoy retirement. But we'll see. Life has its own plan which I can't control.

 

[Red Squirrel]

For me it's the "85 factor", or whenever my company says I can retire. Basically my age + number of service years has to equal to 85. I could resign any time, but I won't get full retirement until I hit that number. That will be in 2039, and I'll be 53. That seems kinda young to retire though so maybe I calculated wrong, but I did start at like 21. I'll probably have to get another job if they force retire me. By then costs of living will be so crazy high whatever I get for retirement might not be enough so I may still need to keep working. TBH I don't know if retirement is going to be an actual thing for this generation and beyond. It's going to be even worse for the next generation.

 

[DaveSimmons]

I don't have a set age yet. When I get tired of doing software development professionally and just want to do it as a hobby. Health insurance is also a consideration since that's going to be $6K/year or more when I start paying it.