OT When to retire?

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SharpeScooterShooter

SharpeScooterShooter

SharpeShooter
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Seems there are alot of old farts like me on this forum, some of you older, so im picking your brains for opinions and advice. :)

Who here has thought about retirement, what age and what type of portfolio would you be comfortable retiring with?

Im sitting on about 200k in 401K combined with the wifes.
We have about 400k equity in our home(obviously market dependant)

I just read an article that retiring at 70 with a 500k plus portfolio can have you living a modest but pleasant retirement if your owe less than 200k in combined mortgage aNd debt(cc’s).

What are your thoughts on retirement and what would allow you to retire without concerns of loving on top ramen as a senior citizen?

Id like to retire as soon as possible but that is not practical yet. Trying to do the math to see how much earlier i can retire, if i can retire early at all.
 
e_blazer said:
Signed: SlyPokerCartelLordDog.
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maxican-chihuahua.jpg
 
Well if you’re retiring young I’d definitely want to vote for whoever prioritizes keeping medicare and social security.

How close are you to being able to collect SS? The longer you wait to collect the more you get
 
SlyPokerDog said:
Retire now.

Sell everything and move to Mexico.
Click to expand...

You have no kids, not sure how much direct family you have, but if it's not much you should go check out the Yucatan for 3 months. You can get around for very cheap. The Yucatan is cartel free (there is a little in the Cancun resort area but they're selling coke to tourists.) You can also visit Belize (an all English speaking country south of Mexico.) But their version of Greyhound (Ado) is really nice and Maya Train just opened and it circles the entire Yucatan.

Then come home and decide what you want to do in terms of work, retirement, and life.
 
Shaboid said:
I would reach out to a certified financial planner. They'll be able to dive into a lot deeper and give better advice than any of us would.
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Absolutely.
I am retired. Worked with financial planner for about 15 years since I was starting with nothing. My accounts balance to the penny but my knowledge of financial markets is nil. You say stocks, I think chicken stock, meat stock, fish stock, vegetable stock. Say bonds I think baseball.
 
I'm about 75 years from being a being able to retire...but on a serious note, I have a cousin who is 78 and still works.

Granted, he's a lawyer and probably makes good money, but at what point is enough enough?
 
When to retire is a no one right answer fits everyone question. I have known guys who retire early and love every minute of it. I’ve also seen guys who, once they get their list of home improvement projects done, feel bored out of their minds.

Financial planners can help with figuring out the money aspects, but only you can know your own psyche. Do you enjoy your work? How much of your identity is associated with what you do? For me, I semi-retired at 66 and started drawing Social Security. I’m a consultant and was able to keep working remotely. I bill at a pretty good rate and I only kept the clients I enjoy working with. I found working half days for the pas few years was about right. My wife and I knew that a big thing for us was getting out of Oregon for the winters. We also wanted a place in Oregon for summers so we can keep up family things. We downsized to a condo here and bought a house in Arizona. So far, it’s working pretty well. I’m planning on dropping my work load to maybe 10 hours a week this fall. I’ll probably phase out completely in the next year or so.
 
SharpeScooterShooter said:
Seems there are alot of old farts like me on this forum, some of you older, so im picking your brains for opinions and advice. :)

Who here has thought about retirement, what age and what type of portfolio would you be comfortable retiring with?

Im sitting on about 200k in 401K combined with the wifes.
We have about 400k equity in our home(obviously market dependant)

I just read an article that retiring at 70 with a 500k plus portfolio can have you living a modest but pleasant retirement if your owe less than 200k in combined mortgage aNd debt(cc’s).

What are your thoughts on retirement and what would allow you to retire without concerns of loving on top ramen as a senior citizen?

Id like to retire as soon as possible but that is not practical yet. Trying to do the math to see how much earlier i can retire, if i can retire early at all.
Click to expand...

I traveled a lot during my work career, so I retired at near 63 with good health as a trade off from all the traveling. Had a company paid pension and a 410K that I put into for 35 years. My wife also retired at 62 after a long career teaching. We do have a financial advisor who's valuable in helping us chart our course. We both took our SS at 63 and reinvested and thats worked out good. We love to camp, fish and travel. We stay busy with 14 grandkids with 9 of them involved in sports so we are going here and there every week/weekend for games. We don't have any regrets and we feel fortunate.
 
MickZagger said:
Well if you’re retiring young I’d definitely want to vote for whoever prioritizes keeping medicare and social security.

How close are you to being able to collect SS? The longer you wait to collect the more you get
Click to expand...

Im 51 now and trying to plan out to retire at 60. Just not sure i can make that happen. With a rough predictive calculation, i think we can live off our nest egg for five years and then start collect SS at 65. But depending on how ling we live, that might not be realistic unless we sacrifice some retirement luxuries.
 
Shaboid said:
I would reach out to a certified financial planner. They'll be able to dive into a lot deeper and give better advice than any of us would.
Click to expand...

We lost our free financial planner when i was laid off, been a bit spoiled on free advice for over a decade. Lol
 
SlyPokerDog said:
You have no kids, not sure how much direct family you have, but if it's not much you should go check out the Yucatan for 3 months. You can get around for very cheap. The Yucatan is cartel free (there is a little in the Cancun resort area but they're selling coke to tourists.) You can also visit Belize (an all English speaking country south of Mexico.) But their version of Greyhound (Ado) is really nice and Maya Train just opened and it circles the entire Yucatan.

Then come home and decide what you want to do in terms of work, retirement, and life.
Click to expand...
Enough direct family to keep me in the states. Lots of nieces and nephews. Also i want to stay in the states for music purposes.
 
julius said:
I'm about 75 years from being a being able to retire...but on a serious note, I have a cousin who is 78 and still works.

Granted, he's a lawyer and probably makes good money, but at what point is enough enough?
Click to expand...

Exactly. My time is becoming more and more valuable. I have most toys id like and am not high maintenance.
I would like to travel and eat good food and record my and others’ music is all.
 
The
e_blazer said:
When to retire is a no one right answer fits everyone question. I have known guys who retire early and love every minute of it. I’ve also seen guys who, once they get their list of home improvement projects done, feel bored out of their minds.

Financial planners can help with figuring out the money aspects, but only you can know your own psyche. Do you enjoy your work? How much of your identity is associated with what you do? For me, I semi-retired at 66 and started drawing Social Security. I’m a consultant and was able to keep working remotely. I bill at a pretty good rate and I only kept the clients I enjoy working with. I found working half days for the pas few years was about right. My wife and I knew that a big thing for us was getting out of Oregon for the winters. We also wanted a place in Oregon for summers so we can keep up family things. We downsized to a condo here and bought a house in Arizona. So far, it’s working pretty well. I’m planning on dropping my work load to maybe 10 hours a week this fall. I’ll probably phase out completely in the next year or so.
Click to expand...

I dont hate my work per say, but i hate working cor the man. I need to get my studio up and running to promote and turn it into an income. Thats would give me the passion id work day and night for.
 
crandc said:
I figured there are four things I will never run out of:
Books I want to read
Recipes I want to cook
Patterns I want to knit
Cats needing homes.

Throw in caring for house and garden, baking and now campaigning and I have no free time!
Click to expand...

Boredom will not be an issue. Too many hobbies. :)
 
SlyPokerDog said:
Here is the correct answer.

Look at Trump and Biden. You can do politics into your 80s.

Run for Canby city council. You can play instruments so picking up the banjo shouldn't too hard.

Sit on the city council for a few terms, then when you turn 65 run for mayor.
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He can join the Moose Lodge too.
 
SlyPokerDog said:
Here is the correct answer.

Look at Trump and Biden. You can do politics into your 80s.

Run for Canby city council. You can play instruments so picking up the banjo shouldn't be too hard.

Sit on the city council for a few terms, then when you turn 65 run for mayor.
Click to expand...

What Trump is doing isn’t politics. It’s grifting with a heavy dose of corruption topped with world class whining.
 
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