[daacon]

So here's one for ya. My Dad worked in the air force for 33 years, then the private sector for 5 or 6 years. Retired at 55 ish, lives on an indexed pension (not rich but always enough money to do what he wants to do). Probably the last generation (for the most part) to work at one place retire and collect a lifelong pension.

Give fairly recent economic events, most peoples retirement funds (401k, RRSP, etc) have taken a beating.

Personally I like what I do and can do it from anywhere. I will not be retiring at 55 unfortunately (** pending lottery win ** - still have kids in University / Collage ) but hope to at some point (maybe 60 - 65). The hard part for me is to try and predict how much money you need. What type of income would be sufficient? I could not just sit around, would drive me nuts I think.

I love the Web retirement calculators. I put in a failry agressive salary and they always tell me to to save more or die younger

Optimally I see us as moving somewhere warmer, and I would work part time for a few months to supplement my income. (That is easier said that done though)...

So what say you? We have a good cross section here, some are retired already, some are getting close or at least the end is in site and others are so far off it does not concern them at all.

So here's one for ya. My Dad worked in the air force for 33 years, then the private sector for 5 or 6 years. Retired at 55 ish, lives on an indexed pension (not rich but always enough money to do what he wants to do). Probably the last generation (for the most part) to work at one place retire and collect a lifelong pension.

Give fairly recent economic events, most peoples retirement funds (401k, RRSP, etc) have taken a beating.

Personally I like what I do and can do it from anywhere. I will not be retiring at 55 unfortunately (** pending lottery win ** - still have kids in University / Collage ) but hope to at some point (maybe 60 - 65). The hard part for me is to try and predict how much money you need. What type of income would be sufficient? I could not just sit around, would drive me nuts I think.

I love the Web retirement calculators. I put in a failry agressive salary and they always tell me to to save more or die younger

Optimally I see us as moving somewhere warmer, and I would work part time for a few months to supplement my income. (That is easier said that done though)...

So what say you? We have a good cross section here, some are retired already, some are getting close or at least the end is in site and others are so far off it does not concern them at all.

If you enjoy your work, why not keep on working? I wouldn't be happy if I quite working.

[erickallemeyn]

20hr weeks as a wal-mart greeter!

= $10k / year.

[pentaman]

So here's one for ya. My Dad worked in the air force for 33 years, then the private sector for 5 or 6 years. Retired at 55 ish, lives on an indexed pension (not rich but always enough money to do what he wants to do). Probably the last generation (for the most part) to work at one place retire and collect a lifelong pension.

Give fairly recent economic events, most peoples retirement funds (401k, RRSP, etc) have taken a beating.

Personally I like what I do and can do it from anywhere. I will not be retiring at 55 unfortunately (** pending lottery win ** - still have kids in University / Collage ) but hope to at some point (maybe 60 - 65). The hard part for me is to try and predict how much money you need. What type of income would be sufficient? I could not just sit around, would drive me nuts I think.

I love the Web retirement calculators. I put in a failry agressive salary and they always tell me to to save more or die younger

Optimally I see us as moving somewhere warmer, and I would work part time for a few months to supplement my income. (That is easier said that done though)...

So what say you? We have a good cross section here, some are retired already, some are getting close or at least the end is in site and others are so far off it does not concern them at all.

As the Chinese saying goes, if you like what you do, you will never work another day in your life. I am yet to grasp the idea of retirement (long ways to go!), but here are my learnings so far:

- Don't rely on your 401k to be your main source of income. Yes, you can put all your money in risk-free investments, but for the future value, they might not be sufficient.

- A house is always a great investment. For those who rent, the rent is the major monthly expense. So, when you retire, imagine you can live rent-free!

- A second house is a better investment - not only you can live in one house, you can rent the second house at the future rent values, and hence earn a future income, rather than a 401k - which is always at the time of investment + accrued interest.

- Have a hobby that pays. So, you can do it now with passion, but spend less time, and do it full-time when you retire. Not only will you have fun, but also earn something out of it. Photography is a good hobby to have in that respect.

[Rupert]

I am pretty much retired and work only sparsely now. Haven't done my taxes yet, but would guess I didn't make much over 10K this year by working. Added to Soc Sec and my wife's still great income, other investments etc, I am fairly comfortable. The key I believe is to have zero debt.....no house or car payments or other long term debt that eats away at your reduced income. We have no debt. So, while everyone has different needs or lifestyles, I think it just comes down to reducing or eliminating debt, realizing that at least some change in spending habits will be necessary, and managing the income you have to reflect those changes.

How will you know if your retirement will be satisfactory? If you have managed your finances well and avoided financial stress before retirement, you can rest assured that your retirement will be just fine. I've never seen it be otherwise. Those that know how to handle their money always manage...no matter what the circumstances. They have learned all the rules and ins and outs over their life and don't suddenly fail at the end...trust me!
Regards&when you retire enjoy every minute of every day...time is short and needs management just like you cash!
Rupert

Retire? Won't happen for me. Not with a new kid around. So I guess I have to work till they pry the mouse from my cold dead hand.

[Ratmagiclady]

Retire at 55? I don't think that's even in the envelope of possibility. If I'm alive at 55 and have anything in particular to retire from, I'll either be finally down for good or just getting started.

[erickallemeyn]

I'm 21 right now, and I'm following the rules for retirement.

I'm putting $2k / year into a retirement account, and, assuming 9-10% interest, I should be at 1.5 million by age 65. We'll see how that plays out, I guess!

[Parallax]

I'm 21 right now, and I'm following the rules for retirement.

I'm putting $2k / year into a retirement account, and, assuming 9-10% interest, I should be at 1.5 million by age 65. We'll see how that plays out, I guess!

Unfortunately, 1.5-2% interest is more realistic right now and in the near term

[daacon]

I'm 21 right now, and I'm following the rules for retirement.
I'm putting $2k / year into a retirement account, and, assuming 9-10% interest, I should be at 1.5 million by age 65. We'll see how that plays out, I guess!

Have a plan B is all I can say .... although with that long a period you might be ok .... putting away $$ at your age is commendable - well done.

The old 'rule of thumb' do not necessarly apply anymore - money doubling every 7 years , 9 - 10% yearly compond interest. .......

Debt Free is key .....(as Rupert mentioned) that is a given ....I am like George don't really see a 'true retirement' in my future but I am ok with that ....for now

[Mallee Boy]

I'm doing my best to emulate your Dad, Dave....but I'm running a few years behind schedule.

I agree with Rupert when he says the key to it is debt...or lack of. We are hopeing to "retire" ASAP, it will be frugal one but somehow I think a good one!

Cheers mate.

[J.Scott]

I arrived at the conclusion about a year ago that I was not enjoying my job and made a commitment to retire as soon as possible.
So I did that this past August, in fact.
I have a decent pension, but certainly not lucrative.
I had an idea that I would acquire my 'A' driving license and drive trucks part time once retired.
Well, that didn't exactly work out as planned.
Instead I agreed to work for a local school bus company and they trained me for my 'B' license instead.
I work about 20 hours per week and am completely satisfied with that amount of 'work' at this stage in my life.
I am 55.
The rocking chair sits vacant on the front porch. I really need to keep busy in the early part of my retirement.
They offered a program where I was working to reduce my hours of work to part time in the 2 years prior to retirement, but I really wanted out.
I was truly sick and tired of the job I had been doing for the previous 30 years.

My humble advise is follow your heart and retire when you want to and not a moment before.
Don't over-think or sweat the details of what you'll do once retired; that will happen with amazing serendipity.
Shit happens - go with the flow!

Be happy!

Have a plan B is all I can say .... although with that long a period you might be ok .... putting away $$ at your age is commendable - well done.

The old 'rule of thumb' do not necessarly apply anymore - money doubling every 7 years , 9 - 10% yearly compond interest. .......

Debt Free is key .....(as Rupert mentioned) that is a given ....I am like George don't really see a 'true retirement' in my future but I am ok with that ....for now

Plan B, get a bunch of life insurance then die.

[daacon]

<snap>will be frugal one but somehow I think a good one!
Cheers mate.

Grant having met you I can imagine nothing but a Happy one for you and Anne - take care bud and we will see each other again !

[daacon]

I<snip>My humble advise is follow your heart and retire when you want to and not a moment before.
Don't over-think or sweat the details of what you'll do once retired; that will happen with amazing serendipity.
Shit happens - go with the flow!
Be happy!

I am glad for you as well Jeff - I imagine I will keep busy Shit happens indeed.