Retirement Targets

  • After Iowa State won the Big 12, a Cyclone made a wonderful offer to We Will that now increases our match. Now all gifts up to $400,000 between now and the Final 4 will be matched. Please consider giving at We Will Collective.
    This notice can be dismissed using the upper right corner X button.

SpokaneCY

Well-Known Member
Apr 11, 2006
13,294
8,484
113
Spokane, WA
Retirement might be a thing of the past by the time I get there.

One of my reasons to go a little early while there is still something to retire TO! If we go MadMax in the coming months I will NOT be a survivor. Should the nukes fall I WILL run towards the light. Besides, I look terrible in leather plants and animal skin tunics.
 

dmclone

Well-Known Member
Oct 20, 2006
20,688
4,806
113
50131
I'm almost 50
My house will be paid off in 5 years. No other debt
I'd like to have 80% of my current income in retirement not counting SS or Pension
4% withdrawal rate
6% average return
I'll hit my magic number when I'm 62
 
  • Like
Reactions: yowza

yowza

Well-Known Member
Jun 2, 2016
1,799
447
83
Current age is 58, I will be 59 in the fall, I plan on working 3 more years, and get out at age 61. Wife is 60, she wants to work one more year, so she will be getting out at 61. I figure between our IPERS, SS and investments we will be drawing right around $10,000 a month before taxes
Like everyone else, I am worried about the gap years from retirement to Medicare, I talked to my employer yesterday about putting my wife on my plan when she retires and it comes to around $700 a month. She can stay on her current plan, but she would have to pay the full balance. Not sure right now what we are going to do.

My biggest headache besides the insurance, is the wife wants to move to Ames to be closer to the grandkids. I keep telling her, why do we want to leave a house we both love and is basically paid off, to purchase another house in Ames? Getting nowhere with my reasoning.

That last paragraph, I feel your pain.
 

yowza

Well-Known Member
Jun 2, 2016
1,799
447
83
Just curious also are your spouses as into retirement planning and understanding investing, etc as much as you are? I mean beyond understanding the importance of saving as I believe most spouses understand that.. Getting more into full on retirement planning and what you have to do and when.
 

yowza

Well-Known Member
Jun 2, 2016
1,799
447
83
I'm almost 50
My house will be paid off in 5 years. No other debt
I'd like to have 80% of my current income in retirement not counting SS or Pension
4% withdrawal rate
6% average return
I'll hit my magic number when I'm 62

Solid targets for sure.
 

yowza

Well-Known Member
Jun 2, 2016
1,799
447
83
Maybe in another 30 years AI will be doing everything for humanity and work will be a thing of the past.
 

Dopey

Well-Known Member
Nov 2, 2009
3,106
1,878
113
Just curious also are your spouses as into retirement planning and understanding investing, etc as much as you are? I mean beyond understanding the importance of saving as I believe most spouses understand that.. Getting more into full on retirement planning and what you have to do and when.

Negative. I'll give her statistical updates every once in a while because I feel like I should. But there's no forward planning desire from her end.
 
  • Like
Reactions: yowza

CycloneDaddy

Well-Known Member
Sep 24, 2006
7,160
5,959
113
Johnston
Just curious also are your spouses as into retirement planning and understanding investing, etc as much as you are? I mean beyond understanding the importance of saving as I believe most spouses understand that.. Getting more into full on retirement planning and what you have to do and when.
My wife has 0 interest in finances so she just does as I say in regards to 401 and 529 contibutions.
 
  • Like
Reactions: yowza

yowza

Well-Known Member
Jun 2, 2016
1,799
447
83
Ideally I'd like to retire at 55 (I'm late 30s - wow that sucks to write that) but that would require an inheritance that i think might be coming but cannot guarantee. My wife has a pension+ $50k in a roth and I have about $210k in my accounts so we don't have anything close to what we need but my parents have said they'll give my sibling and i about 7 figures so if that happens i would probably think about retiring.
we have two preschoolers and only debt is 105k on the house.

You are a young pup.
 

yowza

Well-Known Member
Jun 2, 2016
1,799
447
83
Negative. I'll give her statistical updates every once in a while because I feel like I should. But there's no forward planning desire from her end.

I keep her updated on it and make sure in the event of my demise she knows what to do and who to talk to.

She watches a lot of those 48 Hour mystery shows, so I am not sure if I should be concerned or not.
 

bos

Legend
Staff member
Apr 10, 2006
29,669
5,255
113
Just curious also are your spouses as into retirement planning and understanding investing, etc as much as you are? I mean beyond understanding the importance of saving as I believe most spouses understand that.. Getting more into full on retirement planning and what you have to do and when.

ha no. I wish. We would be further along now if she really buckled down with me. We are doing well, but would be much further along if she focused.
 
  • Like
Reactions: yowza

yowza

Well-Known Member
Jun 2, 2016
1,799
447
83
ha no. I wish. We would be further along now if she really buckled down with me. We are doing well, but would be much further along if she focused.

I always get the "well by the time we save enough according to you, we may be too old to do anything" or the "we could be dead in a year so we should do stuff now". I am like okay but what if we live to be 90, you want to live in one of those cramped nursing homes where the patients look like zombies and there is a stench that you can smell as soon as you step inside. That usually brings her back down.
 

Tre4ISU

Well-Known Member
SuperFanatic
SuperFanatic T2
Dec 30, 2008
27,841
8,549
113
Estherville
Great idea. Put all of them in designated stores so they aren't in my way.
 

dmclone

Well-Known Member
Oct 20, 2006
20,688
4,806
113
50131
In my 30's and early 40's I was really worried about having enough to retire. As I get older, I start thinking about things like.

Will I still be alive to enjoy all the hard work?
Will I physically be able to enjoy retirement?
Where will I want to live?

With those things in mind, I've made a few changes

I'm trying to do "active" vacations while I'm still physically able to. i.e. Going to Yellowstone this year. What made me think about this was all the years we went skiing in CO and how we haven't in 5 years because everyone else in our crew seems to have knee issues.
Since my wife and I are both able to work from home, we're considering moving before retirement.
 
  • Like
Reactions: flycy and bos

yowza

Well-Known Member
Jun 2, 2016
1,799
447
83
Thanks for posting this.

I have an old soul, too sentimental but too afraid. I worry my youth is gone and the dreams I had when I was young are nothing but the wind now. I've really started to think like you, that spending money now on things I want is better than waiting to have time but no energy.

My father was a hard worker and a diligent saver. To be blunt, he has several million dollars that he does not want to spend. he's worked his whole life to save money and doesn't know how to spend it. Now that he is in his mid-seventies, it's too late for him to take full advantage of all the opportunities that wealth provides.

You need to take him out to look at the 2021 Corvettes.
 

TitanClone

Well-Known Member
SuperFanatic
SuperFanatic T2
Dec 21, 2008
2,488
1,599
113
Only 28, but I'm shooting for 55. If things keep trending I should be able to max out my Roth 401k in a couple years and start adding to a pre-tax 401k. $4mm in my 401k and a house paid off is my goal..