Retirement Targets

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yowza

Well-Known Member
Jun 2, 2016
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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..

Roth is good at your age. Hope they don't add some sort of fees or surcharges to those in the future when they need more tax revenues.
 

LeaningCy

Well-Known Member
Jan 18, 2008
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In my 30s and shooting for 55 when our mortgage is done, but it will be driven by the aforementioned 4% withdrawal rule, cost of health insurance, and how much I still enjoy working.

With so many unknowns over the next 20+ years, it is tough to put a number on how much we'll need, but I'm assuming something in the neighborhood of $4M in today's dollars.
 

Cyched

CF Influencer
May 8, 2009
30,632
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Denver, CO
So for the OP, currently 29 and shooting for retirement in that 55-60 range.

Been pretty diligent on saving and off to a good start. Next few years I want to take some more expensive vacations while I’m still young and before I settle down (for example, have some international trips I want to take once this pandemic dies down). Have plenty of non-retirement savings by this point, so will still be on track minus a temporary dent.
 

throwittoblythe

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Aug 7, 2006
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Minneapolis, MN
I'm mid-thirties so to guess what the world looks like in 2050 is a fools errand, but you're in luck, because I'm just that kind of fool.

Current plan would be to continue doing a "real job" until at least mid-sixties. Plan would be to get to the point where I'm very valuable that my employer would let me do my own thing. Meaning, flexible work schedule, lots of time off, etc. Might consider shifting gears to more of a "giving back" type job post-60 that still provides health care.

My estimates are that I'll need $2.5-$3M in retirement to achieve the retirement income we desire.
 

Dopey

Well-Known Member
Nov 2, 2009
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Lots of <60 retirement goals. Which is awesome.

However, I think life expectancy of the population is decreasing, but I feel like there's probably a correlation to those in the position to retire at 55 and people who are benefiting from the increasing knowledge on health & wellness & the self-discipline to capitalize. Coupled with improving health care technologies, and I feel like being reasonably active @ 95 years old and living till 105 isn't out of the question as "normal" if you're currently in your 30's or 40's.

So if you can do fun stuff till your 90, and live past 105..... Would you have enough money? Or alternatively, and honestly a bigger concern for me, do you have enough hobbies/passions to fill the time of a 60 year retirement?

tl;dr question: What age do you assume you'll die in your planning?
 

CyArob

Why are you the way that you are?
Apr 22, 2011
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MN
Retiring at 35 sounds good to me. Now just need to figure out how, especially with the way health care is set up
 

4theCYcle

Well-Known Member
Jul 14, 2013
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Urbandale, IA
Just curious:

What age plan to retire?

What amount plan to have saved by that age?

Just curious as to when people plan to punch out for the last time and what the savings targets are. I know it varies by what you want to be able to do in retirement and health condition at that point, but just curious in general as to the two questions above.

Target is like 65 if not slightly sooner. Goal is ~$2M. I do photography on the side right now, so hopefully that either supplements additional revenue towards an earlier retirement, or provides some income if I am able to keep doing it then when retired.
 
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StevieISU23

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Oct 31, 2007
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$30,000: Our Current annual expenses (non mortgage, non daycare, etc)
$60,000: I assume expense will have doubled by the retirement time, (higher prices for gas, electricity, food)
I assume we can eventually find some sort of mutual fund group or group of stocks that pay a 3% dividend.
$60,000 /.03 == $2,000,000 Needed to retire.

Mortgage needs paid off.
Hopefully will have a little SS on top of that, and may work a little part-time for extra fun money.
401K's rate of returns will determine the age/date we can make this happen......

50 has been the stretch goal, probably not going to happen, but we can dream....
 
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CyArob

Why are you the way that you are?
Apr 22, 2011
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Going out in a blaze of glory is pretty inexpensive and can be done at any age

Hey I've got 7 years to win the lottery, make it big in the stock market, or get involved in some kind of fraud.
 
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yowza

Well-Known Member
Jun 2, 2016
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Target is like 65 if not slightly sooner. Goal is ~$2M. I do photography on the side right now, so hopefully that either supplements additional revenue towards an earlier retirement, or provides some income if I am able to keep doing it then when retired.

Sounds fun.
 

BCClone

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Sep 4, 2011
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Not exactly sure.
Awesome. Has to be nice to reach that level. Was your business impacted by COVID?

No. My side job actually got busier.

EDIT: To clarify, main job was initially hit, but with the government Covid programs, it basically was a wash.
 
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BCClone

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Sep 4, 2011
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Not exactly sure.
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.


Wife has no idea and doesn't care one bit. Tells me that is my job to make it happen. She doesn't even look at her checking account, just figures I will take care of it. So it is harder when you have one person doing the planning with a second person who doesn't have the same agenda as you.
 

clonedude

Well-Known Member
Apr 16, 2006
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I'm 48 and have about 600k in retirement savings.... so going by what most are saying on here.... I'll be working forever. Oh well. I don't mind working. Keeps you young.