Retirement Targets

[1SEIACLONE]

To each is their own, but I don't necessarily love this mentality. There has to be a common middle ground because the ones who live for today aren't wrong either. My wife works in an industry that is rough on families. When little ones or grownups get cancer and pass, do you think that they wish they could have done something big or gone on some trip etc to live life and enjoy? Yeah they do. We aren't guaranteed tomorrow so I say take that trip you've been wanting to do. I say to enjoy more of the experiences over materials but that's just me. Because I usually don't say man, I wish I didn't take that vacation or trip to such and such just to skimp along in life so that way I can maaaaybe enjoy 10-15 years of retirement on the backend generally with lesser health.

Like I said, everyone is different and can have their own plan, but I don't agree with the penny pinch and not enjoy things today either.

Obviously starting earlier is better for compounding and I have done a good job, but we also try to take multiple vacations each year.

That why I said you need a balance, and try to do as much of both, saving for retirement and living for today as you can afford. I have no problems taking vacations, and you are correct, no one says when they are dying, "I wish I would have worked more or saved more."
Life experiences are important and doing them with your children is very rewarding, but I am also not one that says, "Screw retirement, and lets have one hell of a time while we are here" either. It is possible to do both, and find that it does work out.

 

[dmclone]

Very true, you just have to run the numbers, which is easy to do by just going to the SS website and plugging in your info and then using it as a way to determine what is best for you and then factor in your overall health and how long in general your family members live.

I retired in May of 2023, but could not start drawing my SS until Jan of 2024, I was only 61 when I retired and the program has a month delay, so we get our July check in August. So I had 7 months after I retired before I could start to collect, I made up much of that difference by starting to collect my IPERS June 1st and still being paid by the school over the summer. So I double dipped income for those three months.
I keep reading about all the benefits of waiting and how much more money you will receive by doing so, but that extra money down the road does not help if you need it now or can invest it. Plus throw the fact you may pass before you start to draw. I have never second guessed my decision to start drawing at 62.

This is why people should use software like Boldin. It has a Social Security Explorer that shows lifetime benefits. When we retire, my wife and I will have worked a similar number of years, same age, and each made a similar amount of money. If I plan on living until 87 and my wife 90, it looks something like this for lifetime SS benefits.

Both take at 62=$2.5 million
One take it at 62 and one 70=$3 million
Both take at 70=$3.5 million

If I take 10 years off each of our lives (77 and 80), all 3 scenarios end up being about $1.5 million

Then you have to think about things like how you'll spend a lot more early in your retirement than later. What happens if one of you passes away much sooner than the other? We'll see as we get closer, but my guess is that one of us will do 62 and the other will do 67.

Couples whose incomes are very different from one another would likely benefit even more from it.

 

[Cyclones_R_GR8]

I'm curious, you're 5 months in - are you bored yet?

Not really bored, but I feel like I lack purpose. That's the difficult part of retirement, you have to have a reason to get up in the morning.

 

[KnappShack]

I am of the mindset that it's more fun to spend the money while you're of young body and mind than waste it away when you're older.

I save for retirement and I max out my 401k and HSA and do some mega back door ROTH stuff since I make too much for direct. But if the choice is "put this extra money away for retirement or spend now" I am choosing spend now every time. You can always make more money.

I say **** it and go all in with this.

**** can change fast. I almost ******* died during a workout a few months ago.

Went from "good" health to pills and tests.

Live your life and die with a tan, brother

 

[4theCYcle]

That why I said you need a balance, and try to do as much of both, saving for retirement and living for today as you can afford. I have no problems taking vacations, and you are correct, no one says when they are dying, "I wish I would have worked more or saved more."
Life experiences are important and doing them with your children is very rewarding, but I am also not one that says, "Screw retirement, and lets have one hell of a time while we are here" either. It is possible to do both, and find that it does work out.

Agree, but I also responded to that post, not the one after where you said that.

 

[mustangcy]

My goal is to die with as much money as possible. Never understood the idea of spending money in retirement, I want my kids to **** their pants when my worth is told to them. So save like crazy and plan to work until my body says I can't. Maybe I'm just lucky in that I don't care what type of vehicle I drive or clothes I wear...I do live in a nice house, that's my one splurge. Other than the house, sock it away like crazy and leave generational changing wealth.

That's not to say keep working the corporate rat race, but I won't ever stop working or doing something to bring some fun money in.

 

[1SEIACLONE]

Not really bored, but I feel like I lack purpose. That's the difficult part of retirement, you have to have a reason to get up in the morning.

Retirement is not for everyone. For those people that their job was who they were, and identified with, it can be a struggle. I taught school for 36 years, I know I was burnt out the last couple of years, and it was not good for the kids nor me. Staying longer would not have increased my retirement, so I retired at 61 and half. There has never been a moment in the past two years I regretting that decision, best thing I have ever done. If I get bored, I take a nap, there is always something going on to keep me busy.
But for some, retirement is a struggle, and really they would be better off to keep working.

 

[FriendlySpartan]

My goal is to die with as much money as possible. Never understood the idea of spending money in retirement, I want my kids to **** their pants when my worth is told to them. So save like crazy and plan to work until my body says I can't. Maybe I'm just lucky in that I don't care what type of vehicle I drive or clothes I wear...I do live in a nice house, that's my one splurge. Other than the house, sock it away like crazy and leave generational changing wealth.

That's not to say keep working the corporate rat race, but I won't ever stop working or doing something to bring some fun money in.

I honestly thought this was a parody post for the first couple sentences but I think you’re being genuine.

Interesting take but good for you knowing what you want

 

[VeloClone]

$1 million seems like a far off dream to most judging by the articles I read.

Social Security could be cut severely. I'm not banking on 80% of what the administration website estimates for me.

This could be a full blown crisis....or we'll just have a elderly workforce for McDonalds (just hope they can actually count change)

I have a lot more confidence in the 65+ set counting change than I do in the under 30 group. If something happens and the register doesn't tell them how much change to give the vast majority of the youth are totally lost.

And put the coins in my hand first with the bills on top. Stop dropping coins on top of bills so they are already falling out of my hand before they even come to rest.

And get off my lawn!!!!

But seriously I pretty much never use cash anymore. Most people don't handle it well.

 

[KnappShack]

I have a lot more confidence in the 65+ set counting change than I do in the under 30 group. If something happens and the register doesn't tell them how much change to give the vast majority of the youth are totally lost.

And put the coins in my hand first with the bills on top. Stop dropping coins on top of bills so they are already falling out of my hand before they even come to rest.

And get off my lawn!!!!

But seriously I pretty much never use cash anymore. Most people don't handle it well.

I actually had this happen last year. In Missouri the older cashier couldn't count change back.

Pretty sad

 

[JK4ISU]

Not really bored, but I feel like I lack purpose. That's the difficult part of retirement, you have to have a reason to get up in the morning.

Don’t worry, you’ll have a reason to get up in the morning. You’ll have to pee!

 

[1UNI2ISU]

My goal is to die with as much money as possible. Never understood the idea of spending money in retirement, I want my kids to **** their pants when my worth is told to them. So save like crazy and plan to work until my body says I can't. Maybe I'm just lucky in that I don't care what type of vehicle I drive or clothes I wear...I do live in a nice house, that's my one splurge. Other than the house, sock it away like crazy and leave generational changing wealth.

That's not to say keep working the corporate rat race, but I won't ever stop working or doing something to bring some fun money in.

Man, I want my parents to spend every single dime they've accumulated. I'm good. They worked hard and they should enjoy it. Pretty much feel the same way about my daughter, happy to be in a position to help when she needs it and what not but I'm not going to decide against doing things so that she can have extra after I'm dead.

 

[Dopey]

I am of the mindset that it's more fun to spend the money while you're of young body and mind than waste it away when you're older.

I save for retirement and I max out my 401k and HSA and do some mega back door ROTH stuff since I make too much for direct. But if the choice is "put this extra money away for retirement or spend now" I am choosing spend now every time. You can always make more money.

lol, of course it’s more fun. It’s also potentially irresponsible.

You’re saying we all need to calm down about saving for the future after saying you put at least $35k per year into tax advantaged accounts while making presumably more than $165k per year.

I bet that’s more than 80% of the population and is way too easy for most to use add an excuse to self justify not saving.

 

[CycloneSpinning]

And I am saying parents made an 18 year+ long decision to spend now when they decided to have the kid.


You're not holding back though. You just did whatever math in your head that spending money on a kid is better than spending it on XYZ. The variables are exactly the same when it comes to this overall retirement discussion, Spend or Save. You're choosing to Spend.

You should thank those parents. When you’re 70, wanting to call in take a distribution from your retirement account, you’ll be talking to one of these kids. These kids will also be your police officers, firefighters, soldiers, front desk workers at hotels, etc.

 

[Dopey]

My goal is to die with as much money as possible. Never understood the idea of spending money in retirement, I want my kids to **** their pants when my worth is told to them. So save like crazy and plan to work until my body says I can't. Maybe I'm just lucky in that I don't care what type of vehicle I drive or clothes I wear...I do live in a nice house, that's my one splurge. Other than the house, sock it away like crazy and leave generational changing wealth.

That's not to say keep working the corporate rat race, but I won't ever stop working or doing something to bring some fun money in.

Same. I ******* hate traveling, fishing, and get bored after about 6 holes of golf anyway.

Very anxious to move on from my too well of paying corporate job though.

 

[FriendlySpartan]

You should thank those parents. When you’re 70, wanting to call in take a distribution from your retirement account, you’ll be talking to one of these kids. These kids will also be your police officers, firefighters, soldiers, front desk workers at hotels, etc.

This is a really rough message that can easily cut the other way really quick…

 

[yowza]

I'm curious, you're 5 months in - are you bored yet?

That is a bit of my fear. Will I "miss" the stress?

 

[yowza]

Same. I ******* hate traveling, fishing, and get bored after about 6 holes of golf anyway.

Very anxious to move on from my too well of paying corporate job though.

Day drink?

 

[Cyclones_R_GR8]

Retirement is not for everyone. For those people that their job was who they were, and identified with, it can be a struggle. I taught school for 36 years, I know I was burnt out the last couple of years, and it was not good for the kids nor me. Staying longer would not have increased my retirement, so I retired at 61 and half. There has never been a moment in the past two years I regretting that decision, best thing I have ever done. If I get bored, I take a nap, there is always something going on to keep me busy.
But for some, retirement is a struggle, and really they would be better off to keep working.

I don't regret it at all as I was pretty burnt out. I need to motivate myself to get my house ready to sell.

 

[yowza]

Man, I want my parents to spend every single dime they've accumulated. I'm good. They worked hard and they should enjoy it. Pretty much feel the same way about my daughter, happy to be in a position to help when she needs it and what not but I'm not going to decide against doing things so that she can have extra after I'm dead.

Neither my wife or myself will get any real inheritance and we are 100% good with that. We've worked hard and saved and I pay way more attention to financial markets than most people not in the business, but it has paid off nicely and we should be very comfortable and do vacation stuff where we can cover the costs for others to come along.