Retirement. What age is your goal (1 Viewer)

[guru_007]

At 38, I decided I'd really have had enough of having to work and put an aggressive 15 year plan to retirement.  I think the key here was my wife was totally onboard.  She would be retired before 50 and me at 53-54.  My father retired at 55 so beating him by a year would work

Since that day, I have thought about nothing other than not having to work any more.  My job is comfortable, pays well, hours are not too taxing and I spend plenty of time with my family.  But, I have a ton of things outside of work I want to do, and building that list is also part of my retirement plan.

With the stock market tear the last 9 years or so, I honestly have exceeded my goals quite handily (i.e.  was expecting a 6% return on investments and raking in 10-12% instead).

I still have a few years left to go before I re-evaluate if I can actually make this work, because the bridge from 54 or so until 59 1/2 where we can start tapping the significant amount of retirement funds will be tight so I may work an extra year until 55.

I don't want to just retire at this point, I want to retire well.  Multiple trips each year, not having to worry about going out to eat, decent size cash gifts for each of my children each year to help them on their path, and so on.  My only worry will be healthcare (no debt as of next year at all), so if something is worked out on that end, all systems go.  I'm not going to be sedentary in my retirement as I'm sure I'll either volunteer some place or get a part time 'job' somewhere (and by job I mean a volunteer like position that may pay a nominal salary).  

It saddens me to see people in their sixties and seventies even having to work to pay the bills.  I do understand as an FBG I make more than the average U.S. household, but I also feel that I don't live frivolously where I can.  My kids ask me all the time why I don't get a new luxury car every 3 years like so many of their friends parents do (or even some of my relatives do), and it's simply because I don't feel the need to.    

 

[Chemical X]

looks like 54, when wife ports job to italy and i give up my job.  just hope we have enough money, but having her income for the foreseeable future makes this easier.  my new job will be dealing with foreign bureaucracy daily.

 

[moleculo]

ideally, 53-54.  My youngest will be in college at that point.

My general thought is that at point, I would ease into semi-retirement where I quit the grind and find a job that can pay the bills but afford more free time and less stress.  I've talked about possibly going into teaching - I still think that could work for 10 years or so -  give me insurance and summers.  Or, open in ice-cream shop in a resort town - everyone loves ice-cream.  Go work in a brewery - something like that.  Alternatively, I could start contracting - take 6 month gigs as needed, and give myself time off in between.

The concept is that I will have a good pile of money in tax-deferred accounts by then and further contributions won't really move the needle - I will make more money on interest than contributions.  so, once the kids are out, we could downsize, have fewer expenses, and therefore need less money coming in.  Of course, we would still like to travel so there would still need to be some income.

My wife may or may not want to continue to work.  She is a real estate agent and loves it.  She very well may keep going, which would be great - she makes more than me so maybe that's what we do for play money.

 

[DallasDMac]

I work from home full time, make a great salary, and my company's benefits are insanely good. I'm simply in no rush to retire. We are accumulating a nice nest egg, can afford nice vacations (leaving for 16 days in Ireland in September), and have no debt other than the house. It's just to good of a setup to give up. I'm often amazed at how well it all worked out. And, as someone mentioned earlier, I think if I was retired, I'd go nuts looking for things to fill my days. I tend to get bored rather quickly/easily. That being said, my wife has already been retired for two years with a nice pension. She may get tired of waiting on me.

 

[matttyl]

Hopefully late 50s. The kicker is health insurance. How much will it be then? Will my wife still be working and bringing home the insurance? 

If not late 50s, I guess 62 or whenever. I don't know.

Depending on your age now, I wouldn't worry.  We'll be under some type of single payer system, or Medicare for all, or whatever it will be called within 10 years, depending on elections.  I'm in the industry, and I really don't see much of a way around it.  The tide has turned. 

That said, even if we aren't by then, and the ACA (individual market) still exists, it's extremely easy to manipulate in your best interest so that you can obtain dirt cheap insurance.

 

[ChiefD]

Wife is 11 years younger than me, has a great job and great insurance. My plan is to semi-retire at 59, so another 10 years. She will work another 11 years, so we will be able to live comfortably on her income, and then she will retire at 59. 

I'll probably work part time somewhere just to keep a few extra bucks coming in. 

 

[matttyl]

Just retired in August at age 54.  I'm taking a year+ off to get my health back in order (turned into a fat tub of goo this past year).  I will probably work again, but it will be nice to know that I will do what I want, and annual income won't be a decision factor.

Also, the cost of health insurance could change things in 5-10 years.

See above post. 

 

[-OZ-]

It's my opinion most people chase the "stuff" and when they get it, they're not any happier than before.

For sure, there's a level of income that allows one to be comfortable. I'm talking comfortable house, reliable car, some savings, able to go out to eat when you like, not sweating an unexpected repair. That kind of thing. But that's way less than what I see lots of people (mostly guys in my experience) chase in the "accumulation phase". They hit their stride for earning and it becomes pure materialism with the hot cars and toys for show. Money becomes the scorecard for life.  I've been there. I know lots of people still there. Doesn't make them bad people. But I don't think it's the fulfillment they thought it was. And I'm pretty sure the stuff they think is impressing everyone... isn't. 

I know it's easier said than done but I'd do all I could to get out of a job that has me counting down the days and do everything I could to find something to fill my days with something I enjoyed doing. It's work. I get it. It's not always super fun. But it doesn't have to be drudgery.

Off the soapbox. But I feel strongly the "accumulation phase" is beyond overrated. It's a sad mistake I see guys make and it's often not until the end that they realize it. 

If you're chasing stuff as accumulation, I completely agree. 

There's a really good chance we'll spend more time with working than in retirement, even for those who retire before the traditional age span. 

I'll admit it, I get a certain satisfaction seeing our retirement fund growing. But in the last few years we've become more balanced, pay for experiences and the things we really care about. In this regard I think the Dave Ramsey / Chris Hogan crew get it right. Knock out debt early, save, and enjoy yourselves. (Live like noone else)

 

[AAABatteries]

Depending on your age now, I wouldn't worry.  We'll be under some type of single payer system, or Medicare for all, or whatever it will be called within 10 years, depending on elections.  I'm in the industry, and I really don't see much of a way around it.  The tide has turned. 

That said, even if we aren't by then, and the ACA (individual market) still exists, it's extremely easy to manipulate in your best interest so that you can obtain dirt cheap insurance.

I had the same thought.  I won’t bank on it but that is my assumption too.

 

[Pipes]

Early 60's.  I see no reason to retire earlier than that based on my situation.  I'm a CFO of a 20 person company that is fairly successful and I've been getting a nice profit sharing check the past few years.  The owner is a year older than me 48 and we get along great.  We have a great core group that is a blast to work with.  We work hard but play hard too.  I have a flexible schedule and we are in a 2 year old building that has a bar with TVs and a workout room.  It helps my busy time of year corresponds with the lousy Wisconsin weather.  I also live less than 2 miles from the office.  It's literally the perfect job for me so I see no reason to retire any time soon.

Now if I worked in cubicle city, had a hour commute each way, was caught up in the politics of a large company I'd likely be looking to retire in my early 50's. 

 

[matttyl]

The hope is right around 60, but that's a long way off (20+ years) and lots of things can alter those plans - so I don't stress about the actual age/date at this point.  Wife is almost 4 years younger, and the one kid is 3 (and we're thinking that's it).  Wife and I both work, and both mostly enjoy what we do (she more than me), and are compensated reasonably well for it.  She works from home 95% of the time, my office is 7 minutes (and a lovely drive) from home.  We both have pretty good benefits, inclusive of retirement plan matches and medical insurance. 

20 years from now kid is (hopefully) completely financially independent, house is completely paid off.  Her father retired from civil service (after having already "retired" from a career of military service) with two pensions and pretty much zero debt - died within 2 years, buried in Arlington.  We agreed then and there, that wouldn't be us (if we can help it).  Get out of it when we can, travel, enjoy this planet we call home.  Doesn't take much to keep us happy.

My industry (mainly health insurance) can obviously change my own side of things pretty much at any time - but I can still make a go of it in the life/disability/medical supplement insurance market - and have a pretty open door available to go to the P&C (property and casualty) side of things if needed. 

 

[AAABatteries]

Sounds like people are talking about different things.  There’s never working again retirement, working part-time/consulting retirement and doing volunteer/charity work retirement.  I’m looking forward to all 3 phases but still have probably have 5-7 years before I would feel comfortable to move to part-time/consulting and 12-15 years to volunteer/charity work.  Like others, I’m not sure I’d enjoy doing nothing unless I had so much money I could travel the world all the time.  The grandparenting years will be interesting.

 

[Long Ball Larry]

Sounds like people are talking about different things.  There’s never working again retirement, working part-time/consulting retirement and doing volunteer/charity work retirement.  I’m looking forward to all 3 phases but still have probably have 5-7 years before I would feel comfortable to move to part-time/consulting and 12-15 years to volunteer/charity work.  Like others, I’m not sure I’d enjoy doing nothing unless I had so much money I could travel the world all the time.  The grandparenting years will be interesting.

been trying to figure out how to even answer this question, because i can't tell what the definition of "retirement" is based on the answers in this thread.

 

[Da Guru]

Right now I really do not have a target date.

My wife will retire next year from a government job with full bennies after 30 years.

I am making more and working less and never work Fridays. The auto industry is booming so my commissions have been big because nobody cares how much you are making when business is good.  As long as the economy is booming and people are spending I will stay on as I feel no pressure and enjoy it.

My biggest concern is I workout 5-6 days a week at 6am, eat very healthy on schedule.   When I am on vacation for 2 weeks by the 6-7th day I have stopped working out..about noon I am thinking about having a beer or at least what time happy hour starts and my diet goes to crap. I am worried if I was fully retired I would want to do that every day.

One of my best friends sold his IT business and retired at 48 loaded.  Has a beautiful home here and a place on the ocean in Naples FL.   Belongs to Country Clubs in both places. The guy is now 52..he has gained about 20 lbs. Basically he golfs everyday and sits and gets drunk after 6-7 days a week. I know that sounds great but his wife has had it.  I am afraid that would be my routine.

 

[dgreen]

Probably aiming for 57. I'll have 34 years in as a fed by then. If we can live cheaply somewhere and do some traveling until we're comfortable drawing from TSP and SS kicks in, then that's what I'm currently thinking about doing. Government offers a partial retirement where you can get half your pension and half your salary working 20 hours per week. That might be a possibility, too, for a couple years after 57.

 

[djmich]

I wish today, 46 now and probably will be sometime around 55-58.  Stuck in the prime earning years crap thats been discussed.  Bank is good, life could be better, sometimes a lot.

 

[Mad Cow]

I am 46 and while I would love to retire early, I think a more fulfilling and likely reality is to slowly decrease my involvement in my practice and allow other docs to earn money for me.  I would love to take frequent trips with the wife and family while we still have great health and get 2-3 humanitarian trips in a year, as well.  Keep earning, but have plenty of free time and time to help others, which is so freaking amazing to do.

 

[Bob Sacamano]

Goal is 54.  We'll see if we get there.  Hoping @Quint will hire me part time after that. 

 

[NeverEnough]

55. Reality is, I'll likely work till I die. Yay!...............

 

[Jayrod]

From what I'm seeing, the key is what are you doing for work?  If I was still grinding out a living as an accountant, I'd be counting down the days.  Now that I have found something I enjoy more, I see myself staying in the game as long as I'm physically/mentally able.  Not that I want to be busting my butt in my late 50's & 60's, but if I can slow down but stay active, I will likely keep going in some form or fashion as long as they let me.

 

[Brony]

48 now and if I'm not retired by 55, something went wrong.   Like others, I don't see going cold turkey to zero work, but I'm willing to at least try it.  I would like to downshift to working something that isn't so stressful, but for now, that it is a steep cliff on income.  In a few years, I'll be ready for that. 

 

[Snotbubbles]

Shooting for when my last kid finishes high school, so when I'm 56.  Then I'm going to move from the Northeast down South and get a part-time job or hobby just to keep busy.

 

[matttyl]

Shooting for when my last kid finishes high school, so when I'm 56.  Then I'm going to move from the Northeast down South and get a part-time job or hobby just to keep busy.

Had your last kid ~40?  That's ballsy.  Really puts my own situation into a bit different light (currently 37, nearly 38 - one kid, doubting but not totally eliminating the chance of a 2nd), so thank you.  Can't believe life choices are being altered by a guy with a username of "snotbubbles".

 

[Snotbubbles]

Had your last kid ~40?  That's ballsy.  Really puts my own situation into a bit different light (currently 37, nearly 38 - one kid, doubting but not totally eliminating the chance of a 2nd), so thank you.  Can't believe life choices are being altered by a guy with a username of "snotbubbles".

Was 38.  4th kid.  Had my first when I was 23 (he's turning 21 next week).  Wife has a pension.  I have a 401k.  Kids all have 529s. 

I'm on pace for 56 although I'm sure another recession will hit between now and then.  

 

[moleculo]

ideally, 53-54.  My youngest will be in college at that point.

My general thought is that at point, I would ease into semi-retirement where I quit the grind and find a job that can pay the bills but afford more free time and less stress.  I've talked about possibly going into teaching - I still think that could work for 10 years or so -  give me insurance and summers.  Or, open in ice-cream shop in a resort town - everyone loves ice-cream.  Go work in a brewery - something like that.  Alternatively, I could start contracting - take 6 month gigs as needed, and give myself time off in between.

The concept is that I will have a good pile of money in tax-deferred accounts by then and further contributions won't really move the needle - I will make more money on interest than contributions.  so, once the kids are out, we could downsize, have fewer expenses, and therefore need less money coming in.  Of course, we would still like to travel so there would still need to be some income.

My wife may or may not want to continue to work.  She is a real estate agent and loves it.  She very well may keep going, which would be great - she makes more than me so maybe that's what we do for play money.

you know what - since my wife is doing the real estate gig, maybe I could get in on that some day.  Either get my own license and work as a team with her, or get into some ancillary RE stuff.  There's good money to be made in RE photography, appraisals, inspections, handyman work, etc.  She pays some guy between $75 and $150 just to measure houses she puts on the market so she can be accurate with the square footage - that's easy money right there.

 

[kutta]

My wife doesn’t work, and I could retire very comfortably right now - I’m 52.

I sold my company three years ago and I thought for sure I would be done and retire a few years after the sale. But, I’m enjoying work a lot now. The company that bought us is great, I get to rub elbows with some great people (4-Star generals, billionaires, DHS Agents, FDNY, etc.), I travel a TON but my wife comes with me so it’s great, I can make my own schedule and take leisure trips whenever and wherever I want for the most part, and they pay me really well.

So screw retirement. I’m having a lot of fun working right now. I’ll just keep doing this until I don’t feel like doing it anymore.

 

[stbugs]

Had your last kid ~40?  That's ballsy.  Really puts my own situation into a bit different light (currently 37, nearly 38 - one kid, doubting but not totally eliminating the chance of a 2nd), so thank you.  Can't believe life choices are being altered by a guy with a username of "snotbubbles".

Had my last of three at 36. I’ll be 54 when he’s out. I posted above but I definitely want to be in slow down stage at that point. It would be nice to get a part time gig going at that point. My wife has a very work from home job so not sure she’ll be at the same company she is now (she likes it but she works hard). I could see her continue to work into retirement so hopefully that opens my window. She just wants to move to the beach and would happily work from there. I can as well but not until the little guy is done.

Love this thread because one idea really got me going about starting to plan what I will do in retirement. Do I really want a part time gig and if so, what? My wife loves to travel and we have but 95% of the time it’s beach related.

Making great bank together now and if Amazon stock keeps rolling that could really change things up. My one big goal is to have my kids come out of college with 0 debt or as close to 0 as possible (hate to pass up cheap deferred loans). I do know that the bulk of our current costs are the 3 boys.

 

[snogger]

What do you mean by this GB?  Overrated how?

I get it. Don’t be a slave for retirement; live for today.  But you work a long time to ascend in your career.  Prime earning years.  Not easy to walk away from.  

I will have balance and enjoy family, friends and life experiences along the way.

Luckily I work for a great company that puts "Life" in front of "Work Life"..

Earlier this year The CEO sent out an email notifying us that if a Holiday falls on a Monday, as is the case this weekend, we work a half day on Friday, the rest is paid without burning Sick/vacation time.
Other "non-Paid" holidays that most people take time off for any ways, like the day after Thanksgiving, for the rest of the year are paid also.

I currently set my own hours, as long as I get my work accomplished they are not concerned about how many hours.. Would be great except... even though I could limit my hours worked, I have at least 4 "Top Priority" Projects going on that at times I find working 10 hours a day. Then again, I really enjoy these projects so it isn't stressful work, just "work" that needs to be done.

Added bonus is I have "Unlimited Vacation days".. Within reason of course.. But I no longer need to track if I've used 3, 4, 5 weeks.. When I want time off, I put in the request and usually within an hour it is approved.

 

[Redwes25]

Mid-fifties once my kids are out of college (so around 15 years or so).  I love my job but it can very intensive/stressful so not sure I can take it much longer than that.  Luckily the pay is great so money will probably not be an issue for retiring unless my spending habits greatly increase.  Of course, it is also possible that I am able to transition into more senior role at my job where I do a lot less work but get paid even more.  If that happens it may be tough to retire earlier.  

 

[Mookie]

I'm 51 now.  Pension kicks in at 55, and maxes out at 61.  House is paid off and I've squirreled a good bit of money.  I love where I live (small town in the mountains), but the job grinds me down.  Going to hang on until the pension kicks in and then see how long I can last before taking a sabbatical and re-evaluating what makes me happy and fulfilled.  My Dad died a year after he retired at 54, so that is starting to weigh pretty heavily on my mind.

 

[Brony]

JFC.  We're old. 

 

[Zegras11]

you know what - since my wife is doing the real estate gig, maybe I could get in on that some day.  Either get my own license and work as a team with her, or get into some ancillary RE stuff.  There's good money to be made in RE photography, appraisals, inspections, handyman work, etc.  She pays some guy between $75 and $150 just to measure houses she puts on the market so she can be accurate with the square footage - that's easy money right there.

My favorite inspector is making 200k a year.  

 

[moleculo]

My favorite inspector is making 200k a year.  

That's what I'm talking about.  I know it's not necessarily easy to get into, but I've got time.

ETA: actually, it does look fairly easy to get into.  Appraisals - that's the tough one.

 

[Zegras11]

That's what I'm talking about.  I know it's not necessarily easy to get into, but I've got time.

ETA: actually, it does look fairly easy to get into.  Appraisals - that's the tough one.

Appraising is the hardest for sure.  No requirements here to be an inspector.  I had a client train for a month with one.  Have another client about to start a trash hauling service.  These guys are making over 100k with the amount of construction we have here. 

 

[AAABatteries]

My wife doesn’t work, and I could retire very comfortably right now - I’m 52.

I sold my company three years ago and I thought for sure I would be done and retire a few years after the sale. But, I’m enjoying work a lot now. The company that bought us is great, I get to rub elbows with some great people (4-Star generals, billionaires, DHS Agents, FDNY, etc.), I travel a TON but my wife comes with me so it’s great, I can make my own schedule and take leisure trips whenever and wherever I want for the most part, and they pay me really well.

So screw retirement. I’m having a lot of fun working right now. I’ll just keep doing this until I don’t feel like doing it anymore.

And you’re great at chess.  From your avatar you are old and ugly or otherwise I would really hate you.

 

[Bob Loblaw]

I'm a county employee so I've got a pension.  60 at the earliest for retirement (42 now), that's when I hit 30 years and get full medical benefits for my wife and I.  Even if I pass away before her, she continues to get the medical benefits.  67 at the latest, as my mortgage will be paid off then, and if I can hold off on starting SS, I'll get the higher monthly benefit then too.  Based on my retirement system's benefit estimator, I will get 90.68% of the average of my 3 highest earning years. 

I had 401(k)s before I started with county, and then did a 457 for a few years, but stopped when life got in the way (3 kids in Marin).  With the pension, I've had a sense of security that I didn't need to save for retirement.  But with threads like this one and Personal Finance, reading the Bogleheads forums, and starting to read The Millionaire Next Door, I'm starting to see that that sense of security was somewhat wrong. 

We'll be all right, but I want us to be comfortable, as we love to travel... and drink good beer.

 

[Mjolnirs]

I am currently 54 and work for the Federal government.  I have since I was 23.  I am eligible to retire at 56, I'll have 33 years in.  The hope is to retire as soon as possible after that, but time will tell.

 

[tommyboy]

i said 'never' but that's not completely true.   I have a career doing one thing and on the side i own a small company.   Plan is to "retire' from the career sometime in the next 5-10 yrs and then just build up the small biz into a medium sized biz which i could then turn over to my kids if they're interested.  Or sell it.    But i'll still be working at something.   I don't think i'll ever stop having some sort of job, it gives you a purpose and an interest beyond golf/fishing/travelling etc....

 

[Sand]

It's my opinion most people chase the "stuff" and when they get it, they're not any happier than before.

For sure, there's a level of income that allows one to be comfortable. I'm talking comfortable house, reliable car, some savings, able to go out to eat when you like, not sweating an unexpected repair. That kind of thing. But that's way less than what I see lots of people (mostly guys in my experience) chase in the "accumulation phase". They hit their stride for earning and it becomes pure materialism with the hot cars and toys for show. Money becomes the scorecard for life.  I've been there. I know lots of people still there. Doesn't make them bad people. But I don't think it's the fulfillment they thought it was. And I'm pretty sure the stuff they think is impressing everyone... isn't. 

I know it's easier said than done but I'd do all I could to get out of a job that has me counting down the days and do everything I could to find something to fill my days with something I enjoyed doing. It's work. I get it. It's not always super fun. But it doesn't have to be drudgery.

Off the soapbox. But I feel strongly the "accumulation phase" is beyond overrated. It's a sad mistake I see guys make and it's often not until the end that they realize it. 

I get what you're saying now.  My personal definition of "accumulation phase" is maxing out every retirement vehicle possible, eliminating monthly subscriptions/bills (next up: cable), and driving a cheap car into the ground (foiled by the Lexus yesterday who really, really liked my backside) while still having a decent life.  That's accumulating.  You're describing more of a mid-life crisis phase (which some folks seem to be in all the time).  I see it here in spades. 

Right now I'm trying to buy time.

Depending on your age now, I wouldn't worry.  We'll be under some type of single payer system, or Medicare for all, or whatever it will be called within 10 years, depending on elections.  I'm in the industry, and I really don't see much of a way around it.  The tide has turned. 

That said, even if we aren't by then, and the ACA (individual market) still exists, it's extremely easy to manipulate in your best interest so that you can obtain dirt cheap insurance.

Yep - I can get bronze level for the family at $50/mo. by staying under the limits (though OOP can be crazy expensive per year, so still).  Crazy.

If we had Medicaid for all I'd be out tomorrow.  This removes future expenditure risk that's pretty huge if you don't have good insurance from an employer.  Even with subsidized ACA the OOP can be insanely high, though the monthly premiums will be quite low.

 

[ghostguy123]

Probably never, though i have a goal to go part time at 40(38 now) for like a year or two, go back full time, then back to part time for good around 50 and do that until i cant take it anymore.  Could be 60, 70 who knows.  

I rather do some part time now and work longer than i would otherwise need to.  As long as i can think ok and walk ok i can do my current job

 

[notoriousbill]

For those of you retiring prior to qualifying for Medicare and do not have company sponsored healthcare in retirement, how do you afford the healthcare premiums when retiring prior to 62?

 

[Jackstraw]

57.5 for me in 11 years. Eligible for full state pension. There is a law in Kansas that employees that retire from public agencies can stay on the group health care plan if they pay the premiums. That's my program. My place matches 100% of my salary up to 10% in a gubt 457 plan so I should be in pretty good shape to travel, etc. 

Both me and the wife's parents should leave some inheritence but I don't count on that and would prefer they all live to 100 and spend every penny.  

 

[Arizona Ron]

I don't see myself retiring.  I'll slow down a bit and consult on my own time or continue to support another company in an executive capacity but never fully retire.   I already take the month of December off and 4 weeks during the summer.  I don't need more of a break then that. 

 

[matttyl]

Yep - I can get bronze level for the family at $50/mo. by staying under the limits (though OOP can be crazy expensive per year, so still).  Crazy.

If we had Medicaid for all I'd be out tomorrow.  This removes future expenditure risk that's pretty huge if you don't have good insurance from an employer.  Even with subsidized ACA the OOP can be insanely high, though the monthly premiums will be quite low.

Well, the absolute highest they can be is about $7k for an individual, $14k for a family.  Yes, that's high, but you'd only hit the $14k mark if multiple family members each hit their $7k.  Also, if you're only paying $50 a month for a family, you can likely get a silver tier plan where even teh deductible and OOP are subsidized (max of like 2,500 OOP or something).  You do have to get your MAGI (modified, adjusted gross income) pretty low, even for a family, for that to apply, though.

So even if you hit the max OOP, for the family, and yet are paying only $50 a month - works out to just over $1k a month.  That's a pretty good deal, in today's environment, for health care for a "family". 

 

[Otis]

It's my opinion most people chase the "stuff" and when they get it, they're not any happier than before.

For sure, there's a level of income that allows one to be comfortable. I'm talking comfortable house, reliable car, some savings, able to go out to eat when you like, not sweating an unexpected repair. That kind of thing. But that's way less than what I see lots of people (mostly guys in my experience) chase in the "accumulation phase". They hit their stride for earning and it becomes pure materialism with the hot cars and toys for show. Money becomes the scorecard for life.  I've been there. I know lots of people still there. Doesn't make them bad people. But I don't think it's the fulfillment they thought it was. And I'm pretty sure the stuff they think is impressing everyone... isn't. 

I know it's easier said than done but I'd do all I could to get out of a job that has me counting down the days and do everything I could to find something to fill my days with something I enjoyed doing. It's work. I get it. It's not always super fun. But it doesn't have to be drudgery.

Off the soapbox. But I feel strongly the "accumulation phase" is beyond overrated. It's a sad mistake I see guys make and it's often not until the end that they realize it. 

Great points. 

 

[Jobber]

Can someone dumb down the accumulation phase for me?

 

[Long Ball Larry]

JFC.  We're old. 

I was going to say that a lot of you people are old.

 

[Eephus]

Can someone dumb down the accumulation phase for me?

The usual definition is the building up of savings during the stretch drive to retirement after the kids are grown and the house paid off.

 

[JohnnyU]

I have 6 more years and I'm already talking about it.  I've spent the last 34 years as a software developer and have worked even longer (43 years), since I was 16, I feel so excited to move on to that chapter of my life.  I've invested wisely and will have a nice pension, savings, social security, medicare, and 403b.  My wife has also invested wisely and we're both looking forward to our retirement.  Longevity isn't a thing in my family (father 48, mother 74), so here is hoping I beat those odds.  The last thing I want after my death is my wife's new boyfriend spending my retirement

 

[Joe Bryant]

The usual definition is the building up of savings during the stretch drive to retirement after the kids are grown and the house paid off.

Thanks Eephus. That's not how I meant it though. I see it more often in accumulating toys and material stuff. I saw it when we owned the boat company and I see it among a lot of people with money. Sacrificing family life or enjoyable time for saving for retirement can have its issues too. But I was more speaking to the "get the most toys before you die" aspect I see people do.