The “I want to retire soon” thread (7 Viewers)

[Sand]

I plan on doing volunteer work for myself in retirement.

Seems like most of my work in retirement is whatever my wife wants done.

Ah, so voluntold work.

 

[Alex P Keaton]

How old are you guys…kutta, smails, peggy(when you retired).

The prime earnings years is a double edged sword for sure. I’m 53, could retire but my colleagues would all think I’m crazy and it feels too early when I can still bank meaningful $. I’m thinking for sure by 60, but am sort of taking it year by year.

Anytime I hear "you're too young to retire" I remind them that retirement isn't an age, it's a dollar amount. And that goes for passing up on making more money too. When you reach financial independence you can do whatever you want to when you wake up in the morning. That's the goal. If you love your job and desire to go to work in the morning, or getting even more money is what is important to you, that's great. Just concentrate on what you want and not what others think.

I had just turned 55. Original goal was to reach financial independence by age 50, but, things didn't go perfectly.

Yeah, this is how I think of it too. The age part is irrelevant. Ditto for what others might think about my decision.

I turned 50 a couple months ago. *Should* be all set to retire next April but it depends on factors outside my control (company stock price, what happens with other investments, where my kids go to college). Both kids will be seniors this year, so we should know by February where they are going (if anywhere). I’m concerned about market valuations that are at/near historic highs, and thus would like a bit more cushion than most objective parties would recommend.

Appreciate all the folks who post in here, this thread has helped me think about all aspects of retirement.

I’m 66 and just retired. I think back on my life and what I had to do to prepare myself for a career, then live it, then see it come to an end. It’s a surreal feeling. I suppose if there is one thing I miss is the feeling of accomplishment. As a software developer I really liked how it made me feel to develop a well thought out software application. The latter part of my career I did data engineering projects. But I don’t miss this to the degree that I would rather be doing that instead of being retired. I hear some of you talking about retiring in your early 50s. That’s great if you can do it, but for me that would have meant leaving a lot of earnings on the table. Plus, professionally I wouldn’t have wanted to give it up in my early 50s. Then one day before my 65th birthday it hit me square in the face that it was time. It really does works that way. One day you’re working, and the next day something inside you tells you it’s time.

I hear you Johnny U. The reality is that there are aspects of my job that I love and aspects I strongly dislike. That’s been true for every single job I’ve had.

For me part of the reality is that I’ve worked on average probably 55-65 hours a week since age 22. Some years it was closer to 70-75 hours a week. My current job involves a ton of travel, an office in NY (we live near Chicago), and a lot of stress. It doesn’t leave enough time for much outside of work and family.

I have almost unlimited interests and will have no trouble filling my time with hobbies, travel, time with friends, etc. I do a lot of service work related to a part of my life that doesn’t matter for this thread. Think of it as quasi-religious or spiritual.

My purpose in retirement will include either starting a local non-profit or finding one that fits my passion and helping it thrive. I’m not looking to sit around watching TV or drinking mimosas…..my purpose at this point is to help others.

 

[Desert_Power]

I plan on doing volunteer work for myself in retirement.

Seems like most of my work in retirement is whatever my wife wants done.

Ah, so voluntold work.

My wife got laid off in January. I usually make her a list on Sunday night for things to do during the week. Most of the items are from prior weeks.

 

[Terminalxylem]

How old are you guys…kutta, smails, peggy(when you retired).

The prime earnings years is a double edged sword for sure. I’m 53, could retire but my colleagues would all think I’m crazy and it feels too early when I can still bank meaningful $. I’m thinking for sure by 60, but am sort of taking it year by year.

Same age, making decent money. Don’t believe my colleagues would think I’m crazy to retire, nor will I care, if they do.

 

[Terminalxylem]

Think I value my time/freedom more.

This is the correct answer.

All the money in the world can't buy more time dude.

But it can change what you do with the time.

It can. To a point. But saw a poll where people had 1,2,3,5,10M. When asked how much would be enough and they would be comfortable with the overwhelming answer was 2X what they had. No matter the number. Comparison is the thief of joy. I’m not going to be renting yachts on the Mediterranean every summer but more than enough to do what I want including golf at my club, travel extensively the first decade etc. And, with more time for self care, working out, more sleep and less stress I’m putting the odds in my favor of longer to enjoy it. Plus the freedom to go see the kids and grandkids any time I want vs everything navigated around a busy work schedule is worth a lot

The better question is, how much $ happy retirees actually have, on average, rather than what they think they need to be “comfortable”. One poll on the subject

The latest data are from Gallup's annual Economy and Personal Finance survey, conducted April 1-21. Since 2002, majorities of retirees ranging between 71% and 83% have said they have enough money to live comfortably. Over the same period, far fewer of those not yet retired (from 38% to 59%) have anticipated a similar outcome for themselves. It is unclear if these differences result from retirees being better prepared financially for retirement than today's nonretirees are, or if nonretirees are overly pessimistic about what their retirement finances will look like.

 

[-OZ-]

For me part of the reality is that I’ve worked on average probably 55-65 hours a week since age 22. Some years it was closer to 70-75 hours a week.

I did that while active duty, with some real extremes. One thing keeping me willing to keep my job now is I work less than 40 most weeks, with every federal holiday off, plus 26 days PTO and 13 days I can take for medical.

 

[Senor Schmutzig]

I open this thread every day looking for inspiration to just say "I'm done". I enjoy what I do and the industry I work in, but I just haven't been inspired or motivated since I moved to a new company almost two years ago. The product I sell is fantastic, but the camaraderie and "family" feeling from the company that I had been at for the previous 13 years is lacking so that doesn't help. But that's just part of it. I'm also trying to figure out if some of the lack of motivation comes from reflection and introspection after my dad passed last November, and my heart attack scare in February. Perhaps I've simply grown tired of working for someone else, and anything moving forward needs to be for me, my wife, my family. Who knows. I'm not quite there yet, and in "there", I mean I'm not desperate enough to really contemplate retiring just yet. But it's growing. I notice that I am talking about retirement more to friends, I'm reading more Reddit threads about FIRE, reviewing my numbers to see how low I can realistically get my monthly budget, looking at other areas of the state/country that we may want to move whenever the decision comes (we live in a HCOL area and despite having a relatively low mortgage payment, my property tax and insurance are $$$$) etc.

I re-calculate my net worth every month or so, trying to justify what magic number I need to feel comfortable, although I know that number seems to be constantly changing. I'm allowing a maximum of 5 more years, I'm 55 now, but I can also see myself justifying something sooner when my expectations and that magic number meet.

So keep on posting, guys. I appreciate everyone's different situation and look forward to seeing more of the posts that say, "That's it, I'm done!"

 

[New Binky the Doormat]

I plan on doing volunteer work for myself in retirement.

Seems like most of my work in retirement is whatever my wife wants done.

Ah, so voluntold work.

My wife got laid off in January. I usually make her a list on Sunday night for things to do during the week. Most of the items are from prior weeks.

checking in on @Desert_Power ...

 

[⚡DEADHEAD⚡]

The r/FIRE sub on Reddit is pretty outstanding with information, and people who are willing to share information, including guidance and advice.

This is coming from someone who just recently discovered the potential value of Reddit. Slippery slope. I spend an hour on it every day, easy. Good subs though. Not a lot of junk. Impressive, actually.

 

[Judge Smails]

How old are you guys…kutta, smails, peggy(when you retired).

The prime earnings years is a double edged sword for sure. I’m 53, could retire but my colleagues would all think I’m crazy and it feels too early when I can still bank meaningful $. I’m thinking for sure by 60, but am sort of taking it year by year.

63 and 3 months here

 

[jamny]

The r/FIRE sub on Reddit is pretty outstanding with information, and people who are willing to share information, including guidance and advice.

This is coming from someone who just recently discovered the potential value of Reddit. Slippery slope. I spend an hour on it every day, easy. Good subs though. Not a lot of junk. Impressive, actually.

r/earlyretirement is another good one.

 

[-OZ-]

The r/FIRE sub on Reddit is pretty outstanding with information, and people who are willing to share information, including guidance and advice.

This is coming from someone who just recently discovered the potential value of Reddit. Slippery slope. I spend an hour on it every day, easy. Good subs though. Not a lot of junk. Impressive, actually.

There’s plenty of junk on Reddit. But if you stick to the subs you care about and are decently moderated it’s probably better than Facebook or other social media.

 

[Senor Schmutzig]

The r/FIRE sub on Reddit is pretty outstanding with information, and people who are willing to share information, including guidance and advice.

This is coming from someone who just recently discovered the potential value of Reddit. Slippery slope. I spend an hour on it every day, easy. Good subs though. Not a lot of junk. Impressive, actually.

Yep, that's one that I was referencing earlier. I came across them a few months ago, and there is definitely some good information. r/Coastfire and r/financialindependence are also on my regular Reddit rotation.

 

[Desert_Power]

I plan on doing volunteer work for myself in retirement.

Seems like most of my work in retirement is whatever my wife wants done.

Ah, so voluntold work.

My wife got laid off in January. I usually make her a list on Sunday night for things to do during the week. Most of the items are from prior weeks.

checking in on @Desert_Power ...

Even worse, I made her join up at the gym to help fill her weekdays.

Her parents are all over her to get another job, but I just want her to get healthier, have less stress, and more time for our son.

Neither of us really need to work, except for the health care angle that just seems will never get better in this country.

 

[Desert_Power]

I made this for an HR recruiter I work with. Probably nothing new to most of you but sharing:

Spoiler: FI Stuff

Blogs/Podcasts:

Choose FI: Good podcast with an episode on just about everything. They have active communities on Facebook.

Two Sides of FI: Probably my favorite right now because I am in somewhat similar situations.

Mr. Money Mustache: The classic. Doesn’t update too much and probably an example of someone who is too frugal

Early Retirement Podcast

Never Pay Taxes Again - Go Curry Cracker! (fun article. There are some Choose FI episodes with him)


FrequentMiler This is a really good podcast and blog on how to make the most on credit card points and miles/related deals. They’re pretty advanced though. Families Travel Free is a little more basic.

Books:

Die with Zero

Your Money or Your Life

I Will Teach You To Be Rich

ETA: That Families Travel Free one isn't great but thought it was apt for her since that method is heavy on SouthWest.

 

[Orange&Blue]

everytime i see this thread I keep recalculating...lol

trying to decide what that magic number is. Figure 80% of my current salary?

what % is appropriate?

 

[Gally]

what % is appropriate?

Depends on the lifestyle you want to live. This is THE question to be answered first and then you can start planning to meet that level of lifestyle.

 

[dgreen]

everytime i see this thread I keep recalculating...lol

trying to decide what that magic number is. Figure 80% of my current salary?

what % is appropriate?

Are you a fed, or do I have you confused with someone else?

I project when I turn 57, my three-part retirement of pension (34 years) + tsp (4%) + fers annuity supplement will be 87% of my projected age 57 salary.

 

[Gally]

fers annuity supplement

What is this? I am a fed and plan to retire at 57 (which will be my MRA and give me 10 yrs). Am I eligible for whatever this is?

 

[JohnnyU]

what % is appropriate?

Depends on the lifestyle you want to live. This is THE question to be answered first and then you can start planning to meet that level of lifestyle.

In retirement, a good way to supplement your income when eating out with family, is to go to a Mexican restaurant and eat the free chips and salsa then split. Another, is when eating out with friends, conveniently leave your wallet at home. One of them will cover your bill.

 

[Yo Mama]

what % is appropriate?

Depends on the lifestyle you want to live. This is THE question to be answered first and then you can start planning to meet that level of lifestyle.

The % also depends on if it is gross salary or net salary in your take home paycheck.

You won’t have the same taxes in retirement and you presumably won’t need to continue saving for retirement when retired. Also, will you have the same expenses (like mortgage) going forward?

It’s probably better to project your expenses rather than start off your current salary IMO.

 

[Desert_Power]

everytime i see this thread I keep recalculating...lol

trying to decide what that magic number is. Figure 80% of my current salary?

what % is appropriate?

Better to do it based on projected expenses, even though that is hard to do too.

Every time my worth gets to be about 25x my projected spend, I start to think about where I may potentially want to spend for. Or pull forward future expenses.

 

[dgreen]

fers annuity supplement

What is this? I am a fed and plan to retire at 57 (which will be my MRA and give me 10 yrs). Am I eligible for whatever this is?

Not sure: https://www.opm.gov/retirement-center/fers-information/types-of-retirement/#url=Annuity-Supplement

 

[dgreen]

fers annuity supplement

What is this? I am a fed and plan to retire at 57 (which will be my MRA and give me 10 yrs). Am I eligible for whatever this is?

Not sure: https://www.opm.gov/retirement-center/fers-information/types-of-retirement/#url=Annuity-Supplement

Looks like MRA 10 isn’t eligible.

 

[New Binky the Doormat]

everytime i see this thread I keep recalculating...lol

trying to decide what that magic number is. Figure 80% of my current salary?

what % is appropriate?

it's best if you list out everything (and I mean everything) its going to cost you to live - are you going to downsize? kids college still in play at that point?, want to travel a bunch?, property taxes, food, entertainment, (kids gone?), etc

you likely have most of the information pulled together already but you gotta do it

use a decent model like FireCalc and take a look at what you think you need in today's dollars

then you can start crunching how much you need coming in - and then start figuring out how to achieve it through your current savings, expected income, etc - and you'll get a feel for what you're comfortable with

inflation is the killer in these models based on what is currently happening ....

 

[Gally]

conveniently leave your wallet at home. One of them will cover your bill.

I just got bamboozled into this yesterday at baseball game. Buddy got up to by his beer and reached for his non-existent wallet sticking me with the bill (and I had already gotten my beer earlier and I just went with him to keep him company). I gotta start learning this tricks...

 

[Uruk-Hai]

everytime i see this thread I keep recalculating...lol

trying to decide what that magic number is. Figure 80% of my current salary?

what % is appropriate?

it's best if you list out everything (and I mean everything) its going to cost you to live - are you going to downsize? kids college still in play at that point?, want to travel a bunch?, property taxes, food, entertainment, (kids gone?), etc

you likely have most of the information pulled together already but you gotta do it

use a decent model like FireCalc and take a look at what you think you need in today's dollars

then you can start crunching how much you need coming in - and then start figuring out how to achieve it through your current savings, expected income, etc - and you'll get a feel for what you're comfortable with

inflation is the killer in these models based on what is currently happening ....

This is what I did, as opposed to a % of my then-current income. I was making (& spending) more money than what I really needed to live as comfortably as I want to.

 

[Terminalxylem]

I open this thread every day looking for inspiration to just say "I'm done". I enjoy what I do and the industry I work in, but I just haven't been inspired or motivated since I moved to a new company almost two years ago. The product I sell is fantastic, but the camaraderie and "family" feeling from the company that I had been at for the previous 13 years is lacking so that doesn't help. But that's just part of it. I'm also trying to figure out if some of the lack of motivation comes from reflection and introspection after my dad passed last November, and my heart attack scare in February. Perhaps I've simply grown tired of working for someone else, and anything moving forward needs to be for me, my wife, my family. Who knows. I'm not quite there yet, and in "there", I mean I'm not desperate enough to really contemplate retiring just yet. But it's growing. I notice that I am talking about retirement more to friends, I'm reading more Reddit threads about FIRE, reviewing my numbers to see how low I can realistically get my monthly budget, looking at other areas of the state/country that we may want to move whenever the decision comes (we live in a HCOL area and despite having a relatively low mortgage payment, my property tax and insurance are $$$$) etc.

I re-calculate my net worth every month or so, trying to justify what magic number I need to feel comfortable, although I know that number seems to be constantly changing. I'm allowing a maximum of 5 more years, I'm 55 now, but I can also see myself justifying something sooner when my expectations and that magic number meet.

So keep on posting, guys. I appreciate everyone's different situation and look forward to seeing more of the posts that say, "That's it, I'm done!"

I hear you regarding the importance of camaraderie. My job has its frustrations, though it also can be really rewarding as well. But the tiebreaker has always been my coworkers, some of whom are the most inspirational human beings I’ve met.

Unfortunately, over 20+ years, the group has ballooned to ~100 members, some of whom I couldn’t pick out of a police line up. And everything has become more business-like.

When I started, most of us would eat breakfast together, and we’d hang out after work. I knew everyone, and their families. Nowadays, the younger guys just do their work, with minimal coworker interaction. Seems like half of them wear AirPods at their desks. Definitely less collegial.

And while it’s not life threatening, my hamstring tear has also made me re-evaluate the retirement timeline. It’s critical to get out while your body still functions. Along those lines, I shifted to part time years ago, to increase opportunities to do things while able bodied.

Anyway, I’m shooting for a couple years, but have zero interest in wading into the finances. I’m impressed by the enthusiasm some of you guys have for this stuff, as it’s far from my favorite topic.

 

[BeTheMatch]

Anyone looking to maybe have someone do a review of their financial situation as they get closer, check this out:

Will You Run Out of Money — or Regret Not Spending More? https://share.google/OOe4zVEoyrUH5C1cx

 

[Sand]

everytime i see this thread I keep recalculating...lol

trying to decide what that magic number is. Figure 80% of my current salary?

what % is appropriate?

If you want a single number. Go calculate your expected expenses (it's good to track current expenses, then add on provisions for health insurance, travel, car replacement, new roof, etc.).

Take that annual expected expense and multiply by 30. That should be a safe exit number.

 

[JohnnyU]

everytime i see this thread I keep recalculating...lol

trying to decide what that magic number is. Figure 80% of my current salary?

what % is appropriate?

If you want a single number. Go calculate your expected expenses (it's good to track current expenses, then add on provisions for health insurance, travel, car replacement, new roof, etc.).

Take that annual expected expense and multiply by 30. That should be a safe exit number.

Talking to a financial advisor is the way to go. You will have to prepare a lot of financial stuff for them for the meeting.

 

[Sand]

Anyone looking to maybe have someone do a review of their financial situation as they get closer, check this out:

Will You Run Out of Money — or Regret Not Spending More? https://share.google/OOe4zVEoyrUH5C1cx

I get a snake oil feeling from that site.

 

[Instinctive]

conveniently leave your wallet at home. One of them will cover your bill.

I just got bamboozled into this yesterday at baseball game. Buddy got up to by his beer and reached for his non-existent wallet sticking me with the bill (and I had already gotten my beer earlier and I just went with him to keep him company). I gotta start learning this tricks...

Bro, venmo. Venmo.

 

[JohnnyU]

conveniently leave your wallet at home. One of them will cover your bill.

I just got bamboozled into this yesterday at baseball game. Buddy got up to by his beer and reached for his non-existent wallet sticking me with the bill (and I had already gotten my beer earlier and I just went with him to keep him company). I gotta start learning this tricks...

Bro, venmo. Venmo.

I prefer PayPal. Never used Venmo.

 

[Riffraff]

If you want a single number. Go calculate your expected expenses (it's good to track current expenses, then add on provisions for health insurance, travel, car replacement, new roof, etc.).

Highly overlooked thing.

Always take into account the housing upkeep and maintenance as they usually end up as 'surprise' costs for items and labor upcharging as 'emergency', but need to allocate projected funds every year.

Roof replacement
House paint job
Water heater
Refrigerator
Oven or microwave
Random plumbing in kitchen or bathroom - those rubber grommets / o-rings wear thin or crack
Washer / dryer
Garage door openers
Furnace / HVAC
Backyard grill, fire pit, or entertainment items
Patio stones
Tree trimming or root created damage
Yard bark or beautification
Sprinkler system
Septic or underground piping
Fence panels and painting/staining
Deck plank refresh
Replace the lawn mower or other typical tools.

Bound to be something every year so budget for them. Best to systematically replace items when you got the coin and know things age.
Know you are going to retire within 5 years? Start a phased replacement/upgrade on major appliances while you got the paycheck.

 

[BeTheMatch]

Anyone looking to maybe have someone do a review of their financial situation as they get closer, check this out:

Will You Run Out of Money — or Regret Not Spending More? https://share.google/OOe4zVEoyrUH5C1cx

I get a snake oil feeling from that site.

He's got a ton of videos on YouTube. I like him a lot. He offers fee-based review. I haven't done it. But I really don't think he's trying to push anything. Seems like a genuine dude in his videos.

 

[Desert_Power]

If you want a single number. Go calculate your expected expenses (it's good to track current expenses, then add on provisions for health insurance, travel, car replacement, new roof, etc.).

Highly overlooked thing.

Always take into account the housing upkeep and maintenance as they usually end up as 'surprise' costs for items and labor upcharging as 'emergency', but need to allocate projected funds every year.

Roof replacement
House paint job
Water heater
Refrigerator
Oven or microwave
Random plumbing in kitchen or bathroom - those rubber grommets / o-rings wear thin or crack
Washer / dryer
Garage door openers
Furnace / HVAC
Backyard grill, fire pit, or entertainment items
Patio stones
Tree trimming or root created damage
Yard bark or beautification
Sprinkler system
Septic or underground piping
Fence panels and painting/staining
Deck plank refresh
Replace the lawn mower or other typical tools.

Bound to be something every year so budget for them. Best to systematically replace items when you got the coin and know things age.
Know you are going to retire within 5 years? Start a phased replacement/upgrade on major appliances while you got the paycheck.

I feel like a cookout at your place is the move.

How do you account for these in your planning? My "projected budget" uses a decent miscellaneous kicker (currently 11%) on top of what I label as the somewhat discretionary spending. I have used a higher figure in the past but try to explicitly add some items like the bold. Another friend uses more of a sinking fund approach but that seems overly complex.

Do need to get a fence guy out here as some boards are looking rough.

 

[Instinctive]

conveniently leave your wallet at home. One of them will cover your bill.

I just got bamboozled into this yesterday at baseball game. Buddy got up to by his beer and reached for his non-existent wallet sticking me with the bill (and I had already gotten my beer earlier and I just went with him to keep him company). I gotta start learning this tricks...

Bro, venmo. Venmo.

I prefer PayPal. Never used Venmo.

To be fair you're like 20 years older than Gally, the red was targeted at him. My mom uses venmo now because it's so much more convenient.

 

[Instinctive]

If you want a single number. Go calculate your expected expenses (it's good to track current expenses, then add on provisions for health insurance, travel, car replacement, new roof, etc.).

Highly overlooked thing.

Always take into account the housing upkeep and maintenance as they usually end up as 'surprise' costs for items and labor upcharging as 'emergency', but need to allocate projected funds every year.

Roof replacement
House paint job
Water heater
Refrigerator
Oven or microwave
Random plumbing in kitchen or bathroom - those rubber grommets / o-rings wear thin or crack
Washer / dryer
Garage door openers
Furnace / HVAC
Backyard grill, fire pit, or entertainment items
Patio stones
Tree trimming or root created damage
Yard bark or beautification
Sprinkler system
Septic or underground piping
Fence panels and painting/staining
Deck plank refresh
Replace the lawn mower or other typical tools.

Bound to be something every year so budget for them. Best to systematically replace items when you got the coin and know things age.
Know you are going to retire within 5 years? Start a phased replacement/upgrade on major appliances while you got the paycheck.

I feel like a cookout at your place is the move.

How do you account for these in your planning? My "projected budget" uses a decent miscellaneous kicker (currently 11%) on top of what I label as the somewhat discretionary spending. I have used a higher figure in the past but try to explicitly add some items like the bold. Another friend uses more of a sinking fund approach but that seems overly complex.

Do need to get a fence guy out here as some boards are looking rough.

Or become a good enough fence guy because you're retired and you can spend oodles of time learning new stuff!

 

[Gally]

conveniently leave your wallet at home. One of them will cover your bill.

I just got bamboozled into this yesterday at baseball game. Buddy got up to by his beer and reached for his non-existent wallet sticking me with the bill (and I had already gotten my beer earlier and I just went with him to keep him company). I gotta start learning this tricks...

Bro, venmo. Venmo.

The guy is an old retired guy like @JohnnyU and doesn't have those new fangled payment methods....hahaha

 

[Orange&Blue]

everytime i see this thread I keep recalculating...lol

trying to decide what that magic number is. Figure 80% of my current salary?

what % is appropriate?

Are you a fed, or do I have you confused with someone else?

I project when I turn 57, my three-part retirement of pension (34 years) + tsp (4%) + fers annuity supplement will be 87% of my projected age 57 salary.

yes, i am.

counting fers, tsp, others (not social) I'm at 50% current salary if i retire today.

 

[Orange&Blue]

what % is appropriate?

Depends on the lifestyle you want to live. This is THE question to be answered first and then you can start planning to meet that level of lifestyle.

The % also depends on if it is gross salary or net salary in your take home paycheck.

You won’t have the same taxes in retirement and you presumably won’t need to continue saving for retirement when retired. Also, will you have the same expenses (like mortgage) going forward?

It’s probably better to project your expenses rather than start off your current salary IMO.

I'll look into that

 

[Brunell4MVP]

everytime i see this thread I keep recalculating...lol

trying to decide what that magic number is. Figure 80% of my current salary?

what % is appropriate?

it's best if you list out everything (and I mean everything) its going to cost you to live - are you going to downsize? kids college still in play at that point?, want to travel a bunch?, property taxes, food, entertainment, (kids gone?), etc

you likely have most of the information pulled together already but you gotta do it

use a decent model like FireCalc and take a look at what you think you need in today's dollars

then you can start crunching how much you need coming in - and then start figuring out how to achieve it through your current savings, expected income, etc - and you'll get a feel for what you're comfortable with

inflation is the killer in these models based on what is currently happening ....

I think rental property is a good hedge if one can do it. Your property value goes up, and your rental rate goes up. As as self-employed person without pension, healthcare coverage, etc ... we will slowly eat into our retirement savings as we age if we don't have a source of income beyond retirement account appreciation Our goal is pay off our primary house and not need that money to buy our retirement home. The rent becomes our income, with the plan to leave the primary house to our kids at their stepped up basis so the family avoids taxes on the gains. I think the old adage of "Buy, borrow, die" is a good one if you care about future family generations. You don't have to leave them anything. But if you want to, that's the ticket along with a well thought out trust.

 

[-OZ-]

Every time my worth gets to be about 25x my projected spend, I

Projected being the key here. Don’t forget that your work related expenses will disappear or change to travel and more fun.

Take that annual expected expense and multiply by 30. That should be a safe exit number.

That’s an ultra safe number which leaves you working longer than necessary. It’s a good way to go if you want to leave your heirs a nice inheritance.

 

[Desert_Power]

If you want a single number. Go calculate your expected expenses (it's good to track current expenses, then add on provisions for health insurance, travel, car replacement, new roof, etc.).

Highly overlooked thing.

Always take into account the housing upkeep and maintenance as they usually end up as 'surprise' costs for items and labor upcharging as 'emergency', but need to allocate projected funds every year.

Roof replacement
House paint job
Water heater
Refrigerator
Oven or microwave
Random plumbing in kitchen or bathroom - those rubber grommets / o-rings wear thin or crack
Washer / dryer
Garage door openers
Furnace / HVAC
Backyard grill, fire pit, or entertainment items
Patio stones
Tree trimming or root created damage
Yard bark or beautification
Sprinkler system
Septic or underground piping
Fence panels and painting/staining
Deck plank refresh
Replace the lawn mower or other typical tools.

Bound to be something every year so budget for them. Best to systematically replace items when you got the coin and know things age.
Know you are going to retire within 5 years? Start a phased replacement/upgrade on major appliances while you got the paycheck.

I feel like a cookout at your place is the move.

How do you account for these in your planning? My "projected budget" uses a decent miscellaneous kicker (currently 11%) on top of what I label as the somewhat discretionary spending. I have used a higher figure in the past but try to explicitly add some items like the bold. Another friend uses more of a sinking fund approach but that seems overly complex.

Do need to get a fence guy out here as some boards are looking rough.

Or become a good enough fence guy because you're retired and you can spend oodles of time learning new stuff!

I'm definitely going to get out there with some nails and hammer to see what I can do.

I'm not a very handy guy, but learning stuff like this can really help in retirement while you are physically able.

 

[Sand]

House paint job

Did this one myself. Saved 15k or so. Crazy what that costs these days.

 

[Sand]

Take that annual expected expense and multiply by 30. That should be a safe exit number.

That’s an ultra safe number which leaves you working longer than necessary. It’s a good way to go if you want to leave your heirs a nice inheritance.

Yep - definitely conservative.

 

[Desert_Power]

House paint job

Did this one myself. Saved 15k or so. Crazy what that costs these days.

I'd rather work an extra month.

 

[Sand]

House paint job

Did this one myself. Saved 15k or so. Crazy what that costs these days.

I'd rather work an extra month.

I did more sanding, caulking, filling, etc. than any outside person would have done. It was a huge PITA, particularly the sanding/painting 25 ft. up part.

But we all choose our DIY. I do zero to my cars other than changing the battery if it dies. Off to the shop it goes if I need something done.

 

[JohnnyU]

I like the idea of downsizing your home as you get old. Something to think about as you retire. There’s a friend of a friend of my wife that are in their 60s that bought a large square footage home. I don’t understand why. Maybe they are in great health and will live forever.

Edit: I wouldn't want to have to clean and maintain a large house in my old age. I suppose they could have someone do that for them. Not knowing their financial situation, I wouldn't want to add a huge mortgage in my old age either. Perhaps they have enough investment to be free and clear of a mortgage, or close to it after purchase, I don't know.