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PBS Frontline : The Retirement Gamble, sorta Must See


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8 minutes ago, Doctor Detroit said:

I'll look into this soon because I'm now very interested in the pros and cons here.  So is the survivor benefit essentially set up for the financially ill-prepared or is your case different because your pension is starting while you are still in your 40s?  I think it's a fantastic question.  

The price is set at 6% of your pension for the max payout (you can opt for less) of 55% of your pension.  I don't know if it's available for retiring civilians or just military.  Of the dozen or so retiring/retirees I've discussed it with, the only person who took it was a 50+yo with a 30 something wife.  

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1 hour ago, NewlyRetired said:

At your age, just save as much as possible.  When your life settles down, home, kids, etc, this will be an easier process.  I would not recommend modelling at such a young age unless you just want to understand the process.  I retired in my early 40's but did not start truely modelling until my early 30's.  Unless you want to get out really early, just save as much as possible when young and don't sweat the details for a while.

Yep, @Instinctive.  It is about doing the big things right.  Max your 401k ASAP.  Same for Roth.  Avoid excessive spending on housing and cars.  Establish yourself in a career where you can grow into high compensation (which my notebook suggests you won't have an issue with)

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3 hours ago, Tiger Fan said:

Thx.  I've perused it over the years and will take another look at it.  Really enjoy reading your stuff in there :thumbup:

Thanks.  I can honestly say the advice and encouragement I got in that thread (Mike Anderson was very influential) was invaluable.  Put us on the right path.

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12 minutes ago, MechEng said:

What age is everyone looking to retire?  I am shooting for 60 or under.

Early 60's (maybe sooner if I can hit the $1m mark).  Two key things play into this decision. One, I question just how long I'm going to live. The more I learn about my hereditary, the more I don't expect to make it past 75. Second, we don't live an extravagant life now and don't expect that to change with retirement. With my wife's Post Office pension and our combined Social Security. 3-4% return on $1m will suffice 

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26 minutes ago, MechEng said:

What age is everyone looking to retire?  I am shooting for 60 or under.

62 at the earliest. I can collect my pension then. Health insurance will cost way too much to justify retiring earlier than that. I'll retire when I have enough $ that I don't have to start my SS early. Odds are 65.

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1 minute ago, Gawain said:

What do people plan to do when they retire? I kinda be lost without working. Figure you have to still do something.

Depends on where I'm living. I'm thinking I would like to refinish/repurpose old furniture or items. Maybe have a few pieces going at any given time too keep me busy and maybe turn a dollar or two. 

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2 minutes ago, Doctor Detroit said:

Watch BBW pr0n?  Post at FBG? 

I can't imagine Christo's going to outlive me and the way FBG is going, in 30 years the verification question isn't going to be how many points is a FG, but how many pizza shops are secret molestation dens.

Edited by Gawain
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12 minutes ago, Gawain said:

What do people plan to do when they retire? I kinda be lost without working. Figure you have to still do something.

A ####load of stuff that isn't work.

I'm really 2 years from FU money.  Once there it will be interesting to see what happens.  By all rights my work should make it rain on me at raise time, but I'm betting that will mean a spectacular review and 2%.  That will clarify my direction a lot.

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23 minutes ago, Gawain said:

What do people plan to do when they retire? I kinda be lost without working. Figure you have to still do something.

Everyone's wired differently.  Some people just want to travel and enjoy family.  Others volunteer....others might still want to work, but on their own terms, etc.  Lots of ways to skin that can.

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23 minutes ago, Gawain said:

What do people plan to do when they retire? I kinda be lost without working. Figure you have to still do something.

you do what ever you want.  that is the whole point.

you want to read, do it.

you want to volunteer, do it

you want to consult, do it

you want a part time job, do it

you want to learn a new hobby, do it.

You can't overestimate how much free time you will have to do as much or as little as you want.  

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9 minutes ago, NewlyRetired said:

you do what ever you want.  that is the whole point.

you want to read, do it.

you want to volunteer, do it

you want to consult, do it

you want a part time job, do it

you want to learn a new hobby, do it.

You can't overestimate how much free time you will have to do as much or as little as you want.  

 

I do almost nothing and still don't seem to have much time.  The day flies by.

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2 minutes ago, Binky The Doormat said:

I do almost nothing and still don't seem to have much time.  The day flies by.

In the 6 plus years I have been retired, I have not been bored even once.  I am just not programmed that way.  So many people tell me they could never retire young for fear of being bored and I can't even comprehend it.  My absolute worst day in retirement is ten times better than sitting through another useless meeting in work.

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What age do I plan to retire??  I guess that depends what you mean by retire.  I will probably never be 100% completely without a source of income (not counting SS).  I just cant see myself not interested in earning money anymore.

What age do I plan to stop working full time?  Hopefully as soon as I dont have to have health insurance for my kids anymore, so hopefully when I hit maybe 55.  

At this point i really have no plans for when that day comes, but i like to have some money to play with and probably wont mind working 15 hours a week to have it.  

Really though, if you are somewhere in the 30-40 range right now, there is really no way of knowing what you will want when you are nearing 60.  My wants and needs are vastly different than they were just 5 years ago, and i am 36.

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I will play more golf for sure. Except not much on weekends. Weekdays late morning when I can play a round at the club in 3 hours. 

I will work out often.  Again - not when Gold's is a zoo before or after normal work hours. What I look forward to in retirement is not just what you can do, but when you can do it  

I'll stay active and walk every day in the neighborhood   

I will definitely find a way to give back and pay it forward.  Not sure if with an organization or starting my own thing. Passionate about helping the first kid in a family to go to college to break the poverty/lack of education cycle. Will probably fund an annual scholarship. I could also consider teaching.  It was a great professor who made the light bulb go on about Sales.  I could mentor others considering the profession.

I'll read more.  And then take a nap whenever I want to.

I'll hopefully spend time with grandkids.  All 3 of mine kids are close to marrying.  Would love to help out coaching baseball again.  

I'll travel with Mrs Smails.  Go out to eat good food and kick my own kitchen skills up a notch. Blessed to have lots of good friends so don't think we'll be bored.

Probably try to find a hobby we can both do as she doesn't golf.  Maybe a type of dancing.

I'll try to enjoy friends and family as much as I can for my remaining years, grateful for every day and realizing the next one isn't guaranteed 

 

 

 

 

 

 

 

 

 

 

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Thanks for all the replies above - good thoughts, and helpful. I'll resist the urge to burn a bunch of time on it and continue maxing a Roth IRA while I have the chance (summer work!) and just focus on meeting my needs and socking away the rest. My fiancee is an intelligent saver too - she's maxing a 401(k) and an IRA this year.

4 hours ago, Gawain said:

What do people plan to do when they retire? I kinda be lost without working. Figure you have to still do something.

I have two paths in front of me, best I see it: 1. I retire by 40. I'll write, I won't have to work for somebody else anymore, but I can still do stuff. I can coach the local high school basketball team or teach at a local university. Tons of options. I'll really dig into cooking, and I think I'll make an excellent stay-at-home dad. 2. If I'm not retired by 40, it's because I'm running an NBA team as GM and I love it. 

 

No idea how it will turn out, with so much time between now and then, but all the options i have seem great, so I'll keep testing them until I find the one I like!

 

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9 hours ago, MechEng said:

What age is everyone looking to retire?  I am shooting for 60 or under.

Probably 60ish.  Depends on how things are at work, if I enjoy what we're doing.  But if things go as expected, 60 is doable. Most likely our youngest will be 22 when I turn 60 so hopefully either graduating from college or establishing herself in her field.  When the kids are out, we'll assess where everyone is (hopefully they're all within an hour or two drive but most likely not). 

9 hours ago, Gawain said:

What do people plan to do when they retire? I kinda be lost without working. Figure you have to still do something.

Travel, volunteer, take up golf and hike more, stay active.  If the kids are no longer local, sell this house and move part time into our beach house, summers in our cabin while renting out the beach house.  If they're here possibly sell the cabin and live here in the summers or keep 3 homes, we'll have to decide at the time.  Honestly, money won't be much of an issue. 

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10 hours ago, MechEng said:

What age is everyone looking to retire?  I am shooting for 60 or under.

I could probably pull it off now (41).  But it just doesn't fit in our lives right now.  We have 2 school age kids, wife still has 15 years left to collect pension, and I really have a pretty stress free job that I work from home 2 days a week.  

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11 hours ago, MechEng said:

What age is everyone looking to retire?  I am shooting for 60 or under.

I'm 42 and my wife is 46. We are planning to stop working in 5 years or less. We're tired of working long hours at stressful jobs and although we get paid well, we're ready to downsize and enjoy a slower pace of life.

I doubt we'll stop working forever. We'll find something we want to do, whether it's a job or volunteer work.

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I'd love to retire around 60, and may be able to do it financially, if it weren't for health insurance. Until we can qualify for Medicare, just not sure how to pull it off. We're in our mid-40s now, so a lot can change.

I'm also concerned I may not have a choice on when to retire - I work in marketing in the tech industry, and you just don't see many people past their mid-50s. There is unspoken age discrimination that may prevent me from being employable in another 10 years.  I need to start preparing for alternate career paths to extend my runway, even if it's for less income.

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12 hours ago, MechEng said:

What age is everyone looking to retire?  I am shooting for 60 or under.

My goal is to be financially able to retire myself in the 35-40 window.  But I will not be doing very serious planning until I know whether or not we have a kid and its impact on my wife's health situation/desire to work.  Expectation is that I will work longer to enable her early-retirement if we have a kid in a couple of years. Uncertainty around health-care makes it hard to plan.  Better to focus on the "big things" for now.

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Bringing a little balance to the thread, I hope to retire some time before I fall over dead.

Wife is not on the same page as me as far as retirement.  I can't even get her to put aside 4% out of her checks to get the 2% match.  If we get money, she instantly wants to spend it.

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21 minutes ago, Bull Dozier said:

Bringing a little balance to the thread, I hope to retire some time before I fall over dead.

Wife is not on the same page as me as far as retirement.  I can't even get her to put aside 4% out of her checks to get the 2% match.  If we get money, she instantly wants to spend it.

That's tough.  It's a brutally tough challenge to overcome that mentality and unless it changes your likelihood of retiring into anything other than the classic american social security infused poverty retirement is a challenge.  I wish you the best of luck

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12 hours ago, Gawain said:

What do people plan to do when they retire? I kinda be lost without working. Figure you have to still do something.

Crazy to hear people say this and/or actually see it in real life.  I know a guy that has retired 4 times just to come back to work every time because he is lost, all the time battling cancer too, just crazy.  I have a bazillion hobbies that I never have enough time to do while I have a full time job.  Just off the top of my head:

In the middle of restoring/remodeling a 76 Airstream, we'll use that to travel around and take trips in.

Have a 71 triumph bonneville that needs restoration.

Travel more, we haven't made it over to Europe and Asia yet.

Finish building my woodworking shop, make and possibly sell well built furniture, the type that's nearly impossible to find in stores now days.

Buy some land to farm.

Learn to play my guitars.  

Fish more, learn to tie my own flies.

Jeep needs a new suspension.

Get caught up on my backlog of books I want to read.

Hell, since it's been so cold out the past couple of weeks I tried by hand and website building this weekend.  Took up the whole weekend and I didn't get hardly anything accomplished.

12 hours ago, MechEng said:

What age is everyone looking to retire?  I am shooting for 60 or under.

Was 50, now more like 55.  :kicksrock:

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27 minutes ago, Dentist said:

That's tough.  It's a brutally tough challenge to overcome that mentality and unless it changes your likelihood of retiring into anything other than the classic american social security infused poverty retirement is a challenge.  I wish you the best of luck

Yeah, I won't have a Dentist style retirement, but that's not my goal either.  I don't have expensive hobbies, and don't have any dreams of traveling Europe.

I have been saving into my own 401k since my mid 20s, unfortunately not maxing it out.  Current employer still offers a pension, so there's a chance I'll have the income stream to equal (just barely) seven figures, but it certainly isn't guaranteed.  We'll see what happens.

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22 minutes ago, Bull Dozier said:

Yeah, I won't have a Dentist style retirement, but that's not my goal either.  I don't have expensive hobbies, and don't have any dreams of traveling Europe.

I have been saving into my own 401k since my mid 20s, unfortunately not maxing it out.  Current employer still offers a pension, so there's a chance I'll have the income stream to equal (just barely) seven figures, but it certainly isn't guaranteed.  We'll see what happens.

am I reading this right?  you might get a pension of a million a year?  You mention stream, did you mean instead lump sum?

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Just now, NewlyRetired said:

am I reading this right?  you might get a pension of a million a year?  You mention stream, did you mean instead lump sum?

I think he means that a million dollars would produce a 40-50k income stream a year going with the 4-5% withdrawal rate.. and he's set to get that

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1 minute ago, Dentist said:

I think he means that a million dollars would produce a 40-50k income stream a year going with the 4-5% withdrawal rate.. and he's set to get that

nice!  I have a tiny pension I can receive when I get older.  We can choose lump sum or regular payments.  Is there a rule of thumb on which is better?   This is similar to lottery winners choices.

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1 minute ago, Dentist said:

I think he means that a million dollars would produce a 40-50k income stream a year going with the 4-5% withdrawal rate.. and he's set to get that

Yes, exactly.  Between the pension, 401k, SS, That's what I'm looking at.  Add on top of that the wife's SS (which I don't think will be the full amount).

My 401k website income projection is currently 90k, but I have no idea how they are getting a figure that high. 

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I'll be 49 in January.  I have a specific genetic disposition to a certain number of cancers so while I am screen every year and watch myself pretty carefully, the other shoe dropping for me is a good bit more likely than normal folks.  On the bright side, there's very little heart disease in my family and I take care of myself so hopefully the big C is my main area of concern.  Anyway, I'd like to retire just before 60 so maybe 10 more years.  The wife has worked part time our entire lives together (taking care of the kids, etc) so she can crank it up to full time for a few years if needed.  I'd like to get a "fun" stress free part time gig and either buy a vacation place or travel a bunch between 60 - 70.  If I make it to 70 I'll consider any additional time as house time and just be happy to watch the grandkids or whatever. 

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1 hour ago, rascal said:

Goal is to retire between 55-60, currently 36,  I've got 15% of my needed retirement and a pension that would pay 40k/year so I'm on track.

Can you show the math on why having 15% of your 'number' puts you on track to retire in twenty years?

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9 minutes ago, pantherclub said:

Could you live on $50000/year in retirement?  Would you want to?

Assuming you are talking in today's dollar's, many people who FIRE early do exactly this.  Again, it is all about expenses.  It is impossible to compare from a high level because circumstances are different for every situation.

If you are talking in tomorrow's dollar's, then that level is going to be extremely destitute IMO for the vast majority of people.

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