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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.
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)
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.Thx. I've perused it over the years and will take another look at it. Really enjoy reading your stuff in there
I'm 37 and hit my 80 points for my pension when I turn 53. My plan is to be ready to retire on that date if I want to...but I generally enjoy working, so might keep going if I want to.
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
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.
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.
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.
A ####load of stuff that isn't work.
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.
you do what ever you want. that is the whole point.
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.
I'm not a drinker, but I do plan to be stoned A LOT. There's a lot of fun things to do when you're stoned.
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.
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).
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.
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.
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.
Probably late 50s but who knows. All depends on how life goes over the next twenty something years.
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.
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
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:
Was 50, now more like 55.
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.
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
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.
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).
Can you show the math on why having 15% of your 'number' puts you on track to retire in twenty years?
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.
