quote:

Originally posted by rscalzo:
I retired back in 2005. no kids, no debt and smart enough to put a good chuck into investments. Bored? not really. Being next door to the sig academy helps. A few miles from the beach and great roads to take bike rides into the mountains.

I have to think it was the right move. If i waited until 65 which is the max age for my job, I would have lost years with my wife who passed away this year. So in my case, it was worth it.

Sorry about your wife Rich. Been to the Sig store once, have to go again.

Kevin

quote:

Originally posted by fatmanspencer:
I get 6% each paycheck put away. im in my 20's so is that a good amount to be saving in a 401?

I'd say it's fantastic. Most 20 year olds are saving nothing, so you are way ahead of the game.

quote:

Originally posted by fatmanspencer:
I get 6% each paycheck put away. im in my 20's so is that a good amount to be saving in a 401? I also get retirement after five on my currant job, close to full after 20 years.

That's a terrific start, considering most people give it little consideration at all.

As to whether that's enough? Answer: It depends.

Six percent of what? When will you retire? (Which will determine how long you'll have to live off it.) Do you expect to maintain the lifestyle in retirement you had while working? What will be the state of social security when you retire? Cost of medical coverage? Do you own your home, or will you by the time you retire?

^^^^^^^

Those are all important questions, but probably a bit early for a 20 something. He's off to a great future if he keeps it up. Adjustments can be made once life provides some of those answers.

quote:

Originally posted by MNSIG:
^^^^^^^

Those are all important questions, but probably a bit early for a 20 something. He's off to a great future if he keeps it up. Adjustments can be made once life provides some of those answers.

Understood. I was just trying to give him an idea of how hard it is to answer his question.

I thought that would be better than "maybe," or no answer at all

Retired at 57 with 32 on the Cop job. I simply could NOT take the BS, paperwork and politics anymore. So got out before I told people exactly WHAT I wanted to tell them. LOL.

Retired with minimal debt, house paid for, cars paid for, etc.

Luckily I joined the Natl Guard when I got out of the USAF. So had that retirement to pay for out Medical bennies.

Life is good. I do gun shows, a few shooting sports, reload, fish, cast bullets, etc.

Based on the fact most of my peers retire to here after their shift is over, and the feed back, I feel good. I hear I get full 100 % after 20 years, of my final pay. I figure I'd rather get like 80 %

quote:

Originally posted by fatmanspencer: I hear I get full 100 % after 20 years, of my final pay.

Is that adjusted for inflation after retirement? If so, that's an unbelievably good deal. Work for 20 and get paid for the next 40??

If not, the purchasing power of your final paycheck at age 42 is going to diminish significantly by the time you are 82.

I got bored. I was in the car business so now I am driving cars for a dealer and where I use to work. I enjoy driving and getting to different towns. I don't do it for the money, but I now have some mad money should I need it.

quote:

Originally posted by MNSIG:

quote:

Originally posted by fatmanspencer: I hear I get full 100 % after 20 years, of my final pay.

Is that adjusted for inflation after retirement? If so, that's an unbelievably good deal. Work for 20 and get paid for the next 40??

If not, the purchasing power of your final paycheck at age 42 is going to diminish significantly by the time you are 82.

I think so. I'm not clear on it, but it also wasnt intended for guys in their 20's to retire after 20 years either. I'll probably just semi retire, since 43 is just way to early. See if they'll give me a 8-5 4 days a week or something.

I retired at the age of 52. Life is good. It will be what you make of it.

I’m making a virtue of necessity here, but I was more or less forced to retire several years ago, as this lung disease progressively got worse.

I had not planned on retiring. My plan was to keel over at my desk at age 90 or so. Oh, well.

It turns out I should have retired at age 30. I am at my best when doing nothing. It is a lot more fun than getting wrapped up trying to solve other people’s problems.

I read all day, interrupted by cursing at cable news guests, and hanging here on the forum. Of course, AlGore hadn’t invented the internet when I was 30, and Bill Gates was still a relative windowless pauper just getting going.

Boredom is not a problem. The cure for boredom is curiousity, as has been well and truly said, and there is no cure for curiosity.

I retire in 5 months. After 28 years in the Navy, I'm fully retiring and moving to Roanoke VA. Can't wait! I've been getting in to photography and look forward to having more time to practice.

I'm just retiring at almost 72 years old. Will be in transition mode for 2 more months to help the company then that's it. In 2017, I traveled ~45 weeks to/from home and job by air (home each weekend). Typically worked 50-60 hours or more each week. Liked the work and the folks I worked with and for but the air travel each week had gotten beyond just annoying and was rapidly approaching hideous. Wife plans to retire this summer after a long teaching career.
Kids and grandkids live close enough so we see them often. We are fortunate enough to have our health and no financial concerns. Have some hobbies but didn't have much time to pursue them - vacation-type travel (not work-related travel), photography, golf, and spoiling grandkids. Now I will. Biggest concern is that without my work, I may not feel professionally "relevant" or "needed" any longer. Guess I'll soon find out! Looking forward to making it a positive phase of our lives.

Interesting thread.

I met last week with a retirement planner. I'm 66, but have no intention of retiring.

And then I spoke with the planner. At my age, I have to begin Social Security disbursements. Added to any salary I may have, my tax situation may be negatively impacted. Thus, I'm setting up a "retire at 70 if need be" scenario.

That means looking at SSI, my IRA, investments and my soon-to-be-created deferred annuity plan. If done correctly, I should be able to continue with my standard of living, given that some things (like Medicare -- I currently have a company-paid health plan) will adjust some parameters. I may have to cut back on my GAS, so I'll just purchase what I want now and sit back later. :-)