Retirement Targets

[BCClone]

My experience for men. For each kid you have add five years to your retirement age. Get married add 10-15.

Never experienced this, but if you get divorced, it appears you may never be able to retire.

 

[LarryISU]

Wife at 22 - "Hey coworker. What should I do in the 401k plan?"

Coworker - "Meh. You're too young to think about retirement!"

Wife - "OK!"

The ******* worst advice given. Sadly a true story. She didn't start a retirement savings until she met me. But even with bad info you can still make a rally.

My wife at age 34: I want a bigger deck. I have no savings. I know, I'll cash in that little retirement savings thing, pay the taxes and 10% penalty, and voila!!
( She's an Iowa grad! )
I came into her life the next year, and she retired at age 60. All true.

 

[Cyclonepride]

Bitcoin is up 50% YTD, no idea how fake money can do so well but congrats to those that have profited.

Because it is valued in faker money

 

[Cyclonepride]

My experience for men. For each kid you have add five years to your retirement age. Get married add 10-15.

Never experienced this, but if you get divorced, it appears you may never be able to retire.

Divorced once, kid with another, married now. I appear to be on track barring bad luck.

Also, do not come to me for relationship advice.

 

[DurangoCy]

I'm definitely in my best best earning years and upped my 401(k) contribution to take advantage of that these last few years. Last summer I rolled over what was in my 401(k) into my IRA and started from 0 again. I figure when I retire next year I'll just take whatever is in the 401(k) and live off that and SS for another year or so and just let the other stuff continue growing. Have to determine the tax side of that to make the final decision

Did you change jobs? I wasn't aware of a scenario where you can clean out a 401k without leaving an employer.

 

[Cyched]

Did you change jobs? I wasn't aware of a scenario where you can clean out a 401k without leaving an employer.

If you’re good with computers you might be able to pull it off

 

[cayin]

Because time (i.e. your lifetime longevity) is the most valuable commodity, and the one thing money can't buy. So there are definite tradeoffs to working "one more year".

Doing all I can to make it to 55, then I'm planning like hell to exit the rat race - while I'm "young" and healthy / active. Tomorrow is never promised...

with your 401k and other investments, what is you goal to be at by age 55?

 

[SayMyName]

with your 401k and other investments, what is you goal to be at by age 55?

$3.5mil

Almost there now, the past ~5 years have been tremendous (more than doubling value of invested & liquid assets)

 

[Cyclones_R_GR8]

Did you change jobs? I wasn't aware of a scenario where you can clean out a 401k without leaving an employer.

No, I didn't switch jobs.

 

[h-man64]

If you retire early you should be able to structure your taxable income (roth ladder, 72-t, large after tax brokerage) to be low income enough to get free or nearly free insurance through exchange subsidies.

I can confirm. I'm debt free, so I don't need a lot of income. I'm withdrawing out of my brokerage account and capital gains don't add up too quickly. Even at an estimated AGI of $80K, the subsidy is good. My AGI will be closer to $60K this year, so my insurance is basically free. It is a at low cost, high deductable plan, so I max out my HSA as well. I'm also filing as head of household so that helps.

 

[cycloneworld]

We would have an even more massive labor shortage of the most experienced people. We need the immigration, maybe just in a different way than most of it is happening currently.

I do agree if Medicare started at say 60, there would be many in that 60-64 age range and maybe even quite a number in the 58 and 59 age headed for the exits.

The non-partisan CBO just proved your point.

 

[ClonerJams]

I feel like we've done pretty well for retirement. Did well contributing to my 401k during my time in the corporate world, just started a job with the state earlier in the year so will get IPERS now and also contributing to a 403b on top of that. Of course I'd tell my 21 year old self to invest more, but I think we'd all do that if we could.

 

[BCClone]

My wife at age 34: I want a bigger deck. I have no savings. I know, I'll cash in that little retirement savings thing, pay the taxes and 10% penalty, and voila!!
( She's an Iowa grad! )
I came into her life the next year, and she retired at age 60. All true.

All women want a bigger deck.

 

[yowza]

The non-partisan CBO just proved your point.

It is obvious we need people. We aren't having enough children. Other countries are experiencing this because they are so restrictive on immigration. China is gonna collapse at some point.

 

[yowza]

Did you change jobs? I wasn't aware of a scenario where you can clean out a 401k without leaving an employer.

Some plans do allow it even while with the same employer.

 

[yowza]

$3.5mil

Almost there now, the past ~5 years have been tremendous (more than doubling value of invested & liquid assets)

What age you plan on tapping out and jumping off this tread mill? You plan to work doing something else or hobby / volunteer stuff or hanging with family?

 

[1SEIACLONE]

I feel like we've done pretty well for retirement. Did well contributing to my 401k during my time in the corporate world, just started a job with the state earlier in the year so will get IPERS now and also contributing to a 403b on top of that. Of course I'd tell my 21 year old self to invest more, but I think we'd all do that if we could.

IPERS is a great retirement plan, but you have to be in the system 7 years before you are vested, and cannot retire until you are 55 and have hit your rule of 88. Otherwise you are then for the rule of 62/20, 62 years of age and 20 years into the system. They also deduct 3/4% from the 60% retirement total if you are short of the 20 years.

 

[yowza]

My wife at age 34: I want a bigger deck. I have no savings. I know, I'll cash in that little retirement savings thing, pay the taxes and 10% penalty, and voila!!
( She's an Iowa grad! )
I came into her life the next year, and she retired at age 60. All true.

When you are 34 time is still seemingly endless.

Did she fall in line with your thinking when you came along or has there been a number of battles over save vs spend? Was she a YOLO type always prior to you?

 

[yowza]

Sometimes my wife still brings up the, XYZ people (neighbors or friends or random online) sure take a lot of vacations and have new cars and giant houses and an RV and a boat, etc etc etc. I bring up the hard stats then about average net worth by age groups and what % have what and average debt levels, etc. I said it could be all the people you see and know who have all the shiny big things are true unicorns and have no debt and huge savings, but that is not what the hard data shows.

 

[yowza]

My experience for men. For each kid you have add five years to your retirement age. Get married add 10-15.

Never experienced this, but if you get divorced, it appears you may never be able to retire.

Just gotta find a second wife who got a similar half from prior marriage.