Deciding When to Retire

[Jagdaddy]

I probably should have just said I was planning to run for office. Basically the same thing, right?

We’ve probably reached the point where picnic table luvin’ isn’t disqualifying, so yeah.

 

[Fungo Squiggly]

We’ve probably reached the point where picnic table luvin’ isn’t disqualifying, so yeah.

Pretty sure it’s a pre-requisite these days. Hell, I might be disqualified for not being depraved enough.

 

[Zurp]

So... serious questions here. And don't answer if the question is too personal. But how have you saved for retirement and when did you start?
When I was about 22, they sat me down and showed me the consequences of waiting even 5-10 years to start saving. "Start saving and investing now, and save/invest as much as you can." As a result, 25+ years later, the interest is WAY more than any contributions I make from month to month. WAY more. So I've already been telling my kids - save as much as you can, as early as you can.
I've heard people say that they can't afford it now. And I say that's bullshit - unless you plan to work until you die (not me!) then you can't afford NOT to start saving now.
Another one I heard is a guy who is planning on retiring off what he inherits from his parents. I guess that if that's your thing, then cool.

 

[sparcboxbuck]

So... serious questions here. And don't answer if the question is too personal. But how have you saved for retirement and when did you start?
When I was about 22, they sat me down and showed me the consequences of waiting even 5-10 years to start saving. "Start saving and investing now, and save/invest as much as you can." As a result, 25+ years later, the interest is WAY more than any contributions I make from month to month. WAY more. So I've already been telling my kids - save as much as you can, as early as you can.
I've heard people say that they can't afford it now. And I say that's bullshit - unless you plan to work until you die (not me!) then you can't afford NOT to start saving now.
Another one I heard is a guy who is planning on retiring off what he inherits from his parents. I guess that if that's your thing, then cool.

We started day 1 and attempted to maximize 401Ks, IRA every year. Over the weekend my wife and I were looking at some details regarding our contributions this year. Since we're 55 we're allowed the catch up 401K and we had to put our catch up amounts in to Roth 401Ks. She dug out the amount of our portfolio that was based on principal and growth in her 401K that was tied to only company match. Suffice it to say, she could easily afford to pay cash for a new Ferrari with it. 30-years of working and just a moderate matching contribution in the 401Ks is flipp'n huge. The fact that she and I both did this? It probably is the difference between she and I retiring at 55 as opposed to 60+.

To your point, save as much as you can. I don't think that we ever really sacrificed (and I'm forever grateful for that, I realize it's not common), but we also tried to live well below our means. We never were house poor, car poor, etc. For the past few years we've been living off of less than one of our incomes and saving the rest.

Once we hit that inflection point where the portfolio is kicking out more than we are, that's the idea behind the FI part of FIRE. FI is awesome, looking forward to the RE in a couple of weeks.

 

[buxfan4life]

So... serious questions here. And don't answer if the question is too personal. But how have you saved for retirement and when did you start?
When I was about 22, they sat me down and showed me the consequences of waiting even 5-10 years to start saving. "Start saving and investing now, and save/invest as much as you can." As a result, 25+ years later, the interest is WAY more than any contributions I make from month to month. WAY more. So I've already been telling my kids - save as much as you can, as early as you can.
I've heard people say that they can't afford it now. And I say that's bullshit - unless you plan to work until you die (not me!) then you can't afford NOT to start saving now.
Another one I heard is a guy who is planning on retiring off what he inherits from his parents. I guess that if that's your thing, then cool.

I am 51, turn 52 in November. Due to the path that my choices in life took me, I just started saving/investing for retirement about 16 years ago, but put the pedal to the metal once I could. In that time I have done enough to technically retire now. I was planning on retiring at 55, but probably going to keep working my job until I feel like walking away because I still enjoy what I do for the most part. Even when I retire, I will most likely still consult to keep me busy and my mind sharp.

I've heard people say that they can't afford it now. And I say that's bullshit

Just had this conversation with my son (28). I told him that even $10 a paycheck into a savings is better than nothing and will add up over time.

 

[Jaxbuck]

I've heard people say that they can't afford it now. And I say that's bullshit - unless you plan to work until you die (not me!) then you can't afford NOT to start saving now.

It's bullshit beyond a certain level of income, below that and it isn't bullshit. It's math.

There are a lot of working poor in this country. They aren't all stupid and lazy.

Capitalism is the least bad economic system we humans have come up with but it still sucks at distribution.