Married at 36 and 2 kids by 40 here. Just now got the youngest off the payroll completely at 65-1/2.
How did/will you make your decision to retire? SIAP
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jamey said:txaggie_08 said:
My wife and I didn't meet until we were 33, married at 35, and first kid at 36. We'll be 54 by time she's out of high school. We've had issues getting pregnant with a second, but if we are fortunate enough to have one by the time we're 40 we'd be 58 before it graduated high school.
I'll be 65 when my daughter turns 18. I think thats fine, reduces money issues in general
Got you beat! I'll be 70 when my daughter turns 18. I have 3 from a previous that have all graduated from college (one from law school), and I'm thinking I'll retire within 1-2 years.
LeftyAg89 said:jamey said:txaggie_08 said:
My wife and I didn't meet until we were 33, married at 35, and first kid at 36. We'll be 54 by time she's out of high school. We've had issues getting pregnant with a second, but if we are fortunate enough to have one by the time we're 40 we'd be 58 before it graduated high school.
I'll be 65 when my daughter turns 18. I think thats fine, reduces money issues in general
Got you beat! I'll be 70 when my daughter turns 18. I have 3 from a previous that have all graduated from college (one from law school), and I'm thinking I'll retire within 1-2 years.
I win!! I'll be 71 when my son turns 18. I'll retire early in a few years when he's in elementary school. This thread is turning into a "Cocoon" movie sequel, haha.
bagger05 said:DannyDuberstein said:
I think it's important to find something that is at least in your comfort zone. That said, I feel like if I did anything 40-50+ hours per week for years, I'm going to get sick of it. I get what "do what you love" advice is striving for and it's fantastic if that exists, but I think it also leads to a lot of kids listlessly spinning their wheels in college, their 20s, and sometimes the rest of their careers searching for it while bearing financial hardship that comes with that. And then you get here with little retirement savings and having missed out on a lot of other opportunities in your personal life that financial freedom allows
Anyone telling you to "follow your passion" is probably already rich.
Like I said in another post, I think "do what you love" is misleading and unhelpful. "Love what you do" I think is great advice.
I share this article with people a lot when discussing this subject. It's by Mark Manson (author of The Subtle Art of not Giving a F###) and it's in his irreverent style.
7 Strange Questions That Help You Find Your Life Purpose
My favorite two takeaways:
- Rather than asking what you're passionate about, it's probably more relevant to ask what you can tolerate. Everything sucks sometimes. If you can't stomach the idea of rejection, don't be an artist, etc. Whatever you want to do for a living comes with a cost and be honest about whether you're willing to pay it.
- Many people take too superficial of a view of what they like to do. His example is that he loves video games, so some people might say "you should go work at a video game company." But what he really loves ABOUT video games was the challenge of mastery, improvement, and competition which opened up a lot of other ideas about a career.
My life purpose has no correlation with my job anymore. It used to be a part of my identity, but not anymore.
The transition came after growing my life outside of work: becoming a parent, lots of hobbies and lots of goals + financial goals beginning to decouple from income (annual returns > annual savings).
We're within 5 or so years of FI. I really loathe what I do (M&A in mega-consulting). I work with a bunch of LinkedIn-lunatics where severe politicking and extra effort is required for any upward mobility. The game is to be seen and heard no matter the validity or value of what you're saying. It was so sexy 10 years ago after b-school: international travel, billing for your brain, dinners with c-suite, etc. It's soured hard the past few years.
So now I try to maximize my time away from work. What makes me good at my job also makes me good at not doing my job. I know when and how to be seen and heard to keep my leadership convinced I'm "on-track." I know the voices-in-the-room that matter and how to maximize impact for minimal effort.
My currency is now time, not $$$. Wait But Why has a scary article on the finitiness of your life: https://waitbutwhy.com/2015/12/the-tail-end.html
By the time your child graduates high school, you've most likely spent +90% of the your life's face-to-face time together. Transaction costs are high for your time.
Loathe is a strong word.
Time is currency. Five years is a long time.
Why don't you quit and do something else that you don't loathe?
Time is currency. Five years is a long time.
Why don't you quit and do something else that you don't loathe?
It pays very well and flexible.
I'm out by 1-2PM every day (PST, work EST). Couple of hours most days on hobby (ski 50+ days / year, Cat 2 bike racer). Spend every afternoon/evening with my fam. I'm remote, have a van and work from the resort often with turns between calls.
Time is currency. Today. The gig matches my current cost/benefit. A different job won't fix any of that equation. I don't want a job. Tolerate, loathe, love - none of that matters. I want my hobbies and family time. I need the lowest time transaction to sustain/meet our FI goals.
I'm out by 1-2PM every day (PST, work EST). Couple of hours most days on hobby (ski 50+ days / year, Cat 2 bike racer). Spend every afternoon/evening with my fam. I'm remote, have a van and work from the resort often with turns between calls.
Time is currency. Today. The gig matches my current cost/benefit. A different job won't fix any of that equation. I don't want a job. Tolerate, loathe, love - none of that matters. I want my hobbies and family time. I need the lowest time transaction to sustain/meet our FI goals.
LMCane said:
I am 54 now and gave notice to my defense contractor employer I am leaving in June 2026 to go to Europe for a few months.
May work another two years after that in my field (corporate and trade compliance regulations) and then do fun things starting at age 57.
portfolio (if my parents do give inheritance of $500,000 when they are gone) would be a little north of two million liquid assets. not including home.
decision based on all three of your factors: age/ health, amassed portfolio, annoyance of job.
We can disagree on the Poli board but that sounds like a heck of a plan
seems like more of a "you" issue. That gig sounds pretty cush
El Chupacabra said:
My grandpa retired from the USPS at 55. He died 2 weeks later in his hay field.
My dad retired at 56 after 2 heart attacks. He just turned 72. His sister died at 52 and 2 brothers died right around 60.
Those ages play into my mind a lot when thinking about retirement.
Totally agree, which is why I'm making the moves I am now (see posts on a prior page). Since my daughter was born in 2022, my wife and I have lost 2 parents, 6 aunts/uncles, a cousin, and have had near misses. Ages ranged from 45-75.
Life is just too short. I could continue another 20 years at a good job and be happy, but also stressed out of my mind in that position. The money is there now, and I can make it work for my family. Why put myself through more than necessary? I'm taking care of 3 kids and an aging mom already. I got enough to keep me busy while finding me time between it all.
SlackerAg said:LeftyAg89 said:jamey said:txaggie_08 said:
My wife and I didn't meet until we were 33, married at 35, and first kid at 36. We'll be 54 by time she's out of high school. We've had issues getting pregnant with a second, but if we are fortunate enough to have one by the time we're 40 we'd be 58 before it graduated high school.
I'll be 65 when my daughter turns 18. I think thats fine, reduces money issues in general
Got you beat! I'll be 70 when my daughter turns 18. I have 3 from a previous that have all graduated from college (one from law school), and I'm thinking I'll retire within 1-2 years.
I win!! I'll be 71 when my son turns 18. I'll retire early in a few years when he's in elementary school. This thread is turning into a "Cocoon" movie sequel, haha.
Username checks out here
Diggity said:
seems like more of a "you" issue. That gig sounds pretty cush
Lol. Yes? Not working > Any work, ever, no matter cush or not. I'll take back as much time from work as I can.
It's cush because I make it so. Fire me. Bet.
RangerRick9211 said:Diggity said:
seems like more of a "you" issue. That gig sounds pretty cush
Lol. Yes? Not working > Any work, ever, no matter cush or not. I'll take back as much time from work as I can.
It's cush because I make it so. Fire me. Bet.
there's always exceptions
jokershady said:wow my insurance is awesome!DannyDuberstein said:
Yeah, healthcare.gov. Say you are both late 50s with taxable income of $150k, a bronze plan will run about $700 per month with a deductible in the $14-15k range. A silver plan would be more like $1200/month with a deductible in the $10-12k range. Out of pocket maximums run in the ballpark of $18k. Big picture, my rough estimate is to budget around $25k for health care. Hopefully come out ahead by only needing to pay the premium with minimal visits due to still being healthy, but you never know.
Please clarify
GenericAggie said:jokershady said:wow my insurance is awesome!DannyDuberstein said:
Yeah, healthcare.gov. Say you are both late 50s with taxable income of $150k, a bronze plan will run about $700 per month with a deductible in the $14-15k range. A silver plan would be more like $1200/month with a deductible in the $10-12k range. Out of pocket maximums run in the ballpark of $18k. Big picture, my rough estimate is to budget around $25k for health care. Hopefully come out ahead by only needing to pay the premium with minimal visits due to still being healthy, but you never know.
Please clarify
Probably corporate. Our insurance was $50 per month before my wife retired from corporate about 2 years ago. We then moved to my startup's insurance which was $500 per month.
Now that I'm retiring, I expect to go to at least $1,000 per month (if not higher) with poorer coverage via Cobra or Obamacare.
Nice little increase.
GeorgiAg said:
I'll probably be rescheduling my funeral because I have to work that day. I'm a lawyer, so I'll probably just slow down and go to "of counsel" status, vacay a lot, but still have an office to get out of the house and ogle a hot secretary.
Seriously, though, of all the lawyers I've worked with way more than 50% were still working until death or debilitating illness.
I think my retirement party will be my funeral…..
No, I want to work where I am now until 62 (I'm 57 now) and then work til likely 70 doing something fun or that I like (for a lot less money).
That's a BIG assumption on your part. I can't wait to retire, was just doing some math last night. But I would rl never presume to think I know why someone else wants to keep working...
Last full-time work week starts tomorrow. Another week of taking my replacement around to meet some of my customers. The comments and reactions from customers are pretty funny. Most of them are very happy for me and wishing me well. They all ask well what are you gonna do in retirement and when I tell them whatever I want they just look at me with this puzzled look. And then a lot of them say no really what are you going to do? And I reiterate whatever I wanna do, but I'll figure it out. Mid week golf is a definite. Had more than a few with stories of their friends that retired and were bored so they went back to full time work in a year or so. Just to agree with them I say yeah that will probably happen to me too, but I know it won't. At the most it will be some flexible part time work I choose to do.
No inflated self worth from me I'm just a cog in the wheel.
My last day is Friday and my replacement takes over Monday.
No inflated self worth from me I'm just a cog in the wheel.
My last day is Friday and my replacement takes over Monday.
Congratulations. It took me a month to get over boredom but no looking back the last year. Played golf 4 times and went to a MLB game this week. Heading an hour north to the mountains tomorrow. I'm leaving analyzing and financial modeling to others.
AgOutsideAustin said:
Last full-time work week starts tomorrow. Another week of taking my replacement around to meet some of my customers. The comments and reactions from customers are pretty funny. Most of them are very happy for me and wishing me well. They all ask well what are you gonna do in retirement and when I tell them whatever I want they just look at me with this puzzled look. And then a lot of them say no really what are you going to do? And I reiterate whatever I wanna do, but I'll figure it out. Mid week golf is a definite. Had more than a few with stories of their friends that retired and were bored so they went back to full time work in a year or so. Just to agree with them I say yeah that will probably happen to me too, but I know it won't. At the most it will be some flexible part time work I choose to do.
No inflated self worth from me I'm just a cog in the wheel.
My last day is Friday and my replacement takes over Monday.
Congrats! How old are you?
Thanks JJ, ready for lots of Fall golf.
Thanks, turning 60 in October.
Retired in June 2022. I was a high school principal. Loved it. Worked hard at it. Loved the students and staff. Always excited to return after the breaks, except during the Winter Break of 2021. I was playing a lot of golf and was not excited to return. Shared with my wife, who retired in 2019, that I think it's time. We met with our financial advisor at Fidelity. I thought we would be good but wanted his take. I retired at the end of that school year. No regrets. I sub occasionally, but only when I want to sub.
We both retired fairly young. We both had jobs that had pensions and very disciplined at contributing to 401k/403b.
We both retired fairly young. We both had jobs that had pensions and very disciplined at contributing to 401k/403b.
Like JJ, it took me a month or two before I found a retirement groove. Now, looking back over a few decades of work, I wonder how I had time to work because there are so many other things that keep me busy now.
Congratulations and enjoy life.
Congratulations and enjoy life.
makes me feel better about being 54.
Ha. Same. I could have posted this.
I had an employee today come to my office and tell me he is retiring in April after bonuses are cashed out. Wanted to give me time to find his replacement and such. Guy is 54, married, couple kids. It was a great conversation he wanted to have before I go on vacation for a few weeks tomorrow.. They are moving to Peru for 50% of the year, her home country. Big saver, drove a beater for a car. I could not be more happy for someone, he did it right and gonna have a great retirement. I asked what triggered it and he was just tired of the corporate world and all the BS that goes with it. I felt that to my core.
I used dollars in the bank, my age and probability of not running out of cash based on what I want to do in retirement. The average age of encountering a serious health issue is 66. Consider that when retiring. You want to have some healthy years where you can enjoy not working!
I'm out next January. Based on various what ifs using Monte Carlo sim, I'm good until 91 with a healthy amount left over using pessimistic inflation and ROI. I use Boldin for my retirement planning. It's amazing what Roth conversions can do as far as what you end up with in the end, if that's one of your goals.
If I were doing it all over again, I'd stick the max each month in an equity ETF like VTI and never touch it. And I would max out Roths. I actually believed I was smart enough to pick stocks. I'm not and would not do that again if I could do it over.
I'm out next January. Based on various what ifs using Monte Carlo sim, I'm good until 91 with a healthy amount left over using pessimistic inflation and ROI. I use Boldin for my retirement planning. It's amazing what Roth conversions can do as far as what you end up with in the end, if that's one of your goals.
If I were doing it all over again, I'd stick the max each month in an equity ETF like VTI and never touch it. And I would max out Roths. I actually believed I was smart enough to pick stocks. I'm not and would not do that again if I could do it over.
That's what this guy Azul on YouTube always says that by 66 on average you will have a serious health issue. He also says to take advantage of " the youth of your senior years". That's exactly what I'm trying to do and not fall into "one more year" trying to pad an account.
I never owned one individual stock. When I first started out I had a Merril Lynch guy I invested in mutual funds for me. I would call him up and say what's going on these days and he would just say well the market is doing this or doing that. I realized I was paying him for not market beating results. Got rid of him and then almost all of my money was put into one ETF, and it was VTI. Rode it all the way to retirement and it remains my main equity holding.
I never owned one individual stock. When I first started out I had a Merril Lynch guy I invested in mutual funds for me. I would call him up and say what's going on these days and he would just say well the market is doing this or doing that. I realized I was paying him for not market beating results. Got rid of him and then almost all of my money was put into one ETF, and it was VTI. Rode it all the way to retirement and it remains my main equity holding.
Do Yall recommend any YouTube channels on retirement and on minimizing tax's and/or on options trading for income?
Azul is who I first heard use the term youth of your senior years. Until I latched on to that idea I just assumed I'd work and keep working. He also makes the point in some of his content that the amount you need may be much less than you think you need.
GenericAggie said:
Do Yall recommend any YouTube channels on retirement and on minimizing tax's and/or on options trading for income?
retirement planning:
https://www.youtube.com/@RootFP/videos
https://www.youtube.com/@earlyretirementari/videos
wheeling options:
https://www.youtube.com/@RetiredASAP
the GOAT for daily market news livestreams:
https://www.youtube.com/@amitinvesting/featured
GenericAggie said:
Do Yall recommend any YouTube channels on retirement and on minimizing tax's and/or on options trading for income?
A real laid back guy in Indiana I like to watch is Joe Kuhn. He's not a super spreadsheet and tons of numbers guy but I like his down to earth approach and shares his experience at early retirement. He talks about the emotional side as much as numbers which has been helpful.
AgOutsideAustin said:
lol at you retiring now and your wife working another five years……
www.silverdivorce.com
Just kidding
She was a stay at home mom for 16 years and only rejoined the workforce 10 years ago. She likes what she does and is not ready to be home all day.
If I do retire, it will be to retire "TO" something, not just sit at home.
FTR, wasn't trying to be critical of those having kids later in life, just more of a I can't imagine being in that situation. We're both happy we had them in our late 20's/early 30's and everyone is out and on their own while we are still young. Sure, we could have more money but really we are fine with it. Some of my best memories are being broke, no cable TV, balancing the check book to figure out what groceries we could buy that week and really just playing with my boys all weekend outside. I miss my little people..
I've been having a lot of conversations with other physicians about the retirement issue recently, as I think about my own plans. I think it's a particularly difficult decision for physicians to decide when to retire because you spent so long in training before starting to make a living (mine was college then 4 years medical school then 6 years internship/residency then a fellowship year) that your earning years are compressed. Truthfully, I didn't start to make an income until I was 33 years old, and I first had to pay off a good bit of debt.
I recently ran into the retired OB-Gyn who delivered my son, who told me "never retire!".
Last week, I ran into another physician who is 47 who went down to two days a week. He said he contemplated retiring entirely but tried it out for a while and was bored out of his mind. He suggested I try taking a month off before I pull the retirement trigger.
Just this morning before starting work, I was communicating with one of my partners who is 64 and who works harder than probably anyone else I know. He is really fed up with work, lowered reimbursements, taking call until recently, getting some pain in his hands with surgery now, etc. I was absolutely shocked when he told me his goal was to have his house paid off and $5 million in investments, but he wasn't there yet on the investment side. I see what he generates but not what he takes home, and he is one of the biggest producers in our group of 20. I know he buys a lot of guns and takes a lot of hunting trips and put three kids through school, but to not be at that goal by 64 really surprised me.
I've also enjoyed reading other peoples' stories and goals for retirement. My takeaway so far is that more people hate their jobs, particularly if they are in the corporate world, than I would have ever thought. It would seem to me that, other than having a pile of "FU money" big enough to hang it up completely, going down to part time and less stressful work is a nice Rx for people nearing retirement age. At least that's my take on it.
I recently ran into the retired OB-Gyn who delivered my son, who told me "never retire!".
Last week, I ran into another physician who is 47 who went down to two days a week. He said he contemplated retiring entirely but tried it out for a while and was bored out of his mind. He suggested I try taking a month off before I pull the retirement trigger.
Just this morning before starting work, I was communicating with one of my partners who is 64 and who works harder than probably anyone else I know. He is really fed up with work, lowered reimbursements, taking call until recently, getting some pain in his hands with surgery now, etc. I was absolutely shocked when he told me his goal was to have his house paid off and $5 million in investments, but he wasn't there yet on the investment side. I see what he generates but not what he takes home, and he is one of the biggest producers in our group of 20. I know he buys a lot of guns and takes a lot of hunting trips and put three kids through school, but to not be at that goal by 64 really surprised me.
I've also enjoyed reading other peoples' stories and goals for retirement. My takeaway so far is that more people hate their jobs, particularly if they are in the corporate world, than I would have ever thought. It would seem to me that, other than having a pile of "FU money" big enough to hang it up completely, going down to part time and less stressful work is a nice Rx for people nearing retirement age. At least that's my take on it.
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I have had two very good friends die of cancer, one killed in a car wreck back in 1999, one by suicide who was a frat brother.
for high school prom we double dated - three guys and our female dates. two of them are dead.
I am just 54.
if Malcolm Jamal Warner can die in a boating accident at 54- no one knows which day will be our last !
for high school prom we double dated - three guys and our female dates. two of them are dead.
I am just 54.
if Malcolm Jamal Warner can die in a boating accident at 54- no one knows which day will be our last !
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