When should you retire? Life expectancy vs work expectancy

[eddy]

The other piece of retirement advice that always rubs me the wrong way, is don't count your SSN benefits when it comes to calculating what you will need in retirement. Bitch, why am I putting into SSN if I can't count it lol. Like I get it, we don't know what tomorrow will bring with that program. But it is just condescending advice. Yes you are forced to put in BUT also be so nervous about your future (aka put more money into the stock market) that you need to pretend that the money doesn't exist. 

The only reason I was able to start saving in my 20s is because my employer (who I have now been with for 15+ years) forced you to put 5% in and they put 10%. I would have never made the choice to do it on my own. The first job I had with my employer I was making 38K and that was a huge raise compared to what I was making in my first couple jobs out of college. It wasn't until I was 35 did I start making a salary that I felt I was actually comfortable and not living paycheck to paycheck. Obviously now I am really grateful for how it was set up because my retirement account is decently healthy. But I would have never made that choice on my own. 

[midwestmama]

If DH or I won the lottery today and it was enough where we could pay off our mortgage, fully fund our kids' 529s, and have enough to live comfortably for the rest of our lives (including being able to afford healthcare w/o employer-sponsored insurance), we would retire immediately. I have so many things that I would like to do instead of working. If I did get bored and wanted to work again, the town I live in has a decent amount of cute little boutiques and shops where I would try to get a part-time job.

Coming back to reality, what we would like to do, assuming we can financially swing it, is retire between 55-59, or take a major step back (e.g., move to an analyst or support-level role, and maybe even go part-time in that type of role). I would like to enjoy time together and go on trips with DH before we feel like we are too old to travel. I would also like to be young enough, with freedom and full control of my time, to help my kids when they are starting out their adult lives and also hopefully helping with grandkids.

[simpsongal]

Jan 16, 2024 7:57:05 GMT -5 ssmjlm said:

I have no plans to stay past when my retirement age is, which is 57. But this is also because DH is 9 years older and plans to retire in 9 years when he's 60. I'll be 42 on Saturday, so 15 years to go. We should be fine between pensions and 401k plus investments. Our house should basically be paid off when I retire or within a couple years of it.


My ILs are both going to have money issues if they live long. Most of their issues are self inflicted though.

Similar boat - I need to take a fed retirement class... I started as a fed at age 25, but I guess I'm supposed to stay until age 57 right? Are the continuing health benefits still such a great benefit? I compared the BCBS benefits to what's available on the ACA markets a while back and they seemed comparable in price and value, but that didn't seem right at the time to me....

[ssmjlm]

Jan 19, 2024 12:50:23 GMT -5 simpsongal said:

Jan 16, 2024 7:57:05 GMT -5 ssmjlm said:

I have no plans to stay past when my retirement age is, which is 57. But this is also because DH is 9 years older and plans to retire in 9 years when he's 60. I'll be 42 on Saturday, so 15 years to go. We should be fine between pensions and 401k plus investments. Our house should basically be paid off when I retire or within a couple years of it.


My ILs are both going to have money issues if they live long. Most of their issues are self inflicted though.

Similar boat - I need to take a fed retirement class... I started as a fed at age 25, but I guess I'm supposed to stay until age 57 right? Are the continuing health benefits still such a great benefit? I compared the BCBS benefits to what's available on the ACA markets a while back and they seemed comparable in price and value, but that didn't seem right at the time to me....

OPM has your MRA based on your birth year on their site.

I'm likely not insurable outside of group health (or it would be cost prohibitive), so I haven't looked. 

[redheadbaker]

Retirement? What's that?