When do you plan to retire?

cantdrv55 · 03-30-2006, 10:22 AM

I want to be like Tabs and not have to work by the time I'm 50 (in 8 years). I'm reducing my mortgage and hopefully pay off most of it by then. No credit card debts now and am trying to build up an investment nest egg to live off until I can draw from my pension, SS (if there's anything left), 401k, IRA, etc. My son and his kids can have what my wife and I don't spend and all the insurance, house, etc when we die. He'll be OK.

Whatcha got cooking for your retirement?

masraum · 03-30-2006, 10:36 AM

I think I'm on the same plan as you. As far as when I want to retire, not sure, depends on what I'm doing and I decide I don't want to do it any more.

Jamie79SC · 03-30-2006, 11:18 AM

The wife and I are working towards selling everything, building the boat, and downshifting lifestyle in about 7 years (age 53).

I hesitate to call it retirement as we will still earn money here and there, just not at our old professions.

(edited to fix typo)

Hugh R · 03-30-2006, 11:35 AM

I'm 52 and don't see that retirement is possible for another 13 years. I suppose I could sell my house now, move to some place a lot cheaper than SoCal and retire now, but not quite ready for that.

slakjaw · 03-30-2006, 11:38 AM

I am looking at giving up the ghost while on the job.

I see no end in sight.

widgeon13 · 12:08 PM

I retired at 57, blood pressure dropped to a more normal range. I stopped chasing airplanes, sitting in senseless meetings and listening to *********s spouting their ego's desires. I think anyone should retire between 55 and 60. The philosophy today seems to be to get rid of highly compensated executives and bring up the junior management. That is critical for the company to be successful, end result is companies offer early retirement packages in order to save money and avoid age discrimination lawsuits. I worked for the same company for 30 years. That will be difficult for many people today who are in their 20's and 30's. People have very little company loyatly today. 401K is critical retirement tool today. Traditional retirement plans are outdated since many people don't stay with a company for long periods of time.

I now ski patrol in the winter and do volunteer EMT duty in northern NY and read the NYTimes when I get a chance. In the summer, I fly, play golf, read the WSJ and exercise, run and bike, and some swimming as well. Drive the Pcar when the weather is nice. Bottomline is I do what I want when I want and I love every minute of it. Except I do have to walk the dog sometimes when I would prefer to sit on my a$$.

After 9/11, I decided that life was too short to spend more years working. Our lifestyle is similar to when I was working but I do think more seriously when I make a financail decision and how it could possibly effect our future earnings potential.

I enjoyed working and mentoring young people in the company. What I did not enjoy was the political BS of managing upward relationships in the company. Most North American companies are short term, results focused and consequently they are constantly making the same mistakes on a repetitive basis. This is being done to satisfy corporate boards, institutional investors and shareholders.

I don't have a solution to the near term management philosophy other than to say it has to change but I believe it will get worse before it gets better.

Noah930 · Noah930's Garage

I don't plan on working beyond the age of 55. I'm 32, about to start my first "real job" after a lifetime of school and training programs. I'm planning on being able (financially) to retire in 20 years.

WolfeMacleod · 03-30-2006, 12:00 PM

I don't plan on retiring. Ever. I love what I do too much.

GDSOB · GDSOB's Garage

I'm 42 with kids 16, 2 & twins on the way. I've been out of the corporate gig for six years. Just started our own business last year. Don't see early retirement, but should be to call my own shots a few years down the line as we increase staff.

Jims5543 · 03-30-2006, 12:09 PM

House paid off last year. Bought a second home as investment and rent it. The bonus is its along a commercial corridor and will oneday be worth a decent amount as the road develops.

I bought a 3rd house in NC mountains and have a 10 year plan to have it paid off.

I am 39 now and fully plan on being semi-retired by 47-50 years old. I own my own business and plan on drawing a paycheck from it for as long as I live even after I stop working there.

lendaddy · 03-30-2006, 12:24 PM

11:00-12:00 P.M

VaSteve · 03-30-2006, 12:27 PM

Quote:

Originally posted by widgeon13
I worked for the same company for 30 years. That will be difficult for many people today who are in their 20's and 30's. People have very little company loyatly today. 401K is critical retirement tool today. Traditional retirement plans are outdated since many people don't stay with a company for long periods of time.
.

Companies have very little people loyalty.

masraum · 03-30-2006, 12:43 PM

Quote:

Originally posted by VaSteve
Companies have very little people loyalty.

That's exactly what I was thinking. I think the company loyalty stopped before or when the peoples loyalty stopped. Corp's don't generally care that much for the employees. The bottom line rules. I'd love to stay one place for a long time, but it's not often possible. The company looks out for their best interest and I have to look out for mine.

Joeaksa · 03-30-2006, 12:50 PM

Am 53 and looking at doing it around age 60.

Problem is that I love my work and they pay me to have fun...

Tobra · Tobra's Garage

Quote:

Originally posted by Joeaksa
Am 53 and looking at doing it around age 60.

Problem is that I love my work and they pay me to have fun...

I like what I do, very rewarding, should be able to continue at it for a good long time. Key with retirement is to stay busy with things you enjoy. I like working on air cooled cars with the motor at the wrong end that they have not made for a while, so I am good.

svandamme · svandamme's Garage

i don't take longer then 3 consecutive days off , ever, idling for longer then that requires either liberal amounts of booze (which my liver doesn't appreciate) or serious amounts of entertainment money (which ain't covered by my bank account )

i'll probably retire when i can't drag my rotten old carcas any further
and then do the sensible thing , and kick the bucket.

goat · goat's Garage

I was thinking about this question just the other day.
Working at a College makes me feel young and I love my job. Guess I'll put it off till 60 or so.
But more free time that does wound good.

Moses · 03-30-2006, 03:03 PM

When my wife decided we needed a third baby when we were both 43 years old, I knew that retirement before age 65 was not likely. So I changed my "work life". I take countless three day weekends and I took 6 weeks off last year. I'll take more time off this year. I've created a working lifestyle that I can maintain indefinitely (I hope). When I'm working, it's generally 60 hours/week, but I'm still having a great time.

Jims5543 · 03-30-2006, 04:21 PM

Quote:

Originally posted by Moses
When my wife decided we needed a third baby when we were both 43 years old, I knew that retirement before age 65 was not likely. So I changed my "work life". I take countless three day weekends and I took 6 weeks off last year. I'll take more time off this year. I've created a working lifestyle that I can maintain indefinitely (I hope). When I'm working, it's generally 60 hours/week, but I'm still having a great time.

Whoa... I thought my 2 y/o was kicking my butt at the ripe age of 39. My hats off to you. My next oldest is 12 so to say the level of sanity in our house has changed drastically would be an understatement.

This is the way I look at it. I will never stop working. I will be absent a lot more in 10 years and I am grooming an employee to run the place. My big test is this summer. I plan on heading up to our house in NC as much as possible and working via the internet a couple of hours a morning. Owning my own business helps lots. I am contributing heavily to a couple of IRA's over the next 15 years hoping to get enough saved to relax when I am in my mid 50's. I want to cut it back when I hit 50. But, I am trying to ween back a whole bunch by this summer. When the kids are in school I work, when they are out we are out of town.

89911 · 03-30-2006, 05:55 PM

I could picture being retired, but when I'm off work I find after about a weeks worth of inactivity I feel like crap. Just the opposite of how I feel after putting in a full productive day. I guess I am half-heartedly looking forward to retirement. Unless I have some post career planed that goes beyond golfing, I would be an SOB to live with. I just need to be busy. Retirement is a relatively new phenomena. It use to be you just worked until you died.