I'd like to retire when I'm 60

[fred cook]

After 32 years in the tele-communications business, I retired at 62. My wife who taught public school had retired the year earlier. We had investments, 401s, retirement checks, etc. When I ran the numbers and discovered that I could retire and still draw as much as I was earning, the choice was simple! Our health insurance issue was not a problem as we kept my wife's state health insurance at a very low rate. We have both developed hobbies to keep us occupied and allow for frequent long weekend vacations. The only problem is that when you are not doing anything, it is hard to take a break.

[jhynesrockmtn]

I am plotting my exit from the "need" to work in 10-15 years, early to mid 60's. It's a bit hard to call what I do for work now, work. It also doesn't pay worth a crap (I run a small non profit) so I'm working with a couple of investment planners on what to do with my IRA and proceeds from a couple of small real estate investments to run numbers and create a plan.

[jhynesrockmtn]

One of the things I struggle with is not having any kind of pension and envy those who have a check coming in every month and/or health care paid for. I will be fine. The investment guys I'm talking to seem to think I'll retire on my time table or earlier with what I've saved as long as the market does ok for the next 10 years. However, I've stressed to both my kids, one an officer in the Army and the other a state employed social worker, the importance of at least considering their retirement planning as they contemplate job changes over the next many years. Having a secure pension is worth a ton! Remember that when you think your job sucks.

[vash]

Originally Posted by jhynesrockmtn

. Having a secure pension is worth a ton! Remember that when you think your job sucks.

gospel!!

[Don Ro]

I retired in '08 and bought a $100k annuity that yields $760/mo. but when I die it goes back to the insurance company and I can't pass it along to a wife (if I had one).
To me, at the time, I figured 7% was pretty good. So far, still good.
Anyone have or thinking of getting any type of annuity?
I bought this one because at the time I had no real estate and I didn't (don't) trust the market - too much at the effect of politicians.

[Trog]

Originally Posted by Don Ro

I retired in '08 and bought a $100k annuity that yields $760/mo. but when I die it goes back to the insurance company and I can't pass it along to a wife (if I had one).
To me, at the time, I figured 7% was pretty good. So far, still good.
Anyone have or thinking of getting any type of annuity?
I bought this one because at the time I had no real estate and I didn't (don't) trust the market - too much at the effect of politicians.

In today's low interest environment, an annuity probably isn't the best option.

[Don Ro]

I can see that. But as I said, wasn't willing at the time to do the market and I figured a steady and guaranteed 7+% was good for me.
I have since purchased some real estate.
Of course, at times I'd like to have that $100k to dump toward a rental.
.
Edit: I was self-employed for 34 years and had no retirement fund other than SS and a pile of IRAs.

[johnsjmc]

I retired at 55 and have a pension. My take home is about $600 less per month than while I was working. Ask myself ,would I work a month for $600? Hell no.
Thankfully healthcare here isn,t expensive. My wife and I pay $94 /mo out of pocket for extended benefits.(travel insurance , prescriptions eye glasses etc. everything else but dental is covered by the gov,t .

[PetrolBlueSC]

Regarding the pension, I just made a choice to stay put to get my pension. I am 49 and have been working for the Feds for almost 15 years. The BS has gotten so bad that I was ready to go back to the private sector. But before leaving, I reviewed my potential retirement benefits, and found that if I stay until 59, I'll get a ~$24K/per year pension. I also have IRAs and my govt 401k, but the pension would nicely augment the other savings. It really came down to how much more would I have to save to create a pile of money that will spin off $24K a year. It's too much to put away in the time I have left, so here I stay.

[2porscheguy]

Like the OP, I would also like to retire at age 60, 6 years from now. I don't mean to hijack this thread but here's a question for those Pelicans enjoying retirement: At what percentage of your pre-retirement income are you getting by on? 50%? 70%?

[Bill Douglas]

My maths isn't very good, but I'd say about 150% of maybe 170%.

Not quite twice what I was getting as a low grade Network Administrator/computer tech.

[Trog]

Originally Posted by 2porscheguy

Like the OP, I would also like to retire at age 60, 6 years from now. I don't mean to hijack this thread but here's a question for those Pelicans enjoying retirement: At what percentage of your pre-retirement income are you getting by on? 50%? 70%?

I manage quite well on 15%.

[ckelly78z]

I can't see how I could use more than my working income throughout retirement, You shouldn't have a house payment, or children at home, or the daily expense of commuting, shopping for work attire, or eating lunch at the Bistro.

We enjoy camping rather than expensive resorts, and having a few beers around a backyard campfire instead of going clubbing. I guess it's all about what you are expecting in retirement and what you've been accustomed to through your working years.

[Trog]

Originally Posted by ckelly78z

i can't see how i could use more than my working income throughout retirement, you shouldn't have a house payment, or children at home, or the daily expense of commuting, shopping for work attire, or eating lunch at the bistro.

We enjoy camping rather than expensive resorts, and having a few beers around a backyard campfire instead of going clubbing. I guess it's all about what you are expecting in retirement and what you've been accustomed to through your working years.

+1

[Brian 162]

I just turned 55 and I'm retiring March 1st 2015. I'll have a company pension plus other retirement savings I did on my own.
I'll still have full benefits.
I still have a mortgage, and I crunched the numbers and it looks doable.

[2porscheguy]

Originally Posted by Trog

I manage quite well on 15%.

Really? That is unreal! So please tell us how you spend your days? What have you sacrificed to keep it that low?

I've always understood that the norm is to bank enough to give you at least 50% of pre-retirement income X 30 years. Please enlighten me?

[Don Ro]

Originally Posted by ckelly78z

i can't see how i could use more than my working income throughout retirement, you shouldn't have a house payment, or children at home, or the daily expense of commuting, shopping for work attire, or eating lunch at the bistro.

We enjoy camping rather than expensive resorts, and having a few beers around a backyard campfire instead of going clubbing. I guess it's all about what you are expecting in retirement and what you've been accustomed to through your working years.

.
" I guess it's all about what you are expecting in retirement..."
.
+2

[2porscheguy]

Trog, ckelly78z, Don and the rest of you retired dudes...do you travel much?

I have to admit that one of the things I want to do more of is travel, especially in trying to get away from these damnedgod canadian winters!

[Bill Douglas]

Originally Posted by 2porscheguy

rest of you retired dudes...do you travel much?

I'm off to Raratonga in three weeks Birthday present holiday for the GF.

I like to go somewhere overseas once a year and a domestic holiday once or twice a year.

[dan88911]

I have a pension as well about 83% of what I was making on the job.
I net more than when I was working. They took about 7% for the pension over the yrs on the job plus company put in about 3% .
I also invested in an IRA max out the last 10 yrs, of course there was SS, union dues etc. being deducted.
The pension is index to inflation.