What are your retirement goals?

hoffse · August 2015

We've touched on this a little bit, but I've been reading about the importance of setting clear goals when planning for retirement - not just a dollar number (though of course that's important), but things like lifestyle goals, milestones, etc.

Do you have clear retirement goals? Are you taking the steps needed to reach them? Are they realistic or a reach?

hoffse · August 2015

Some of our goals:

Be financially independent - I think we're on track, though there's a big question as to when that will happen
Retire without a mortgage - realistic
Travel more - hopefully realistic, but hard to know
Make charitable giving part of our plan - maybe a reach to be at the level we would like, but we will certainly do our best!

vlagrl29 · August 2015

As far as specifics I hadn't really thought about it other than how much money I would want in our retirement accounts and of course traveling more sounds great as well.

I personally would love if we could bring in more income flow in the near future. I would like to build even more in savings and be able to afford house updates but that's not necessarily regarding retirement I guess.

JoanE2012 · August 2015

Our main goals for retirement are to be mortgage free and travel the world. We're saving our 2+ week trips (because we can't get that kind of time off from work now) for retirement. So places like Australia, New Zealand, mutli week trips through Asia etc are awaiting us!

Mustard76 · August 2015

- Retire by age 60
- Mortgage free
- Have the option of becoming snowbirds if we choose to live in the desert during the winter months, or at the very least travel during the winter
- Donate sizable sums annually to our favorite organizations

AprilZ81 · August 2015

We haven't had a joint discussion on this because DH doesn't think ahead other than to "save lots of money".

I would like for us both to be retired by 65 (earlier is better) or at least working jobs we truly enjoy. Depending on inflation rates we should be on track for this.

I want our mortgage paid off (attainable).

I want to be able to be a snowbird to escape the Ohio winter from January-mid-March.

We are on track to have 2 million (ish) in our early mid-60s depending on the stock market. We could easily inherit another 1-2 million from the estate of our parents and if we get any Social Security then that will just be icing on the cake.

Healthcare expenses and inflation are the big things that I'm having trouble wrapping my head around. it is so hard to plan for something that you have no control over.

JoanE2012 · August 2015

Yeah, @AprilZ81 - healthcare in the future scares me the most.

Xstatic3333 · August 2015

Out goals aren't really well defined. It's a good idea for a conversation! I'd like a paid off house, which is doable since we prefer to spend a small proportion of our income on housing and may just stay in this house. I'd also like to travel. I'd love us to each retire by 65; I don't think earlier is realistic for us.

dragonstarjk · August 2015

H retired by 65--it's a reach because he's behind for his age

Me retired by 55--I believe this is possible based on what I am contributing currently, but definitely not feeling like a guarantee yet

House paid off--definitely

Own rental properties--a reach, but we'd really like to use this as income in retirement

Purchase a condo somewhere warm--possibly Hawaii--a far reach

Travel more--possible if we are aggressive savers

Give to charity--possible; not huge amounts, but small donations will definitely be part of the plan

Help my niece pay for college if she goes--a reach, but I'd really try hard to make it happen if she wants to go

bmo88 · August 2015

Ours are still being decided, but a few are:

-Mortgage free

-Retire by 58 (me), 60 for DH

-Travel

als1982 · August 2015

Frankly, we don't have goals other than dollar amounts tied to certain ages. I'm not sure what my lifestyle, career and family situation, and personal wants will like look like in 5 years let alone 30, which is why we're putting as much as we can away now to prepare for an array of possibilities come retirement.

smerka · August 2015

DH is a teacher in IL so who knows what his pension will look like. Hopefully, they will figure out something soon so we can do more concrete planning. I can't imagine us wanting to retire before 65. My inlaws retired at 62 with no health insurance. A couple months before FIL reached 65 and became Medicare eligible, he cut his fingers off with a lawnmower. Their gamble almost worked out. We are in our 40's and only recently started talking about it more concretely. If we don't pay off our mortgage early, we will be done when I turn 66. Our kids will be done with college when we are in our mid-fifties.

jessica490 · August 2015

We've never really talked about it we are just trying to increase our retirement goals over the next few years, but here would be a few

Retire early- maybe get part-time jobs somewhere

Have the house paid off

Possibly move down south so our money will go farther

Stay active and healthy

Travel

brij2006 · August 2015

- Retire at 50 and 52 (we will do fun side jobs instead. Probably real estate or interior design for me, and car restoration for H)

- Travel. A lot!

- Spoil the shit out of our kids and grandkids.

cbee817 · August 2015

Retirement goals:

Retire without a mortgage
Travel more
I want to retire at 55 (that would be 33 years with current employer.. yikes!), the earliest DH will be able to retire is 57, but to get 30 years at his new school district, it would be 62. I think the NYSTRS just bases retirement off of total years of service, not district specific, but I would need to verify that.
I would love to be close to one or both of our girls- be able to watch any grandkids if needed and be an active grandparent (like I grew up with and how my girls are growing up now).

strickland8052 · August 2015

DH and I have this dream that we are going to retire in a tiny cabin in Middle of Nowhere, Colorado and drive a jeep. When we are being really idealistic, we toss around the idea of doing that when we are in our early 50s and opening a guest ranch or B&B. How realistic that is....I do not know. A lot depends on finances, health, and the location of our children.

Realistically, we are planning to have at least $3 million with the house paid off. We are shooting to retire by 65-67, but maybe a career change before then. I second others on traveling and spoiling grandkids.

KatieCutie05 · August 2015

-Retire at 55 (but still working enough to live off of. without touching our nest egg until we're 60). We'd like to fully retire at 55 but we need that extra 5 years of growth since we're so behind...

-Purchase a retirement boat that is big enough to take on the ocean (used ofcourse)

-Purchase a beach house closer to the ocean - we'd keep both houses and hopefully our kids would stay nearby so it would only be a few hours drive and we can spend a few months in one place and a few months in another and easily travel back and forth when needed, have their family over for a few weeks. If our kids move to the midwest we're really going to have a lot to think about. - or we may need extra money to afford a plane. lol.

-Travel a lot and spoil our grandkids

We are "behind" but even if all we did was reallocate our debt minimums to retirement, we could do it.

short+sassy · August 2015

AprilZ81 said:

We haven't had a joint discussion on this because DH doesn't think ahead other than to "save lots of money".

I would like for us both to be retired by 65 (earlier is better) or at least working jobs we truly enjoy. Depending on inflation rates we should be on track for this.

I want our mortgage paid off (attainable).

I want to be able to be a snowbird to escape the Ohio winter from January-mid-March.

We are on track to have 2 million (ish) in our early mid-60s depending on the stock market. We could easily inherit another 1-2 million from the estate of our parents and if we get any Social Security then that will just be icing on the cake.

Healthcare expenses and inflation are the big things that I'm having trouble wrapping my head around. it is so hard to plan for something that you have no control over.

@AprilZ81, after we retire, I'll switch houses with you in winter if we can switch again in summer, lol.

My main retirement goal is to obtain $5,000/month in cash flow rental income before the age of 47 (about five years). I want to use my retirement to take long trips and travel the world. I'd also like to save up for a vacation home in Tahoe...but this will be a serious stretch unless I put my retirement off longer.

What are your retirement goals?

Re: What are your retirement goals?

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