Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Age u plan to retire at and how much u expect to have?
Just wanted a general idea of everyone's goals in life for retirement. I know they are all different.
My DH will prob retire at the standard 59 1/2 and I will maybe at 55 (maybe go part time or do something for fun then).
My DH should have about $1.5 million in his retirement by the time he is 59 1/2.
I will probably have about $250-300,000 by the time I am 55, but we would mostly live off of his since he has so much more.
Plus, at whatever age we can also get Social Security on top of that.
I know that sounds like a lot of money, but if you think about it and you live until you are 85-90 years old, living for 30 years on 1.5 million is only 50,000 year before taxes (when we are used to living off 150k per year). Of course we don't plan to have as many bills because the house will be paid off by then so I know that will help.
What are your retirement ages and goals?
Re: Age u plan to retire at and how much u expect to have?
My husband wants to retire by 60. I think it would be doable for us, if our kids are out of the house by then. I don't want to retire and have kids still in school because for us retirement probably means moving across the country.
That scares me a bit because I'm 9 years younger, and so that means we have to plan for longer. However, retirement to us would probably mean quitting our full time jobs and picking up something part time- like if we retire in the Deadwood area I would love to do historical tours of the area for people so we wouldn't be drawing much from our 401K. He will get social security when he qualifies, but I will not, I will get TRS (from Texas). So since we are planning on continueing part time, and having a paid for house so minimal bills, we probably will be able to retire when he wants.
You can google "retirement calcultor" and figure out roughly how much you would have by retirement and you can put in your goal you would like to have by retirement age and it will tell you how much you should be contributing based on your age and how many years you have left to contribute.
Oh and I kinda agree with you on what the heck would we do?? Well for me at least. My DH may be happy retiring because he has a million hobbies but I would probably be bored to tears and I don't really like to travel either!
Here's to hoping I have lots of grandkids when I am in my 60s
My goal is to retire at age 60. Although I would love to go part time around age 50 if it is possible. H would like to retire around age 62 (he's 2 years older than me)
Our retirement goals are to travel, travel, travel. We have also had the discussion about purchasing a vacation home somewhere in the next 15-20 years and planning to retire there.
TTC since 1/13 DX:PCOS 5/13 (long, anovulatory cycles)
Clomid 50mg 9/13 = BFP! EDD 6/7/14 M/C 5w6d Found 11/4/13
1/14 PCOS / Gluten Free Diet to hopefully regulate my system.
Chemical Pregnancy 03/14
Surprise BFP 6/14, Beta #1: 126 Beta #2: 340 Stick baby, stick! EDD 2/17/15
Riley Elaine born 2/16/15
TTC 2.0 6/15
Chemical Pregnancy 9/15
Chemical Pregnancy 6/16
BFP 9/16 EDD 6/3/17
Beta #1: 145 Beta #2: 376 Beta #3: 2,225 Beta #4: 4,548
www.5yearstonever.blogspot.com
I project mine out using excel. I take what I have now and then multiply it by an average interest rate for the next year. I then add to that what I plan to contribute that year. I repeat that step each year. I also grow my contribution rate with an average inflation rate.
You can make it more complicated or less if you want, but that's the basic idea. I also have my retirement savings running off to 0.
Right now, 66. That money should last me until I'm 85 and then I guess I'll have to die.
That's based on an investment return of 5% though and that's assuming my salary only increases with COL. And I'll also be spending 90% of my projected salary in retirement. All those assumptions are very conservative. I'm hoping each year my retirement age drops or I'm allowed to live a little bit longer.
Oh, and my retirerement account should reach 2.2 million when I retire.
ok, I googled it and if I retire at 65 I will have 1.2 million if I don't contribute anything which is silly I know. If I contribute $5,000/year I will have 1.9 million. Currently I'm not contributing because we are paying off a medical bill and when that is paid off I would like to beef up our efund. DH has his own IRA as well and I forgot how much is in it.
we have also talked about this. We want to retire in Hawaii. We would live there for half of the year and then rent it out the other half of the year.
As a couple, about 65 with about 4 million. Our planner suggested 5mm, but I don't think that is going to happen.
We're both nerds and love to play around with calculations like this. We've calculated it using a spreadsheet similiar to the one polooo mentioned.
If everything goes as planned we would retire with about 4 mil at 65 for me.
A big wildcard in this for me is health insurance. It concerns me on how expensive it will be and what Medicare will even look like by then.
Our goal is to have around $1.5M-$2M in 2010 dollars, which I figure should give us the equivalent of around $60K-$80K/year to live on. We hope to reach that goal in our early to mid 50s, though depending on how much health insurance and college cost by then, we may need or choose to work longer than that.
I expect to retire in about 20 years, when I am approximately 58 years old. I hope to have my pension (about $45k a year) and savings/mutual fund of around half a million. Who knows if that will pan out...
We have an efund and expenses and are debt-free right now except for the house.