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(Yahoo)   When are YOU going to retire? Turns out it depends on what State you live in, and the cost of cat food   (finance.yahoo.com) divider line
    More: Interesting, Retirement, Much Savings, U.S. states, full retirement age, annual spending, good news, average retirement age, Social Security Cost  
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1336 clicks; posted to Business » on 11 Jun 2021 at 11:23 AM (8 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



49 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2021-06-11 11:25:19 AM  
Never. Thank you American health system!
 
2021-06-11 11:27:35 AM  
Never.  I'm just going to have to hike up into the mountains one day with a gun and a fifth of something nice.
 
2021-06-11 11:42:54 AM  
In two more years when I turn 65. That's when Medicare kicks in. No way I could afford health insurance without it.
 
2021-06-11 11:58:49 AM  
My retirement plan is ubasute
 
2021-06-11 12:04:02 PM  
6 months
 
2021-06-11 12:17:53 PM  
I tell people at work that I plan to retire the year after I die.
 
2021-06-11 12:20:20 PM  

Xetal: I tell people at work that I plan to retire the year after I die.


Well once you go zombie your life is so bad work seems like retirement.  So you can stop lying to your co-workers... you're never leaving.
 
2021-06-11 12:23:08 PM  
Gen X, I will work until they lower me into the water for good.
 
2021-06-11 12:23:22 PM  
Not for a while, thankfully. The car is new and I don't drive much now that I'm working remotely.
 
2021-06-11 12:26:03 PM  
My father is 72 years old and working like a dog.  Mostly because he has no other hobbies and medicine is his life.
 
2021-06-11 12:46:08 PM  
What's "retire" mean?
 
2021-06-11 12:46:10 PM  
What is retirement?
 
2021-06-11 12:52:25 PM  
Oct 23rd, 2020 was my last day. Company buyout. Age: 61. 62 next week.
 
2021-06-11 1:01:01 PM  
Likely whenever universal healthcare becomes a thing.  I'm not holding my breath.
 
2021-06-11 1:16:49 PM  

yohohogreengiant: Gen X, I will work until they lower me into the water for good.


Yeah... pretty much this while the younger generations realize the boomers are disappearing and start yelling at us. Half the time thinking we're boomers.
 
2021-06-11 1:17:24 PM  

Nimbull: yohohogreengiant: Gen X, I will work until they lower me into the water for good.

Yeah... pretty much this while the younger generations realize the boomers are disappearing and start yelling at us. Half the time thinking we're boomers.


Well. fark it, whatever
 
2021-06-11 1:20:52 PM  
Yeah. Never going to retire. I might transition to working fewer hours per week but I will probably work until I die.

Thanks Republicans!
 
2021-06-11 1:27:52 PM  
Depends on the market over the next fifteen years, real estate values and where we decide to retire. Any place we like outside of the US seems to be too expensive. Told the wife I don't care if we are in an RV I just can't work anymore.
 
2021-06-11 1:48:12 PM  
Officially (for hopefully only the first time) in about 2.5 years.  Realistically, never.
/Slack off when I'm dead.
 
2021-06-11 1:53:01 PM  
Assuming nothing changes in the next....20 years I'll retire comfortably if I work to retirement age. The thing is I don't want to work that long, so figuring out the fine line between retiring early and retiring too early is going to be the trick. I guess I won't mind greeting at Wal-Mart in my 80s if I have to. Or mooching off of relatives
 
2021-06-11 1:56:12 PM  
Retirement, as we envision it shouldnt be a thing.  People should work for the goals of the collective until they can't any more.  Then they should be retired to the soylent green factory, for the betterment of the collective.
 
2021-06-11 2:13:28 PM  
About 7 years ago when I turned 50.  I did some work around the house yesterday and today I feel like I was hit by a truck.  No way I could have kept going until 60.
 
2021-06-11 2:35:10 PM  
2132. I mean I'll be long dead by then, but if I play my cards right, I should be able to retire around that point
 
2021-06-11 2:36:49 PM  
I am extremely lucky.
Due to my job, I will get free medical when I retire for both myself and my spouse until death, and up to 26 years old for my teenage son
We already have about 2 mil in retirement accounts, and at least a liquid half a mil
We already have a paid for vacation home at the beach in Mexico
We essentially have no debt.
I am retiring in 3 years 10 months.
 
2021-06-11 3:15:56 PM  
2004 at 52 yo.  Not having kids is a great money saver.
 
2021-06-11 3:21:03 PM  
That seems expensive for retirement and I have neighbors and family who have retired and spend less than these numbers.

Is this assuming people still have a mortgage or something when they retire? There are quite a few people out there that live on their Social Security alone which is a lot less than these figures.

I plan to retire in my 50s, but I have been fortunate so far and can earn a lot in the consulting world.
 
2021-06-11 4:41:14 PM  
Age 60, or maybe 62 when my house is paid off.
 
Oak
2021-06-11 5:11:30 PM  

AmbassadorBooze: Retirement, as we envision it shouldnt be a thing.  People should work for the goals of the collective until they can't any more.  Then they should be retired to the soylent green factory, for the betterment of the collective.


I live in Los Angeles, so this pretty well sums up my future.
 
2021-06-11 5:12:34 PM  
With climate change anything south of Maryland is probably a bad idea for an Xer/Millenial. Expect the cost to live in climate unfriendly states to continue rising. Thinking western PA sometime in next 25 years is a pretty good compromise - might even help turn it purple.
 
2021-06-11 6:43:49 PM  

psilocyberguy: Never. Thank you American health system!


It's a feature not a bug.
 
2021-06-11 6:47:55 PM  

austerity101: What's "retire" mean?


It's the thing that comes when you are no longer useful enough to be exploited by a business for profit. Typically accompanied with being a burden on your offspring for you wage slaves.
 
2021-06-11 6:50:28 PM  

Creoena: Likely whenever universal healthcare becomes a thing.  I'm not holding my breath.


I gave up on it and I'm just going to die whenever I want.

/Happy b-day, 60.
 
2021-06-11 6:57:44 PM  

OhioUGrad: That seems expensive for retirement and I have neighbors and family who have retired and spend less than these numbers.

Is this assuming people still have a mortgage or something when they retire? There are quite a few people out there that live on their Social Security alone which is a lot less than these figures.

I plan to retire in my 50s, but I have been fortunate so far and can earn a lot in the consulting world.


I think it assumes you'll want to do more than sit at home and wait for death while watching TV. Soo traveling a few times a year and not having to worry about spending too much eating out sort of thing.

You can easily retire/live on less and many do live off social security but they watch their money and honestly that's not the sort of retirement I want. I want to still take vacations and not have to fret over if I'm going out to eat or saving enough money stay home.

Health Insurance is also a big cost until you hit Medicare range and even that doesn't cover everything. Soo if you retire early, then you'll need more than you'd expect to get you over that initial hump. Beyond that I think that for many the "ideal" would be to retire with enough put away that you could reasonably live off the returns on investment and not have to dig into the principal amount so they can leave nest eggs for their kids.
 
2021-06-11 7:14:34 PM  
Retiring to Portugal. Low cost of living and access to European museums and landmarks. I'm a history nut.

At least that's the plan...
 
2021-06-11 9:15:50 PM  
Not really interested in retirement.  I want to keep being productive until I die.  I was super lazy from 28-31, I've already had a few years doing nothing. ;)
 
2021-06-11 9:41:17 PM  

keldaria: OhioUGrad: That seems expensive for retirement and I have neighbors and family who have retired and spend less than these numbers.

Is this assuming people still have a mortgage or something when they retire? There are quite a few people out there that live on their Social Security alone which is a lot less than these figures.

I plan to retire in my 50s, but I have been fortunate so far and can earn a lot in the consulting world.

I think it assumes you'll want to do more than sit at home and wait for death while watching TV. Soo traveling a few times a year and not having to worry about spending too much eating out sort of thing.

You can easily retire/live on less and many do live off social security but they watch their money and honestly that's not the sort of retirement I want. I want to still take vacations and not have to fret over if I'm going out to eat or saving enough money stay home.

Health Insurance is also a big cost until you hit Medicare range and even that doesn't cover everything. Soo if you retire early, then you'll need more than you'd expect to get you over that initial hump. Beyond that I think that for many the "ideal" would be to retire with enough put away that you could reasonably live off the returns on investment and not have to dig into the principal amount so they can leave nest eggs for their kids.


The people I know take vacations (albeit nothing lavish like Europe or something crazy), I'd just like to know the figures they are using.

If I can retire in my 50s, I'd do part-time work for spending cash and whatnot, but want out of the grind, even though I love what I do and find it easy and not like "work" so who knows.

I've never been a vacation person, but I am boring!
 
2021-06-11 10:48:09 PM  
I can retire between age 60 and 65. When I hit 65 though my UK pension kicks in and at 67 US social security kicks in and my amount of income increases substantially so we have between us, 2 401ks, a decent pension, and two SS payments, and a number of saving accounts and no major expenses so it all depends on US healthcare costs.

So will be dumpster diving if one major incident happens.
 
2021-06-11 11:06:56 PM  
What's a retirement?
/broke millennial
//lawyer too
 
2021-06-11 11:24:20 PM  

Tannhauser: Retiring to Portugal. Low cost of living and access to European museums and landmarks. I'm a history nut.

At least that's the plan...


If I was retiring soon, Portugal or Panama would be my top choices.
 
2021-06-12 1:23:20 AM  

natazha: 2004 at 52 yo.  Not having kids is a great money saver.


i.pinimg.comView Full Size
 
2021-06-12 5:54:02 AM  
I am so tired of working.
 
2021-06-12 6:58:57 AM  
I'm in my mid 30s, so never.
 
2021-06-12 8:21:53 AM  
These articles really need to put a lot of detail into their assumptions.  Healthcare?  Mortgage payment?  Assumed investment rate of return?  Are they assuming you retire at 65 and are dead at 90 and calculating the money needed saved at retirement to make your bank account hit zero on your 90th birthday?  SS being a constant when one political party is hellbent on eliminating it because it's just an "entitlement" that you happened to pay into your whole life?
Where are their numbers coming from?
If you have 2 million invested and live off 4% of it max, the assumption is you will never run out of money because the long term market gains are better than 4%, and that would give you $80k/year to live off of.  2 mil is unattainable for most people.
 
2021-06-12 10:42:22 AM  
50 at the earliest, 60 at the latest.

Either scenario leaves me with more money to spend each year than I currently do, even if I somehow end up with another mortgage.
 
2021-06-12 10:49:44 AM  

Nimbull: yohohogreengiant: Gen X, I will work until they lower me into the water for good.

Yeah... pretty much this while the younger generations realize the boomers are disappearing and start yelling at us. Half the time thinking we're boomers.


I've dubbed Gen X boom-lennials. Boomers think you're millennial, millennials think you're boomers. Your failure is assured.
 
7 days ago  
All the good highway overpasses and refrigerator boxes are already spoken for around where I live.
 
6 days ago  

Farkage: These articles really need to put a lot of detail into their assumptions.  Healthcare?  Mortgage payment?  Assumed investment rate of return?  Are they assuming you retire at 65 and are dead at 90 and calculating the money needed saved at retirement to make your bank account hit zero on your 90th birthday?  SS being a constant when one political party is hellbent on eliminating it because it's just an "entitlement" that you happened to pay into your whole life?
Where are their numbers coming from?
If you have 2 million invested and live off 4% of it max, the assumption is you will never run out of money because the long term market gains are better than 4%, and that would give you $80k/year to live off of.  2 mil is unattainable for most people.


Also, you are supposed to increase your 4% draw by the amount of inflation each year. So if inflation was 3%, you would take 82400 the next year, etc.  However it is possible that you might have to adjust your draw to take conditions into account, and if you can do that, you will never "run out", but you might have to reduce your draw in lean years. If you really need all 80000 then you could run into a problem if things turn really bad.
 
6 days ago  

KarmicDisaster: Farkage: These articles really need to put a lot of detail into their assumptions.  Healthcare?  Mortgage payment?  Assumed investment rate of return?  Are they assuming you retire at 65 and are dead at 90 and calculating the money needed saved at retirement to make your bank account hit zero on your 90th birthday?  SS being a constant when one political party is hellbent on eliminating it because it's just an "entitlement" that you happened to pay into your whole life?
Where are their numbers coming from?
If you have 2 million invested and live off 4% of it max, the assumption is you will never run out of money because the long term market gains are better than 4%, and that would give you $80k/year to live off of.  2 mil is unattainable for most people.

Also, you are supposed to increase your 4% draw by the amount of inflation each year. So if inflation was 3%, you would take 82400 the next year, etc.  However it is possible that you might have to adjust your draw to take conditions into account, and if you can do that, you will never "run out", but you might have to reduce your draw in lean years. If you really need all 80000 then you could run into a problem if things turn really bad.


Well, you plan on never drawing over the gains, but you aren't really farked if you adjust "I'll still have this 2 million the day I die" to "I'll have half a million the day I die"

My chase program says if I retire at 57 then in 0.1% of the thousands of outcomes I'll have no money left in the bank at 98. Ok, so what? I'll still have SS, and I'll be 98. I'll be too brain dead to know I'm eating cat food and not caviar.
 
6 days ago  

KarmicDisaster: Also, you are supposed to increase your 4% draw by the amount of inflation each year. So if inflation was 3%, you would take 82400 the next year, etc.  However it is possible that you might have to adjust your draw to take conditions into account, and if you can do that, you will never "run out", but you might have to reduce your draw in lean years. If you really need all 80000 then you could run into a problem if things turn really bad.


You can run Monte Carlo simulations either way. "I withdraw a current 3.5% every year" vs "I withdraw 3.5% of my initial balance and then take inflation steps from there".  The first takes more discipline in bad years (the market is down by 30%, I've got to cut my spending by 30%).  The second takes more discipline in good years (market's been good... I can totally afford a boat).  But, I consider the second to be more reasonable.
 
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