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Author Topic: At what age do you want to retire?  (Read 48832 times)

ergophobe

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Re: At what age do you want to retire?
« Reply #15 on: April 03, 2019, 05:51:50 PM »
Quote from: rcjordan on April 02, 2019, 04:07:57 PM
"A male-female couple leaving work this year can expect to pay $285,000 in healthcare and medical expenses throughout their retirement, Fidelity Investment said in a report released Tuesday.

And that makes a lot of optimistic assumptions about the future of Medicare, etc.
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littleman

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Re: At what age do you want to retire?
« Reply #16 on: April 03, 2019, 06:47:13 PM »
I watched my uncle check out about a year ago.  My prediction is that a lot of people will bypass the last six months of end of life care and diy an expedited process.  Dying naturally can be a cruel process.
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rcjordan

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Re: At what age do you want to retire?
« Reply #17 on: April 04, 2019, 12:01:50 AM »
Overall, 35 percent of U.S. households do not participate in any retirement savings plan.

Even among those households that do hold retirement accounts, many of them have low account balances. The median (50th percentile) household of all ages (the red bar) holds only $1,100 in its retirement account. Even the 70th and 80th percentiles of households have only about $40,000 and $106,000 in their retirement accounts, respectively.

Many Americans Still Lack Retirement Savings | St. Louis Fed
https://www.stlouisfed.org/publications/regional-economist/first-quarter-2018/many-americans-still-lack-retirement-savings
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littleman

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Re: At what age do you want to retire?
« Reply #18 on: April 04, 2019, 04:21:03 AM »
Those are scary statistics. 
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ergophobe

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Re: At what age do you want to retire?
« Reply #19 on: April 04, 2019, 04:40:20 PM »
It's interesting that the 55-61 cohort has the highest savings.

In the 80th percentile at 62-67 (so presumably done with their earning years), you only have a bit over $200K. Using the 4% rule, that means you have $8,000 per year you can withdraw.

Basically, everyone outside the 90th percentile is utterly dependent on Social Security and continued work into relatively old age.
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Rupert

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Re: At what age do you want to retire?
« Reply #20 on: April 05, 2019, 06:21:15 AM »
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Basically, everyone outside the 90th percentile is utterly dependent on Social Security and continued work into relatively old age.

Neil Young: 
Quote
It's better to burn out than to fade away

I think I have a unique view on getting old.  Its not pretty whatever money you have.

A little gets a bit of comfort, but rarely can pain be taken away.

A tough decision would be to say, Retire, blow a load on a fantastic retirement, keep a little bit for getting older, and enough in the bank to get to Switzerland as the end approaches.
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ergophobe

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Re: At what age do you want to retire?
« Reply #21 on: April 06, 2019, 01:57:37 AM »
Who is the famous person who said he would go to Switzerland when the time came, but then got Alzheimer's and lost the ability to think clearly and never did go to CH?

I think it was Terry Pratchett.

If you have cancer, assisted suicide is an option. If you have cognitive issues, it gets much more complicated
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rcjordan

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Re: At what age do you want to retire?
« Reply #22 on: April 06, 2019, 02:07:50 AM »
>think it was Terry Pratchett

Ditto.
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littleman

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Re: At what age do you want to retire?
« Reply #23 on: April 06, 2019, 05:22:30 PM »
>complicated

I remember that there was a lady with early  Alzheimer's who Dr.  Kevorkian assisted and it was very controversial at the time.  If I remember correctly they played tennis together the day before.
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Rupert

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Re: At what age do you want to retire?
« Reply #24 on: April 06, 2019, 06:10:25 PM »
Back to the essence of the original question, imho those in their 50s now in the UK have seen property values rocket, in a way I certainly never expected.  I had assumed that our parents had made the big wins on property, and for us it would be more difficult.  I has not been so far.

If we have made wise property decisions, then to a degree we are in luck.  A £300,000 house (just above the national average,) gives an extra £10,000 for 30 years (I am assuming investment matches the inflation, a big a## I know but makes it simpler)

That on top of a state pension, a bit of gardening or chauffeur work to give beer or holiday money, should keep us quite comfortable if not rich.

The issue as Ergo said, is what to give up? Children, certainly not. Holidays can be cheaper. Most stuff is pretty irrelevant.  I could be happy at that, so long as I have a boat, (maybe two, sail and motor) a mountain bike (elec later) a motor bike.... a dog... heat and food. 

Simples. Just got to persuade the rest of the family. 


As an aside, a good friend's (second)  husband recently went off on a canal boat for good, saying "  You love your family too much.  Goodbye."  That I find very sad.
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ergophobe

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Re: At what age do you want to retire?
« Reply #25 on: April 08, 2019, 06:33:25 PM »
I find it very sad, but I also had trouble explaining to someone, who has never had a good relation with any of his family, why I find that sad.

The thing about the big win on property, is that it only helps if you can sell and move to somewhere cheaper.

>>what to give up

As much as possible, give up stuff in exchange for time and people, preferably time with people you care about.
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Rupert

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Re: At what age do you want to retire?
« Reply #26 on: April 08, 2019, 06:41:43 PM »
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As much as possible, give up stuff in exchange for time and people, preferably time with people you care about.

Golden. If I may be so bold to add to that:

For as long as possible doing things together you both enjoy.

Aside, bit of a hijack.  Just did this with Lucy (now 18) https://xrunner.co.uk/wild-thing-mud-run-obstacle-race/

I don't expect to be doing it forever, but it was fun while we could do it together :)  Water temp bracing... 10 deg C
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rcjordan

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Re: At what age do you want to retire?
« Reply #27 on: June 20, 2019, 02:41:35 PM »
A financial planner gives the same first piece of advice to new clients, and it usually leads to 3 important discoveries

https://www.businessinsider.com/financial-planner-advises-new-clients-track-spending-2019-6


This.
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rcjordan

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Re: At what age do you want to retire?
« Reply #28 on: August 02, 2019, 08:33:46 PM »
Grossly over-simplified, as it does not account for inflation --but it's a start.


The Most Important Retirement Chart You'll Ever See -- The Motley Fool
https://www.fool.com/retirement/2019/08/01/the-most-important-retirement-chart-youll-ever-see.aspx
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littleman

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Re: At what age do you want to retire?
« Reply #29 on: August 03, 2019, 12:26:21 AM »
So many people I know have a negative savings rate yet drive expensive cars, go out to eat in pricy restaurants and indulge in other forms of conspicuous consumption.  I guess they'll win of an asteroid wipes us out.
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