Retirement...when, how old and how much??

[Blue Maverick]

Got one,fucking pain the arse! I hate getting covered in shit and i can't do anything without sorting that out first! Fortunately the Mrs is the polar opposite :-)

I keep myself plenty busy......training,on my bike,in the mini or just mooching!

Ha ha mines as mad a hatter we are even contemplating getting another for the company, cocker spaniels absolute lunatics.

 

[Worsleyweb]

Recently gone part time,aged 50,after 30 plus years of shifts/unsocial hours.

Like you,as soon as you can afford it......reduce hours or pack in completely.

Mentally and physically i feel better already.

How many hours a week are you doing if you don’t mind me asking?

 

[stonerblue]

Hahaha

 

[Blue Maverick]

Me & my Mrs went in to semi retirement at 50 and 44.
Fully retired just before Covid struck at 62 and 56.
We have a monthly allowance of £10k but usually spend nothing like that.
I have a mate, a year older than me and he has a comfortable lifestyle on around 1100 per month including his State Pension.

£10k a month! Can you adopt me please

 

[Worsleyweb]

Not sure I will ever do it! In fact almost certain I won’t. My “work” doesn’t really feel like work so will carry on as long as I can.

 

[halfmist]

Could you not spend the spare money on penis enlargement?

I could be wrong but I have found that most women are attracted to men who have big ambitions rather than big penises. After all there is nothing worse than being labelled a loser magnate.

 

[117 M34]

Quick rule of thumb aim for 60 to 65% of your before tax employed income.

Surely this can't be correct.
Between tax, national insurance and pension that's all we will come out with now.

 

[heslops barnet]

I retired at 62, returned to work part time at 64….now 69 and still working, keeps me fit and busy and I enjoy my long weekends, no stress in my job, any shit and the boss knows I can fuk them all off…..

 

[halfmist]

£10k a month! Can you adopt me please

If It were possible in life to swap years for pounds with you certainly.

 

[ChicagoBlue]

Had a conversation in work last week with a lad in his mid 30s. No kids, his wife's a high flyer. I asked him what he thought he was going to retire on. He said they were aiming for £1m each. And were saving to hit that at 60.

I've got another 15 years of work ahead of me and will do well to hit £0.5m the way the market is going. And I'm doing better than most.

I'm already resigned to doing some sort of work in my 60s but once I get to the point that I'm working for bonus money not to pay for food on the table I think it will take on a different perspective.

The time value of money is the multiplier than created eye watering numbers!

As I mentioned, the company I work for went bankrupt in Dec 2002. I had about $170K in stock that became $2K, and my retirement annuity went from 50% of Final Average Earnings (Highest 12 of 36 mos) to a fixed snapshot of what it would be in 2004…24 yrs prior to my actual retirement date!

That meant I had to try and make up for that 50% annuity with an ISA type account on the market on 50% of my pre-bankruptcy pay. I was just starting to make a small dent in the nut after 6 years of struggle (while also funding 4 yrs of college for my 2 kids) when the 2008-09 financial crisis decimated it AGAIN! That now left 20 yrs to retirement and back to about where I was before the bankruptcy in ‘02!

Since then, things have been better, of course, but what’s amazing (and a little sickening) is that the younger guys I work with who got hired around that time have only seen up, up, and away! I did some volunteer union retirement & insurance work and regularly hear guys telling me they’re looking at a retirement nut of $10M and up!

Rule of 72 estimates you double your money every 7.5 years. That means $1 saved today is worth $2 in 7.5 yrs, $4 in 15 yrs, $8 in 22.5 yrs, $16 in 30 yrs and $32 in 37.5 yrs…which is about when most guys retire! Those doubling periods, especially that last one, can make you fabulously well off, if you don’t fuck it up!

My son, who is 24 and in flight school, saves like a miser…which we instilled in him early on. He already has over $100K put away from work he has done over summers and since he graduated Uni, plus us putting away 80% of any money he got for birthdays and Christmas, etc…

If he doesn’t put another penny towards that, and it earns 10% per year for the 43 years he will have to work until he’s pensionable, he will have 7 doubling periods.

100-200
200-400
400-800
800-1.6
1.6-3.2
3.2-6.4
6.4-12.8

That’s $12.8M

If he can save ANOTHER $100k in the next 7 yrs, that’s an additional $6.4M (1 less doubling period).

If he saves $100K every 7 yrs, that’d be another $3.2M, plus another $1.6M, plus another $800K, and so on!

It ends up being $25M!!!

THAT is what the time value of money can do!!! THE COMPOUNDING IS CRAZY!!!

Einstein was right about more than just relativity!!!