He has talked about his career before. I think he does VERY well

...and everyone on the misc is 6'3", a CEO, a chad and drives a Ferrari...

Go ask any financial advisor what percentage of the population retires in their 40s and 50s... The overwhelming majority dont have a pot to piss in when it hits retirement age and very small amount have enough to retire in their 60s. An infinitesimally small group of the population has the true ability to retire in their 50s and maintain a lifestyle that doesnt include living in a van down by the river.

..but here on the misc 99% of the population can retire tomorrow! LOL...

This. Seen it first hand too many times.

I’d like to retire tomorrow but have every intention of pursuing “work” that is more a labor of love, basically follow my heart even if it doesn’t make much money. It will be good for mental and emotional health, and keep the mind sharp (hopefully). Otherwise I’ll ask the missus to ol yeller me in a field.

This has been covered many times in income threads. Those that dont have high income, don't post in income threads. Those that do, do.

Thats why it seems like everyone on the misc has 8" schlongs, its just the big dick dudes that post in there not the cocktail weiner bros.

I'm hoping 45. 15 years from now, gotta grind hard because I don't have much as of yet. Worst case scenario I buy a cheap house, pay it off, then work part time.

Your living expenses will determine when you can retire.

We all got 7 figure net worth boyo.

True. Nobody making 40k a year who will be working until they drop dead will post about it lol

That surprised me. I always thought a safe bet was money doubles every seven years (without even adding more). But I don't really know a ton about this.

EDIT: oh, that's with 10% interest. I guess that's uncommon with 401k/IRA's?

Hey man, everyone has a stretch goal. Dont take your anger out on me. I was merely correcting your definition of the term F you money.

No doubt, that's why I was planning mid 30s to early 40s.

constant 10% return per year is fairly uncommon over the long term (>50 years).

more reasonable is 6-8% (SP500)

I use 5.5% to be conservative

hopefully no older than 55 ideally under 50 but time will tell

And if you want present value (ie value in todays dollars), simply subtract inflation rate from your presumed rate of return. So you would use 3.5% to see your future value as a relative term.

Thanks. So if I change nothing right now, and get no raises, at 6%, I'll have a mil at 60, and 1.5 at 65. That's with my current 401k contribution, match, and pension amount my company puts some money in.

Need to up my contributions.

That's true, but it also ignores you getting cost of living raises. Like it assumes if you make 90k now, you will be making 90k in 30 years.

True. However, like Scram mentioned below, I didn't account for raises/higher savings rate etc. so in the model I'm assuming it will (probably more than) offset inflationcorrect

It won't.

Anyways, there are calculators out there that can adjust your contributions and give your future value in todays dollars. Is 1,500,000 a lot of money 40 years from now? At 2% inflation its value in todays dollars is $830k.

https://www.aarp.org/money/investing...rn_calculator/

Full pension @58

Maybe out sooner but we’ll see

so my annual raises (at least 2% per year) and future promotions (at least 10-20% bumps), and therefore a higher annual contribution won't offset 2% inflation per year?

huh

A few years ago I was naive and wanted to do it in my 30's. I think that might be doable if I play my cards right with investing (both non-retirement and retirement), maybe get a little lucky in the real estate market whenever I do decide to buy a house, etc. But depends.

Assuming no aid from the govt / social security, no pension plan, and just 401(k) matching / IRA for "retirement" (life beyond 59 1/2), comes down to:
- what type of life do I want to live financially speaking (before and during retirement)
- when will my non-retirement net worth cover my life as I know it from current age till 59 1/2. Fun thought, the longer I take to retire the less I need, the quicker I retire, the more money I need.
- when will my projected retirement net worth cover my life as I expect it from 59 1/2 till death (average age of death is 78.5 for males in USA, per 2017 study, so ~20 years)

I can comfortably live off of $40k a year cash at the moment (I don't/won't spend over $3k a month for things, even when I'm extra wasteful/spendy). So I'll need a solid $800k+ in retirement accounts to feel comfortable, not counting things such as inflation, from 59 1/2 till death.

Currently I'm debt free but also don't have a large net worth yet, still in the early stages of net worth growing. My retirement account "projects" that I'll have around $100k in retirement by 30. And I think knowing myself, I can save/invest a solid $150k by 30 in non-retirement/checking/assets. Definitely won't be able to retire at 30 with those numbers LOL, but that's a good place to start with calculating things out. So by 35 roughly $200k in retirement, $300k in non-retirement. By 40 roughly $350k-400k in retirement, and $500-600k in non-retirement. Another 5 years and I'll be 45, with roughly $650-750k in retirement, $900k-$1m in non-retirement.

So if I waited until 45, I'm at "more than I need" to retire. If I did it at 40, it'd be a little close but manageable with proper investing. Anything below 40 and I'm screwed. All of these numbers are rough estimates of course, my CoL would go down whenever I own a house and don't have mortgage/rent. Conversely CoL goes up a bit too due to inflation, and more expensive medical bills / insurance bills caused by aging. 40 sounds possible. Anything below that is possible if I just straight up get lucky later on one way or another, or get heavy into the FIRE / minimalism lifestyle.

screw that. You can retire before that. Or get a part time job and cut expenses. Or go on welfare or some government program. You have been paying taxes for a long time, so getting on welfare would be ok imo.

as for myself I don´t plan to ever have a full time job, at least not for long. Part time + side hustle baby

Never I enjoy being productive

Of course I want complete flexibility in work and interesting projects though

Actually it seems like most of these calculators take inflation into account. As in if it says you will have 2 mil in 30 years... they mean whatever 2 mil will be in 30 years.

idk. I'm getting confused. I always thought a rule of thumb was it takes about 20 years of maxing 401k/IRA to have whatever a mil is worth right now (so it would actually be more than a mil in the future).

How does that math work. If he gets raises yearly at a minimum to adjust for inflation, you are saying that those adjustments wont offset inflation? Please explain this.....

If your income level rises at the same rate of inflation (minimum expectation), your purchasing power neither gets better or worse.

Now take into account people posting about retirement age and having goals of early retirement, you would assume they are not going to settle for minimum. There are years when I was in corporate america that I got bumps in the 7-18% range.

LOL the irony of this guy calling me a DBAG. What you are describing is not go F yourself money, its simply living conservatively (which is applauded) but trust me, you arent going to tell anyone to go F themselves in real life with a few million bucks.

Hopefully around 55-60. I'm one of those people who might get bored honestly not working or doing something mentally stimulating. The ultimate goal for any engineering brah is to eventually open up your own consulting firm, and work when you feel like it. One of my coworkers retired from our company, but remains in a "consulting role" from Tuesdays to Thursdays, and still makes a chit ton of money. My college roommates and I will start our own consulting firm once we all hit 50 and have garnered enough knowledge from all different fields to create a consulting firm.

For those of you planning to retire before 65, did you keep most of your savings outside of 401(k)/IRAs?

I'll have enough total savings by the time I'm 40-45, but right now 60-70% of my savings is in retirement accounts that I won't be able to use at that age so fully retiring probably won't be an option.

45.

REALLY hoping to retire at 57.

-Pension from 30 years in federal government
-VA service connected disability
-TSP/401K
-Social security (if it isn't bankrupt)

Should be able to live off that. I already live way below my means. Would definitely have at least 1, maybe 2 houses paid off by then.

I maxed out my 401k/IRA every year then invested the rest of whatever I had allocated left in different places.