In an ideal world I'd have enough investments in place if be able to retire professionally and then do whatever I wanted when I wanted. What that would be? No clue. But at 43, that's a long time away.

One of my wife's cousins recently retired at 57. And what did he do? Immediately committed to volunteering at the aviation museum because that's what he wanted to spend his time doing. In a great place where he doesn't need income. I'd love to be able to do something like that.

On the other hand, I have so many interests and hobbies that have taken a backseat in the past 6-7 years since having kids that I'm not worried about being able to pass time and enjoy myself once retired.

My mom is 70 and still working. There's many reasons for this, but one of which is she'd be volunteering in some capacity (which she does anyone) so she might as well get paid for it until she can't do it anymore. Would she like reduced hours, yes, but sadly there is a lack of trained social workers who work with low income seniors so every time she reduced her hours, it isn't long until she's full time again. However, her work is very good about letting her work whatever hours, etc. She also isn't sure she wants to stop because all her friends who have retired, many of them are facing declining cognitive issues since doing so. Of course all brains show signs of declining after 60, but her friends who didn't really pick up hobbies or kept their brains engaged are the ones suffering most. Hobbies and volunteering are super important

I'd like to retire at 60, but likely it'll be closer to 65. I have zero idea what I'm going to do, but I'll likely pick some hobbies back up. I used to write so maybe I'll pick that back up. Never know. Historically, I haven't been great with my money. I've been a single income mom since Caycee was 6 and chosen to travel and experience life. I am fortunate enough to have a meager pension and some investments, but depending on if we still have Social Security by the time I retire, I might end up being a Wal Mart Greeter in my 70's.

Aug 2, 2024 18:01:13 GMT Foos said:

In an ideal world I'd have enough investments in place if be able to retire professionally and then do whatever I wanted when I wanted. What that would be? No clue. But at 43, that's a long time away.

One of my wife's cousins recently retired at 57. And what did he do? Immediately committed to volunteering at the aviation museum because that's what he wanted to spend his time doing. In a great place where he doesn't need income. I'd love to be able to do something like that.

On the other hand, I have so many interests and hobbies that have taken a backseat in the past 6-7 years since having kids that I'm not worried about being able to pass time and enjoy myself once retired.

Was your wife's cousin wealthy or just had enough of work?
I find it hard, because the more time I had the more I would want to spend on travel and hobbies.

How much do you reckon you would need per year to have a comfortable but not excessive retirement if that was the only income you had...

Aug 2, 2024 19:27:29 GMT iron maiden said:

My mom is 70 and still working. There's many reasons for this, but one of which is she'd be volunteering in some capacity (which she does anyone) so she might as well get paid for it until she can't do it anymore. Would she like reduced hours, yes, but sadly there is a lack of trained social workers who work with low income seniors so every time she reduced her hours, it isn't long until she's full time again. However, her work is very good about letting her work whatever hours, etc. She also isn't sure she wants to stop because all her friends who have retired, many of them are facing declining cognitive issues since doing so. Of course all brains show signs of declining after 60, but her friends who didn't really pick up hobbies or kept their brains engaged are the ones suffering most. Hobbies and volunteering are super important

I'd like to retire at 60, but likely it'll be closer to 65. I have zero idea what I'm going to do, but I'll likely pick some hobbies back up. I used to write so maybe I'll pick that back up. Never know. Historically, I haven't been great with my money. I've been a single income mom since Caycee was 6 and chosen to travel and experience life. I am fortunate enough to have a meager pension and some investments, but depending on if we still have Social Security by the time I retire, I might end up being a Wal Mart Greeter in my 70's.

It is brutal being divorced, not a moral judgement I know you didn't really have a choice...

What I mean is that I don't know who ever got divorced and financially recovered...
It's too hard to finance a life on one income.

I think you did good to get where you are... Not that my approval means anything.

My wife and I separated for six months. It was messy - four lawyers across two states, loans from parents, a personal loan, supporting two households (in California) on my one income …

That six month stretch cost us almost $200K in total.

Retirement feels like a fantasy to most americans if we don't on average have 1000 in savings. I got a late start to working (27) and really only started paltry investing in 401k when I was 32. I'm 39 now and just hit 100k. While not nothing, it does feel like the next level over from nothing. Work does have a pension and when doing the math it seems like you're basically just gonna get 1 of your 2 monthly paychecks in the end. Seems like if you don't have several million to feed off of maybe I'm no better off than people who have 0 retirement savings and work dead end jobs. We're both probably gonna be clocking in till we croak. Owning a home seems unlikely unless it's inheritance and even then is no guarantee because they might need to sell it off for long term care if they live long enough and if they don't now I gotta duke it out with my brother for ownership and I don't have any dragon eggs. Then you gotta figure out how to manage healthcare for our aging selves when I've mostly gone without. It's kinda bleak.

Aug 4, 2024 14:33:07 GMT @ness said:

Retirement feels like a fantasy to most americans if we don't on average have 1000 in savings. I got a late start to working (27) and really only started paltry investing in 401k when I was 32. I'm 39 now and just hit 100k. While not nothing, it does feel like the next level over from nothing. Work does have a pension and when doing the math it seems like you're basically just gonna get 1 of your 2 monthly paychecks in the end. Seems like if you don't have several million to feed off of maybe I'm no better off than people who have 0 retirement savings and work dead end jobs. We're both probably gonna be clocking in till we croak. Owning a home seems unlikely unless it's inheritance and even then is no guarantee because they might need to sell it off for long term care if they live long enough and if they don't now I gotta duke it out with my brother for ownership and I don't have any dragon eggs. Then you gotta figure out how to manage healthcare for our aging selves when I've mostly gone without. It's kinda bleak.

You are still young enough to make some changes, there is still enough time...
You don't have to, but it doesn't have to be bleak if you don't want that.

iNCY - wife's cousin wasn't wealthy per se. Married with three children. The kids are now 24, 27, and 32. The 24 year old still lives with them. They both worked government jobs (one with a PHD, one with a master's) and worked up to management positions. They were frugal, invested well, were smart with their money. Inheritance certainly helped, combines with two really nice pensions allowed them to retire at 57 and 58.

I honestly haven't done calculations yet on how much money I need per year upon retirement. With cost of living increasing so much year after year recently I think it's an extremely tough projection to make at this time. Luckily my hobbies are meager in cost. I have a nice chunk invested in RRSPs with the sole purpose of hobbies, trips, and fun things. Not meant to sustaine in any capacity so I'm not particularly worried about not having money for retirement hobbies.

With baby #3 almost here that's going to change things as well. Retiring while I have a child in high school still? Wouldn't that be something? RESP will need more contributions now that's it being split three ways. Less money to invest as more will be needed for day to day and children costs.

I don't think my parents have much of anything. To this day my old man still won't talk with me about finances. Similar to @ness I'm guessing zero to little inheritance with the expectations that their house will be sold to pay for their personal care homes. But if for some reason they pass soonish and those costs aren't needed, that accelerates my retirement.

Have you projected your yearly retirement costs yet?

Aug 4, 2024 17:42:17 GMT Foos said:

iNCY - wife's cousin wasn't wealthy per se. Married with three children. The kids are now 24, 27, and 32. The 24 year old still lives with them. They both worked government jobs (one with a PHD, one with a master's) and worked up to management positions. They were frugal, invested well, were smart with their money. Inheritance certainly helped, combines with two really nice pensions allowed them to retire at 57 and 58.

I honestly haven't done calculations yet on how much money I need per year upon retirement. With cost of living increasing so much year after year recently I think it's an extremely tough projection to make at this time. Luckily my hobbies are meager in cost. I have a nice chunk invested in RRSPs with the sole purpose of hobbies, trips, and fun things. Not meant to sustaine in any capacity so I'm not particularly worried about not having money for retirement hobbies.

With baby #3 almost here that's going to change things as well. Retiring while I have a child in high school still? Wouldn't that be something? RESP will need more contributions now that's it being split three ways. Less money to invest as more will be needed for day to day and children costs.

I don't think my parents have much of anything. To this day my old man still won't talk with me about finances. Similar to @ness I'm guessing zero to little inheritance with the expectations that their house will be sold to pay for their personal care homes. But if for some reason they pass soonish and those costs aren't needed, that accelerates my retirement.

Have you projected your yearly retirement costs yet?

If it was to live a life of some indulgences and my girls were still at home, I would think between 1550-200k and I know that says embarrassing things about me.