retiring

[dnw64]

just seeing what everyone thoughts wanting to retire at age 50 .what would be a good amount needed in my retirement accounts thanks

How long is a piece of string? Double it, eat Ramen at least once a day, and you will probably be OK.

OTOH, if you have a $250,000/yr trust fund, live in a tent on the side of the road and don't have child support or alimony you can probably eat whatever you want.

IOW, nowhere near enough info...

 

[dnw64]

At the age of 42 - 35 years ago - conditions presented themselves and I grabbed the iron ring. I do not live high on the hog. I'm not on an existence income.

It was just one of those times when all the planets aligned and I could retire or work the rest of my life. I choose to retire and have never regretted it.

I think most would call that the Brass ring...

 

[KennyG]

You basically need the same amount that you were spending while working maybe less some expense for commuting to/from work.

Ralph

But you need additional for all those projects you now have time to do and perhaps another tractor or two. :thumbsup:

 

[dnw64]

When I was 18, on my first/only job, I met someone who had retired at 55; then and there I made a personal "wish/goal" of retiring at 50, just to beat him.

However, in retrospect, here I am at 55 and where am I? I think I "retired" a good 30 years ago, if your definition of retirement is "getting up every day and doing what you want".

You see, I worked for the same company for 6 years, loved it, and ended up buying it from the previous owners. In the ensuing 31 years nothing has changed - this is my life, my favorite activity, the reason I get out of bed every day. Sometimes that day is 12 hours at the shop, troubleshooting, soothing cranky customers, solving pesky problems. Other months it's spending time with my wife and children in Europe. Almost never does if feel like "work".

I am blessed.

 

[dnw64]

But you need additional for all those projects you now have time to do and perhaps another tractor or two. :thumbsup:

Oh, come on. ANOTHER realist. Go back to your farm.

 

[ovrszd]

When I was 18, on my first/only job, I met someone who had retired at 55; then and there I made a personal "wish/goal" of retiring at 50, just to beat him.

However, in retrospect, here I am at 55 and where am I? I think I "retired" a good 30 years ago, if your definition of retirement is "getting up every day and doing what you want".

You see, I worked for the same company for 6 years, loved it, and ended up buying it from the previous owners. In the ensuing 31 years nothing has changed - this is my life, my favorite activity, the reason I get out of bed every day. Sometimes that day is 12 hours at the shop, troubleshooting, soothing cranky customers, solving pesky problems. Other months it's spending time with my wife and children in Europe. Almost never does if feel like "work".

I am blessed.

Yes you are.

My definition of retirement is doing what you enjoy every day.

You Sir have accomplished that for many years. Congratulations.

 

[polkwrangler]

im 42 right now was just seeing ideas ,, with really no bills im investing hard as I can,ive worked same company for last 25 years,but been in retirement funds since the beginning

 

[goeduck]

You basically need the same amount that you were spending while working maybe less some expense for commuting to/from work.

Ralph

I figure I will need more since I will have more time on my hands to do things, go places, etc. As it is I never have taken a vacation, budget is always $0 after the wife spends it. Never any time either. :laughing:

 

[ruffdog]

Mother-in-law has a medicare supplement policy (health) through State Farm.

With any of the Medicare part D (drugs) policies, stay on top of the drugs they will cover. They will change the list every year.

 

[bunyip]

I retired at 50, absolutely sick of where I was working for the past 20 years, I lasted 2 weeks and went back and worked for myself, took a while but have no need of health insurance (have a Gold Card as a Vietnam Vet and all is covered for life).
Turn 70 in December and still working albeit only 3 days a fortnight but it keeps me out of trouble and means I can live comfortably without touching my pension.