OT: Retiring early

[jaydogsmooth1]

I've always had aspirations of retiring in my 40's as there's so much else I want to do in life that work prohibits, both from a time and monetary standpoint.
Then I got married, bought a house and had a child and while that doesn't seem realistic now, retiring in my early - mid 50's is the goal.

We do the traditional saving methods - Roth IRAs, Roth 401 K's, 403-B, and mix in some life insurance we can cash out
Barring something crazy, we'll likely get a modest amount when our parents pass away, and have a decent SS paycheck when it comes time for that
My wife will also have a pension, but accessing that anytime before 55 is a 3 % / year reduction in the amount (also needs to put 25 years in teaching, or reach 55)

We do ok financially - nothing over the top, but not going homeless either
Could probably have some nicer things, but prefer to save $ right now (but not at the expense of vacations, sporting events, Broadway shows, etc.) - more in the realm of pre-owned cars, not going out to eat 4 times a week and having a nice but not over the top wardrobe (nothing wrong w/nice things, just using this as an example)

For those of you that have been able to retire at that age, or at/near 60, what was your methodology?
Was it saving, investing, real estate, inheritance, making big $ for a lot of years, invented or patented something, owned/sold a business or some sort of combination?

 

[S_Janowski]

Send your kids to public school

;)

 

[jaydogsmooth1]

Send your kids to public school

;)

That would certainly help!

 

[NotInRHouse]

Send your kids to public school

;)

End thread

 

[RU at the shore]

I am thinking about the same thing, perhaps age 59 1/2 .

What would be your plan for medical insurance ?

 

[kupuna133]

What number do you think is needed to retire in your early 50’s and live comfortably? It all depends on your burn rate.

I personally know people that “retired” in their mid 40’s with 20+ million and were back to work by mid 50’s because burn rate and market downturn. Also know people that retired mid 50’s with nowhere near 20 mill (roughly 3 mill) and are going strong 10+ years later. Don’t have 9-5’s but still have income sources.

 

[mikebal9]

What number do you think is needed to retire in your early 50’s and live comfortably? It all depends on your burn rate.

I personally know people that “retired” in their mid 40’s with 20+ million and were back to work by mid 50’s because burn rate and market downturn. Also know people that retired mid 50’s with nowhere near 20 mill (roughly 3 mill) and are going strong 10+ years later. Don’t have 9-5’s but still have income sources.

Yea, the number is really impossible to know. My wife and I will both have pensions as well as, eventually, Social security checks. So our number as far as straight savings and personal investments is going to be lower than others. Those who were, just as an example, self-employed, may require larger numbers.

 

[jaydogsmooth1]

What number do you think is needed to retire in your early 50’s and live comfortably? It all depends on your burn rate.

I personally know people that “retired” in their mid 40’s with 20+ million and were back to work by mid 50’s because burn rate and market downturn. Also know people that retired mid 50’s with nowhere near 20 mill (roughly 3 mill) and are going strong 10+ years later. Don’t have 9-5’s but still have income sources.

It would be the latter, as unfortunately I don't have 20 million:)

Somewhere in that neighborhood (2.5-ish is likely the floor) as the pension definitely helps, and the associated health insurance teachers also get is massive in helping out as well

Certainly don't plan on buying a Maserati or 15,000 sq ft house, but traveling, not sitting home all day and possibly having 2 places are things we'd like to have

 

[mikebal9]

It would be the latter, as unfortunately I don't have 20 million:)

Somewhere in that neighborhood (2.5-ish is likely the floor) as the pension definitely helps, and the associated health insurance teachers also get is massive in helping out as well

Certainly don't plan on buying a Maserati or 15,000 sq ft house, but traveling, not sitting home all day and possibly having 2 places are things we'd like to have

Sounds like you and I are in very similar situations. Makes sense, since my wife and I are teachers. I had a financial advisor come to my house and run all our numbers. They put it all on paper and show you exactly what you'll have if you retire at 55 (my plan), and how much you'll have coming in through various income streams. They did it all for free in the hopes of earning some business. I woud definitely suggest it.

 

[jtung230]

Set a realistic budget and make sure your money earning 3 to 5% can cover it.

 

[jaydogsmooth1]

Sounds like you and I are in very similar situations. Makes sense, since my wife and I are teachers. I had a financial advisor come to my house and run all our numbers. They put it all on paper and show you exactly what you'll have if you retire at 55 (my plan), and how much you'll have coming in through various income streams. They did it all for free in the hopes of earning some business. I woud definitely suggest it.

We did that pre-Covid, but to your point, it probably makes sense to do it again as it's been nearly 5 years
Always good to get a refresher on the current situation, run more numbers and continuing analyzing / learning new things

 

[kupuna133]

Yea, the number is really impossible to know. My wife and I will both have pensions as well as, eventually, Social security checks. So our number as far as straight savings and personal investments is going to be lower than others. Those who were, just as an example, self-employed, may require larger numbers.

That’s why I phrased the question the way I did. It all depends on burn rate. The person with 20+ million didn’t change their lifestyle. And lived their life like they were still bringing in a 7 figure salary. But someone like yourself with 2 pensions will need a lot less.

But everyone’s needs, desires are different. Therefore everyone’s numbers will be different. But I’ve seen people retirement blown up in the first 3 years because that usually is the highest burn rate.

 

[e5fdny]

Send your kids to public school

;)

 

[mikebal9]

That’s why I phrased the question the way I did. It all depends on burn rate. The person with 20+ million didn’t change their lifestyle. And lived their life like they were still bringing in a 7 figure salary. But someone like yourself with 2 pensions will need a lot less.

But everyone’s needs, desires are different. Therefore everyone’s numbers will be different. But I’ve seen people retirement blown up in the first 3 years because that usually is the highest burn rate.

How much of a discount do course rangers get? That will help determine my number.

 

[RUBOB72]

At some point in a person’s life people entertain thoughts of a possible early retirement. I could have done it at 62… most depending upon all the financials and based upon our life expectancy. Men 76-78… Women 81-83 upon average. Any children still in the nest at home.The realization is though traveling and not having to go to work 3- 4-5 days per week sounds great now some will find it better to postpone for a few years. I wanted 55… we settled on 65. In the long term we still traveled extensively free from many worries other than health changes which is a major thing as you approach 60’s-70’s. We were never denied some of the better things life has to offer. If you do retire early make certain that you’re comfortable with the decision. You would be young enough to re enter the work force I suppose but why do that? Most people will not be able to nor probably want to as even leisure time can be overdone. Good Luck … keep up the dream.

 

[jaydogsmooth1]

At some point in a person’s life people entertain thoughts of a possible early retirement. I could have done it at 62… most depending upon all the financials and based upon our life expectancy. Men 76-78… Women 81-83 upon average. Any children still in the nest at home.The realization is though traveling and not having to go to work 3- 4-5 days per week sounds great now some will find it better to postpone for a few years. I wanted 55… we settled on 65. In the long term we still traveled extensively free from many worries other than health changes which is a major thing as you approach 60’s-70’s. We were never denied some of the better things life has to offer. If you do retire early make certain that you’re comfortable with the decision. You would be young enough to re enter the work force I suppose but why do that? Most people will not be able to nor probably want to as even leisure time can be overdone. Good Luck … keep up the dream.

Thx Bob
I've always an ambition to be free from work, ever since Covid it's been expediated even more
Definitely need to have a plan re. things to do, see, etc.

 

[Knight Shift]

What number do you think is needed to retire in your early 50’s and live comfortably? It all depends on your burn rate.

I personally know people that “retired” in their mid 40’s with 20+ million and were back to work by mid 50’s because burn rate and market downturn. Also know people that retired mid 50’s with nowhere near 20 mill (roughly 3 mill) and are going strong 10+ years later. Don’t have 9-5’s but still have income sources.

Timely topic by OP. We are not far off from retiring, but before we even get there, we are trying to figure out when/if we want to be done. I'm a member of an LLC, and work is work and can suck, but I still derive a great deal of satisfaction from my work, and we have a great team that has been together for a long time. We are not world travelers, and don't have aspirations to be world travelers. We have a place in AZ that is paid for, everything back East is paid for. We carry no debt.

We were both raised by depression-era (Great Depression, not mental lol) parents, and we still live with a depression-era mentality. I've been mocked for not having premium here, but we are very careful with our money. I grew up dirt poor, and in our minds we never have "enough."

We don't have pensions, but we will have an income stream from rental properties that should cover our basic living expenses. We have a very low burn rate. I have been told numerous times by colleagues that we have more than enough to retire. For us, it is more about finding things to fill our time. I already spend a fair amount of time doing volunteer work, and I suppose I could up that.

The biggest tether in our minds is health insurance. This is the question. For those that are not retired from the public sector or do not have a decent retirement health plan from their employer, what is the cost and quality of health insurance for a couple to bridge the gap until medicare kicks in at 65. And then, what is the cost of Medicare? Google says $505 per month for a couple- is this right?

 

[RUBOB72]

No matter what your family decides one thing we always tried to do was enjoy the life we were living . Even when we didn’t have any real $$$$ or equity and had our first child now age we 52 we spent time at the Jersey shore, parks, lakes, movies , bicycled, worked out and yes , we even found $$$$ to eat at restaurants. We enjoyed our life together not worrying about early retirements . Now I have family members highly educated , making excellent money who see life as being single, living with their dog . Hey I love dogs but there is more to this life… in that we can agree. Enjoy your family EVERYDAY…😜

 

[jaydogsmooth1]

Timely topic by OP. We are not far off from retiring, but before we even get there, we are trying to figure out when/if we want to be done. I'm a member of an LLC, and work is work and can suck, but I still derive a great deal of satisfaction from my work, and we have a great team that has been together for a long time. We are not world travelers, and don't have aspirations to be world travelers. We have a place in AZ that is paid for, everything back East is paid for. We carry no debt.

We were both raised by depression-era (Great Depression, not mental lol) parents, and we still live with a depression-era mentality. I've been mocked for not having premium here, but we are very careful with our money. I grew up dirt poor, and in our minds we never have "enough."

We don't have pensions, but we will have an income stream from rental properties that should cover our basic living expenses. We have a very low burn rate. I have been told numerous times by colleagues that we have more than enough to retire. For us, it is more about finding things to fill our time. I already spend a fair amount of time doing volunteer work, and I suppose I could up that.

The biggest tether in our minds is health insurance. This is the question. For those that are not retired from the public sector or do not have a decent retirement health plan from their employer, what is the cost and quality of health insurance for a couple to bridge the gap until medicare kicks in at 65. And then, what is the cost of Medicare? Google says $505 per month for a couple- is this right?

Those are good points KN in regard to health insurance; are you getting supplemental as well?

Re. the two houses, do you have subconscious feeling when you're in NJ that the AZ house isn't generating revenue in the market or via other real estate, or does that not cross your mind as it's paid off and you enjoy spending winters there?

I have buddies w/two houses and they rent one out to cover the cost of the other house, then when mortgage is paid off they like the residual income, but personally I wouldn't want someone else living in my house that I'll live in for 3-4 months out of the year

 

[tom1944]

I know many people who retired prior to turning 60. Most ended up getting part time jobs. Some due to boredom and some because of finances.

I retired at 65 from my career job knowing I was going to go back into a business I had years ago. It is very flexible and with limited hours.

I spend most of my time with my granddaughter (5) or parents (91).

 

[SkiBoy]

I just retired at 60. Last month my wife and I moved into a house that we built in Naples. It took a combination of saving (living modestly i.e. not driving fancy cars), investing, an inheritance and selling our NJ house last year to be very comfortable that we have enough money to not outlive it. I've really noticed over the past few years how money works to make more money.

We currently live off fixed income. We've not started SS yet as my wife is a year off and I'm a few years from meeting the minimum age. We're just not big spenders and we don't travel often. I'm currently paying for COBRA to cover our healthcare as AMA (we priced out for our situation) is just as expensive as COBRA and I really like my prior Japanese company's healthcare plan (no deductibles etc.).

The hardest part of retirement once the money is figured out, is what to do with your time. For many years, my sole goal was to build wealth and retire. With that goal met, I've discovered I'm not sure how to live and what to do. I've come to the realization that I don't have hobbies that I'm passionate enough about to occupy my time. I'm also unsure about what my purpose is. I can easily see myself going back to work, although I disliked what I did for a living, simply to feel like I have purpose.

 

[rutgersdave]

Timely topic by OP. We are not far off from retiring, but before we even get there, we are trying to figure out when/if we want to be done. I'm a member of an LLC, and work is work and can suck, but I still derive a great deal of satisfaction from my work, and we have a great team that has been together for a long time. We are not world travelers, and don't have aspirations to be world travelers. We have a place in AZ that is paid for, everything back East is paid for. We carry no debt.

We were both raised by depression-era (Great Depression, not mental lol) parents, and we still live with a depression-era mentality. I've been mocked for not having premium here, but we are very careful with our money. I grew up dirt poor, and in our minds we never have "enough."

We don't have pensions, but we will have an income stream from rental properties that should cover our basic living expenses. We have a very low burn rate. I have been told numerous times by colleagues that we have more than enough to retire. For us, it is more about finding things to fill our time. I already spend a fair amount of time doing volunteer work, and I suppose I could up that.

The biggest tether in our minds is health insurance. This is the question. For those that are not retired from the public sector or do not have a decent retirement health plan from their employer, what is the cost and quality of health insurance for a couple to bridge the gap until medicare kicks in at 65. And then, what is the cost of Medicare? Google says $505 per month for a couple- is this right?

The Medicare cost would be Medicare Part B $175 + Medicare supplemental $178+ drug plan 15 and eye plan $15= $383 month X 2 = $766 month for a couple. That’s assuming that you take supplemental instead of Medicare advantage where you may have no premiums. Medicare Advantage plans now come with eye and drug coverage in most cases. If you have assets which you do then you probably need supplemental then you don’t need to worry about your medical insurance. I believe before 65, your private insurance may cost about $800 or $1,600 a couple. For individual with lower income Obama Care might lower your premiums but your rental income is probably too high.

 

[Knight Shift]

Those are good points KN in regard to health insurance; are you getting supplemental as well?

Re. the two houses, do you have subconscious feeling when you're in NJ that the AZ house isn't generating revenue in the market or via other real estate, or does that not cross your mind as it's paid off and you enjoy spending winters there?

I have buddies w/two houses and they rent one out to cover the cost of the other house, then when mortgage is paid off they like the residual income, but personally I wouldn't want someone else living in my house that I'll live in for 3-4 months out of the year

Haven't considered supplemental insurance, if you mean AFLAC?
We pay through nose for our LLC health insurance. It's 32-36K/year currently for family coverage, which is absolutely ridiculous because we have minimal health issues (yeah, I know, it's insurance).

No with respect to the AZ home. We made some very fortunate moves 15 years ago, and they paid off. Pure luck on the timing and our need/desire to sell one and build another. We have no expenses for the AZ home except for property taxes (dirt cheap) and hot tub maintenance (yeah, ladi freaking da!- we love our hot tub). Utilities are all electric and we have solar panels on the roof. It's under $5K/year for both. Plus we have rental income on two properties in NJ. We decided we did not want to have strangers staying in our second home, and we are good with that. On top of that, there have been stories of unsavory renters causing problems in our area. We love our neighbors and want to respect their full-time homes, so we leave it be.

With security cameras being cheap and easy to deploy, we have an eye on the house, and the hot tub guy stops by every week, and he can let us know if something looks wrong. Plus our neighbor across the street will let us know if anything looks out of whack.

 

[Scarlet4Shore]

I am thinking about the same thing, perhaps age 59 1/2 .

What would be your plan for medical insurance ?

That’s my dilemma. Health insurance. I’m 52 now and can retire. I know I will work part time doing something for close to minimum wage because I’ll get bored, but paying out of pocket for health insurance for 12 years adds up.

 

[rutgersdave]

I just retired at 60. Last month my wife and I moved into a house that we built in Naples. It took a combination of saving (living modestly i.e. not driving fancy cars), investing, an inheritance and selling our NJ house last year to be very comfortable that we have enough money to not outlive it. I've really noticed over the past few years how money works to make more money.

We currently live off fixed income. We've not started SS yet as my wife is a year off and I'm a few years from meeting the minimum age. We're just not big spenders and we don't travel often. I'm currently paying for COBRA to cover our healthcare as AMA (we priced out for our situation) is just as expensive as COBRA and I really like my prior Japanese company's healthcare plan (no deductibles etc.).

The hardest part of retirement once the money is figured out, is what to do with your time. For many years, my sole goal was to build wealth and retire. With that goal met, I've discovered I'm not sure how to live and what to do. I've come to the realization that I don't have hobbies that I'm passionate enough about to occupy my time. I'm also unsure about what my purpose is. I can easily see myself going back to work, although I disliked what I did for a living, simply to feel like I have purpose.

I always say ”let the money make the money”.

 

[rutgersdave]

Haven't considered supplemental insurance, if you mean AFLAC?
We pay through nose for our LLC health insurance. It's 32-36K/month currently for family coverage, which is absolutely ridiculous because we have minimal health issues (yeah, I know, it's insurance).

No with respect to the AZ home. We made some very fortunate moves 15 years ago, and they paid off. Pure luck on the timing and our need/desire to sell one and build another. We have no expenses for the AZ home except for property taxes (dirt cheap) and hot tub maintenance (yeah, ladi freaking da!- we love our hot tub). Utilities are all electric and we have solar panels on the roof. It's under $5K/year for both. Plus we have rental income on two properties in NJ. We decided we did not want to have strangers staying in our second home, and we are good with that. On top of that, there have been stories of unsavory renters causing problems in our area. We love our neighbors and want to respect their full-time homes, so we leave it be.

With security cameras being cheap and easy to deploy, we have an eye on the house, and the hot tub guy stops by every week, and he can let us know if something looks wrong. Plus our neighbor across the street will let us know if anything looks out of whack.

The supplemental pay for the 20% deductible that Medicare A or B doesn’t pay for. My dad had about a million dollars in medical cost the last 2 years with being in the hospital, some surgery, rehabilitation or dialysis treatment but we only paid about $2k extra on top of the premiums. If you take advantage, they will take advantage when you have to go to the hospital, also you are in a HMO and have to use their doctors,

 

[Section124]

Send your kids to public school

;)

Only if you really hate your kids. 😀

 

[kupuna133]

How much of a discount do course rangers get? That will help determine my number.

Mine as well.

Had an in depth with a starter at a resort/ private course in florida last year. He said he was looking at clubs to join in his early retirement. I said so what happened. His response. Came in to see about membership and there was help wanted sign in the pro shop.
Works 2 days a week makes roughly $30/hr around 500/ week with tips and plays free golf when tee times availability. Said never a problem.

Could think of worse things to do with my time.

 

[rutgersdave]

I just retired at 60. Last month my wife and I moved into a house that we built in Naples. It took a combination of saving (living modestly i.e. not driving fancy cars), investing, an inheritance and selling our NJ house last year to be very comfortable that we have enough money to not outlive it. I've really noticed over the past few years how money works to make more money.

We currently live off fixed income. We've not started SS yet as my wife is a year off and I'm a few years from meeting the minimum age. We're just not big spenders and we don't travel often. I'm currently paying for COBRA to cover our healthcare as AMA (we priced out for our situation) is just as expensive as COBRA and I really like my prior Japanese company's healthcare plan (no deductibles etc.).

The hardest part of retirement once the money is figured out, is what to do with your time. For many years, my sole goal was to build wealth and retire. With that goal met, I've discovered I'm not sure how to live and what to do. I've come to the realization that I don't have hobbies that I'm passionate enough about to occupy my time. I'm also unsure about what my purpose is. I can easily see myself going back to work, although I disliked what I did for a living, simply to feel like I have purpose.

I think it take about 1-2 years to feel comfortable in retirement with all the time. If you have kid or grandkids get more involved in their life or spend more time on this board.

 

[SkiBoy]

I think it take about 1-2 years to feel comfortable in retirement with all the time. If you have kid or grandkids get more involved in their life.

I've been at it for 1 month and am definitely struggling although I'm certainly eating better, exercising and de-stressing. Have 2 kids, one in NYC and the other in Scotsdale. At least my older one is coming to visit in 2 weeks. I played Ping Pong last night for the first time in 45 years. I'm willing to join any club to be more active. Thanks.

 

[bethlehemfan]

Haven't considered supplemental insurance, if you mean AFLAC?
We pay through nose for our LLC health insurance. It's 32-36K/month currently for family coverage, which is absolutely ridiculous because we have minimal health issues (yeah, I know, it's insurance).

No with respect to the AZ home. We made some very fortunate moves 15 years ago, and they paid off. Pure luck on the timing and our need/desire to sell one and build another. We have no expenses for the AZ home except for property taxes (dirt cheap) and hot tub maintenance (yeah, ladi freaking da!- we love our hot tub). Utilities are all electric and we have solar panels on the roof. It's under $5K/year for both. Plus we have rental income on two properties in NJ. We decided we did not want to have strangers staying in our second home, and we are good with that. On top of that, there have been stories of unsavory renters causing problems in our area. We love our neighbors and want to respect their full-time homes, so we leave it be.

With security cameras being cheap and easy to deploy, we have an eye on the house, and the hot tub guy stops by every week, and he can let us know if something looks wrong. Plus our neighbor across the street will let us know if anything looks out of whack.

I have heard and I am no expert only heard this that medicare varies depending on your income which looks back two years and could push you into $1,200 area including supplemental (200).

 

[phs73rc77gsm83]

Timely topic by OP. We are not far off from retiring, but before we even get there, we are trying to figure out when/if we want to be done. I'm a member of an LLC, and work is work and can suck, but I still derive a great deal of satisfaction from my work, and we have a great team that has been together for a long time. We are not world travelers, and don't have aspirations to be world travelers. We have a place in AZ that is paid for, everything back East is paid for. We carry no debt.

We were both raised by depression-era (Great Depression, not mental lol) parents, and we still live with a depression-era mentality. I've been mocked for not having premium here, but we are very careful with our money. I grew up dirt poor, and in our minds we never have "enough."

We don't have pensions, but we will have an income stream from rental properties that should cover our basic living expenses. We have a very low burn rate. I have been told numerous times by colleagues that we have more than enough to retire. For us, it is more about finding things to fill our time. I already spend a fair amount of time doing volunteer work, and I suppose I could up that.

The biggest tether in our minds is health insurance. This is the question. For those that are not retired from the public sector or do not have a decent retirement health plan from their employer, what is the cost and quality of health insurance for a couple to bridge the gap until medicare kicks in at 65. And then, what is the cost of Medicare? Google says $505 per month for a couple- is this right?

My wife is younger than I am so when we retired she had my cobra for 36 months then when that ran out we went for private insurance which is about $15k per year for her. Medicare costs depend on your income level (watch out for IRMA surcharges if you are making above certain levels from SS, pension (if applicable), dividends, tIRA withdraws for Roth conversions or living expenses if applicable), etc. Below is a good series of charts and explanations regarding Medicare costs. Personally, I wouldn’t go with any Advantage plans or Obamacare but they work for some people.

SSA - POMS: HI 01101.020 - IRMAA Sliding Scale Tables

IRMAA Sliding Scale Tables

secure.ssa.gov

https://www.medicare.gov/Pubs/pdf/11579-medicare-costs.pdf

 

[29PAS]

My wife retired at 60 and I at 63 and a half - that was a really quick 13 yrs ago for me. After retiring and before Medicare, health insurance cost us $1600 a month and then $800 for her until she turned 65. We never dreamed health insurance would cost that much (until we got close to retirement) but fortunately we'd saved for it. I'd have to calculate what we pay now for traditional Medicare, Medigap policies and Part D drug plans but I think it's around $7500 a year. Correction - just checked at it's right around $14,000.

Having stuff to do to keep you busy is really important. Aside from life's daily activities, my wife is on a BoD, I've kept running and cycling and started learning to play the guitar. That's all working so far.

 

[tico brown]

Well I guess this won’t be me. I’m one of the poors who will be working until I drop dead, which may be soon since I’m entering the dusk of my life

 

[phs73rc77gsm83]

Here is a calculator that can be used as a tool or guideline. Iorp,is another good one but seems to be offline.

FIRECalc: A different kind of retirement calculator

www.firecalc.com

 

[WhiteBus]

How much of a discount do course rangers get? That will help determine my number.

Don't settle for a discount. Course employees should be getting free golf whether public or private. If you work at a country club you can usually bring friends on Monday or what ever day they are closed. Not all "Country Clubs" close one day a week but not all, like Forsgate do not close. Those types of courses depend heavily on golf outings. Do not work for those types of places. Too much work to do in retirement.
Also if the course has a PGA pro that person can help you get free rounds at other courses.

 

[hoquat63]

Retired early at 55 - was offered early out that increased my pension by about 10%. Originally got cost of living adjustments but that got canned quite awhile back by Gov. Christie. Also have a chunk of money that I inherited from dad.
Worked part time for friend for little $$ to keep busy. Started collecting ss at 65.
Have decent medical package at no cost for 39+ years of service. Covers me and the Mrs.
Make sure you have something to keep you busy, first year of retirement I was pretty much at loose ends looking for stuff to do.

 

[phs73rc77gsm83]

My wife retired at 60 and I at 63 and a half - that was a really quick 13 yrs ago for me. After retiring and before Medicare, health insurance cost us $1600 a month and then $800 for her until she turned 65. We never dreamed health insurance would cost that much (until we got close to retirement) but fortunately we'd saved for it. I'd have to calculate what we pay now for traditional Medicare, Medigap policies and Part D drug plans but I think it's around $7500 a year.

Having stuff to do to keep you busy is really important. Aside from life's daily activities, my wife is on a BoD, I've kept running and cycling and started learning to play the guitar. That's all working so far.

Great point about having some activities such as running along with some low key activities such as guitar that can be lifelong and not dependent on being highly mobile.

 

[yesrutgers01]

For a long time, I had been planning on a retirement at 50. Then the company I was making serious cash at went under and my wife was with Washington Mutual when they went under and lost the full value of all their stock she had earned, they didn't pay out her vested deferred commission etc and she lost nearly 2 mil and I was basically starting my career over. Life throws curves every once in a while. I figure I will be working until 70. But, the plan for me to retire very comfortable but not crazy would to have no mortgage and between 2.5-3 mil liquid or fairly liquid and both my wife and I would be at the SS max, so that in itself would be able to carry most of our expenses.

 

[miketd1]

When I first started working, we had an HR benefits presentation where we were basically told we needed millions to retire.

Talk about scared straight.

Since then, all financial decisions are made with that goal in mind.

That said, either everyone else around me is in a 300K+ household income or there a boat load of people on YOLO mode...