How much would it take for you to retire/leave work

[Moliere]

When I first got hired out of college I wanted to save money each month for retirement. I used Excel to determine what my yearly amount I would need would be to maintain a good lifestyle after retirement. I used present value and average stock growth rates, inflation, and other finance stuff to determine how much I needed to save for 35 years to be able to retire at age 60.

The calculated number was $500 a month. That's the minimum that I save each month. Back when I first started it was tough to do that but lately (thanks to a nice job) it has been much easier.

I'd recommend, if you have a number, setting up a plan to get to that number. Otherwise you will either get there to quickly and not enjoy the ride along the way or you will not get there and end up working as a greeter at Wal-mart.....not that there is anything wrong with that but I'd rather sit on my front porch and yell at kids.

[ERCougar]

I get to spend my Summer traveling in Costa Rica, and Utah (I'll be in St. George in mid-June; we should do a Mesquite night). .

Nothing personal, but we really shouldn't do a Mesquite night--there's absolutely nothing redeeming about that town. Let me know when you're in St G though.

[wuapinmon]

Nothing personal, but we really shouldn't do a Mesquite night--there's absolutely nothing redeeming about that town. Let me know when you're in St G though.

Oh, you must not shoot craps. It's ok, we won't have to watch falawful bet the don't.

June 15-June 22nd.

[ERCougar]

Oh, you must not shoot craps. It's ok, we won't have to watch falawful bet the don't.

June 15-June 22nd.

I used to cover shifts in Mesquite occasionally, so I'm pretty sure I'd run into former patients, and not the kind that I'd care to. Really, Mesquitoes are a different breed--I'm not sure I'd want to run into any of them.

Is falawful in on this? DH isn't invited--I've heard enough of his CC hate.

Why are you awake?

[wuapinmon]

I used to cover shifts in Mesquite occasionally, so I'm pretty sure I'd run into former patients, and not the kind that I'd care to. Really, Mesquitoes are a different breed--I'm not sure I'd want to run into any of them.

Is falawful in on this? DH isn't invited--I've heard enough of his CC hate.

Why are you awake?

Grading final exams and some right flank pain with rebound pain present. I'm going to the gastrointerologist on Monday. It's not as bad as it was.....not anywhere close, but there's a kernel of the former pain in there that still makes my right flank tender to the touch.

But, the massive crippling pain in my shoulders, back, right shoulder blade and in my right breast is gone since the gall bladder came out. This just feels like heart burn in my right flank. I think it's related to my colon because other signs follow if you follow me.

but, I just finished grading, and I'm going to bed.

[I.J. Reilly]

Grading final exams and some right flank pain with rebound pain present. I'm going to the gastrointerologist on Monday. It's not as bad as it was.....not anywhere close, but there's a kernel of the former pain in there that still makes my right flank tender to the touch.

But, the massive crippling pain in my shoulders, back, right shoulder blade and in my right breast is gone since the gall bladder came out. This just feels like heart burn in my right flank. I think it's related to my colon because other signs follow if you follow me.

but, I just finished grading, and I'm going to bed.

There are times when you post that I am reminded of the real Ignatius J., and this is one of them.

(also, per the green light, it doesn't appear that you have made good on your promise to go to bed )

[clackamascoug]

My goal is 5 million kicking 5%. At that time I'll kick day-to-day over to a son if he's capable, or a hired gun.

[creekster]

There are times when you post that I am reminded of the real Ignatius J., and this is one of them.

(also, per the green light, it doesn't appear that you have made good on your promise to go to bed )

Lol, I had the same thought when i read his post. I just sent that book to a friend and so ti was on my mind and then I read Wuap's post. If he had mentioned his pyloric valve . . .

[FN Phat]

I have a clan? Sweet.

I have a number it's a couple million. I'd want to coach volleyball or football and develop real estate.

Somebody has you in their radar.

Give me a couple million and a log cabin on a mountain lake in Idaho and I am done. The only work that I would be doing is what I want to do...on MY own time ...we all know that this means my wife's time!

[SoCalCoug]

For me, it would take whatever's in PAC's wallet right now.

[wuapinmon]

There are times when you post that I am reminded of the real Ignatius J., and this is one of them.

(also, per the green light, it doesn't appear that you have made good on your promise to go to bed )

My valve is closing with you.

[Mormon Red Death]

When I first got hired out of college I wanted to save money each month for retirement. I used Excel to determine what my yearly amount I would need would be to maintain a good lifestyle after retirement. I used present value and average stock growth rates, inflation, and other finance stuff to determine how much I needed to save for 35 years to be able to retire at age 60.

The calculated number was $500 a month. That's the minimum that I save each month. Back when I first started it was tough to do that but lately (thanks to a nice job) it has been much easier.

I'd recommend, if you have a number, setting up a plan to get to that number. Otherwise you will either get there to quickly and not enjoy the ride along the way or you will not get there and end up working as a greeter at Wal-mart.....not that there is anything wrong with that but I'd rather sit on my front porch and yell at kids.

I've done this. I have a 15 year plan that gets me to what I call my "F U Zone". I plan on being in the zone by my mid forties. I define the "FU Zone" as no debt (not even a house), decently funded retirement and education accounts, 6 months of cash for all my expenses (retirement & education contributions included). This way if things are not how I want at work I can give them the F-U and leave. I also could go back to school and get a phd, be a football coach, become a personal finance advisor for the middle class or CFO for a charity/school at a discounted rate.

[cowboy]

Let's put some numbers to this.

If you want to retire on $100k a year and have it available for 30 years, and you have your retirement in something yielding 6%, you need $1.38 million. But if you want to have $100k in purchasing power for 30 years, you need to factor inflation at an estimated 3% per year. That ups your requirement to $1.96 million. But that's in today's dollars as well, so you need to figure the purchasing power of $1.96 million in 30 years when you retire - $4.76 million.

Assuming an annual return of 10%, then you need to be socking away $2,100/month for 30 years to fund your own retirement. Retire ten years later, and the monthly requirement drops to $766.

Really, the number varies widely based on the following

1. Years to retirement
2. Years expected to live after retirement
3. Willingness to bear risk in building your retirement
4. Willingness to bear risk while in retirement
5. Required living allowance in retirement
6. Inflation

A small change in any of these could amount to hundreds of dollars per month difference in what you need to put away with each paycheck.

[PaloAltoCougar]

For me, it would take whatever's in PAC's wallet right now.

Four bucks, an Applebee's discount coupon and a seven-year old drycleaning stub are on their way!

[Levin]

Bump.

The other thread about the "life reset" made me think of this thread.

Four years later -- holy cow, it's been four years -- my perspective hasn't changed too much. I'm getting closer to my number, and could see myself "retired" in my early 40s. I would continue to work in some capacity, but life would change dramatically for me and my family.

Freedom is becoming much more important. And you never get the years back with your small kids. I am a good father, but I want more time with them. And I have so many stories I want to write. All my creative energy is going to thinking creatively in my legal practice. When I'm "off" from work, I don't want to use my brain. I'll build myself a little cottage in back of our house, like Roald Dahl, and write stories probably nobody will ever read. But no matter, it's the creative process that matters.

My ten year old is reading Moby Dick right now. And I don't even have the time to read it with him! Before he reads Anna Karenina, my all time favorite book, I'm going to have the time to read it properly with him, damn it.

Anyways, "my number" has increased, but it's also getting closer.