Retirement

[Benman]

This is a post meant to stimulate the thought process.

I realize that many that click on it will already be over the minimum age range but the thread (and I) would still value the imput (especially since those over 40 can use their "hindsight").

It is also assumed that the principle will be able to allow you to withdraw a minimum of 5% a year with a 3% yearly "cost of living" raise.

The options:

Retire at 40 with $1M USD (enough to live semi-comfortable but no Audis and other expensive toys).
Retire at 45 with $2M USD (better with some Audis :D).
Retire at 50 with $4M USD

Or

Wait till 55 and live fairly much the way you wish (with the exception of the Jay Leno and up crowd :)).

The reason for my post is the whole "Rat Race" we all live in and for what? We need to continue to buy more expensive cars? Bigger and better houses? Live in trendier neighborhoods? Why? So... after much thought, I decided to put it out there and encourage some friendly debate.

So, thoughts?:cheers:

Ben:addict:

[Leadfoot]

Myself, I am currently building up a very profittable business that when I reach the early fifties I intend to sell the good will and work in a yearly rent.

If things work the way I hope I am expecting more than just the occasional Audi though. ;)

[Ricoloco]

Retire with 1m usd? Not an option...

[Charles DLF]

my idea of retirement is at somewhere between 60 and 65 (i need to have a job to enjoy life, and i love my job), with as much money as i can... 8 million would be enough i guess if you own your house... more would be enough, and even more would be enough as well ;) I do think you can have a better life, until you reach a certain point. Once you own a house large enough fot you to be content, that you can travel and enjoy some time off, and you have a bunch of toys not to get bored, then you're set. BUT: the amount of money depends on everyone of us.

so i voted for the last option...

[LU-RS6]

I will never retire because I like my job :thumb:

[KarlMarx]

I'm planning ( and actually am) to work part-time flexibly for the long-run, rather than work my socks off (and probably into the ground)and retire early. But it's horses for courses and everyone makes their own chioces. What I'm aiming to do is enjoy life as it goes along rather than wait for what's around the corner.

[Erik]

I just came back from 5 weeks of holiday.

I need something to do, not just sit.

The best would be to have your own business with a Managing Director that does "your" job, and you could be working just a few hours per week.

I voted 55, because of the money :D

[Damienr8]

Im 25 and have already started investing for my retirement (mutual funds, roth ira, 401k). However, I do not like my job and i really do not know what exactly I want to do with my career at this point in time.

Maybe when i do find my calling, i will be in a better state to set up a sure footed retirement plan. If I do fall into an occupation that i really like (for instance - photography), i would choose the 55 with $8M+ USD option.

[JavierNuvolari]

I'm specting to retire at 65 actually...and work occasionally. Currently I'm 25, finishing business engineering...with a baby on the way....working for my dad's company as a downgraded..."Managing Director". I wrote downgraded because I still have to learn a lot of things wich are VERY necesary for the auto spare parts business.

Now...if it wasn't for the baby on the way I would probably be loking life VERY differently, probably saving money for my first Audi, instead I'm saving it for my firts home, for continuate education and to start my own business in a few more years.

Cheers all.

Ps1. I voted for the last option.
Ps2. I also want to buy some land on the Chilean Patagonia while is still cheap ;).

[MR USER]

I would go for 35 and 900m Euro... rather than the options above!

But if that is too much then I still go for 35 and few m$

[Benman]

So far the answers are across the board, thanks.

Yes, I would be mortgage free so the $1M USD at 40 would be free and clear. The home would be @ 2500-3500 sq. ft. (232-325 square meters and be on a lot of land @5-10 acres (20,000-40,000 square meters). Obviously if I waited, the size of home and land would be greater, but not "needed".

I would certainly not enjoy "sitting" around and would be busy with hobbies (which coincidently do not cost me very much $$$). I would also agree that I would like to continue with some form of side business that I would own and have another person physically do the majority of managing.

Thanks for the input so far.

And yes, I agree, $1M USD is not what it used to be, not even close. :D

Ben:addict:

[Damienr8]

I'm specting to retire at 65 actually...and work occasionally. Currently I'm 25, finishing business engineering...with a baby on the way....working for my dad's company as a downgraded..."Managing Director". I wrote downgraded because I still have to learn a lot of things wich are VERY necesary for the auto spare parts business.

Now...if it wasn't for the baby on the way I would probably be loking life VERY differently, probably saving money for my first Audi, instead I'm saving it for my firts home, for continuate education and to start my own business in a few more years.

Cheers all.

Ps1. I voted for the last option.
Ps2. I also want to buy some land on the Chilean Patagonia while is still cheap ;).


Hello Javier,
You seem to be on the right track. While I do not have any children, I am looking to purchase my first home. The audi is not a priority, but it will come later on. My plans are to continue my education (MBA/MIS) and start a small photography business on the side. I figure that i will be working at least until 60. If i am happy with my job, I will continue to work longer.

[Skaala]

over here we dont throw in the towel until 67...
I voted for the last option. 55 is a nice age to retire.