r/Retire

I know many folks don’t get this luxury even, and there are of course specific factors for each individual. But, assuming you have some flexibility, what is a generally good age to do it? If you could just push the button when you wanted, and not be tied to a specific financial goal, would you and when? Just curious what others think. Sometimes I just don’t feel the drive to continue or keep up in a high pace or political office environment.

I turned 65 in April and was planning to retire at 67, but my mother passed in February and I inherited a fairly large estate, so I have moved my plans up. I had a decent size 401(k) and would’ve been fine, but the money has changed things. It’s a weird thing losing the final parent and inheriting money. I still miss her and her passing was a very painful process, but the money is game changing and I’m now struggling to process that and all of the changes that come with retiring. I feel a lot of guilt and stress about the whole thing. there’s a lot to do organizationally, including registering for Social Security, Medicare, telling my boss, buying a new computer and phone because all that has been corporate owned, and I’m still trying to figure out what to do with myself once all of this is sorted out. My wife is younger and still working with no intention of quitting or retiring, so I’m sort of on my own.

I’m wondering how long it took everyone else to get through this whole process of changing the working mindset to a retired mindset and figuring out what to do with yourself, and just generally decompress and distress from work and the retirement process.

I’m 50, my wife is 48. Two kids in college, that were helping pay for. I’ve worked at one company my whole working life, 30 years, and want to transition to working part time as soon as possible. In my mind that’s as soon as the kids are out of school and I’m over 55 so I can access my 401k funds. I’d like to work part time for a long time, something to do and a little income.

Key data points.
I make about $225k, wife makes about $50k. She plans to stay working where she’s at for 10-15 years.
We have $1.5m in 401k, $100k in a Roth.
We own 2 rental homes that generate about $2200 a month in income.
We have a mortgage on primary residence with a balance around $400k at 2% interest rate.
We will have a total of about $60k in student loans when kids are done.
No car payments

Major expenses
Mortgage $1200/mo
Utilities $500/mo
Property taxes $10k a year
Club membership $4500/yr

At some point in the future, there will be an inheritance. Hopefully, 20 years or so in the future, God willing. Current value of that fund is $2m and continues to grow with the market.

What are the chances I can semi retire in about 5 years?

So, about a month ago, I was working on my gigantic, multi-tab retirement spreadsheet (known colloquially in my home as 'The Retirement Console'), replete with a ridiculous number of calculations, assumptions, and variations of SS income and pensions. As I updated the latest IRA, brokerage, 457 and 403b numbers, it hit me:

I CAN RETIRE NEXT YEAR

I'm 56.5 and I have worked for a state government for 26 years, and corporate jobs before that. I have a PERS retirement and 2 PERS accounts. FRA for me is 60 but I could have early retired any time after 55 with a reduced benefit. My husband is also a state worker with PERS accounts but with less time and he will be 65 next year. We have a brokerage account, some IRAs, some Roth's and a bunch of accounts I inherited from my Dad. We had a multi-part plan for retirement/semi-retirement:

• July 2027 - Sell our current home and roll the proceeds into a brokerage account
• Move to our vacation home in another state, currently a rental
• Hubs would retire with his state pension & SS
• I would continue working until 62 because...

BECAUSE WHY??? Because for some reason I thought I had to. I thought that was the only option. My current employer might possibly have agreed to me moving out of state and still performing my job remotely, but I thought it more likely I'd have to find a new one. Now then, I work in IT and I will be moving to a very small town that is lucky to have a Walmart and it was unlikely I'd be able to make more than a 3rd of my current salary.

BUT THEN I WAS LIKE- HEY! WAIT!

I can take my pension any time and make 1/3 of my salary. And even a bigger HEY...I realized that even if I could have done my current job remotely I DON'T WANT TO DO IT ANYMORE. Ever. Again.

I felt lighter. I heard angels sing. I saw the light at the end of the tunnel and I'm pretty sure it's not a train.

Another part of the retirement plan we discussed with our financial advisor was purchasing a small home for rental property or opening a brick and mortar shop which I would manage for retirement income. But then I was all, HOLD THE PHONE!

Not only do I not want to do my current job anymore, I don't want to work at all. Not even for myself. I had this stupid plan baked up for running a business and I had AI create a sweet business plan and I was really proud of it until my brain rose up and said BUT YOU WILL STILL BE WORKING. I'd have to be somewhere at a certain time and probably wake up at the crack of 8am. No can do.

Once I knew I wasn't going to need a chunk of money opening a business (and for crying out loud, what was I even thinking??) I knew. I knew we could do it! I knew I could walk away from my day job and begin my new career as a Professional Putterer. I am going to putter SO HARD.

Hubs was skeptical but, after I explained the numbers to him and spoke endlessly of Roth's and Medicare and the rule of 55 and IRMAA and the everloving RMDS, he decided it was easier to agree than to have to continue listening to my Retirement Console evangelism. BTW, I have an actual console now; I started using modeling software. You can look at the next 40 years with an average of 5-7% increase in yours accounts, or you can turn on the fun historical filter and re-live Black Monday and 2008! That's a bumpy ride, my friends. But my simulated accounts still hold up , even after the Dot Com bust.

So we are meeting with our financial advisor next week to talk about our accelerated retirement and plan the 12 month runway.

I have a countdown widget on my phone that I look at when I'm having a particularly annoying day at work. Hubs and I went on vacation recently and we have taken to calling it "retirement practice".

Please share your retirement revelations! I love talking about this (and my husband will thank you.)

Starting to plan our future retirement, and playing with the numbers on various retirement calculators, it appears we are perhaps in better shape than I thought. 60-62 has been our goal. Feedback appreciated! Married, Oregon residents, 59 years old, wife is 59. 401K and IRA balances combined are approximately $1,150,000. Currently contributing 18% pretax. $350K in HY savings account. House paid off, $475K value. No debt, both cars paid off. Current salary $82K gross plus $10K average annual bonus. SS at 65 is about $2300 a month, $1760 if I take it at 62. My wife SS is about $1000 per month. Wife has been a homemaker for several years. Obviously health insurance will be a concern (maybe qualify for ACA subsidies?) until Medicare but it seems like we are on track,.... Thoughts?

I'm 56, currently a teacher with 26 years service. I'm planning to leave my job in June 2027 and move to Latin America. I'm currently developing a freelance, remote career. Looking for feedback on whether my plan is sound.

Current situation:

• Teaching salary: $120K
• Freelance income (first year): $25K YTD, expecting $50K+ annualized
• Total assets: ~$713K (403b: $460K, Roth: $67K, HSA: $18K, Cash: $170K)
• Debt: $0
• Expenses: $3,150/month in US, expecting ~$3K/month abroad

The plan:

Phase 1 (Sept 2026 - June 2027): Final teaching year. Max out all retirement accounts (403b, Roth, HSA). Cash savings goal = $200k

Phase 2 (July 2027 - Oct 2029, "the gap"): Leave teaching, move abroad, work full-time freelancing. Live on freelance income (presumed at least ~$50K/year pre-tax), expenses ~$36K-$40K/year. Don't touch retirement accounts or cash unless emergency.

Phase 3 (Oct 2029+): Pension kicks in ($58K/year guaranteed, COLA protected). Continue freelancing, invest surplus money in retirement accounts.
Age 70 = start retirement withdrawal. Start social security payments (~500/month)

*Destination country does not tax foreign income
*Health insurance is included in my 36k-40k estimate ($750/month)

The freelance career: Just started but getting contracts (Upwork) and am working as much as I can with a full time job. I was just offered a full time job at 150k which helped to validate the path.

I could stay teaching for another year (total 2 more). I would again, max all retirement accounts and my pension would bump up to $63K per year.

I could keep doing that but clock keeps ticking and I want to enjoy another dream.

I don't have kids. Not married.

My questions:

1. I have a 22-month gap without pension. I'm relying on a website (Upwork) for my livelihood over a US State job with the most security one could hope for. Is this nuts?
2. Should I be doing Roth conversions during the gap years (lower income bracket)?
3. Any major blind spots in this plan?
4. Is my asset allocation appropriate (84-91% stocks, 14-year runway until pension)?

If you see a hole, please call it out! Looking for any feedback. This is my first time posting (on Reddit!) and will say thank you in advance!

My husband is worried that when we retire we won’t have a reason to get out bed and not be depressed. Obv his identity is tied to his work that he loves doing. Me, not so much. Part of his concern is that we don’t have and won’t ever have any grandchildren, that we don’t have any hobbies or passion projects and thinks that we’ll be bored once we don’t have the structure of having a job. My efforts to convince him otherwise have not worked.

This is both a serious question and a sarcastic question but who here has a retirement plan of just dying?? I feel like the way things are currently the last thing I want is to live once I’m get kicked out of the corporate world for being too old.

Hi folks,

I’m 56M with wifey 58. I’ve been reading about folks using calculators to figure out their savings and annual budget but it got me wondering - what can I use to monitor my monthly spend so I stay within that budget? Is there any chance app that people use to connect to their bank or CC? Do people put most of their expenses on a CC and monitor the spend through that app? I’m concerned that spend will surprise me compared to my monthly budget allocation.

Any suggestions welcome. Thx.

I’m trying to map out, year by year, my income & expenses, post-retirement.

Obviously this picture will change as I become eligible to withdraw from 401k, Soc Sec and apply for Medicare.

I’m wondering if anyone had a spreadsheet that is built to track this changing picture across a 20-30 year stretch? Pretty sure I can build one (I think), but wanted to see if anything is already out there.

Thanks.

Hi Everyone,

Took a role a year ago and not entirely happy, thinking this is the opportunity to retire at the age of 53. I was curious as to if there is an ideal retirement and net worth that people are targeting. Of course having something to retire to is important and I am sure I will find fulfilment in having some time off to volunteer, discover new hobbies and mentor junior professionals in finance.

Thank you to everyone for your always great insights!

Ok, I have been trying to figure out whether I can safely retire at 58. Currently 51 and live in HCOL state with $400K in 401K contributing $32k a year for the next 7 years. I have an annuity that is right now $350k but should average 7% until I am 65 at which point I can take 5.7% a year for life (roughly $54k a year). Ai have another $155K in an IRA and about $120K in mutual funds.

My wife who is 50 will retire in 5 years at 55 will get a pension of $70k that includes medical. We would move from HCOL up north in states to LCOL state in the south Florida with no income tax. plan would be to hopefully buy a house cash may have to take a small
Mortgage. When I run my numbers it seems to feel safe at 58 where 2 years I am living in Florida can look at our spend rate and determine if I can retire at 58. My worry is I always want to work maybe do some side work making small money compared to my large salary now but getting worried that maybe my RMD’s and floor numbers will make it hard for me to continue to work especially since I would probably take SS at 62 because it won’t make much difference if I wait since I think we have enough.

For those who retired but are still communicating with your last employer, what is considered a reasonable consulting fee? After 30 years at the same company I've amassed a fair bit of specialized knowledge. I expect my former coworkers to be reaching out asking questions. Not sure what I should ask for as compensation.

Edit: Ending salary $100,000 - IT Admin

I am semi retired after working 40 years plus developing skills across many different sectors , everyday i try something new . I am interested to know from other retirees what they do to top up the measly monthly salary .

So I am retiring next week after 46 years work (UK). I'm nervous/excited about the future! Any tips?

If you could retire today, what net worth would make you comfortable enough to never need a paycheck again?

What's your number, and why?

* Rocket sled v7. This time adding the drag chute.

* Alphabetize my shoes.

* Terrace the back yard. Flood the whole thing. Plant rice.

* Fill out the NYT crossword with words that all make the puzzle work, but don’t have anything to do with the clues.

* Pizza topping to try: Cinnamon Toast Crunch.

* Take neighbor’s dog for a long walk. Optional: Leave a note.

* Write a check to support my Congressman for $4,000,000 and mail. Explain massive inheritance in cover letter. Call bank to issue stop payment as soon it’s in the mailbox.

* Crochet a sofa.

My wife and I are both on Medicare, and my wife’s been on SS for about 2.5 years. I’m coming up on 70 and so I filed for Social Security and that’s in process in the Kansas City office. Now that I’m filing, my wife will be eligible for a bump up in her benefits due to spousal benefits. I thought I’d have to go wait in line at a local SSA office to orchestrate my application for SS and her spousal benefit application, but a call to the main help number got me the advice to just go ahead and apply online, and then have my wife apply for spousal benefits after. Fine, filed my application and got a notice I might need to come into an office with a marriage license to prove that.

Cut to yesterday, my wife got a snail mail letter from the KC office, asking her to call a direct extension with the name of an Actual Human Being listed. She called this morning and got the Actual Human Being answering right away, and Actual Human Being had her file at hand. Actual Human Being was initiating the spousal benefits, without my wife needing to apply, and within ten minutes, and with me testifying over the phone that indeed we were married, the application was complete and being processed. This also means that my application is being processed, because that’s what triggered her letter, and that I won’t have to bring a license into any office.

I told Actual Human Being how wonderful this process had been, which made Actual Human Being’s day, and that’s that. Easy peasy.