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why aren't you having option below 50?
It's complicated. Define "retire"... fully retired or partially? I plan to go part-time-ish at 50-55 (~2 days a week), I don't see myself completely stopping until I'm physically incapable of being a pharmacist.
But who knows, I can't predict what I'll want to do in 20 years.
But who knows, I can't predict what I'll want to do in 20 years.
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D
deleted158872
why? because you love your work or because of financial reasons?
Well...seeing as I can't predict whether I'll be broke or not in 40 years with any degree of certainty...it's because I love my work.
If I'm hopeful around 45, but with the predicted returns for the stock market it will probably be more like 55-60. To be honest I don't think they'll be keeping many of us around that long anyways.
My IPS states retirement at 60.
this is my simple way to calculate desired retirement age:: annual expenditure x (# of yrs before 62) = money needed to save.
for example, after i retire, i plan to live on $30,000 a year. at age 62 i can live off of social security, so i will retire at 52 (62-52 = 10). hence $30,000 x10 = $300k. so if i want to retire at age 52, i will need $300,000 in savings. that $300,000 will get me by for 10 years. after that, social security will kick in. worry free! or if i want to retire at 42, i need $600,000.
for example, after i retire, i plan to live on $30,000 a year. at age 62 i can live off of social security, so i will retire at 52 (62-52 = 10). hence $30,000 x10 = $300k. so if i want to retire at age 52, i will need $300,000 in savings. that $300,000 will get me by for 10 years. after that, social security will kick in. worry free! or if i want to retire at 42, i need $600,000.
Except when you hit 62, social security is expected to only be able to cover 75% or less of expected benefits.
Plus, this is such a bad plan with bad math, I don't even know where to begin.
Wow, I really hope you are kidding about those numbers. First of all, if you collect social security at 62 (which will slash your payout btw) and that is your only source of income, you had better enjoy eating rice and beans because that is all you will be able to afford (and god help you if you get sick). Also remember, in retirement, you will have a lot of free time on your hands and while many leisure activities do not cost money, you will really appreciate being able to enjoy the ones that do.
As to your preretirement savings, your calculations do not account for inflation or any lifestyle increases as you get older and have less energy to do things for yourself. If you are young, you may think that you will be able to fix your own car, clean your own house and live like you are in college forever, but as you age this will change drastically.
Here is the real problem though, your plan is better than about 80% of the American population who retire with around 100-150k of net worth, and if you want to talk about something truly harrowing, it is that.
I am praying that he was just joking.
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Wow... just wow...
But anyway, you should start by taking into account inflation.
If you assume 2.5% inflation for 30 years, then it's 1.025^30 = 2.1. So you will need $300k x 2.1 = $630k
If you assume 3.5% inflation for 30 years, then it's 1.035^30 = 2.8. So you will need $300k x 2.8 = $840k
That's just to afford the same standard of living that $30k buys you today, for only 10 years, after which it will all be depleted and you will be completely dependent on Social Security.
Keep in mind that the maximum Social Security benefit today if you were 62 now is $24,300. And that's only if you had maximum earnings ($118,500 for 2015) for the past 35 years. Plus we already know Social Security doesn't even have enough money to keep paying out at this meager rate, so they will have to make cuts, increase taxes, raise the retirement age, or all of these.
lol at least you're admitting your plan has more holes than swiss cheese
I hope you don't have children
Here is another issue. When you are 52, you are most likely going to have medical issues. You don't qualify for Medicare until you are 65. So for 13 years how are you planning to pay for your increasing medical cost?
I will likely reduce to 24-32hrs/week sometime in my 30s to spend more time with kids. The plan is to retire around 55 but who knows what life will bring... My wife is major breadwinner for the family, so she will continue to work full-time. We max out 3 retirement plans and back door IRAs, along with post-tax investments, and my pension so hopefully the heavy investing payoffs and allows early retirement, along with working to maximize our passive income along the way.
All in all though, I really love my job and see myself being happy doing it for many, many years. But I love my free time more!
All in all though, I really love my job and see myself being happy doing it for many, many years. But I love my free time more!
I hadn't expected to retire at age 48, but a combination of life circumstances and the fact that pharmacy as things are done now was no longer the career I had trained for led me to do exactly that. I looked at my portfolio and realized that I could, so I did.
Obama will provide!! Thanks, Obama.
45. Between my investments and pension I'll be very well off by then.
I can retire right now if I want to..but the life will be boring in that case. My goal is to retire by 45.
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I'm gonna write a book, sort of a biography/memoir with one of my best friends being the main character. If it becomes a hit, I'm retiring.
You 20 years in I take it?
Post the link!
You a feddy?
Yeap!
What type of pharmacist gets a pension?
Could retire now if I wanted to. However, those things called children will delay the process. I'll probably work 32 hours a week when youngest starts college. She's in 5th grade right now
Spend more time with my family and enjoy life. We will still have a very significant income even if I reduce to part time
What's wrong with being soft and wanting to do something besides work?
Yeah just make your wife keep working for that 400k/year and you can be Mr. homemaker 🙂
I like my job so will keep doing it as long as I like it and makes sense for the family. Goal would be for her to reduce hours too.
Uhm, 40 hours a week isn't that much. Unless you have some really awful commute that turns it into a 50 hour week.
But hey I salute those who want to pull back from the back breaking grind of a 40 hour week and give hours to the new hungry pharmacists coming online who have **** to pay for.
But hey I salute those who want to pull back from the back breaking grind of a 40 hour week and give hours to the new hungry pharmacists coming online who have **** to pay for.
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I take it you don't have kids? One of the posters said he would cut back in his 30's, because of his children. Until children hit 16, a lot of time can be spent driving them from activity to activity. Once one gets more than 1 child, and if those children have different interests and different activities, the time crunch can quickly spiral out of control. So yeah, the guy is cutting back to 32 hours, he is probably spending the 8 hours driving his children back and forth to activities.
Can't imagine big fully retired either. Its like losing a pillar or center of gravity, things gusting become chaos and entropy... Since I believe what one accomplishes lends meaning to life (wouldn't otherwise be existence just like all the animals?), I can't imagine idling away 20+ (30+?) years. I would like to work art time, maybe as a consultant. the idea of being one of those outlandish white haired old geezer in a class earning his 5th doctorate doesn't sound bad either.
I still work 40 hours per week because children are a money pit. I provide for them what my parents couldn't do for me. When you have three in travel sports, your paycheck doesn't go as far as you like. My wife is the full time taxi driver and I'm part time when there's a time conflict
Federal.
