Retirement Discussion

[josebiwasabi]

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I'm curious where others are in their retirement planning journey.

• What age are you planning to retire?
• What is your current retirement portfolio balance, and how much are you saving annually?
• What level of annual spending are you targeting in retirement, and what type of lifestyle are you planning for?

I am 8 years into practice in an academic/hospital-based setting. My spouse and I are both in our late 30s, work full-time, and have one child. Our household income is approximately $500,000 in a HCOL area.

Our retirement accounts currently total about $1.6 million. We maximize our 401(k)/403(b) contributions, receive a 5-6% employer match, and also contribute to IRAs each year. In addition, we are building taxable brokerage investments to bridge us between when we retire early until we reach 59.5.

My current goal is to reduce to part-time work around age 50, ideally working about two days per week (potentially in a largely administrative or non-clinical role) for 3-5 years before fully retiring. During that transition period, we would use my part-time income along with taxable investments to support our lifestyle while allowing retirement accounts additional time to grow. We contribute $12,000 per year to our daughter's 529, and projections show that it should be worth around $350,000 by the time she is 18, so we should have minimal out-of-pocket expenses for her college education.

We are aiming for a FAT FIRE-style retirement. Based on several retirement models and calculators, net worth should exceed $6 million by retirement, which should comfortably support annual spending of approximately $200,000. Our vision for retirement centers on slow travel: taking several international trips each year and spending anywhere from a few weeks to a month in a location to experience the culture more deeply rather than simply vacationing and visiting all the touristy spots.

One significant milestone is that I will become eligible for Public Service Loan Forgiveness (PSLF) in two years, which should meaningfully improve our cash flow and accelerate our savings goals.

We have been able to accelerate our retirement savings by maintaining a fairly modest lifestyle relative to our income. For example, we only replaced my wife's 2008 Honda a couple years ago, and I still drive a 2014 Toyota. We typically take one larger trip each year (e.g., Hawaii or Mexico) along with several smaller domestic trips.

I'd be interested to hear where others are in their careers and retirement planning process. What does your path to retirement look like?

 

[Sendin_Toes_2market]

Hospital employed.

I am not going to retire. Will do part time non surgical at 67. That way if I ever have a major medical event my $1 million disability insurance kicks in. My roth should be 750k-1m by late 40’s.
(I think 7-9% of my income I invest in my roth or the market).

I am focused more on investing in real estate than traditional retirement. Our total income is $350k this year, I am only one who works. We drive new vehicles about 40k each. We live in LCOL area.

 

[Dermato Fight Club]

I'm curious where others are in their retirement planning journey.

• What age are you planning to retire?
• What is your current retirement portfolio balance, and how much are you saving annually?
• What level of annual spending are you targeting in retirement, and what type of lifestyle are you planning for?

I am 8 years into practice in an academic/hospital-based setting. My spouse and I are both in our late 30s, work full-time, and have one child. Our household income is approximately $500,000 in a HCOL area.

Our retirement accounts currently total about $1.6 million. We maximize our 401(k)/403(b) contributions, receive a 5-6% employer match, and also contribute to IRAs each year. In addition, we are building taxable brokerage investments to bridge us between when we retire early until we reach 59.5.

My current goal is to reduce to part-time work around age 50, ideally working about two days per week (potentially in a largely administrative or non-clinical role) for 3-5 years before fully retiring. During that transition period, we would use my part-time income along with taxable investments to support our lifestyle while allowing retirement accounts additional time to grow. We contribute $12,000 per year to our daughter's 529, and projections show that it should be worth around $350,000 by the time she is 18, so we should have minimal out-of-pocket expenses for her college education.

We are aiming for a FAT FIRE-style retirement. Based on several retirement models and calculators, net worth should exceed $6 million by retirement, which should comfortably support annual spending of approximately $200,000. Our vision for retirement centers on slow travel: taking several international trips each year and spending anywhere from a few weeks to a month in a location to experience the culture more deeply rather than simply vacationing and visiting all the touristy spots.

One significant milestone is that I will become eligible for Public Service Loan Forgiveness (PSLF) in two years, which should meaningfully improve our cash flow and accelerate our savings goals.

We have been able to accelerate our retirement savings by maintaining a fairly modest lifestyle relative to our income. For example, we only replaced my wife's 2008 Honda a couple years ago, and I still drive a 2014 Toyota. We typically take one larger trip each year (e.g., Hawaii or Mexico) along with several smaller domestic trips.

I'd be interested to hear where others are in their careers and retirement planning process. What does your path to retirement look like?

Congrats! You're set. You're now in the super boring part of just letting your money compound. I realize you're continuing to contribute but you will likely be coast FIRE in a a couple years and can stop investing, freeing up even more money. Be prepared for this stage of life because it does get pretty boring (financially speaking. Watching my kids grow is so much fun). All our lives we were working for the next goal and now it seems like we've won but are in this waiting game of letting our money do its thing.

I'm similar to you. About 15 years out of residency and have 3 kids. We have full ride scholarships to state college for 2 of them with 529 balances projected at 150k at 18 and for the third we didn't do the scholarship and are projecting about 250k at 18 in her 529. You can also likely stop contributing to the 529 unless you're expecting another kid along the way. 350k should be plenty.

I'm early 40's net worth 4.3M and retirement accounts of 1.6M. My cheat code is a wife that works remotely so she can still do a lot of the everyday stuff with the kids and bring home a starting podiatry salary (according to Marit).

I'm planning on retiring (from podiatry) at 50 when my youngest graduates high school. We currently max out our roths/and 401ks. I should have about 5M at 50 after selling assets. I could retire completely and live off my wife's salary alone. She has a low stress job that she can do from anywhere in the world with an internet connection.

I've thought about this life and figured that I might be bored and may want to do something. I started law school 1.5 years ago and am hoping to maybe use that degree to find some remote job so my wife and I can travel and continue to let our balances compound. Our extremely high shoot for the moon target goal is 10M to fully retire but to be honest if we are working 4-5 hours a day or so remotely and are able to travel wherever/whenever why retire at all?

But yes. I run monte carlo simulations all day long and I know we are in great shape. I am planning on spending about 35k/month in retirement.