When Do You Plan to Retire?

Discussion in 'The Okie Corral' started by Restless28, Nov 11, 2010.

  1. Restless28

    Restless28

    Messages:
    16,152
    Likes Received:
    2
    Joined:
    Jun 10, 2008
    Location:
    Solsbury Hill
    When do you plan to retire? How old will you be?

    I can retire with almost 60% of my gross pay, minus all deductions except Federal Income Tax, which would add approx. 15% to this at age 45. So, at 45 I could receive approx. 75% of my current salary until my death.

    At this age, our home will be paid off, and we will have ZERO debt. I plan to work until 50-55 to roll as much as I can into savings and investing.
     
  2. eyesnorth

    eyesnorth

    Messages:
    846
    Likes Received:
    14
    Joined:
    Jun 9, 2004
    Location:
    CT
    As soon as fiscally viable.
     

  3. Restless28

    Restless28

    Messages:
    16,152
    Likes Received:
    2
    Joined:
    Jun 10, 2008
    Location:
    Solsbury Hill
    I'm not even expecting Social Security, unless I become disabled. I don't even figure it in on my projections. If it's there, it's just gravy.
     
  4. txjustin

    txjustin

    Messages:
    2,771
    Likes Received:
    0
    Joined:
    Apr 3, 2009
    50 but probably never will.
     
  5. vikingsoftpaw

    vikingsoftpaw DEPLORABLE ME!

    Messages:
    11,510
    Likes Received:
    4,956
    Joined:
    Aug 29, 2009
    Location:
    Willoughby, Ohio USA
    Never will be able to retire.
     
  6. Cali-Glock

    Cali-Glock Mountain Man

    Messages:
    6,756
    Likes Received:
    1,912
    Joined:
    Feb 11, 2002
    Location:
    California Sierra Mnts
    No real plans to retire. Hopefully I'll be in a position to work semi-part time, consulting/teaching sometime in my 60s.
     
  7. Speakeasy

    Speakeasy TelecasterJones

    Messages:
    229
    Likes Received:
    2
    Joined:
    Jul 13, 2010
    Location:
    Jax, Fla.
    "Retirement" is such a 20th century concept.
     
  8. Usingmyrights

    Usingmyrights Jr Member

    Messages:
    2,800
    Likes Received:
    0
    Joined:
    Jul 4, 2005
    Location:
    Jacksonville, FL
    Unless they make changes to the system I'll be 48 when I have in my 25yrs of high risk to retire. If they still offer DROP then (which I doubt), I can defer 5 years until 53, which will put me at a 93% retirement. I'll then work another 5 years living off of my retirement income (with a 3% COLA each year). My income earned for those 5 years goes into a seperate account, which is normall a higher yielding accout, and I'll get it lump sum at the end. Most likely though by the time I get to that age everything would have changed and I'll be scrapping by. I wouldn't worry so much, but I have another 3 years until I'm fully vested.

    Of course there will be savings and other means of income to get me through in my "golden" years.
     
  9. Tank44

    Tank44 Tank44

    Messages:
    593
    Likes Received:
    1
    Joined:
    Dec 5, 2008
    Location:
    Parker, Colorado
    My retirement has nothing to do with social security. I will retire in 2 1/2 years at age 62 1/2. In reality, I will retire from my present career (teaching) and just do something else.
     
  10. Restless28

    Restless28

    Messages:
    16,152
    Likes Received:
    2
    Joined:
    Jun 10, 2008
    Location:
    Solsbury Hill
    In Alabama, we have the DROP too, but you have to have 25 years and be age 55. I would have to work 35 years to be eligible. The problem is, that on our system, once you get 30-35 years of service, and continue to work, that you could retire and receive close to what you would have working.

    We get 1 year of credit for every 5 worked (police, FF's only), so at 25 years, I'll have 31 years of creditable service.
     
  11. Flying-Dutchman

    Flying-Dutchman

    Messages:
    9,463
    Likes Received:
    7,182
    Joined:
    Oct 10, 2007
    Having just reached the milestone age of 50 retiring is out of the question.

    I could never live a measured existence.

    I work as hard as I need to so I can buy anything I want within reason.

    The idea of being retired is like being a has-been.

    Hopefully my most productive years are still ahead.
     
  12. ATL_GLOCK

    ATL_GLOCK

    Messages:
    846
    Likes Received:
    0
    Joined:
    Aug 4, 2010
    Location:
    Atlanta
    ^^^^THIS^^^^....couldnt come soon enough
     
  13. md2lgyk

    md2lgyk

    Messages:
    1,569
    Likes Received:
    39
    Joined:
    Mar 23, 2001
    Location:
    WV
    I already retired at age 60. That was 2 years ago. It lasted 6 months before I went back to work. Not for the money, but because I couldn't stand it.
     
  14. eyesnorth

    eyesnorth

    Messages:
    846
    Likes Received:
    14
    Joined:
    Jun 9, 2004
    Location:
    CT
     
  15. Atlas

    Atlas transmogrifier

    Messages:
    12,512
    Likes Received:
    34
    Joined:
    Oct 1, 2001
    Location:
    north of the equator


    Yes.




    My retirement will come the day I take my final breath.
     
    Last edited: Nov 11, 2010
  16. Usingmyrights

    Usingmyrights Jr Member

    Messages:
    2,800
    Likes Received:
    0
    Joined:
    Jul 4, 2005
    Location:
    Jacksonville, FL
    Ours is % based. As I understand it here you have to go into drop at the end of your 25years. Unless you are under age 53, then you can defer until then. As far as working after 30years of service, it was explained to us that you actually make less money by continuing to work, since we're not always going to get a COLA, but in retirement you do. If you retire at 99%, and there's not COLA for employees the next year, the retired person would be making more than their working peer assuming they had equal salaries to begin with. I still have along ways to go though
     
  17. Gareth68

    Gareth68

    Messages:
    3,306
    Likes Received:
    245
    Joined:
    Mar 19, 2007
    Location:
    Missouri....West of Mexico
    If I make it to 60, I will cash out my assets and head to Vegas and purchase as large a quantity of viagra, hookers, and blow as I can.

    That should pretty much do it.

    If that fails, I will clock back in following that vacation and work until I drop.
     
  18. Model19

    Model19 Typical GnG

    Messages:
    993
    Likes Received:
    0
    Joined:
    May 29, 2008
    Location:
    Commonwealth of Virginia
    I pray that I'm always able to work. Retirement = death, or so it seems from what I've observed.
     
  19. GotFour

    GotFour

    Messages:
    405
    Likes Received:
    4
    Joined:
    Dec 1, 2006
    Location:
    Memphis, Tn
    Retired at 59 four years ago.....never looked back! :supergrin:
     
  20. M2 Carbine

    M2 Carbine

    Messages:
    29,895
    Likes Received:
    28,170
    Joined:
    Dec 21, 2002
    Location:
    Texas
    If you enjoy spending time with the family, retire as soon as you will be financially comfortable.


    For many years I worked a job where I was away from home half the time.
    I missed my Wife but you have to do what you have to do to make a living.

    As soon as I could, I retired a couple years early. I really enjoyed being with my Wife all the time but she died not long after I retired.

    The Hell with work. Quit as soon as you can and enjoy life.