Hi everyone, question- when you lookat the general guidance for how much you should have saved in retirement by what age, the number is always a multiple of your annual income. Is this supposed to be Gross Annual Income? Net Annual Income? Or, like, the amount you live off of annually?

Just for an example, a 35 year old is supposed to have 1-1.5x saved for retirement. So if a 35 year old makes 100k Gross, say 80K net, and let's say saves 10k/year after tax, are they supposed to have a minimum of 100K in retirement? Or 80K? Or 70K?

I get thar these are guidelines and that you ultimately need 25x your annual expenses for the 4% rule to work... but I would also like to understand what the "guidelines" are meaning!

Thanks!

I know it is typically not the thing to try to do regarding timing the stock market entry and exit however, I exited market right around start of COVID and stayed out until late 2023. I’m still working but plan to retire in less than a year. I got back in Market towards end of 2023 and just exited again this week. I’ve worked 35 years and always rode the ups and downs as when it was down, I’m buying on sale and market on average is always going to go up over time. But, now that I’m close to retiring, and won’t be ‘buying’ anymore, I feel myself getting more conservative. Anyone else follow an expert that gives advice on timing market? My brother who retired from NASA a few years back follows a guy but he is so pessimistic about the stock market he would have you keeping your money under your mattress. I follow various sources and make my own decisions and have done pretty well the last four years with this approach but would love to have an expert that utilizes this strategy. So do you all have anyone that you have used giving advice on timing market?

Thanks

If your portfolio didn’t or just barely kept up with inflation for the year how did you adjust your withdrawals? Also do you rely on the published inflation data?

Hi everyone! Like the title says, I’m trying to manage my retirement expectations, so any inside/advice is welcome.

I (52M) am planning on retiring at 62. That would give me 26 years at my NY state job. I currently make just under 70k, and will be around 80k top of grade at retirement (3+ years).

I started a Deferred Comp 2 years ago, and have since bumped it up to 18% DC 1% Roth

The numbers look a little like $3.5-4k monthly in ERS pension (100% joint).

I’d hold off until 67 for max about Social Security at 2.3k monthly.

Here’s where it gets murky.

The Plan:

Pay off all debt, aside from mortgage.

I retire at 62. My Domestic Partner (37F) will retire shortly thereafter, we’re thinking between 48-50.

She makes more than me, was in ERS but switched to VDC. Also has DC and Roth accounts.

Until she retires, expenses are kind of baselined anyway. I’m not going to travel without her and plan on just hiking and home improvement stuff (esp if we decide to sell). So in that regard I’m not really dipping too heavily into my DC / Roth. I’d hop on her insurance until 65.

That way, when she retires there are both our pensions and a multitude of VDC/Roth/DC to draw from, then she can draw from her ERS pension at 65, and we can take Social Security when we hit 67 respectively.

My biggest question is should I bump my DC up a couple points? Or is this a solid plan as is?

There are a ton of moving parts but being able to spend 20+ years just together, living life, would be grand. If it matters, yeah we’re both active and in great health.

Thanks!

Work, Retire, Repeat: The Uncertainty of Retirement in the New Economy [56:05]

New School economic professor Teresa Ghilarducci offered her thoughts on how to make retirement in the U.S. attainable for more Americans. She was interviewed by Washington Post economics correspondent Abha Bhattarai.

I get paid every two weeks. The company takes out money for health insurance. I don’t know if they take it out to cover the next couple of weeks or month or it’s in the rear. I’ve seen some talk about trying to maximize insurance coverage before you leave by leaving on a date to target maximizing insurance coverage. I will be 63 1/2 years old when I retire so obviously I need to pay insurance until I reach 65, but just trying to squeeze that last month if possible. Any help or tips would be appreciated.

I’m 57 and contemplating retirement (now or within 2 years) - definitely before age 65 and want a better understanding of what to budget for insurance pre Medicare. If I were to retire tomorrow, what would it cost to replace my company ppo that covers my wife and I and my two kids (22, 23 not yet gainful)? I’ve estimated a monthly premium of ~2k. I’d that reality? TIA.

If I should pull the trigger. I’ve been with same company for almost 35 years. I have planned to retire at 59.5 for a while now. We will be debt free, and financially be fine. But, I hate leaving anything ‘on the table’. If I stayed until 62, we would get health insurance for us both (wife is 54). We can afford the premiums. My struggle is do I leave 2.5 years before I would get coverage while we are both healthy or work another couple of years and leave with insurance. Recently a good friend of mine, same age, got diagnosed with Alzheimer’s and is rapidly declining. That has been weighing on me as well and makes me want to leave sooner rather than later and start traveling like we have planned for years.

Anyone else had similar situation and how did you finally decide? Thanks!

I always read those articles with charts of how much you should have saved by a certain age. I know there are so many factors and unique individual circumstances but I’m curious if $800k at this age is good knowing that I’ll try to stay employed full time until at least 62. But with layoffs running rampant, I might be in an odd situation within 3 years. Thoughts?

There's the SURS Traditional, Portable, and Retirement Savings Plan? What are the pros and cons of each? Which is best for a young person early in their career?

Hi everyone. I've posted on here about issues I'm having with my spouse regarding retirement I was so nervous to post because I was expecting negative comments or getting upset BUT I truly thank you all. This community is amazingly helpful and give such great advice. Thank you so ❤️

People like Dave Ramsey like to throw around 12% annual returns, but this isn't realistic. Average returns of the S&P are more like 8%, and the actual returns of investors are more like 6% if not lower.

I think this is worth noting because people often discount alternatives like annuities and life insurance because they make more like 5%, but this is far closer to what people make in a far more volatile stock market.

So then aren't these alternatives actually viable relative to what actual investors are getting in the market?

In trying to understand how one realizes gains on a 457b investment account. Or do you not do that, and you just have to wait until you retire to realize all your gains?

Very green here, two months ago I didn't know the difference between vanguard and right guard.

Dual US EU citizen living in the US and 10 years from retirement. Does anyone have an opinion if it is better to benefits in retiring in Florida or Portugal?

Me: professional F56. I carry all our benefits. Spouse is 60 and works p/t, no insurance. Would like to retire at 62, I have adequate savings, no gazillionaire by any means. However - what does anyone else in this position do about maintaining medical insurance in the gap between 62 and 65, when I can draw Medicare? Is the only option the ACA?

I've stumbled upon something really worth sharing. It’s called EverLearn Campus (everlearncampus.com). You know how retirement can have us itching for something meaningful to do with our new free time? Well, this online school for older folks got me hooked.

It's not your typical education setup. It’s super social and interactive. Lots of interesting classes so I’m never bored. I love the culture because everyone’s there just for the joy of learning (I am applying to teach biology next month as a retired biologist.), I’m writing a memoir, my instructor is helping me publish it, and I actually made real friends.

It’s super cheap, too. It’s only something like 20 bucks a month for everything. SERIOUSLY, TRY IT, I just had to share because I haven’t liked something this much in a long time. They finally have some spots for new folks to join, so go here: everlearncampus.com/join

Thought this might be a great share for anyone looking to spice up their life with new learnings. Let me know if you have any other recommendations!

Stay curious,

Jim

I’m 69 years old, married and hoping to retire soon. I work for a large corporation and have retirement savings. We receive discounted financial planning services from a financial services firm through my employer. They evaluate and rebalance our portfolio every month and we talk with them quarterly. A different group at the financial services firm wants to charge us $20k annually to work with us once I retire. This seems too expensive to me. They said their fee is 1.25% to1.75% of managed assets, depending on exactly what services they provide. When I asked why it is so expensive they said it was b/c they are fiduciaries and their services include balancing / allocating our investments and planning withdrawals to minimize the tax impact. I’m thinking the tax planning part is simple (don’t take out more money than you need), and that we should be able to pay someone qualified to help allocate our investments for a much lower fee. Am I missing something here? Or is this what it costs for these services? Any advice on how to find other financial consultants to use? TIA!

My 401K ROR seems a bit too high… does ROR also include contributions/dividends/PS/etc?

looking for a place where people are discussing retirement issues. from personal to financial...definitely don't want a sub-reddit where people are just flexing their current situation. not bad off (i hope) but want realistic goals and experiences.

thank you for your time

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Hey everyone!

My name is Lisa and I work for a small publishing house.

We're putting the finishing touches on our New Book Epic Days in Retirement 😃✨
We're giving away FREE digital copies to get some early feedback.

If you're interested in reading it in advance and finding out:
✅ Hundreds of fun things to do in retirement, ideas, and proposals
✅ Unconventional hobbies and destinations for your 2024
✅ Fun and laughter on every single page
✅ A gift to celebrate retirement

It's definitely more than just a list, this is an invitation to live 2024 to the fullest.
📩 Please like this post and send me a private message. I'll send you your free copy right away.

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Im 18, if I invest about 75,000 in a stock that pays out 4000 quarterly in dividends then thats roughly 1.3k a month to live off of. And if i find some cheap, small land up north for 40-50k and put a tiny home on it for 30,000 then thats only like 150,000 to retire. I figure if i work as a labourer and penny pinch i’d be left with 25,000 after taxes every year or so (I live with my parents). So is it possible? I live in Canada and I don’t care about being around other people. I’m not smart and I’m sure i missed something, so feel free to poke holes in my plan.

What jobs would be most appealing? How does one find them?

I have both a 401K and IRA account that I plan on drawing from in 4 years. They are both heavily invested in stocks - 99%. At what point should I reallocate these funds to a more conservative mix? Should I do that now?

I’m looking to relocate to a walkable town / small city in the US with cool summer and snowy winter climate. I would prefer to live in a 55+ building or community. I'd rather rent, but could also purchase if that is the only option. The problem is — I can’t find a community that is walkable. All the 55+ communities I’ve found are in suburbia. I’ve tried searching web sites for 55+ communities but there is no way to search for walkability. Does anyone know of a community or a tool I could use to search for one? TIA

How to design a happy, healthy, and fulfilling retirement I have studied “retirement” so I could figure out how to maximize the probability that I had a happy, healthy, and fulfilling retirement. After reviewing scientific publications, expert opinion, and incorporating personal preferences, I have assembled a step-by-step process which is explained in an essay, PDF slide presentation, and video of a lecture I gave at Regis College Lifelong Learning group. All are freely available at: https://ihaveanidea.us/designingyourretirement/

SO (38F) and I (37M) have been happily married since 2016, childfree. Yearly income is $225k and monthly take-home is $14k. Debt-free, no mortgage. Assets are as follows:

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Retirement Accounts $560k

Checking and Savings $125k ($115k HYSA Emergency Fund, and $10k as revolving)

Taxable Accounts $650k

Home Equity $780k

Other Assets $50k

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We live off of $4k/month and place the other $10k/month into our taxable accounts.

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Question: At this rate, when can I retire, assuming we burn through $100k in retirement on average with decades of inflation to contend with? I was hoping to retire by 47.

I am 38 years old, divorced and have no children! Work in product marketing at Expedia! I'm planning to quit this job.

1. I rely on renting out real estate, selling some beauty and health products, and making some stable investments to ensure my source of income. I want to retire now and travel around the world. I don’t know how much money I need to prepare?
2. Or if I plan to sell my fixed assets and buy a small farm, will it make me live a comfortable life for the rest of my life?

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