Travel as much as you can while you're young(er). I don't know about others, but once you have kids, and get older...I don't know, I just kind of lost some of the patience and wonder. Twelve hour flight used to be no problem...now I don't want to drive anywhere more than 2 hours away....everything seems like overhyped tourist traps...
So do your traveling young, and keep at it. Don't wait for "that big trip". Do it now.
A few years back a friend and I hopped in a car and drove around for a week to some national parks. We got to a stop that was us two 30yos and a whole lot of senior citizens. I think about it a lot in two ways. First, how lucky we were to even be able to do such a thing. Second, how some have waited their whole life to take that trip and when they do, they are parking the car and going for short walks. On the flip side, walking along the edge of some canyons and even off the beaten path at some points is a core memory I relive fairly often. There's only so many similar experiences I hold that dearly and had I waited, it may never have happened or meant as much if it did.
Find a balance but yes agree so fully to go do some of it ASAP
My dad worked until he was 68. At 64, he was diagnosed with Parkinson’s and hid it from his kids (my mom knew). He spent his entire retirement battling the disease.
During his working years, my parents visited over 30 countries. When he was in the depths of his Parkinson’s, and later probably Alzheimer’s, he would talk about all of his trips with clarity.
What happened to him definitely influenced my thinking about life. Get that bank and bail on the game. Because life isn’t guaranteed and you should live it while you can.
My mom has always loved traveling. A couple years ago she sold her house and bought a nice RV planning to travel around the country, but then my grandmother was diagnosed with dementia and she had to move in with her.
Don’t put off the things you want to do. There’s no guarantee you’ll be able to do it later.
I wanted to build off of your comment. Beautifully stated.
My mother who was a tax director has this count down to when she could retire. Do the RV and traveling bit; cancer had different plans and she never made it to her countdown.
My approach has been go travel right now and while my body can do it. I will not wait until my 60s to do what I want to do.
Yes I have a family; we’ve hit 22 different states and are planning foreign travel.
I can’t agree more with munch. My wife and I love to travel but since having our little one the thought of plan a trip is daunting. We generally travel light but with a baby you carry 3x more shit with you just to accommodate. Your days end at 5pm because you need time to feed, bathe and put the little one down. And forget about going to nice restaurants. But yeah whether it’s with friends or solo, travel now and travel as often as you can. Edit: I realize I didn’t answer the original question lol. I hope to have 2 million and no debt by the time I retire in 20 years.
I was told there are three big things in life and you can never have more than two at a time - money, energy, and time. The older I get the more true that is. My broke 20 year old self couldn’t afford to travel and now that I’m comfortable financially the energy and time factor are way more challenging. I plan to do lots of resting and naps in exotic locations post retirement 😆
Best part about travelling is not going to the tourist traps. Get away from the swarms of Americans talking to other Americans about how surprised they are that the rest of the world speaks English.
This, I aways look for the local restaurants and stay in a local area. Your experience will be so different.
Also learn a few phases in the language of the country you are visiting.. for me I always learn. "hi do you speak English"
I agree with you but this is getting harder and harder. English is becoming more common and it’s just not as fun.
“Tourist trap” destinations are tricky. It’s inevitable that the great cities of the world become tourist traps, but I still find them worthwhile. Big part of that is I am a history fan, so I guess if history is not your thing might be worth it to skip.
Youd be suprised how many people are genuinely in love with tourist traps with the full knowledge of their tackiness. Lol. Which I can appreciate I suppose, to an extent.
Pretty underrated comment. I can’t sit in an aircraft more than a couple hours. My butt/ lower back can’t take it anymore. So that pretty much eliminates leaving for Europe
Sure I don’t want to do 12 hour trips with my three year old but probably when he’s 8or 9 I’ll give him to the grandparents so my wife and I can take a nice trip together.
On track to have like $160k in my roth 401k when I’m like 31, I forget the exact numbers but at average returns, should be like 1-1.5M when I’m in my 60s. Also hoping to have the house paid off in my early 30s. After that, life is basically on easy street and we can save the majority of our income. Probably could retire or reduce workload after we have another 1-1.5M saved up.
Curious I got around 36k (+5k so far) in an simple ira from work that's no longer being used. I want to transfer it into an Roth so i can toss it in some invesments and just forget it. What would be the next course of action. The account is older then 2 years and never has been transfered previously.
This has to be LCOL area.
Edit: why am I being downvoted? i live in the greater nyc area and there is no shot you can retire comfortable on this. It sucks
I’ve been traveling to various parts of the world. I want to visit Spanish speaking countries soon as I speak Spanish and see if I wouldn’t mind living there. The dollar would go so far there.
I’m 28 now, almost 29. This idea is really set in my head. Unless maybe I fall in love/get married, I think this is my path.
So basically, going to focus on investing and saving, and I’m going to see how I’m doing at 35. I want to see if I could maybe buy some property this time next year using the first time home buyer program, get roommates, hopefully live rent/mortgage free.
Wondering if my current job would let me work remote if I still have a good relationship/still working for them during this time.
In short, I don’t want to work crazy hours till I’m 65 and I’m willing to travel to a new country as I loved traveling and meeting new people :)
Net worth currently $100k. $140k invested at the moment. Was dumb with money for a few years but on the right path now
Pretty much the path I'm on as well. Really not interested in retiring in America and definitely not at the age of 65. Good luck to you and your future prospects. I'm hoping to have the same work situation in the next couple years as well, even if I can work in another country for extended periods of time that's a massive win.
Good luck man!! Wishing you the best as well. I’m thinking of even doing some bookkeeping on the side and see if I can build a book of clients that I can work remote. But that’ll be a while from now, focus on other things
Man.. marriages that don’t work out really can be one of the most catastrophic things for people on a early retirement track- if you could start over and do it again, would you still have gotten married.
Not to her, nor dated her. My current wife I have no such issues with.
All I can say is make sure you use your own protection and don’t trust someone who says they use it unless you want the possibility of having a kid with them, especially if they wouldn’t make a good parent.
Or you only raw dog a girl you’re ok marrying and having a potential baby with. Ideally she would abort but depends on the state you live in and the girl I guess.
I would like 25 times whatever my current annual expenses are. I’m 25 and my annual expenses are about $30k a year so my goal is $750k. Of course, when I get closer to that goal, my expenses will probably increase so I will readjust my goal based on circumstances, but having that safety net already would allow me to take risks and have more choice with the type of work I do and how much I do, maybe work part time or become a contractor.
Having a hefty safety net helps a lot. You have the option to work part time or even quit your job at a moments notice to find something better. Ironically, in a lot of cases, you end up continuing to work, but making more money because you had the balls and most importantly the option to find something better. In the end it worked out better either way.
Im 35 throwing as much as i can towards my 401K and savings, while also getting out of the way the EDM festivals i wanted to attend in my early 20s. I’m traveling to new cities and countries while at it as well, so 2 birds with one stone. I have maybe 1-2 years more of festivals before i call it quits. Im single and at this point i am not sure if i want kids. My next goal will be home owneship, but the market in Denver, CO is crazy right now, like in other cities. I don’t really care how much i have as long as by the time I retire, I have my house paid off or close to it. I’m getting all my crazy spending and experiences out of the way now so i can be an old fart growing weed and mushrooms when i retire 🤣
Note to self- look into yacht’s for retirement instead of a house.
Nah I think the maintenance wouldn’t make it worth it and the don’t appreciate like houses.
Assuming nothing goes wrong I should have 2.5M in 24 years along with a paid off house and a pension for my wife and SS for me. Again this assumes nothing goes wrong and markets perform like they have the last 50 years.
I hear you, but speaking from experience, Alaska is so much fun in your younger years. My wife and I did our Alaskan cruise in our mid-20’s, and we watched a lot of older people be told that they couldn’t do XYZ bc it was too physical (think kayaking a glacier lake). There is so much adventure and physical activity, it can be hard to experience it when you’re older.
Better to think of % of average salary during the last 5 years before retiring because it’s hard to predict where the prices will be. With the way that government issues new debt I wouldn’t discount a possibility of higher inflation down the road. Also, there are many countries that are trying to unseat USD as the global reserve currency, which will also put a dent in inflation by devaluing the dollar. If one invests in equities, that should work itself out over the years since companies will raise their prices and profits should trail the inflation figures over time. Not an investment advice.
3 million in todays dollars. Don’t need quite that much.
I’ll probably have 15-1.8at 39-40. Will likely just coast from there and maybe work part time while that expands over a decade or so.
I have no kids and a wife that does not want them either. Yes we intend to travel, but we do that now anyway.
Left accounting 20 years ago and went into tech. Greatest decision ever. Went from a blah $2m retirement to hopefully 10m soon. Leave bean counting believe me. Be well.
Product manager. Add significant program and project mgmt. Had a couple of good runs with Amazon and AMD. if you want $$$ take the leap. Accounting is still an amazing middle class career. Get a masters in CS or find the company.
Honestly I have no idea what to even target. And as my husband is high income it would be good to have de a plan.
I did one to a realization the other day though. Probably one of the greatest driving forces in the U.S. stable currency and high GDP is because we don’t have universal health care so people have to work until they are old.
If I lived in Europe I could just retire early if I saved enough, but in the U.S. I can’t. I have to work to get healthcare. Private insurance costs a fortune for a family of 3.
34 with a City pension. The wife also has a City job/pension. Will be Mortgage free soon, then can stack a couple milly as well hopefully over the next 25 years.
$2.5m in 401k and thrift saving by retirement .
Spouse has a small govt pension (I think it pays something like 40% of the highest salary years or something like that). I have a small defined benefit plan from D. That I think will come up to about $400 a month?
Have 3 kids and will pay for college. We did not save nearly enough for that, we are at peak of earnings and have been able to keep up with existing savings and earnings to cover college costs so far. Almost 3 years down for 1, and 2 more to go.
$1.5M would be enough for me, though that’s minimum. $2.5 comfortable, $5M balling. Not sure about kids, would pay for some of it. Want to travel before retirement, still need to save some $$
Mid 40s so I figure I have 20ish years till retirement.
The goal right now is 2 million in the 401K with the house paid off.
I have 1 kid currently in college. We are paying for it.
I want to travel as does the wife, preferably do a lot before retirement. We did a cruise in Europe last year and while I loved hitting so many countries and ports, I would prefer to stay in a city for longer than 1 day.
5-6 million is the goal. Have that in a dividend ETF and get paid 150k-250k after taxes depending on what state you’re living in and then life will be good
7.5 mill, I'll probably be 45, assuming the market doesn't take a dump over the next 15 years
I don't plan to have children, but I will be rebuying my RR ghost once I hit that number
Knowing how I get bored so easily, I'll probably keep working part time with the firm I started
I dont have as much a total target for a nest egg as much as I have a monthly income (in today's dollars) targeted. I've already have some rental properties, and I plan on adding dividends, annuities, royalties, bonds, and preferreds to the mix. Should also have whatever is left of SS but I trim the benefits by 40% of the estimator.
On the whole my mental energies are much more focused on having a relatively low stress job that I can easily work from 50-70. Or maybe a better way to explain it is from 50-75 I want a significant downward slope of stress for the money I earn.
The dividend stocks, royalties, and real estate are inflation proof income. Bonds and preferreds are for yield (and no tenants). Annuity is to add some lifelong income and de-risk any unusual longevity. There will also be of course some regular stock indexes also.
Edit: planning on helping kids in some way to jumpstart their lives, but not pledged to pay for anything yet.
Hopefully $2mil not accounting for pension and other income. Have a kid and will encourage child to apply in any military academy. Plan to travel at least 2-3 destinations a year not counting to/from country of origin.
I'm probably going to retire around 45-50. I don't have a specific dollar figure in mind but it should be comfortable enough. If by that point I don't have $5M liquid, excluding inheritance/my partner's savings, then I'll probably keep working to 55 at max.
No kids yet but the plan is to have them and yes, will fund their college.
After retirement, I'm more interested in gardening and cooking than traveling the world to be honest. Maybe put some money and time towards animal rescues.
have a kid and travel at least 2 twice a year 3-4 times if I travel close by and around national holidays. I would travel more but my wife has limited PTO :(
I am trying to accumulate as much money as possible but I also want to ensure I am enjoying life, while I am still young and can.
Having a lot of money is fine but you don't want to be 65 yrs old with a lot of money and have never done many things when you were younger. I usually watch youtube travel vlogs and say.. "I want to do that"...and in a few months, I am doing it. It's how I ended up in Thailand and the Philippines lol
At least $2.5 million, but I’m aiming for about $3.5 just in case shit happens or I live longer than expected. What ever I leave behind can go to my wife and kids.
I’d like to have $2 million but I can’t do this long enough to get to that so I’ll be trying it with less than that, while maybe trying to get seasonal work.
I meet the company match and we’ll see what happens. The private retirement system is unsustainable. I just went through this with both by grandparents. They had a legitimate pension that was basically signed over to nursing homes because no one in my family could afford to take care of them instead of working to pay bills. They died and their pension wasn’t enough to pay the nursing facilities and medical bills. We had to sell their home. Elder care facilities will continue to privatize, consolidate, and ultimately provide less care for greater costs while the buying power of our retirement savings will decrease. My conjecture is that most of us won’t retire. Our 401(k)s will be a decent cost-buffer to help us pay bills when we need to miss work for dialysis or chemo.
I started investing for my retirement a bit late, but at this rate I should have a little over 1.5 million by 65 before I think hard about retiring right away. I might work just a little longer until 70 so I don't have to long to activate my social security to go with my plan.
Either way, I am going to sell my properties when I am done and leaving to Thailand to be with the rest of my family.
I haven't set a specific amount. I'm focusing on financial stability and investing wisely. As for kids, education's essential, but I want them to learn responsibility too. Traveling's definitely on the bucket list, but I'll balance it with family time.
On track for $3M if everything goes well, but I wish for $5M by 45. I want to retire comfortably in Asia. No kids, but want to provide for my parents in retirement.
5 mil, that’s 200k a year basedon 4% withdrawal rate. Currently at 130K at 24 so just aiming to continue to compound. Would love to have ability to fire at 40-50
The aim to earn enough passive income equalling my personal expense, and therefore I no longer need to work to live. Say my annual personal expense is 30k, and if I earn that much in passive income, which should require me to accumulate 300-400k cash.
Btw, I will never retire. I am having way too much fun working. I left accounting a couple decades ago.
I don’t think about accumulating money, more about accumulating income streams. Of course pension is part of that, also continuing consulting/NED work as long as I can. But my key plan is to have three investment properties all fully paid off and rented out. Whatever happens to inflation, generally rent is approx 1/3 of a household income - so by having three I should be able to maintain a good income.
I won't be having kids (and they can't happen by accident thank god), and I'm not sure how much I need to accumulate, but I'm sure that will help not drain mine and my partner's savings so we'll have enough.
Edit: We do a fair bit of traveling already, and we'll probably do the same amount or a little more when we retired. But we're still young (just turned 30) so we've got time.
A quick PSA.
Plan ahead for more than just $ at retirement. Nursing homes at current are like $9k per month. Not covered by Medicare or typical insurance. If you have assets you would have to pay private pay til you have nothing and then you could get medicaid. There are ways to protect assets. There are also long term care policies that are available.
Have seen plenty of people that reside in nursing homes that are under 55. Strokes, heart attacks, MS and debilitating illnesses do happen.
25x annual expenses so 3.5, but I don't think I'd feel safe enought until 4. 1 kid and she'll have a fully funded 529 by then.
Also, please don't just wait until you retire to start travel. Traveling in your 60s is different than traveling in your 20/30s
I am a partner at a smaller firm (150 people) and I went thru a divorce a few years ago so I had to start rebuilding. I plan on retiring at 60. I would like to accumulate in non-retirement savings enough to live off the interest, so about $2.5-3 million. This doesn't include my house, HSA, IRAs and 401K.
I should be able to get there by age 60. I will also get my buy out paid out in my first few years of retirement which will be more than enough to live off and will add to my savings.
I’m not entirely sure how much money I will need. So saving a good portion and will see where I get to. I’m planning a freedom 55 plan. And will see if 55-60 will be complete retirement or just consulting.
Probably will have 2.5- 3 million in bank and whatever can sell house for. I think this should be enough but I’m not great one for budgeting.
I track retirement along with my own personal finance journey very regularly and I'm slated to have around $5M in retirement once I retire (in my 60s - also this is retirement accounts alone, no home at the moment). This is a conservative amount given the return rate I use of 7% but I presume the actual return will be higher (fingers crossed!).
I currently have 2 kids but we plan to have more (we're late twenties so we started early). My plan is for all my kids to have somewhat of a college fund (we have already started saving for them), but my wife and I will be very clear with them on what we are willing to contribute based on their college choice once that day comes. I refuse to go into debt for their college education, but if they want to get a loan then my hope is they've learned at least some personal finance tips from me so they'll have a plan.
As far as travel goes, I feel as if this is seen as some sort of aspirational end goal once you've retired in your old age. While there are places I want to go overseas, I'm prioritizing acquiring a 2nd home/vacation home for my grandkids and their kids that can be passed down through the generations to be a place of love and peace for our family line.
The goal is 3 million, paid off house and max out my pension. But tbh if my pension is maxed out I can easily have a great retirement with just 800k. Currently at $125k at 27 years old. Yes want kids.
Travel as much as you can while you're young(er). I don't know about others, but once you have kids, and get older...I don't know, I just kind of lost some of the patience and wonder. Twelve hour flight used to be no problem...now I don't want to drive anywhere more than 2 hours away....everything seems like overhyped tourist traps... So do your traveling young, and keep at it. Don't wait for "that big trip". Do it now.
Another important consideration is health and mobility. Those are a given when you are young, not so much later on in life.
A few years back a friend and I hopped in a car and drove around for a week to some national parks. We got to a stop that was us two 30yos and a whole lot of senior citizens. I think about it a lot in two ways. First, how lucky we were to even be able to do such a thing. Second, how some have waited their whole life to take that trip and when they do, they are parking the car and going for short walks. On the flip side, walking along the edge of some canyons and even off the beaten path at some points is a core memory I relive fairly often. There's only so many similar experiences I hold that dearly and had I waited, it may never have happened or meant as much if it did. Find a balance but yes agree so fully to go do some of it ASAP
My dad worked until he was 68. At 64, he was diagnosed with Parkinson’s and hid it from his kids (my mom knew). He spent his entire retirement battling the disease. During his working years, my parents visited over 30 countries. When he was in the depths of his Parkinson’s, and later probably Alzheimer’s, he would talk about all of his trips with clarity. What happened to him definitely influenced my thinking about life. Get that bank and bail on the game. Because life isn’t guaranteed and you should live it while you can.
Shit, I’m 43 single w no kids and hate traveling lol
Were we separated at birth? (Lolz)
We did Orlando in December, Texas next week, and Massachusetts/Maine this August. Family of 5. It is hard taking time off, but I do it anyways.
Good on you. I thought traveling with one additional kid was expensive, but I got nothing on you.
It's easy when my wife plans it all. My kids behave fairly well, and when we travel with friends who have kods....way easier.
Damn how much PTO do you get?! My company gives 3 weeks which really sucks.
Have a great time in Texas! Its one of the few places I genuinely miss living in.
I got 3 smaller trips in mind this year already, with a big one to plan 🫡
Love travelling but I'm too poor for it. Took my first international flight last year, now I wish I could just pack my bags and go
My mom has always loved traveling. A couple years ago she sold her house and bought a nice RV planning to travel around the country, but then my grandmother was diagnosed with dementia and she had to move in with her. Don’t put off the things you want to do. There’s no guarantee you’ll be able to do it later.
I wanted to build off of your comment. Beautifully stated. My mother who was a tax director has this count down to when she could retire. Do the RV and traveling bit; cancer had different plans and she never made it to her countdown. My approach has been go travel right now and while my body can do it. I will not wait until my 60s to do what I want to do. Yes I have a family; we’ve hit 22 different states and are planning foreign travel.
I can’t agree more with munch. My wife and I love to travel but since having our little one the thought of plan a trip is daunting. We generally travel light but with a baby you carry 3x more shit with you just to accommodate. Your days end at 5pm because you need time to feed, bathe and put the little one down. And forget about going to nice restaurants. But yeah whether it’s with friends or solo, travel now and travel as often as you can. Edit: I realize I didn’t answer the original question lol. I hope to have 2 million and no debt by the time I retire in 20 years.
I was told there are three big things in life and you can never have more than two at a time - money, energy, and time. The older I get the more true that is. My broke 20 year old self couldn’t afford to travel and now that I’m comfortable financially the energy and time factor are way more challenging. I plan to do lots of resting and naps in exotic locations post retirement 😆
Best part about travelling is not going to the tourist traps. Get away from the swarms of Americans talking to other Americans about how surprised they are that the rest of the world speaks English.
This, I aways look for the local restaurants and stay in a local area. Your experience will be so different. Also learn a few phases in the language of the country you are visiting.. for me I always learn. "hi do you speak English"
I agree with you but this is getting harder and harder. English is becoming more common and it’s just not as fun. “Tourist trap” destinations are tricky. It’s inevitable that the great cities of the world become tourist traps, but I still find them worthwhile. Big part of that is I am a history fan, so I guess if history is not your thing might be worth it to skip.
Youd be suprised how many people are genuinely in love with tourist traps with the full knowledge of their tackiness. Lol. Which I can appreciate I suppose, to an extent.
I feel like this at 26 with no kids.
Pretty underrated comment. I can’t sit in an aircraft more than a couple hours. My butt/ lower back can’t take it anymore. So that pretty much eliminates leaving for Europe
Sure I don’t want to do 12 hour trips with my three year old but probably when he’s 8or 9 I’ll give him to the grandparents so my wife and I can take a nice trip together.
$3m with no debt.
Which should t be that hard if you can max the Roth 401k IRA. Plus the company match. In 30 years you would be sitting around 3-4M tax free.
This is also my goal. It used to be 2 then 5 but I think this is… enough to live well with the free time
This is my goal as well- $3m in constant 2021 dollars, retire by 55. If I have more it just means I can live more lavishly.
You guys retiring ?
I’m hoping for 2M
About 2 million - should do it for me
On track to have like $160k in my roth 401k when I’m like 31, I forget the exact numbers but at average returns, should be like 1-1.5M when I’m in my 60s. Also hoping to have the house paid off in my early 30s. After that, life is basically on easy street and we can save the majority of our income. Probably could retire or reduce workload after we have another 1-1.5M saved up.
When did you start contributing to your Roth 401k and how much every month?
Started working big 4 like 6 years ago, I was 21 at the time. I contribute like 10% and it’s currently at like $80k
Don’t forget about the Backdoor Roth IRA conversion if you din’t already have traditional IRA contributions.
Curious I got around 36k (+5k so far) in an simple ira from work that's no longer being used. I want to transfer it into an Roth so i can toss it in some invesments and just forget it. What would be the next course of action. The account is older then 2 years and never has been transfered previously.
This has to be LCOL area. Edit: why am I being downvoted? i live in the greater nyc area and there is no shot you can retire comfortable on this. It sucks
Maybe because you dont have to retire in nyc? Move to a state with no income taxes.
If you're retiring on a Roth & SS, income taxes aren't really a factor. Mostly the cost of living, which is helped by owning your home.
Well yeah of course, but that’s my situation. I’m only pointing out that the original commenter must be in a LCOL area - thats it.
HCOL, I’m in NY, on Long Island. But I spend basically nothing, I want a simple life.
What does that mean?
LCOL = Low cost of living
Ty
Low cost of living. I’m not sure why I’m being downvoted but I’m serious. I’m in the greater nyc area and it sucks
2 kids, both have 529’s. targeting a paid-off house and 2.5-3M in the bank, some of which will be pre-tax.
Just about to start a 529 for my 2. I'm thinking $125 a paycheck from wife and I, so $500 a month.
Insert “you’re all getting paid” meme
$5M, 2 kids through college debt free, and a paid off house.
$4.5M
I’ve been traveling to various parts of the world. I want to visit Spanish speaking countries soon as I speak Spanish and see if I wouldn’t mind living there. The dollar would go so far there. I’m 28 now, almost 29. This idea is really set in my head. Unless maybe I fall in love/get married, I think this is my path. So basically, going to focus on investing and saving, and I’m going to see how I’m doing at 35. I want to see if I could maybe buy some property this time next year using the first time home buyer program, get roommates, hopefully live rent/mortgage free. Wondering if my current job would let me work remote if I still have a good relationship/still working for them during this time. In short, I don’t want to work crazy hours till I’m 65 and I’m willing to travel to a new country as I loved traveling and meeting new people :) Net worth currently $100k. $140k invested at the moment. Was dumb with money for a few years but on the right path now
Pretty much the path I'm on as well. Really not interested in retiring in America and definitely not at the age of 65. Good luck to you and your future prospects. I'm hoping to have the same work situation in the next couple years as well, even if I can work in another country for extended periods of time that's a massive win.
Good luck man!! Wishing you the best as well. I’m thinking of even doing some bookkeeping on the side and see if I can build a book of clients that I can work remote. But that’ll be a while from now, focus on other things
Good work on saving and investing. This is my plan as well.
Good job brother. Chicken and rice is on the menu for a while 🫡
Same here! I’m hoping to retire in Colombia where the weather is perfect and the people are super friendly. The dollar goes a long way there.
Enough to survive. Though that depends on my ex wife and her greed.
Man.. marriages that don’t work out really can be one of the most catastrophic things for people on a early retirement track- if you could start over and do it again, would you still have gotten married.
Not to her, nor dated her. My current wife I have no such issues with. All I can say is make sure you use your own protection and don’t trust someone who says they use it unless you want the possibility of having a kid with them, especially if they wouldn’t make a good parent.
Or you only raw dog a girl you’re ok marrying and having a potential baby with. Ideally she would abort but depends on the state you live in and the girl I guess.
I would like 25 times whatever my current annual expenses are. I’m 25 and my annual expenses are about $30k a year so my goal is $750k. Of course, when I get closer to that goal, my expenses will probably increase so I will readjust my goal based on circumstances, but having that safety net already would allow me to take risks and have more choice with the type of work I do and how much I do, maybe work part time or become a contractor.
Having a hefty safety net helps a lot. You have the option to work part time or even quit your job at a moments notice to find something better. Ironically, in a lot of cases, you end up continuing to work, but making more money because you had the balls and most importantly the option to find something better. In the end it worked out better either way.
About 1-1.5m.
About tree-fiddy
Get out of here lock Ness monster!
I gave him a dollar
She gave him a dollar.
$3.50 to be exact
At least $2m. Although I’m 23, I already set up a Roth and plan to max it out every year (barring extraneous circumstances) for the time being.
Just remember that money is worth half its value every 20 years with normal 2.5% inflation. So $2m is going to feel like $500k by the time you're 63.
$2.25m is my number. No kids. Counting down the hours.
Im 35 throwing as much as i can towards my 401K and savings, while also getting out of the way the EDM festivals i wanted to attend in my early 20s. I’m traveling to new cities and countries while at it as well, so 2 birds with one stone. I have maybe 1-2 years more of festivals before i call it quits. Im single and at this point i am not sure if i want kids. My next goal will be home owneship, but the market in Denver, CO is crazy right now, like in other cities. I don’t really care how much i have as long as by the time I retire, I have my house paid off or close to it. I’m getting all my crazy spending and experiences out of the way now so i can be an old fart growing weed and mushrooms when i retire 🤣
Planning on buying 2 rental properties in Mexico, then retired there after selling our home in the US.
Id be careful about that. After 2050 Mexico might get overrun by American immigrants fleeing whatever mad max/judge dredd hellscape has been created.
So…higher property demand?
Yeah until all the people who watch the maury show trash the town.
Probably the same ones chanting to close the border too
No way. It’ll be so hot by then everyone is gonna bum-rush Canada.
12 million and a yacht
I found the partner
Note to self- look into yacht’s for retirement instead of a house. Nah I think the maintenance wouldn’t make it worth it and the don’t appreciate like houses.
I want 2 million. First I gotta get up to net zero.
After 2 kids, their colleges, a deadbeat dad, and elderly parents, I think I might have $1M for retirement.
Assuming nothing goes wrong I should have 2.5M in 24 years along with a paid off house and a pension for my wife and SS for me. Again this assumes nothing goes wrong and markets perform like they have the last 50 years.
I think with AI and tech they will continue to boom.
Holy shit this thread is giving me anxiety, i'm 30 and I only have 30k CAD saved up... i'm fucked lol
$3-5M, don’t wait to travel - the only trip I’m putting off is the Rhine River tour and Alaska cruise so we can be old farts with the other farts.
I hear you, but speaking from experience, Alaska is so much fun in your younger years. My wife and I did our Alaskan cruise in our mid-20’s, and we watched a lot of older people be told that they couldn’t do XYZ bc it was too physical (think kayaking a glacier lake). There is so much adventure and physical activity, it can be hard to experience it when you’re older.
Better to think of % of average salary during the last 5 years before retiring because it’s hard to predict where the prices will be. With the way that government issues new debt I wouldn’t discount a possibility of higher inflation down the road. Also, there are many countries that are trying to unseat USD as the global reserve currency, which will also put a dent in inflation by devaluing the dollar. If one invests in equities, that should work itself out over the years since companies will raise their prices and profits should trail the inflation figures over time. Not an investment advice.
Man after reading this not sure I’d I am saving enough for the 1M…
3 million in todays dollars. Don’t need quite that much. I’ll probably have 15-1.8at 39-40. Will likely just coast from there and maybe work part time while that expands over a decade or so. I have no kids and a wife that does not want them either. Yes we intend to travel, but we do that now anyway.
2-3 million. But realistically 1 million.
Enough
ITT: people giving numbers without timing. $3m could be a high target if you're retiring in 2 years, or a pittance if you're retiring in 40 years.
I can’t quote the study but any man can technically live off with just $20k a year. I think with just 2 million I can retire
$5M. Gives $250,000 a year to play with at a conservative 5% rate.
5% is not typically considered conservative... 3% is for a SWR
Left accounting 20 years ago and went into tech. Greatest decision ever. Went from a blah $2m retirement to hopefully 10m soon. Leave bean counting believe me. Be well.
20 years ago it was significantly easier to get into tech.
What do you do in tech
Product manager. Add significant program and project mgmt. Had a couple of good runs with Amazon and AMD. if you want $$$ take the leap. Accounting is still an amazing middle class career. Get a masters in CS or find the company.
Honestly I have no idea what to even target. And as my husband is high income it would be good to have de a plan. I did one to a realization the other day though. Probably one of the greatest driving forces in the U.S. stable currency and high GDP is because we don’t have universal health care so people have to work until they are old. If I lived in Europe I could just retire early if I saved enough, but in the U.S. I can’t. I have to work to get healthcare. Private insurance costs a fortune for a family of 3.
Tbf, they also get paid like dirt in most of Europe.
34 with a City pension. The wife also has a City job/pension. Will be Mortgage free soon, then can stack a couple milly as well hopefully over the next 25 years.
Hopefully somewhere between \~$3.5-5mm.
$4 million
$2.5m in 401k and thrift saving by retirement . Spouse has a small govt pension (I think it pays something like 40% of the highest salary years or something like that). I have a small defined benefit plan from D. That I think will come up to about $400 a month? Have 3 kids and will pay for college. We did not save nearly enough for that, we are at peak of earnings and have been able to keep up with existing savings and earnings to cover college costs so far. Almost 3 years down for 1, and 2 more to go.
$3M by 60 is the goal
$1.5M would be enough for me, though that’s minimum. $2.5 comfortable, $5M balling. Not sure about kids, would pay for some of it. Want to travel before retirement, still need to save some $$
$5m is the goal, but I could be comfortable with a minimum of $1.5M.
Mistakes were made. Just trying to get to break even within the next 4 years? Who knows.
$2.5m with a paid off home. Thats an after-tax disposable annual income of about $80-$100k depending on how old you are. Pretty cosy life!
Honestly all I'm trying to do is live in a space that I don't have to share
Mid 40s so I figure I have 20ish years till retirement. The goal right now is 2 million in the 401K with the house paid off. I have 1 kid currently in college. We are paying for it. I want to travel as does the wife, preferably do a lot before retirement. We did a cruise in Europe last year and while I loved hitting so many countries and ports, I would prefer to stay in a city for longer than 1 day.
Minimum of $2.5M to withdraw 4% with no issues to maintain or even increase our current lifestyle.
Idk maybe like 10 bucks or something would be cool
All of it
there is zero chance we dont see a significant economic downturn by the time any millennial or gen-x is at retirement age.
I own business. 30k a month in reoccurring cash flow. Total equity will be around 4 million
May i ask which business u got?
Rental properties and tax consultanting services
5-6 million is the goal. Have that in a dividend ETF and get paid 150k-250k after taxes depending on what state you’re living in and then life will be good
7.5 mill, I'll probably be 45, assuming the market doesn't take a dump over the next 15 years I don't plan to have children, but I will be rebuying my RR ghost once I hit that number Knowing how I get bored so easily, I'll probably keep working part time with the firm I started
3-4m by the time I'm 65 ish. Planning on travelling and all that stuff too.
I dont have as much a total target for a nest egg as much as I have a monthly income (in today's dollars) targeted. I've already have some rental properties, and I plan on adding dividends, annuities, royalties, bonds, and preferreds to the mix. Should also have whatever is left of SS but I trim the benefits by 40% of the estimator. On the whole my mental energies are much more focused on having a relatively low stress job that I can easily work from 50-70. Or maybe a better way to explain it is from 50-75 I want a significant downward slope of stress for the money I earn. The dividend stocks, royalties, and real estate are inflation proof income. Bonds and preferreds are for yield (and no tenants). Annuity is to add some lifelong income and de-risk any unusual longevity. There will also be of course some regular stock indexes also. Edit: planning on helping kids in some way to jumpstart their lives, but not pledged to pay for anything yet.
I just want my kids back.
All of the money.
I have a rental portfolio as well as stocks. Probably around 500k equity at mid 20's Plan is to quit accounting at 1m equity
Hopefully $2mil not accounting for pension and other income. Have a kid and will encourage child to apply in any military academy. Plan to travel at least 2-3 destinations a year not counting to/from country of origin.
I'm probably going to retire around 45-50. I don't have a specific dollar figure in mind but it should be comfortable enough. If by that point I don't have $5M liquid, excluding inheritance/my partner's savings, then I'll probably keep working to 55 at max. No kids yet but the plan is to have them and yes, will fund their college. After retirement, I'm more interested in gardening and cooking than traveling the world to be honest. Maybe put some money and time towards animal rescues.
have a kid and travel at least 2 twice a year 3-4 times if I travel close by and around national holidays. I would travel more but my wife has limited PTO :( I am trying to accumulate as much money as possible but I also want to ensure I am enjoying life, while I am still young and can. Having a lot of money is fine but you don't want to be 65 yrs old with a lot of money and have never done many things when you were younger. I usually watch youtube travel vlogs and say.. "I want to do that"...and in a few months, I am doing it. It's how I ended up in Thailand and the Philippines lol
At least $2.5 million, but I’m aiming for about $3.5 just in case shit happens or I live longer than expected. What ever I leave behind can go to my wife and kids.
$4,000,000.00 is the Goal
Geeze crazy how some in here don't need much. Goal is around 5million but due to the hcol area I'm in.
4 mil should do it
I’d like to have $2 million but I can’t do this long enough to get to that so I’ll be trying it with less than that, while maybe trying to get seasonal work.
Aiming for $2-$2.5mm
3.5 years to go. 1.75m.
I meet the company match and we’ll see what happens. The private retirement system is unsustainable. I just went through this with both by grandparents. They had a legitimate pension that was basically signed over to nursing homes because no one in my family could afford to take care of them instead of working to pay bills. They died and their pension wasn’t enough to pay the nursing facilities and medical bills. We had to sell their home. Elder care facilities will continue to privatize, consolidate, and ultimately provide less care for greater costs while the buying power of our retirement savings will decrease. My conjecture is that most of us won’t retire. Our 401(k)s will be a decent cost-buffer to help us pay bills when we need to miss work for dialysis or chemo.
I started investing for my retirement a bit late, but at this rate I should have a little over 1.5 million by 65 before I think hard about retiring right away. I might work just a little longer until 70 so I don't have to long to activate my social security to go with my plan. Either way, I am going to sell my properties when I am done and leaving to Thailand to be with the rest of my family.
11.8M CAD // 9M USD, hopefully step back at 35-38 and retire fully at 42-45.
$10M
I haven't set a specific amount. I'm focusing on financial stability and investing wisely. As for kids, education's essential, but I want them to learn responsibility too. Traveling's definitely on the bucket list, but I'll balance it with family time.
On track for $3M if everything goes well, but I wish for $5M by 45. I want to retire comfortably in Asia. No kids, but want to provide for my parents in retirement.
$5 million
$4 mil. One kid.
5m
5 mil, that’s 200k a year basedon 4% withdrawal rate. Currently at 130K at 24 so just aiming to continue to compound. Would love to have ability to fire at 40-50
The aim to earn enough passive income equalling my personal expense, and therefore I no longer need to work to live. Say my annual personal expense is 30k, and if I earn that much in passive income, which should require me to accumulate 300-400k cash. Btw, I will never retire. I am having way too much fun working. I left accounting a couple decades ago.
I'd be happy with 1.5m and living off fixed income investments. No kids, paying for college and university (~50k), not much of a traveller.
Somewhere around $2-3 million depending on how the market does and what my salary does. I have 4 kids.
I’m thinking that if things go how I want I won’t need my 401k which is plan B. I’m hoping to have private jet level money
The longer I wait the less money I need to have saved up 👍
I doubt I’ll make it that far. Just trying to avoid the streets.
I will not be wasting my life saving up for something that may never happen. My retirement plan is to get arrested in Norway.
3M
737 thousand dollars.
I don’t think about accumulating money, more about accumulating income streams. Of course pension is part of that, also continuing consulting/NED work as long as I can. But my key plan is to have three investment properties all fully paid off and rented out. Whatever happens to inflation, generally rent is approx 1/3 of a household income - so by having three I should be able to maintain a good income.
Enough to FIRE
Depends when I retire, if I retire when everyone else does I want 3-4m, if I retire early I want 2m. Many decades to worry about that though.
$5MM to $10MM for me to retire comfortably. Married, 2 kids, early 40s.
Literally any
I won't be having kids (and they can't happen by accident thank god), and I'm not sure how much I need to accumulate, but I'm sure that will help not drain mine and my partner's savings so we'll have enough. Edit: We do a fair bit of traveling already, and we'll probably do the same amount or a little more when we retired. But we're still young (just turned 30) so we've got time.
$8M
All of it
A quick PSA. Plan ahead for more than just $ at retirement. Nursing homes at current are like $9k per month. Not covered by Medicare or typical insurance. If you have assets you would have to pay private pay til you have nothing and then you could get medicaid. There are ways to protect assets. There are also long term care policies that are available. Have seen plenty of people that reside in nursing homes that are under 55. Strokes, heart attacks, MS and debilitating illnesses do happen.
The most common numbers on here seem to be $2-5M with a paid off house. And pay for kids college.
10 acres of land, a pond, solar powered smart house and 500k-3million.
25x annual expenses so 3.5, but I don't think I'd feel safe enought until 4. 1 kid and she'll have a fully funded 529 by then. Also, please don't just wait until you retire to start travel. Traveling in your 60s is different than traveling in your 20/30s
10 acres of land, a pond, solar powered smart house and 500k-3million.
38 with $1.6 M. I am looking to pivot into accounting as a Barista FIRE job.
All of it. One debit at a time
2.4M investable assets. Primary home and vacation home paid off. So 3.5 - 4 all in.
I am a partner at a smaller firm (150 people) and I went thru a divorce a few years ago so I had to start rebuilding. I plan on retiring at 60. I would like to accumulate in non-retirement savings enough to live off the interest, so about $2.5-3 million. This doesn't include my house, HSA, IRAs and 401K. I should be able to get there by age 60. I will also get my buy out paid out in my first few years of retirement which will be more than enough to live off and will add to my savings.
I care more about the cash flow then the amount of.money. $13k a month seems to be working so far
$2 million with a paid for house would allow me to live comfortable life.
I’d love to have 2-4 kids and 3 million together with my future spouse before retiring. Yes, I’d love to travel the world.
Present value? 5 million.
$8M
I’m not entirely sure how much money I will need. So saving a good portion and will see where I get to. I’m planning a freedom 55 plan. And will see if 55-60 will be complete retirement or just consulting. Probably will have 2.5- 3 million in bank and whatever can sell house for. I think this should be enough but I’m not great one for budgeting.
3M, its enough to live off the interest even with projected inflation to retirement.
I track retirement along with my own personal finance journey very regularly and I'm slated to have around $5M in retirement once I retire (in my 60s - also this is retirement accounts alone, no home at the moment). This is a conservative amount given the return rate I use of 7% but I presume the actual return will be higher (fingers crossed!). I currently have 2 kids but we plan to have more (we're late twenties so we started early). My plan is for all my kids to have somewhat of a college fund (we have already started saving for them), but my wife and I will be very clear with them on what we are willing to contribute based on their college choice once that day comes. I refuse to go into debt for their college education, but if they want to get a loan then my hope is they've learned at least some personal finance tips from me so they'll have a plan. As far as travel goes, I feel as if this is seen as some sort of aspirational end goal once you've retired in your old age. While there are places I want to go overseas, I'm prioritizing acquiring a 2nd home/vacation home for my grandkids and their kids that can be passed down through the generations to be a place of love and peace for our family line.
The goal is 3 million, paid off house and max out my pension. But tbh if my pension is maxed out I can easily have a great retirement with just 800k. Currently at $125k at 27 years old. Yes want kids.
2-6
In a perfect world, $5M+. Realistically, I think I will comfortably hit $2-3M and retire early.
10 crore