- Feb 21, 2005
Ours is more an age than a number, maybe a combination of both, I guess. DH will reach minimum retirement age at 57. I think we will be more than good to go at that time, even with us drastically cutting our 401k contributions this year (and for the next 7 years) while we pay for college. DH is not quite on board yet. He would like to get to 62. At 62 his pension would be 46.2% of his high 3 salary, at 57 it will only be 37% (actually 10% less than those for survivor benefit). So a significant difference, but I am thinking we won't need the extra. DH is even worried about ending at 62. He is worried about being bored. But the more I talk about it, the more he seems to be coming around to the idea. At this time, I have been "retired" for 16 years, but am thinking I will find some part time work soon and we will see if that changes any numbers. Maybe we will get used to having more money and will want more in retirement. I like to use the Firecalc and go backwards almost. I put in what we have currently and what DH pension will likely be and see how much we can spend per year. Right now the low number we can spend is about 30k more than we are currently spending, so I think we are good. That was with us living to 95 and the constant spend formula. If you put in the declining spend formula, which is probably more likely, we could start off with spending 60k more than we are now and gradually decrease that. Both of those I put zero in for SS, so will be even more than that. Of course anything with his pension can change with the stroke of a pen.Hey - glad to see we both are at $2MM. (sorry I use the 2 M's due working in finance, haha).
Do other folks have a number in mind or an age in mind or what is your goal/focus? I know there are people who chase FIRE with no goal (I'll get there when I get there) but then there are others who are intensely focused on a number of metrics(Savings Rate, $2MM, control expenses, ahhhh!), and of course some people in between those two extremes.
I think I started on the intense side and have since moved back towards the no goal side a bit more, lol.
And I hate to say it, and certainly hope it doesn't happen to us, but a number of friends and family are recently getting a divorce they never foresaw coming, so that is also in back of my mind as never plan things to the T because things can and will change.