How Much?

[Debt Vigilante]

How much do you want to have saved by the time you retire?

How old do you want to be?

[jIM_Ohio]

25X my expenses at time I retire will be average
20X expenses is living on the edge
33X expenses means the money lasts forever

25X represents a 4% starting withdraw (so 40k of expenses is $1 M saved and 4% is taken as initial withdraw)
20X represents a 5% initial withdraw rate (so 40k of expenses is $800k saved and 5% is taken as initial withdraw)
33X represents a 3.3% starting withdraw rate (SWR) so 40k of expenses is $1.32 M saved and 3.3% is taken as initial withdraw

The day I hit 25X expenses in my portfolio I send in my two weeks notice.

[disneysteve]

I want to retire as soon as possible. I'm shooting for 62 but I certainly wouldn't complain about 60 or 59 or 47. As Jim said, when the money is there, I will retire and not a day later.

[EconoMutt]

62 no matter what.

[disneysteve]

62 no matter what.

Actually, I will probably do the same. If I don't have my retirement fully funded at that point, I will likely still hang up the full time job and just do part-time stuff on my schedule to make up the difference. I may even make that change before 62 depending on how large the gap would be between what we have and what we need.

[EconoMutt]

Actually, I will probably do the same. If I don't have my retirement fully funded at that point, I will likely still hang up the full time job and just do part-time stuff on my schedule to make up the difference. I may even make that change before 62 depending on how large the gap would be between what we have and what we need.

I'm not ruling out a part time job or picking up odd jobs.
Unless I can get a guarantee that I'm going to live to 100, I'm definitely hanging up the full time job at 62.

[bjl584]

Depends what I'm doing at the time that I have the ability to retire. If I'm working at a job that I'm passionate about, and if there is an option to do it part time, then I may consider working longer or partially retiring.

[Debt Vigilante]

I guess I just look at my parents who are GREAT people, but made some bad business decisions early in life and will work the rest of their lives because of their lack of retirement. They will literally work until they die. I want to be able to see some things and enjoy the end of my life before I get too old.

[Ima saver]

I retired at 45 but dh is still working. I can not imagine him not working, he is a workaholic!

[snshijuptr]

My husband and I want to work until our children graduate college then move to part time work within a couple years. From there we will work until we are tired of it. Of course we still don't have kids...so probably around age 55 we move to part time. My goal is to save as much as possible now and figure out a better budget after we buy a house and I get a real job.

[Snodog]

As soon as I can get FireCalc to give me 100% success rate is when I give my 2 weeks notice. And I won't let the door hit me on the way out!

[jIM_Ohio]

As soon as I can get FireCalc to give me 100% success rate is when I give my 2 weeks notice. And I won't let the door hit me on the way out!

LOL anything above an 80% success rate is wasted

[srblanco7]

Shooting (planning) for 59. I'll be 59 when my son graduates from college, and I'd like to retire or go part-time at that point.

[Snodog]

LOL anything above an 80% success rate is wasted

That I cannot agree with.

[jIM_Ohio]

That I cannot agree with.

Its on the firecalc boards that anything above 80% is probably wasted. Something like 20 years of every century have a major economic event which cannot be planned for (civil war, great depression) so anything above 80% is wasted planning.