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Goal is 65 and my contribution rate is set super conservative to make that happen. I include extra savings to accommodate likelihood that social security gets cut back. At last update (so before this last week), I was right on track to retire at 65 with 100% income replacement. But I'll add that maintaining that rate has been a challenge with inflation.
Smart!
I did enjoy having a 401K account regardless of if there was matching or not although I was never conservative plus it never hurts to have stocks with an Employment Payment Plan if a company offers it.
Pro
85ish lol
That's a good question. I used to think I could retire in my 50s, but with the cost of living always going up I'm not so sure about that. I wouldn't want to retire and be in a position of outliving my money, which I've seen happen with some elderly relatives. So I'll probably keep working as long as the economy will let me.
That is true, some people have to return to the workforce as things happen and they find out they did not have enough saved for retirement.
Honestly, and I do hope things change; I don't see that retiring at 65 with $1 Million Dollars in savings and investments is going to be enough to live the rest of our days on.
So I’m 65 and working. I thought maybe 70. But with inflation the way it is, Never looks like the real thing.
Many people over 65 sadly end up either returning to work or the never actually retire.
In my late 50s
My goal is to retire from corporate work at 60-62
You do realize that the retirement age will be going up shortly and that also means so will the age you can retire and get partial benefits as right now it is 62?
Nice goal though and I do hope you are saving for it not only in a retirement account but also in an interest paying checking and savings account along with stocks, bonds, mutual funds, CDs.
Retire????
I'm 55 and I feel like I have another good 20 years of productivity working FT and then I will find something Part Time. Nope no retirement plans here.
Even if I came into a couple billion dollars I do not think I would retire as working is in my blood.
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