2006-09-19 15:20:43 · 16 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
I'm targeting age 50. I'm in my early 30's and I've been stuffing money into 401k's and Roth IRA's like a squirrel gathering nuts before winter...
...I'd rather do without now when I'm young than do without when I'm old...
2006-09-19 15:30:30 · answer #1 · answered by The ~Muffin~ Man 6 · 1⤊ 0⤋
Retirement has different meanings. If you mean stop working altogether, then you can retire as soon as you have enough money to support yourself for the rest of your life...If you mean change jobs, then again it's when you have the money or skills to move into something new. What I did was work for 4 years, save my money, then I'd retire for a year; work another 4, retire...If you have a large 401K program, you can retire at 58. If you only have SS, you must wait until 62. Since everyone gets bored doing nothing, you'll still need something to do and the money to do it with.
2006-09-19 22:32:48 · answer #2 · answered by Pandak 5 · 0⤊ 0⤋
You retire the day work becomes optional. Every day after that you are not working because you have to but because you want to and that will completely change your perspective. For some people that is 45 and others it is 85. You never retire simply because you want to without knowing your long-term financial situation. It is too tough to go back.
2006-09-19 23:35:12 · answer #3 · answered by simi-guy 2 · 0⤊ 0⤋
Don't retire until you can collect your social security.
Also, if you have a job with very good pay, keep on working
past this time as so many seniors quit a good paying job and
then return to the workforce part-time with a minimum wage
job (Walmart greeter, driving cars for an auto dealer etc.) as
they become either bored not working or their money runs
short.
2006-09-19 22:30:43 · answer #4 · answered by Anonymous · 0⤊ 0⤋
As soon as you have enough money in your investment accounts to cover you for the rest of your life. Then you can "retire" and do anything else you want. That magic number is different for every person out there.
2006-09-20 00:17:26 · answer #5 · answered by troythom 4 · 0⤊ 0⤋
Depends on your philosophy to some extent. To us, it will be when we have enough assets and future income streams (pensions, social security, etc) to feel very comfortable that we can maintain at least 70% (prefer more) of our current income AND that we feel we either have decent medical coverage for life or can affort to pay for same even though it will go up a lot in cost over the decades (count on that happening).
If you accumulate funds, as you get older eventually your funds divided by life expectancy should make it make sense.
A lot of other factors in there too, other family to support (we don't have kids), any ongoing health expenses, and so on.
2006-09-19 23:46:51 · answer #6 · answered by larry n 4 · 0⤊ 0⤋
55
2006-09-19 22:41:38 · answer #7 · answered by Kitty 6 · 0⤊ 0⤋
I don't think I could retire, going to work gives me something to do.
2006-09-19 22:27:48 · answer #8 · answered by klairyker 2 · 0⤊ 0⤋
Whe you know that you have a nice amount of money for your retirement checks.
2006-09-19 22:28:57 · answer #9 · answered by J. Rej 2 · 0⤊ 0⤋
60 ....if you are an aussie, your super is going to be tax free from 1/7/2007
2006-09-19 22:28:10 · answer #10 · answered by Peter_F 3 · 0⤊ 0⤋