My investment strategy is quite simple: I have a Boglehead-style portfolio in my 401(k) where I send my (now) $27k annual contribution. Occasionally, I adjust my monthly contribution, like I did when the markets tanked in 2020, but most of the time, it is 1/12th on autopilot. Outside of 401(k), we follow Buffett’s strategy: invest in what you use, know, and understand. 
We still have ways to go until we will have to worry about RMDs.
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I need a retirement thread that is NOT so intricately about finances. (seriously!!!)
But that IS the gist of this thread as intended - how much do you thing you need to retire!
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Anyone else trying to FIRE or FatFIRE? This group seems to skew on the older side, so just wondering. I’ve just started reading FIRE subreddits and am feeling poor and old (just kidding).
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No FIRE for us unless we get fired from our jobs. Lol. If you read those reddits, you will definitely feel poor. Because like with fishing, no one talks about the fishes that got away, only about those they have caught, with a slight exaggeration of the size. Lol. The only folks successfully FIRE-ed are those who made serious $$ on their stock options or RE bought at the right time, have a lucrative blogging side hustle, or any combination of the above. I don’t see how an average Joe can do that. I don’t have a blog or $8M in the bank, and I do not want to live in a van, eat oatmeal 3x a day, and shop for clothes at garage sales only. Yea, I’m old. Lol.
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I never wanted to get too far down the FIRE road, mainly because I’m a contrarian by nature so don’t like going too far down any road. My FA, for instance, told me, “Oh, you’re one of those Dave Ramsay types.” Uh, no! I listened to him occasionally back when I was driving to work out at 5:30 a.m. so knew enough about him that she was not complimenting me. 
She was correct that I’m not a high-roller, but, yes, I do have credit cards, thank you very much.
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LOL
I did read that post and it does outline my conservative feelings, which are fun to integrate with my risk taker DH. Mainly, I tell him do NOT buy the high, do NOT sell the low, other than that, keep out of the market 5 years of needs plus a bit to buy in a low, then play however you want. I feel safe, he feels in the market.
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A less exaggerated form was described in The Millionaire Next Door, where many of the profiled millionaires next door probably had much lower incomes than those complaining about not getting college financial aid on what they call “middle class” incomes.
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@abasket, what other aspects of retirement are you thinking about?
I can see a couple of areas:
- How should I spend my time now that I’m not working? I have thoughts about this.
- How do I prepare for the point at which my (or my spouse’s) physical or cognitive functioning is significantly diminished?
I think we have talked about the latter periodically, often with regards to the finances (LTC insurance, etc.). I don’t believe we have talked about the latter.
Not I. Im on the older side so no longer can retire early. More importantly, I love what I do so I would not have wanted to retire early. I will slow down rather than retire until physical/cognitive limitations prevent my work.
Part of my plan involves spending an increasing amount of time on projects to help the world. Just became a part of one today. Audacious and my skill set may really help. I look forward to using my skills/knowledge to make the world a better place as the retirement part of my life.
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Oh, I’m sure there have been threads on many aspects of retirement. I think I started at least one - on the adjustments to not working or being home with a spouse.
I’ll be honest, I often feel that if the general population read this thread yes they might be helped but overall they would be afraid to NEVER retire because they will never have the funds for all the “what ifs”. Normal America is NOT CC.
I have largely seen retirement as a negative. Getting old as a negative. Acting old as a REAL negative! But I also do want the opportunity to NOT work and to enjoy life without work constraints - at least the constraints of full time work - so I know I have to dip my feet in the pool and learn a bit about how people live in retirement outside of finances.
Between finances and health care, retirement can be one big hell hole.
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I retired 10 years ago….and I don’t agree with this at all. Retirement is a huge positive. I loved my job, but wanted to leave while I still loved it and was held in decently high regard.
I now have time to do things I really want to do. I’m busier now than when I was working…if I want to be. Or I can say no, because I’m a volunteer. I love the flexibility. And the freedom to choose from day to day.
I thought about this a lot before I actually retired, so I had some ideas of things I wanted to do….and I’m doing them.
I’ll be a little happier when travel and visiting people becomes a little easier again as I miss that part of my retirement life.
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I hope to get there! I am not.
I am so happy for those who can make those decisions at 50, 60, 65 or whatever. It is not possible for everyone. It is not also where everyone is mentally.
I also applaud those who enjoy work, and who still manage to visit people, travel and do activities that they like. I am largely there. I don’t expect to travel a lot ever. It just won’t be in the cards for me. Some yes, lots of travel, no.
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I don’t think any of us can convince you but rather I challenge you to figure out why you feel the way you do.
Retirement doesn’t have to be the end of anything but the start of something that only you are in control of. So many people retire and embrace their new life.
Some people started to hate their jobs, some people feel that the job has gone to a place that they no longer feel a part of. The new corporate culture is very different than the one we entered the work force in. It’s an on line, 24 hour, being in contact all the time world now. Making sure your cell phone is on. And some people need to get off that.
But I think it’s easier if you have a job you like, coworkers you enjoy and the job is still challenging but rewarding. My bil has a job like that and he isn’t planning on retirement for a while. He still loves what he does.
But there are new challenges and new adventures ahead in retirement. If you want. It’s up to every person to make their way.
It sounds to me that you might equate retirement with the slowing down, watching tv and living a life you don’t want. Being bored. But it’s up to every person to make the most of what they have. And having enough money to do what you want is a very powerful thing. Not all the money but enough for you.
Also January in the north isn’t conducive to thinking of all the things to do either. I know that’s why so many of my retiree friends are now somewhere warm. Having a great time!
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I met a lovely retired couple on my vacation this week. They are 79 and 80 former teachers - one high school and one college. They both retired by 60 and have been traveling the world for 6 months each year since. Both are in great health and still active. They are living my retirement dream.
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I have always been amazed that people who live in the northern part of the country often times effectively hibernate for 3+ months a year. I love the change of seasons. Winter is probably my second favorite season (very close second to fall). I think there are alot of things to do in the winter. Walks, ski, sled/toboggan, hike, etc. My mother never did any of those things. And my dad in his late 80s doesn’t now either. But he did most of them through his early/mid 80s. Definitely not for everyone though.
Teachers are often ones who can retire early. Guaranteed income and medical coverage before Medicare can go a long way. We met a couple on a trip to Italy a couple years ago. She was a newly retired teacher and he was a farmer who sold his land to developers. Both were same age as my wife and me. They were traveling with her parents who were also retired teachers.
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LOL. We retired last year and are moving to a city known for long,cold winters! We don’t mind winter but we still plan to travel to a few locations when it seems it is getting too long/too cold. We have invitations from friends in FL and NC as well as cousins in TX. And S is in SoCal. We would actually be miserable in a place that was hot (especially if humid) for months on end.
I tell the doubters that “anyone can retire somewhere warm and sit on the lanai with a margarita. Only a bad*** can retire to (our new city)”.
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All your words and points taken and in consideration. 
.
And some of it is true to how I think. And feel.
There are many things in play.
I’m sure I’m not alone in wanting not to end that middle age stage of life. And for many reasons really fearing the next stage.
And this thread stresses me out about the money part! Which is why I usually stay off it! 
My problem of course to deal with! 
Back to your money talk!! 
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I also enjoy winter in the north. It probably helps that I have lived here all my life, get sunburned incredibly easily, and would rather add clothing than sweat. I have a warm coat & long underwear, and I’m not afraid to use ‘em. I can no longer ski due to fear of fracture, but I still enjoy being outside in the winter. I take my GD outside whenever it’s safe for her (she’s only a year old, so we can’t go out when the wind chill is 15 or less).
I haven’t entirely settled into what my retirement life will be. I thought I would get another job around the time the pandemic hit, then my in laws needed a lot of help. After that, my D had a baby. I am watching GD every other day, which I will probably do until September. At that point, I will watch her one day a week. So I have kind of put off feeling “retired” for now. The pandemic has put a crimp on a lot of things, so once we feel like things are safer, we’ll probably have a lot of fun catching up.
Eventually, I will have a bit more unfilled time, and I am sure something will come up to fill it. I sometimes think I might want to do some sort of remote work, but then I realize that I truly detest a lot of things that working involves. I used to volunteer a lot when the kids were young, so I’ll probably volunteer. There are a lot of things that interest me. In the meantime, I do a lot of crossword puzzles and similar brain work, exercise a lot, try new recipes (although I’m not much of a cook), watch some tv (won’t pretend I don’t like to do that), read, and keep the house cleaner than I was able to accomplish when I was working.
All in all, I think being retired is pretty cool. If I change my mind at any time, I imagine I could find a paying job of some sort. I don’t anticipate that, but I am open to whatever presents itself in my life.
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Don’t compare your financial situation to anyone else. Determine your financial needs and if necessary, enlist a professional to help you determine if you are on track. Don’t feel pressured to stop working until you are ready … but if being ready to stop working is on the foreseeable horizon, make sure you have a workable plan. You don’t need anything more than YOU need. I remember when my good friend worried that they wouldn’t be able to afford retirement when her H stopped working. I had a good idea of their financial picture because he was a VP at the large company where my H worked. I guess most people worry.
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Given the state of personal finances in the US, it would not be surprising if, using the scenarios described in post #2933 above, a very large portion of Americans will retire into a state of dependency (on relatives, charity, and/or the government). Making to the marginal capitalist state (saved assets will be depleted, but probably not before one dies – i.e. not being a burden on others) would be an optimistic scenario for them.