Early retirement?

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qwerty said:
55 is the plan for me.
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Hmmmn!!! :'(  My plan is to buy a house that I like in Irvine  before I turn 55, probably with an I/O loan.  But guess after 10 years I can sell it for a huge profit and move somewhere else to retire. ;D
 
how do you know if it is the right time to retire?  When you have 100K, 1 million or 10 million dollars in bank account?  or when you pass 55?  Or vote for a president that will lower the social security requirement?  :)
 
Early retirement is my plan for Mr. SoCal. But it is not his plan for himself. I've encountered a "problem" which I did not foresee. He actually likes his work. He finds it meaningful. He does not want to stop even if he can. (WTF?) His work plays an instrumental role in protecting our nation. Due to his skills and experience, he is not an easily-replaced person. I do understand and respect that. He has an important job to do. I get it. Sometimes I do feel like I play second fiddle to his work (gulp.) I don't think he loves his job more than me. But I do think for men, it is MUCH more difficult for them to hang up their hat than it is for a woman. For many men, their identity is so closely tied to "what they do" rather than who they are. It can be a pride issue. I've known many men who sank into a deep depression once they retired because they "lost" their "identity". Not all do. But many. Will I let him work forever & draw his last breath at his desk? I dunno about that. I don't think so.  ??? From what I hear from men who enjoy retirement -- the key is staying active! You can't stop living. You have to get out of bed, get dressed, and go enjoy life.
 
What are y'all's plans after early retirement. Our parents haven't retired yet. Mainly bc they're afraid of boredom. They have friends who have and it seems many went back to work on a part time or contract basis just to 'have a purpose'.
 
The California Court Company said:
according to Fidelity, minimum 8x your salary (per person) when you retire, or 12x to be safe. Wife and I are currently 4x. if no wife I am already 8x and ready to retire.

but we are still in early 30's so we should be ok.

Age x Salary
25 0x
30 0.5x
35 1x
40 2x
45 3x
50 4x
55 5x
60 6x
67 8x
http://www.bankrate.com/financing/retirement/retirement-savings-yardstick/
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so, if i make 100K salary a year, that means i need 800K - 1.2 mil to retire?  does this include real estate?
 
yaliu07 said:
The California Court Company said:
according to Fidelity, minimum 8x your salary (per person) when you retire, or 12x to be safe. Wife and I are currently 4x. if no wife I am already 8x and ready to retire.

but we are still in early 30's so we should be ok.

Age x Salary
25 0x
30 0.5x
35 1x
40 2x
45 3x
50 4x
55 5x
60 6x
67 8x
http://www.bankrate.com/financing/retirement/retirement-savings-yardstick/
Click to expand...

so, if i make 100K salary a year, that means i need 800K - 1.2 mil to retire?  does this include real estate?
Click to expand...

Most of these types of ratios doesn't include your primary residence. Prob bc you need to live somewhere working or retired. Unless you are at the Yaliu cemetary of course :)
 
I take it as net worth. total asset minus total liability.
So net worth + SS + inheritance to live when you retire

yaliu07 said:
The California Court Company said:
according to Fidelity, minimum 8x your salary (per person) when you retire, or 12x to be safe. Wife and I are currently 4x. if no wife I am already 8x and ready to retire.

but we are still in early 30's so we should be ok.

Age x Salary
25 0x
30 0.5x
35 1x
40 2x
45 3x
50 4x
55 5x
60 6x
67 8x
http://www.bankrate.com/financing/retirement/retirement-savings-yardstick/
Click to expand...

so, if i make 100K salary a year, that means i need 800K - 1.2 mil to retire?  does this include real estate?
Click to expand...
 
So rough calculations:  retire at 50, need enough reserves to last 10 years before drawing from 401k.  Let's say mortgage free, living cost $7000/month.  So about a million will do?
 
ps9 said:
So rough calculations:  retire at 50, need enough reserves to last 10 years before drawing from 401k.  Let's say mortgage free, living cost $7000/month.  So about a million will do?
Click to expand...

PS 9 monthly spending:
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