At what age do u plan to retire?

[♥ms.pacman♥]

Had this conversation with coworkers today. Several ppl I know choosing to retire and they are only in their mid to late 50s. To me that seems so early...both my parents are still working and are 68, 69. In conversations with DH we aimed at retiring sometime in late 60s. I can see myself going insane without having a full-time job , plus want to have enough money to do a lot of traveling. But several of my mom friends who are older say they look forward to retiring at 55. Wondering what everyone's considerations are...and if I'm just too young to realize how burned out one gets as you get older :)

[JBaxter]

I retired 14 yrs ago but DH will probably work until his mid / late 60's He'd go nuts at home.

[rlu]

laughs hysterically

I've been working 29 years straight (12 weeks maternity leave) and there is no end in sight.

Maybe if we move after DS finishes high school.

[KrisM]

Our plan is for DH to retire between 55 and 60. That would get him at about 30 years with the company. We should have enough saved by then to retire an enjoy things. His dad had Parkinson's at about 75 and lived to just past 80. His mom is 84 and has dementia now and has for about 10 years to some extent. So he doesn't want to work so long that he retires and then has medical issues.

[sariana]

DH plans to retire at 55. He is very much on track to do so (maybe sooner). He's 46.

I need to "rehire" before I can retire. I was non-renewed in my education job over a year ago and now can't even get an interview. I'm working part time in another field, and I may just go full time in this field when we move next summer. But it's not my passion.

[essnce629]

Well DH is only 8 years out of law school so not anytime soon!

My mom is 62 and still works full time with no plan to retire any time soon.

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[AnnieW625]

I plan to retire from my job at 55 (15 years from now) or the latest 57, and DH plans to retire at 60. We both work for the government and have pensions, plus 401ks and 457s. I will have 33 years of service if I retire at 55, and 35 if I retire at 57. DH will have 30 years right after he turns 60. His parents both retired between 55-57 and have enjoyed their retirement and wants that same enjoyment of life for us. It makes slightly more sense to retire at 57 because as I would be bringing home 70% of my highest level of income. We get zero bonuses, but being able to retire at 55 is a plus imho for working for the government. I don't want to be one of those people who are unhappy with their work, but keep working just to work so that they can get to their magic number that works for their retirement (I work with people like that). Both DH and I would have the option to be retired annuitants and work for no more than 6 months a year as well if we needed to get extra income.

My parents are semi retired; my mom is 65 and is pretty much medically retired (unless she makes an amazing recovery from her Cushings Syndrome and pituitary hormone growth removal surgery she has this week), and my dad will work forever and is 67; he is just happy that way as he loves sales and the flexible schedule. He began his semi retirement about 5 years ago.


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[niccig]

I’m aiming for 65, DH for 60 as there isn’t anyone older than that in his field. He says he’ll either go into less status job in his field or something else. In my field, people retire from full-time work and then go part-time, so I may do that for a few years after I’m 65.

We’re trying to save for retirement knowing that DH may not get to 60 before he has trouble finding work. I think we should save more though as no one ever complains they have too much retirement savings.

My Dad retired early due to health issues and my mom soon after to care for my dad. I thought it was too young, but they kept busy doing things at home and my mom’s volunteer work is almost s full time job sometimes.

My mom says that when you get older, you need someone to love, somewhere to go and something to do.

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[lalasmama]

Fingers crossed and everything goes right, DH and I will retire in 17 years and 7 months, which will be just after my 55th birthday, and 61 for DH.

Of course, that's assuming we pay the house off on time.

ETA: I tell DH that once we retire, I'd like to move to Disneyland and be the Fairy Godmother :) But I don't think that plan will materialize!

[twowhat?]

ASAP but I'm sure my crazy job that I hate with terrible work-life balance plays into that:) If I had a job I loved (or at least liked, with reasonable work-life balance), then I might feel differently. We're actually a little behind on retirement savings because DH got a late start to a "real" career so boo.

[pinkmomagain]

I'm sure my husband will retire within a decade or so. Me? Perhaps never. I embarked on a new career in my 40s with the idea that I can grow old with it and scale it as I like. So I hope to keep doing it in some capacity if my health and mind allow. (Note that I was a stay at home mom for 14 years. If I worked all along, I might feel differently.)

[Philly Mom]

We plan for sometime around 60 but I wouldn't be surprised if it was 65. My dad is almost 67 and still working. I don't think he will ever retire.

[almostmom]

Not soon enough! I know people who just want to keep working, but I can't wait to be done, to not have the stress, to travel, to have time to be, to hang more with DH. But it will depend on finances. DH works for the feds, so will have a pension. I'm thinking when the kids are out of the house (which is 7 years!) and mostly through college so don't need a summer place to crash, we'll move somewhere beautiful for DH's job, and I'll pick up some work for awhile. And then around when he's 65 and I'm 60 (15 years from now or so) maybe we can retire. That would be amazing. Honestly, I hope we're healthy and alive that long (DH's dad just passed away at 73, so I know life is fragile...) Will depend on finances, but I think we'll be able to do it. Right now it's a slog - work is meaningful, but I could so do without the stress.

[jgenie]

I retired 10 years ago. DH will work forever - he'll go nuts if he stays home!

[mom2binsd]

I'm 50, a single parent, with almost no retirement plan (have a bit from working for school districts in the past). I'll most likely be working until I'm 70.

[specialp]

I’m a SAHP. Our goal is for DH to have the option by 60-62 at the latest, aiming for sooner. If he wants to continue, he can of course but we would like that to be because he wants to and not because he has to. I do not see that happening as he is in a high stress field that doesn’t lend itself to scaling back. Plus, he has a million hobbies, interests, board commitments he enjoys and always has. If he/we are healthy and well, I have zero doubt he’ll be engaged in something.

[hillview]

When DS2 graduates college dh will be 68 so hopefully shortly after the kids graduate but with dh not working right now it has turned some finances upside down. I'm 10 years younger but hope to retire about when he does so we can retire together and do stuff.

[StantonHyde]

Hmm, well we will be 62 when DD graduates from college. It's not an option until then. And after that, we will still work. I am a firm believer that you need a purpose, something bigger than yourself. DH and I both work in health care. Even if we just volunteer, we will be doing something. DH could work 2 mornings a week at the homeless or low income clinics. I will volunteer for in something related to public health/womens reproductive issues. Enough to keep going but still have time for vacations and backpacking trips. My dad retired and went nuts. People live longer and do better if they have a purpose.

[DualvansMommy]

I’ll be 58 when DS2 graduates college, but DH will more likely retire from his current employer in the next 10 years as he’s on track for full pension and medical benefits by 2019. After that it’s really comes down to finances and choices, a lot of people his position tend to go into consulting which gives him even greater flexibility. I may return to the workforce when DS2 starts kindergarten in 2019, but want to retire by time I’m 65 I think.

I also believe in doing something too; whether volunteering, part time work and travel is good for myself. Will see and know more when our boys are nearing their HS years.


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[♥ms.pacman♥]

Interesting responses! I suppose it does factor how long ones been working and also what age you had kids. I didn't really seriously start my career until I was 34, just 5 years ago!! I was in graduate school getting my PhD until age 29, then I only worked for a year before moving and was unemployed and then had kids and was a SAHM for several years. I enjoy working outside the home and can't see myself wanting to retire early but I suppose I would feel differently if I had been working nonstop since my early 20s. I know many moms my age who worked in corporate world for 15 years straight and just now quit to be SAHMs or have part time jobs. Whereas me, I feel like I'm just barely getting started!

when youngest kid is out of college we will be both be 54, snd I can't imagine quitting then...I guess I'd feel differently if I were older though:

I think that another thing that would encourage me to retire sooner than later would be if my D.C. Had kids. I'd imagine We'd be 60-65 before that ever happens though.

[gatorsmom]

Dh is retiring from his current company in 2 years as their employee. But he will never really stop working. He started a company in 2005 which he spun off 2 separate companies from and sold all 3 a few years ago. 2 of the companies he sold to a major American manufacturing company and part of the purchase agreement was that he continue to work for this company for 5 years. He hates it. He hates the bureaucracy and red tape working for an enormous company. In the meantime time he has created a franchising company and in the last month started developing another franchising company. If he wasn't doing this stuff he'd be totally bored. He's fascinating to watch. ADHD can be an amazing gift sometimes.

[klwa]

I can retire on my 54th birthday with 30 years and my full pension. Since DD2 will still be a junior in high school, I doubt I will, at least for a year. However, I want to retire. Then I can either look for a part time job in/out of my field or decide to spend time volunteering and/or travelling. Or both. I'd say 80% of the people I work with take a halftime job in the field when they retire. The others have said that they've been shocked at how easy it is to live on less, since there's also less money coming out of their checks. (Lowered taxes, no social security, any additional retirement funds coming out are stopped, etc.)

[gymnbomb]

I expect to work until 65-70. People in my field tend to work for quite a while, I enjoy my job very much, it is not a physical job and the schedule allows a good bit of vacation time. My husband in the other hand would retire at 40 if we could afford it!


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[BananaMama]

50-55


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[georgiegirl]

My main question for people planning on retiring before 65, what are you planning on doing for health insurance?

DH and I have never discussed retirement. He does really well, but our youngest is 4, and we are both 43 and have three kids (we will pay their college tuition.). DH likes working and would go bonkers if he were home all day.

I honestly don’t know how people can retire so early. My mom retired at 65, but she would have worked longer if she didn’t have cancer. She worked for the county for 30+ years, so she has a nice pension. My dad is 70 and he will need to work until he dies since he can’t afford to retire. Maybe it’s because they live in Southern California where it’s expensive.


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[♥ms.pacman♥]

My main question for people planning on retiring before 65, what are you planning on doing for health insurance?

DH and I have never discussed retirement. He does really well, but our youngest is 4, and we are both 43 and have three kids (we will pay their college tuition.). DH likes working and would go bonkers if he were home all day.

I honestly don’t know how people can retire so early. My mom retired at 65, but she would have worked longer if she didn’t have cancer. She worked for the county for 30+ years, so she has a nice pension. My dad is 70 and he will need to work until he dies since he can’t afford to retire. Maybe it’s because they live in Southern California where it’s expensive.


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:yeahthat: YES, that is a VERY good question!!! i wonder same thing.

several years ago my dad started his own company and did consulting for a while, which was fine, but then my mom got breast cancer and needed surgery, radiation etc so health care was $$$$. luckily house was paid off, kids out of the house and my mom was still working, but still, it was pretty steep to pay. now my dad is working at a company again and my mom still has her job..i expect neither will retire until at least age 70. they are in bay area.

my FIL is 65 and still working and probably will have to work until 70+ (or as long as he is alive) as my MIL has leukemia and rheumatoid arthitis (amongst many other conditions). No way could they even begin to afford her healthcare without getting it under an employer.

[twowhat?]

My main question for people planning on retiring before 65, what are you planning on doing for health insurance?



DH and I worked long enough at the medical/research university here that we can buy health insurance at the same rate as employee premiums when we retire. Granted, employee premiums could be really high by then, but at least it's good health insurance.

I agree with needing a purpose even if retired. I dream of something that will make more of a difference locally. Like starting up my own doggie daycare or something :)

[sariana]

My husband is a Reserve officer in the Navy. We always have access to health insurance because of that (even after he retires, though it gets more expensive then).

[squimp]

I envision 65-70 although it could be later. I will have 30 years at 62 so could retire then. I love my career and there are many folks with my employer still at work into their 70s. My Dad retired at 78, he loved his job. I am also surprised at the range here! I guess academic and science positions retire much later.

ETA - We have a substantial number of senior employees - these are folks who had a whole other career in another profession and are now working part-time at our lab. They do all sorts of work, and the average age is over 70, I would guess. So to me, it seems like there are a lot of people who retire but then want to come back and work either because of lack of fulfillment or economic reasons.

[boogiemom]

I have been out of the work force for 5+ years and may or may not return to part-time in the future. DH plans to retire by 60. His parents passed at 57 & 69 so he has been forced to face the fact that life is short and his focus is on spending quality time with family. We want to travel and enjoy time together.


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[AnnieW625]

My main question for people planning on retiring before 65, what are you planning on doing for health insurance?

I will have full medical coverage in about 2/1/2 years as I will have 20 years of state employment then as I started working for the state when I was 22. DH will get his 20 years when he is 50 as he started when he was 30. The coverage won't kick in until I retire but if I retire at 55 I will be able to have that 100% benefit for 10 years pre Medicare or even more if they raise the eligibility age. I am very grateful for that benefit.


..... (we will pay their college tuition.). DH likes working and would go bonkers if he were home all day.
I was 28 and 32 when DDs were born and DH was 31 and 35 so I will not be able to retire until DD2 is at least a senior in college (I will turn 55 the year she turns 22) and if DD1 is still talking about nursing or med school then she will still be in school at 27-28 years old and if need be I would like help her pay tuition and the same with DD2 if she wants an advanced degree as well. If I have to work until 57 or even 60 as long as I am in good health or retire and still have part time employment to help them I want to do it for them. DH has already started talking about consulting after retirement as well.


I honestly don’t know how people can retire so early. My mom retired at 65, but she would have worked longer if she didn’t have cancer. She worked for the county for 30+ years, so she has a nice pension. My dad is 70 and he will need to work until he dies since he can’t afford to retire. Maybe it’s because they live in Southern California where it’s expensive.


My parents are in NorCal so a slightly cheaper col but yes if my mom didn't have her retirement via medical disability she would still be working as she didn't go back to work full time until (and still only worked 32-40 hours a week max) she was 43. My dad like I said in my post above will work forever and be happy doing it. Neither of my parents have pensions, just a few 491ks, monies or stock options inherited from other family members. I think my dad just filed for ssa this year as did my mom due to her disability.


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[klwa]

My main question for people planning on retiring before 65, what are you planning on doing for health insurance?


I work for the state government. Our retirement pension includes health insurance for life, as long as you worked over 20 years.

[Philly Mom]

My main question for people planning on retiring before 65, what are you planning on doing for health insurance?


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That is why I think we may end up working later in life. Regardless, I am self employed and DH is 5 years older. We get our insurance through him. I don't think he wants to work until 70. I will have to figure out insurance. I am hoping there will be a public option by then.

[basil]

I have no idea. I'm 38 now. Probably not anytime soon.

My DH says he wants to retire early. But he has no hobbies other than work and a computer game (one game). So not sure what he would do with his time.

[Kindra178]

I have little interest in retiring early.


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[lizzywednesday]

No idea. I need to find a new job first.

When I was working, I thought I'd be able to retire by 67 or 68, but the reality of the situation was that I wasn't taking full advantage of the retirement savings (and company matching!) so I have some saved, but there's no way I'd be able to retire in my 60s if I don't get back to work soon.

[ged]

I'm 50, a single parent, with almost no retirement plan (have a bit from working for school districts in the past). I'll most likely be working until I'm 70.

Thanks for sharing. I know it's sad, but "misery loves company" and it feels a bit more comforting to know that I'm not the only one on this board with a not-so-ideal financial situation. I am also a single parent, going to be 44 soon, and my ex husband blew all of our savings on one of his manic sprees (while I was a SAHM). I got divorced and have been working full time for the past 1.5 years or so, so it's a very very very long ways off before any sort of retirement.

[bisous]

Oh the idea of retiring early is just a pipe dream for this family! It is really quite rare in my area at all. Impressed with any family here in Southern California that can manage an early retirement. The one person that I knew that retired early was my parents' friend. He chose his occupation (prison guard) specifically so that he could retire early. It helps that he was given a home for free by his in-laws as well.

In all likelihood we will use our 60s and possibly 70s to get us in the place we need to be financially. I really hope our health holds up!

[DualvansMommy]

[QUOTE=georgiegirl;4267309]My main question for people planning on retiring before 65, what are you planning on doing for health insurance?

DH will be eligible to buy lifetime medical benefits for himself and us once he hits 30 years of service which will happen in 2019, of course at a cost to retirees but will be significantly less than what a private plan would cost though.

[belovedgandp]

Depends on where we are in life. DH is 4 years older than me. He will be 58 when our youngest graduates from high school. I think the current plan is to work a few more years. Most likely we'll be 63 and 59. We've been exceptionally conservative in our spending and have a decent amount of savings. I know we will most likely do volunteer or part time work.

I can also see it changing based on grandkids.

[baymom]

I love my job and don't really have any plans to retire too early. My Dad is 70 and still working (mostly from home now) because he enjoys it, it's flexible and he likes keeping is mind busy with it. They were financially able to retire at least 10 years ago, but just keeps going. He goes to the gym 5 days a week (super healthy/fit), travels internationally a couple times a year, and still has time to pursue hobbies/serve on his HOA board/be involved with temple/etc. I guess I'm hoping to be sort of like that.

[specialp]

[QUOTE=georgiegirl;4267309]My main question for people planning on retiring before 65, what are you planning on doing for health insurance?

DH will be eligible to buy lifetime medical benefits for himself and us once he hits 30 years of service which will happen in 2019, of course at a cost to retirees but will be significantly less than what a private plan would cost though.

Similar situation, although benefits are limited to a certain # of years. That could change. Frankly, anything could change the retirement trajectory. I have no idea what our health/energy level, the industry DH is in, our children, or political climate will look like in 25 years and it’s too far away for me to give any real thought to, but for budgeting reasons we pick an age to calculate a goal.