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Retirement...What is your magic number?

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    Rollyrogers33 started this thread.
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    Retirement...What is your magic number?

    My magic number is 86!

    The other day I spoke with my financial advisor about the possibility of actually retiring. Now I know that realistically I will have to work until I am probably dead. The financial guy said that the talk wasn't supposed to be doom and gloom but positive thinking. He determined that I can retire at the prime age of 86.


    What is yours? If it does really exists.



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    "It's not the years, honey, it's the mileage." Indiana Jones - Raiders of the Lost Ark

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    As I am retiring at the time I am 6 feet under.

    Realistically I have no number. But I have a very positive feeling about my business. I am sure I can take it to a million dollar business.
    If you clear 20-30% annually on that for a few years you can sell that biz for several million.

    So there is hope.

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    My definition of retirement is to quit working for others and start working for myself. Therefore I retired at age 53 from education and started my own business. As the saying goes, if you love what you do you will never have to work another day in your life. With that being said I will have to continue my lifestyle until the day I die. For me that is farm restoration, scrapping, fishing, and hunting. But what a way to go.

    According to the financial advisors I would have had to stay in education until age 68. That is assuming I wanted to travel the world and live a life of luxury. Since I want to travel the U.S. before the world and my life of luxury is freedom, our formulas did not match.

    I was lucky and started saving for retirement from the day I entered the classroom. I would encourage everyone to start saving as much as possible to allow you to feel freedom as early as possible. For me freedom is better than fancy meals out on the town, trying to be a fashion statement, or impressing others. Just my view from reality. I have never regretted this decision and doubt I ever will.
    Last edited by Patriot76; 06-26-2015 at 08:16 PM. Reason: wrong age

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    Going by Patriots' definition, I was retired at age 15. I've always been self-employed. I'd rather drive a beater car and have a home that isn't as nice, than I would be a corporate peon. I'll work until I'm dead, though.

    I can't imagine what it would be like to wake up and not do anything. That would be miserable!
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    when im dead!!!! i work for myself mostly, sometimes for other people, so i guess according to patriots thinking, im semi retired!!

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    Now for me. Mike
    "Profit begins when you buy NOT when you sell." {quote passed down to me from a wise man}

    Now go beat the copper out of something, Miked

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    Yeah, I like P76's definition.

    From my job, I'm thinking 10 1/2 years (the wifey can't reach that over-the-horizon point soon enough--hopefully she can hold out another 8+ years). But I'll still be doing something extra for cash. You stand still long enough and you die...

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    I don't plan on retirement as I like keeping busy with Life and adventures.

    I find it odd how they would give a person that was retiring from a job of 20-30 years a pocket watch.

    What I find odd about it is that who needs a watch when they retire, it would be better suited for a working person.

    It's about like giving a retiring person a alarm clock.

    the world is filled with "little jokes" on the sheeple.

    Another is that they have a fiction and non fiction section at a library.

    It shows how we have a backwards world that just pretends that it's "normal".

    The library should have a factual section and a non factual section.

    Truth and non truth

    the meanings for the word retirement are not something to look forward to.

    There is NO such "thing" as dieting. It's of the same family as growing hair on bald heads and boobs on flat chests with magic mud and special chants and prayers.

    The world is filled with illusions that have most convinced that they are going forward when in fact they are going backwards.

    and they lived happily ever after in paradise,

    at a later TIME in the future.

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    Never! There's always work too be done. And I've always loved working.
    I've owned my own business for over 20 years, so given P76's definition lve been retired for quite awhile. Funny thing is, instead of down sizing, I am constantly looking for new streams of income to add to my "portfolio" . Times are just going to get tuffer, so the more diversified you are the safer you are. I don't invest in stocks, I put my money in the hands of the one person I can trust with it.ME !!!

    Cool topic by the way OP.
    Last edited by junkfreak; 06-27-2015 at 10:03 AM.

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    The simple of IT is that LIFE is mostly about DISTRACTIONS away from what makes us feel uncomfortable.

    Most pick their distractions from the popular offered lists with certain options that change with the TIME$.

    I prefer the less traveled path where I make my own list of choices and distractions that complement me and work best for others around me in the long run.

    What am I going on about?

    It's a bit like people believing in concepts such as dieting where you seek "magic ways" to achieve the goals wanted.

    If a person wants to "loose weight" they need to CHANGE their ways that are making or keeping the pounds on.

    The best way to come out ahead on games of chance is not to play them in the first place.

    I have been putting some thought into the "number" and it seems that the number for my retirement has always been ZERO, as in zero debt.

    Even being 100% debt free with a few coin is a everyday battle trying to keep ahead of the advancing debt of the overall economy.

    Most haven't a clue as to just WHAT the collateral on the U.S. national debt is.

    I know the best answer for that question and it's NOT a very popular answer.

    Why chaise dreams that have vague odds when you can let the dream chase you IF you have the patients and proper understanding.

    I put most of my thinking TIME into exposing the deceptions and lies called good then trying to find ways to justify and protect the grand illusion.

    but then I'm in no way what would be called NORMAL as I don't believe that normal is good as normal is NOT the norm.

    I have learned that I am of the very few that have never had or used credit cards and I don't view it as wise borrowing money from banks and such as it's mostly a $CAM in the first place and a means of control in the second and about third place? we won't go there as there be monsters and unknown mysteries for most there be.

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    Another 5 year plus thread that is a interesting read.

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    My goal was to retire at 28.... Didnt happen lol

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    Quote Originally Posted by greytruck View Post
    My goal was to retire at 28.... Didnt happen lol

    Im shooting for 42 years old, and my excel spreadsheets say Im on track. I am aiming for financial independence (having enough money squirrelled away that you can pay all your expenses on interest/gains alone and NEVER run out of money).... At that point I will quit my day job and scrap fulltime, just for fun and a little income just to keep me busy. Or maybe I wont.... the whole goal is to not HAVE to do anything, if I dont want to, just for money.

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    When I was 20 the magic number was 50. Now I'm 56 and wondering what brand of dog food I'll be able to afford.

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    Is the dog food for you or a pet. I'm not trying to yank your chain. I ask as I remember when I was a teen back in the 70's, that retired people on SS were eating canned dog food made from horse meat that was cheap meat then.

    Thought I would add that the standards for making canned dog food is supposed to be as high as the stuff they can and sell for human consumption.
    Last edited by ChildhoodDream; 12-24-2020 at 03:24 PM.

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    Quote Originally Posted by ChildhoodDream View Post
    Is the dog food for you or a pet. I'm not trying to yank your chain. I ask as I remember when I was a teen back in the 70's, that retired people on SS were eating canned dog food made from horse meat that was cheap meat then.

    Thought I would add that the standards for making canned dog food is supposed to be as high as the stuff they can and sell for human consumption.
    I don't own a dog....Also, I was just joking.

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    Quote Originally Posted by ChildhoodDream View Post
    Is the dog food for you or a pet. I'm not trying to yank your chain. I ask as I remember when I was a teen back in the 70's, that retired people on SS were eating canned dog food made from horse meat that was cheap meat then.

    Thought I would add that the standards for making canned dog food is supposed to be as high as the stuff they can and sell for human consumption.
    I'm just gonna leave this here:

    https://www.google.com/search?client...active&ssui=on

    In all seriousness I have absolutely no idea what my ideal retirement age will be. I'm 23 and debt free, don't really have much for assets except for a 12' x 40' portable shop and my g.

    I see several people in their 50's and older still working not because they want to, but because they have to. With the way government spending is heading I don't think social security will really be much of an option when I reach the official retirement age. I would like to be in the position where I'm working because I want to, not have to by the age of 30-35. I don't see fully retiring ever, but I could see shifting what brings in money to a few other areas than a full time job.

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    Quote Originally Posted by 406Refining View Post
    I'm just gonna leave this here:

    https://www.google.com/search?client...active&ssui=on

    In all seriousness I have absolutely no idea what my ideal retirement age will be. I'm 23 and debt free, don't really have much for assets except for a 12' x 40' portable shop and my g.

    I see several people in their 50's and older still working not because they want to, but because they have to. With the way government spending is heading I don't think social security will really be much of an option when I reach the official retirement age. I would like to be in the position where I'm working because I want to, not have to by the age of 30-35. I don't see fully retiring ever, but I could see shifting what brings in money to a few other areas than a full time job.

    My advice for you, at such a young age is INVEST AS MUCH AS YOU CAN, above almost all else. Max your IRA and 401k if you can.


    The idea behind financial independence is, calculate what you spend in a year, multiply by 25, and once you get that money saved and invested, you never have to work again, assuming you keep your spending the same (this also accounts for inflation).

    Lets say you make $70k a year, and only spend/can live off of $35k... and invest the extra/unspent $35k/yr. In order to be able to live the rest of your life at the same level of spending $35k/yr, you only need to acquire/invest $875,000..... If you invest $35k/yr, it should compound to what you need in only 14 years.

    I spend a bit more than that, around $60k/yr, so my number is $1.5mil. Once I have that saved/invested I can then do whatever I want, no making a dime if that's what I choose, and still live safely off $60k/yr from dividends/interest from my invested $1.5mil, and never run out. If you want to learn more google the 4% rule, or google mr money mustache.

    In summary, if you save and invests enough, early enough, and keep your lifestyle mostly the same, you can live your life doing whatever you want, fairly early on. This is only hard for most people because most people dont have discipline and spend all their money as soon as they get it instead of saving and investing it.

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  36. #19
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    I have only had 3 "joe jobs" in my life. The first was when I was about 14 working in a Chinese Restaurant washing dishes for the extra spending money and I liked the free chow mein, plus my mother worked there. The second was when I was 15iish and got a part time summer job through school working in a grocery store as a bag boy. I would make some extra money when the bananas came in as back then they didn't spray them with poisons and they would many times have tarantula spiders in with the bananas that I would catch in a jar and sell to the pet shop down the street. The guy that had caught them in the past had moved on and I was offered the job. The 3rd was sort of a hobby part time job when in my mid 30's helping a friend who had a floor cleaning service and would give me a call when one of his guys didn't show for work. I did that just for the fun of it even though I was paid. I would just push a broom around the isles.

    I have never worked a cash register or worked in a factory. I mostly did odd jobs I found interesting and construction work of all sorts as well as driving truck within the State. Did a bit of tractor driving helping my cousin out. I found that a interesting job as it was pretty laid back going down the fields slowly and down the road at 14 to 22 miles an hour depending on which tractor I was driving. Found a few treasures along the roads and in the ditch at those speeds on the shoulder.

    I myself have never trusted the banking systems much so I had no interest in IRA's and such. I invested in land and other tangible items. I always believed that "money" was something you would trade for other things of need or interest.

    I'm basically much the same in my thinking processes and choices as I was when 4 years old. Those that have known me for many years have commented on my not changing over time. And I was never much of a fantasy and fiction fan as I found that to be mostly a bore.

    I have always been a very deep thinker and not interested in being in a rush.

    As I have never been married or lived with a woman or have one live with me. I was pretty free to do what I wanted without that added distraction. I mention this as I have seen so many that were moving along fine and then the problems of live in girlfriends, or wife and kids would ME$$ up their plans when things went bad. I never planed on being married with children since I was a very small child. I have always found the opposite sex very interesting and a mystery.

    I was mostly interested in the milk. But as I got older I found most of that milk would SOUR within a short time then on to the next pasture until I grew much older and found that females are defiantly wired much differently then males and as time went by, most that interested me had wiring problems and would short circuit, simply put.

    So here I am in my 60's and living my Childhood Dream.
    Last edited by ChildhoodDream; 12-25-2020 at 12:59 AM.

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    Well, Ima gonna be 59 in a couple months and Debs and I have talked a little about what is ahead. The plan at the moment is to sell here in Florida and move to where the pace isn't as hectic. We are thinking north Georgia, NC TN area. More rural, a change of seasons. I want to be where I don't hear the interstate and our where the skies are dark at night. I doubt I will "retire" as in, not work anymore, but I won't give a crap if they fire me for wanting to take a few days off to enjoy my life. I really don't think I'm cut out for sitting in a rocker on a porch doing nothing for years on end.

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