What age are you spending savings?

[tifnglen]

I was wondering what age everyone was going to live on your savings? OR do you plan on working until you cant anymore?

[veronak]

Re: What age are you spending savings?

Actually I plan on working until I can't, in a way I think I would be bored

[sakigt]

Re: What age are you spending savings?

Too many factors to guess...

But Id like to work until Im 55 or so.

[Haku]

Re: What age are you spending savings?

I plan to work for as long as I possibly can.

[Ima saver]

Re: What age are you spending savings?

I think my husband will work, even tho he might like to quit. Social security will be our only income except for interest on our savings. We do have Ira's but kind of got a late start on them. He is a builder, so I think he will build specs until he thinks he can't.

[Fern]

Re: What age are you spending savings?

Plan to retire from f/t work as soon as possible, but then continue p/t freelance work from home well into my 60s, in order to delay taking Social Security for as long as possible, so as to get the maximum. Yes, I think it will still be there.

So i guess i'm committed to continue f/t at least for a while; i'm 46 now.

[debtfreeme]

Re: What age are you spending savings?

i would like to retire around 60.

[DivaJen]

Re: What age are you spending savings?

DH and I would like to stop working full-time in about 17 years or so. In 16 years (theoretically) DD will be out of college. In 17 years, the house will be paid for. We might taper to part-time work before stopping paid work altogether.

Edited to add that would make me around 52 and DH around 59.

[Thrifty Ray]

Re: What age are you spending savings?

I consider myself semi-retired after leaving my job last year to work for my son. I left my old job with a nice 401K account and am not planning to use it until DH (who is 7 years younger than me) nears retirement.

DH is 37 and will most likely work until he is 55. Then our plan is to use my 401k to finish paying off anything thats left of our mortgage.

He is a union employee, and if all goes well, will retire with a nice pension and medical benefits(?) Of course, we never know if the benefits will be there 20 years from now.

We are starting a small wood business that should be supplemental income for DH when he retires from the 'real' job.

The one drawback to my leaving my job has also been the silver lining...we have adjusted to a much smaller income now and won't have to worry as much about it down the road.

If any financial experts have advice...I am most open to hearing from you!

[PRICEPLUS]

Re: What age are you spending savings?

Work or die. What is this retirement thing anyway?

[robex]

Re: What age are you spending savings?

Dh semi-retired last year at 42. He works 23 hours a week now. I currently work 3/4 time. If nothing else changes, we will be financially independent in 12 years. Our house will be paid off, enough retirement income to live off comfortably, but not excessively, and all 3 kids will be out of school!

If we sell our house and move to a less expensive area, we will be ahead of the game MUCH sooner!

[Lemony]

Re: What age are you spending savings?

I won't live to see a comfortable retirement age (chronic illness) so it's work or die for me. I'm just fine with that - With nothing to do all day I'd just sit around and worry about my impending demise!

[JoyJoy]

Re: What age are you spending savings?

Hubby retires June 1st after working 36 years and 8 months. He will turn 55 May 23rd. I am medically retired. He will probably work as a store detective afterwards as he has the training for that.

[mccartygirl]

Re: What age are you spending savings?

DH and I plan to retire at 55. Kids will be through with college and house(s) will be paid off by then. That's the plan at least, it's 23+ years away so . . . . Ask me in 10 years

[Thrifty Ray]

Re: What age are you spending savings?

I won't live to see a comfortable retirement age (chronic illness) so it's work or die for me. I'm just fine with that - With nothing to do all day I'd just sit around and worry about my impending demise!

Lemony- I am sorry to learn that you have a chronic illness. I have no idea how that must feel...or even what to say. Just know my prayers will be with you.