What’s your number?

[corn18]

I used to have a number but I think it's beginning to look more and more like half retirement is a possibility after we hit 3-4 million plus paid off house. Haven't really found any ideas how to get past the barrier of "boredom" with full retirement when our children are in elementary school.

Good topic. I don't plan to retire when I hit my number. I plan to move on to phase III of my life. Not sure if I will work, but when I hit $1.8M with a paid off house, I won't have to. I am working on getting a job that I would love to do as long as I can. I can see myself doing that job for a long while after I hit my number. When I do finally "retire" I plan to execute phase III which is to save animals. This might be as small as adopting one rescue dog or as big as taking over the ASPCA and turning it into a real charity. Or something in between. But what I don't think we will do is stop and sit around. That doesn't help make the world a better place.

[Singuy]

Good topic. I don't plan to retire when I hit my number. I plan to move on to phase III of my life. Not sure if I will work, but when I hit $1.8M with a paid off house, I won't have to. I am working on getting a job that I would love to do as long as I can. I can see myself doing that job for a long while after I hit my number. When I do finally "retire" I plan to execute phase III which is to save animals. This might be as small as adopting one rescue dog or as big as taking over the ASPCA and turning it into a real charity. Or something in between. But what I don't think we will do is stop and sit around. That doesn't help make the world a better place.

Very cool. I think we are going to do something with Make a Wish since live in Disney's backyard.

[disneysteve]

I don't plan to retire when I hit my number.

Certainly the follow up question to "What's your number?" is "What will you do when you reach it?" We've talked about that in other threads. I think for many people, the word "retirement" no longer means what it used to - cessation of paid employment. When many people say "retirement" today, what they really mean is "financial independence", the point when they can stop working because they have to and continue working because they want to and enjoy what it is they are doing. That might mean staying in the same job or field or it might mean doing something completely different. Perhaps you'll monetize a craft or hobby or special skill.

Maybe you'll stay in the same career but on a greatly reduced basis. There is where my thinking lies currently. I work 36 hours/week at my job. I could cut back to part time at 20 hours/week. I could meet that in 2 days, a 12-hr shift and an 8-hr shift, and be off 5 days a week. I would still have health insurance, 401k, paid time off, etc. At the current rate, I'd still earn over 100K/year, and I'd still be open to pick up extra shifts if and when I wanted them. I think that could be a pretty sweet "retirement" gig. If I could arrange my schedule optimally, I could actually work 4 days on, 10 days off every 2 weeks. That would leave plenty of time for travel without even needing to use my PTO. It's entirely possible that I could "retire" sooner than expected by switching to that arrangement. The salary wouldn't quite be enough to cover our spending, but it would be very close so I'd only have to draw a small amount from our retirement accounts, well below the 4% withdrawal rate - more like 1% - so our nest egg would be safe and continue to grow until I'm ready to retire completely whenever that might be.

[disneysteve]

I think we are going to do something with Make a Wish since live in Disney's backyard.

Are you familiar or involved with Give Kids The World (gktw.org)?

[Singuy]

Are you familiar or involved with Give Kids The World (gktw.org)?

Yes, my neighbors are involved. They are retired sitting on a pretty fat 401k. We are still scrambling with a toddler and a baby. Will def do more research in due time.

[disneysteve]

Yes, my neighbors are involved. They are retired sitting on a pretty fat 401k. We are still scrambling with a toddler and a baby. Will def do more research in due time.

We've been very involved with fundraising efforts for them for a number of years. We belong to a group that is their largest non-corporate sponsor having already raised over 600K. And my wife, daughter, and I have personally volunteered at the village numerous times. We were just there in November.

[bjl584]

$2.5 million would do it. Not sure where the future will take me. My current investments will grow to that number in time, but I have no idea what might happen with carer changes, where I live, and lifestyle changes in the next few decades.

[LivingAlmostLarge]

I guess $3M will be $120k/year. More than enough. I don't know where we will end up. It's sort of stressful. I guess my main thing is just saving and investing and then when it's time I think we'll be okay.

[riverwed070707]

Totally agree with those that say hitting the number doesn't mean "retirement". My number also isn't based on millions in a portfolio, its based on monthly/annual passive income. When I reach $6k/mo in net rents and have a paid off mortgage, that's my number meaning I no longer need my steady corporate job and can go pursue whatever I want (there are a lot of options on the table). Currently bringing in about $2200/mo + I own another property I am presently occupying which is slated to become a rental that should net another $900 or so. At the time I hit my number, I will probably have somewhere around $600k in my 401k and will have 25 years before I start withdrawing.

[Atretes1]

When I hit 55 and draw my pension. I hope to have 1 Mil by then in my ROTH. I will also have rental income. My goal is to retire at 55 and never have to use my ROTH money.