It's an interesting concept. If prices/cost of living stayed the same, it would be easy to determine when to retire. That isn't the case. My grandmother pays more in monthly property tax than she paid for her monthly mortgage 30+ years ago. Health care costs make retirement essentially impossible.

So what is the answer? Never hang it up? Turn 70 years old with retirement finally in sight, but then you get cancer and die? Hang it up at 50-60 and move somewhere away from family where the cost of living is cheap or even move abroad?

I've posted in here plenty about money, though it's been a year or so since I posted here. I think of this topic often. My father recently passed at age 63. He was a lifelong firefighter with a full pension and about $250k in his retirement nest-egg. He could've hung it up in 2008 when he retired as a firefighter at age 52, but like classic baby boomers, he thought "what would I do with myself?" Not to mention, my mom feels the need to always do home projects, get a new couch or something every few years and redesign kitchen cabinets and what not and that costs money. So, he worked as a fire inspector for the city instead of the county and kept raking in money while collecting his pension. Another qualm of retirement is that the longer you work, the higher your salary gets. So you're stuck in the decision of "wow i make so much now, do I really want to retire while i'm making more per year/hour than i ever have?" These life events such as my father's passing i suppose shape me. In retrospect, he should've quit at 52, taken his pension, moved to a beach bum town and called it quits.

So as we all are starting the thick of our careers, starting families, and if you're wise, thinking down the road to retirement/planning, what is the right call? I find myself, a libertarian leaning democrat, at odds with my own views. Selfishly I'd love universal healthcare to pass because as someone who earns a high salary, I can retire early not having to worry about crazy healthcare costs if the government will pay the bill for me if i retire, despite it really being against my personal political views. I'd become the social welfare leech I typically am against, though it would benefit me in this case and would benefit the poor and rich alike.

For me, I weigh three options. Semi-retire at ~40-45 as my wife and I won't be having kids, work a lower paying "work from home" job that would yield about 60% of my current income. Or, work til i'm 55-70 and keep up a standard of living we're used to until we can truly retire. Or lastly, work and earn while being super frugal to retire hopefully by 50-55 and pray taxes and inflation don't make my retirement funds not enough that i find myself fucked at age 75 or 80.

I assume you've all wondered this thought. Curious of what your take is. What do you do? What is your plan?

Cheapest assisted living like 4k a month. Get long term care insurance but don't expect too much out of it.

Tell me about it. My mom has MS, which is a preexisting condition that precludes her from purchasing long term care insurance. She'll be in a wheelchair in a few years and she knows it, but there isnt really much she can do about it.

Depends on so many factors.... Overall health, current lifestyle, future anticipated lifestyle, family/dependents, pre existing conditions........ one could go on and on and on.

I'm under the impression that you can never have too much of a nest egg. I'm a hoarder/doomsday planner so i've got much more stashed away in retirement than the average person my age. No family (yet).

You and your family's situation is a tough one, but not uncommon. I would think that most of that burden will fall upon you and any other family/siblings you have.

"Or, work til i'm 55-70 and keep up a standard of living we're used to until we can truly retire"

that would be my plan, and is my plan currently. Who knows what'll happen in the next few decades, but my goal is to retire semi early with a large stash of $$$ and work some low stress menial job (Cabella's or Bass Pro CSR comes to mind) to pass the time and earn some fun money.

Retirement is a fascinating concept. Everyone has their perfect plan.... but none are perfect.

This post was edited by djman72 on Nov 26 2019 09:40am

Luckily I live in a country where the aid for elderly is pretty big, afaik one of the biggest in the world. And though the pension system is under a lot of stress due to the boomers retiring, the AOW (pension from the govt) should be enough to keep me alive and housed, if I've paid of my house and aren't in debt. Any other pension is added to that, which I'll build up over the years of working. I'm currently aiming to retire in early-mid 60's, as I love my job atm and don't see myself quitting work anytime soon. Might go down to 4 days a week once I get kids but that's not gonna happen for a few years.

Medicaid spend down

I'm sorry to hear of your troubles.

Every county in the US has an area agency on aging that will be helpful if remaining independent as long as possible and can even do assisted living vouchers.

In Ohio we have organizations like Eldercare Connections and Care Patrol who have social workers to help sort out the rough waters that is between community living and a more structured environment.

Sometimes I think my parents quick and unexpected decline and death was a blessing. I don't want a geriatric death.

I save like a mofo. There is an app you can get that rounds every card swipe transaction up to the nearest dollar and puts that difference in your savings account. That plus a few hundred a month add up over time.

This post was edited by Skinned on Nov 26 2019 10:13am

Looking to FIRE? Your semi retire to part time plan should be fine as DINKs or SINKs with high income.

This post was edited by obisent on Nov 26 2019 11:04am

my plan is to work 50-70 hours per week, aggressively pay off debt while living on the cheap, aggressively pay into retirement account, then retire at 55.

so far so good.

Don't get hurt or have a stroke or anything.

My wife and I have our cost of living in a way that one of us could manage it alone if the other died tomorrow.

This post was edited by Skinned on Nov 26 2019 12:37pm

that's basically how we have it. i make enough to survive alone, she does also but wouldnt ever live alone so plenty of cash to not have to worry about selling the house instantly or anything.

and we both have hefty life insurance policies as well.

im sure i'll slow down on the work once kids come, but for now it's 5 hour sleep nights and 6 day work weeks to pad the bank account.