Are you saving enough for retirement?

[Buff]

I figured I'd have to work until I was 70. Things were going well for us with my wife working extra shifts over the pandemic and I figured maybe I can stop at 65. I filled my car with gas yesterday and now I'm retiring at 90

[Geraldsh]

When you retire you can stay at home, no gas needed.

[Northendzone]

I am currently 56 and I can see the end; however, the situation can change in the next few years.

My retirement plan involves working part time somewhere like Home Depot to bring in some cash, keep me active and engaged. I’d like to think that I will have a few years of golf and what not, but who knows.

[Weitz]

I’m on track to retire around 60.

But I still hold the opinion that the world is going to be significantly different in 25 years and it’s hard to really plan for it.

[indes]

I'm 32 and am looking at freedom 85 at this rate lol.

Divorce a few years ago and a custody battle has me starting over with a mountain of debt. Luckily me and my fiancee are looking to have some really good income this year so hopefully we can get back in the black in the next 18 months, and go from there.

The goal is that by the time we're 35 we can start investing significantly in our retirement and hopefully pull out a retirement by 55.

[Hemi-Cuda]

We were finally able to sell our condo this month, and what we get out of that my wife wants to put towards buying some kind of property in Vietnam. Outside of Hanoi or HMC things can still be very affordable, but it's heating up there as quickly as everywhere else. If she manages to get something at a reasonable price this year then I feel good about our retirement chances, if not then who knows

[MoneyGuy]

I’m semi-retired having worked fully-time much longer than I had to for financial reasons until I could find a buyer for my business. Now I consult - working when I want as much as I want. It’s wonderful.

[Wormius]

The recent volatility in the markets and the rising cost of living make me a little nervous about pinpointing a time. I feel like as long as my wife and I are making good salaries, we’ll continue until something changes. Our parents are getting to the age where we might want to spend more quality time with them.

[I-Hate-Hulse]

The recent runup in inflation (as well as working from home) has made me really question how much I'll spend annually in retirement, especially that elusive goal of Freedom 55.

I'm not sure there'd be much of a drop at all in my expense level to be honest. I'd save what - a little on dress clothes and some commuting expenses? That's not a lot for me.

TLDR: Im going to need to save up more for retirement

[edslunch]

Turned 60 in November and finished full time work at year end. I’m staying on part time until May/June, mostly because I’m enjoying the project I’m working on and have shed all the work and responsibilities I don’t like. I may actually stay on longer but switch to contract for more flexibility.

Retirement is fully funded so I can walk whenever it’s not fun. I took a five week break in part to break any dependencies on me and it was fantastic. I’m looking forward to more of that in the future.

[Enoch Root]

Originally Posted by indes

I'm 32 and am looking at freedom 85 at this rate lol.

Divorce a few years ago and a custody battle has me starting over with a mountain of debt. Luckily me and my fiancee are looking to have some really good income this year so hopefully we can get back in the black in the next 18 months, and go from there.

The goal is that by the time we're 35 we can start investing significantly in our retirement and hopefully pull out a retirement by 55.

Start now (and maybe you already are). Even if it is a tiny amount, don't wait.

And this is the advice I would - and do - give to everyone: pay yourself first. Don't wait. Don't put other things ahead of it, like 'I want to pay off my student debts', or whatever. There are ALWAYS excuses. And there is always another thing that is more important.

But don't let that stop you. Start now! With something - anything. Pay yourself first, and make it automatic.

You won't miss the money. And then increase the amount whenever you can. If you do this (and I mean everyone here), you will be financially successful.

[shermanator]

Originally Posted by shermanator

Thankfully, my employment was consistent throughout the year, and with the pandemic we saved significantly more than expected this year. Wife was on maternity leave, but goes back to work on Monday, so it will be nice to have two incomes again. The one benefit of this pandemic is the amount I have been able to save, so I am looking forward to that in 2021. It still is baffling to me with the 2020 we had that I made an 8% return this year.

As for whether I am saving enough for retirement, I currently put 14% of my income with my employer matching 6%, and my wife puts 10% of her income with her employer matching 5%, so I imagine I am in good shape compared to most people my age.

I am hell bent on paying off my house in the next 4-5 years before really ratcheting up my retirement plan with an aim of retiring mid 50's. I prefer the security of no longer having my biggest monthly expense in case something goes wrong. Getting laid off 6 days after emptying your life savings to buy a condo at 25 will influence that mindset.

My update: 2021 was very good to my retirement plans. At the rate things are going our house will be paid off in 18 months. I liquidated my RRSP with a former employer in June and moved it into a self directed RRSP. Returns on that have been very good. Even with the volatile 2022 so far I've still done quite well. We will likely live a mortgage free life for a few years before upgrading houses, but whether we actually move or not will depend on what the market is like whenever we decide to make the leap.

If we stay where we are we can likely retire in our mid 50s, but it is probably more likely that we pivot careers to something a little less stressful even if that means sacrificing earnings along the way.

[flamingchina]

I found a good retirement calculator, that actually lets you add in 2 people for things like retirement dates, income, etc. It's pretty flexible, and the free version gives you most of what you need, other than the ability to really save it.
https://projectifi.io/

[Locke]

Originally Posted by BlackArcher101

Update: I will still die working.

My work will only stop when I die.

My corpse will be found at my desk.

[PaperBagger'14]

Still on the freedom 57 plan, DB pension plus my own self directed investments are all doing quite well.

With that said I may still continue working until 60 ish. I see no way I'm working after that.

[Fire]

I want to retire when I'm 55. If I can remain employed until then it should be possible. Inflation and the stock market are risks that might delay that.

[edslunch]

Originally Posted by indes

I'm 32 and am looking at freedom 85 at this rate lol.

Divorce a few years ago and a custody battle has me starting over with a mountain of debt. Luckily me and my fiancee are looking to have some really good income this year so hopefully we can get back in the black in the next 18 months, and go from there.

The goal is that by the time we're 35 we can start investing significantly in our retirement and hopefully pull out a retirement by 55.

My wife and I are both on our second marriages, coming up to 25 years. When we got together we were early thirties with literally zero assets, but had good jobs and are still able to retire early now. You still have a long runway ahead of you.

[Dynamic]

I was surprisingly pleased when I did some online calculator projecting my income when I retire. Between my DB pension, CPP and downsizing I'll be looking pretty good.

My plan all along has been to "retire" at 55. Meaning my middle management or corporate gig if I get there. Like others have said I'll be driving a school bus, being a Wal-Mart greeter, or mowing lawns for golf courses, or some other low stress job that I just do for fun.

[pseudoreality]

A lot depends on whether I still like my job right when I am close to retirement. Right now I'm thinking my youngest will be off to uni in 13 years when I am 55. That will be a good time to start transitioning to the next phase of work. My plan is to start a consulting business and work say 9 months a year and cut that down a month a year until I reach the point where I only take really interesting jobs.

[malcolmk14]

I will retire the second I am eligible for full pension and not a minute later. I've already got it all planned out. Won't be telling anyone I am retiring except those who need to know for paperwork purposes or whatever, I'll just sneak out at lunch and not come back. Byeeee!

If I don't have enough money by that time I'll just do something else for a few years. But I'm done teaching as soon as I can be!