At what age do you want to retire, and at what age do you believe you'll actually be able to retire?

CPT Private RallyPoint Member — Wed, 02 Aug 2017 15:09:56 -0400

My parents never planned for their retirements and they'll probably never be able to stop working. This lead me to start squirreling a little away from an early age. I'm hoping it pays off in another 3 decades when it's time to hang it all up. I'm hoping by 65-67 I'll be in a position to retire. At what age are you planning on retiring or when did you retire if you're already there?

Response by SGT Private RallyPoint Member made Aug 2 at 2017 3:11 PM

SGT Private RallyPoint Member — Wed, 02 Aug 2017 15:11:58 -0400

I don't have an age, I'm pretty much set for the long haul on the army, my ultimate goal is to retire at least a O-7 (setting the bar high) or until the army no longer needs my service. Which ever comes first, by the time of 65 I want to be comfortable with where I'm at.

Response by Col Joseph Lenertz made Aug 2 at 2017 3:13 PM

Col Joseph Lenertz — Wed, 02 Aug 2017 15:13:39 -0400

I'm planning for 59 so I still have some active travel time available. I think I can do it financially...the question for me is whether I can stay busy enough to avoid the boredom trap.

Response by SSG Derrick L. Lewis MBA, C-HRM made Aug 2 at 2017 3:17 PM

SSG Derrick L. Lewis MBA, C-HRM — Wed, 02 Aug 2017 15:17:09 -0400

CPT Private RallyPoint Member-Great question to the community. I will be 38 when I retire from the Army, and I plan to be fully retired as all working operations will cease for me at age 50.

Response by Capt Private RallyPoint Member made Aug 2 at 2017 3:23 PM

Capt Private RallyPoint Member — Wed, 02 Aug 2017 15:23:15 -0400

I was 62. Retired 19 days after turning 62.

Waiting until you can afford to retire is the same as waiting until you can afford to get married or to have kids. Most never have enough.

If you want enough (whatever figure that is for you) you must plan and start working toward that goal early in your working career.

If you are planning on social security being enough to retire, be prepared to have a meager retirement.

Response by LCDR Private RallyPoint Member made Aug 2 at 2017 3:24 PM

LCDR Private RallyPoint Member — Wed, 02 Aug 2017 15:24:05 -0400

I am a member of the check of the month club but at 52 my wife and I are starting to look seriously at this question. I think we are in that time from 63 to 67. Not much latter and maybe partial retirement earlier if something happens in this gig. We have our 401Ks primarily, some ROTH IRAs, and I believe Social Security will still be around in some form. Both of us have documented social security withholdings since we were 13.

Response by Cpl Private RallyPoint Member made Aug 2 at 2017 3:33 PM

Cpl Private RallyPoint Member — Wed, 02 Aug 2017 15:33:54 -0400

If all goes according to plan, I’ll retire from the military at 39, and I’ll continue to work until I physically cannot anymore. I have zero issues with working my entire life, I’ve always said I’d rather work hard and earn my paycheck, then sit at home and collect money from what I did in the past.

Response by SFC Andrew Miller made Aug 2 at 2017 3:43 PM

SFC Andrew Miller — Wed, 02 Aug 2017 15:43:34 -0400

You can never start planning too early. I retired from the Army in 2011 a few days after I turned 40. I started contributing to the TSP as soon as service members were allowed, but had to pull about 15k out to cover a short fall in the sale of my house in Syracuse, NY. I worked a few different jobs predominantly in IT and telecommunications until I became a County Veterans Service Officer. My plan right now is to do that for a total of 20 years which will put me at age 64.

Shortly before I started this job I began two different one page information sheets for my wife and I. One outlines all life insurance, retirement accounts, etc. in case of death along with account numbers and contact information for each. The other is a retirement sheet showing calculated estimates for various pensions, IRAs, and assets/liabilities based upon the prior year. We update these at the same time we do our taxes because we are going over almost all of the same information anyway. I find these sheets to be really valuable in staying on top of planning. In addition to and IRA for each of us, I started a deferred compensation (457 plan) through my work and half of each new pay raise gets diverted into it.

So long as things don't change drastically for us we could afford for me to retire at 55, but I love my job too much to do that and I would be too bored. Working till 64 and staying reasonably frugal should set us up well for a happy retirement. I also plan to follow in one of my uncle's footsteps. One works weekends at a golf course and golfs during the week for free. Another works for Delta two mornings a week and he and my aunt fly anywhere for free.

Response by MCPO Roger Collins made Aug 2 at 2017 4:21 PM

MCPO Roger Collins — Wed, 02 Aug 2017 16:21:33 -0400

Planned on 55, did it 58.

Response by SGT Tony Clifford made Aug 2 at 2017 4:25 PM

SGT Tony Clifford — Wed, 02 Aug 2017 16:25:17 -0400

I plan on working until I die. There are many reasons for this. The idea of retirement is opposed to how I feel I should live. I'm a scientist. When I reach a point of wealth where I could retire, I'm going to devote the remainder of my life to teaching my knowledge to younger generations. A lifetime of knowledge should be passed on and it shouldn't die with the person who accumulated it. Another reason is that I couldn't think of a better way to spend my time than trying to better understand the mechanisms of the planet.

Response by MSgt Raymond Hickey made Aug 2 at 2017 4:43 PM

MSgt Raymond Hickey — Wed, 02 Aug 2017 16:43:51 -0400

Retired from active duty USAF at 38. Next went to work with the state of Vermont, Vermont OSHA, as a Ompliance Officer, wanted to retire at age 60. Instead, because of personal issues and a really bad car accident where I was injured quite severely, I was forced into not retirement at age 54. After a lengthy recovery, I hung out my own shingle and still do occasional OSHA consulting jobs, but I have really cut back my time due to medical issues from AO and after effects of my car accident...All in all, things have worked out for me.

Response by CPO Robert (Mac) McGovern made Aug 2 at 2017 4:48 PM

CPO Robert (Mac) McGovern — Wed, 02 Aug 2017 16:48:50 -0400

I am currently 67 and have no plans to retire until I reach an age where it is no longer possible to work. Work that challenges and motivates keeps life interesting and worth living.

Response by CPT Jack Durish made Aug 2 at 2017 4:51 PM

CPT Jack Durish — Wed, 02 Aug 2017 16:51:42 -0400

I planned on retiring at 72. Retired at 65. Forced into it by the economy. One of the most valuable lessons I learned is that no one can ever save enough to live comfortably when they retire unless they die prematurely. Thus, my advice is to ignore the size of your savings and focus on the size of your retirement income. No, I'm not talking about the interest on your savings principle. I'm talking about income producing investments. Rental property (the best). Income producing stocks. Income producing activities in which you can reasonably engage after retiring (not writing. I've tried that one and out of the thousands of authors contributing new titles to Amazon Kindle every month, less than a dozen are earning any significant income)

Response by Lt Col Scott Shuttleworth made Aug 2 at 2017 5:02 PM

Lt Col Scott Shuttleworth — Wed, 02 Aug 2017 17:02:49 -0400

I am planning on retiring fully around 65 or 67...dependent on my wife and future grandkids situation. My wife and I have been putting away investments since I was a Lt and pretty much living off Capt pay for the rest of the time...squirreling as much away as we could. We took a good dip into it when we retired from the military to make a sizeable down payment on our house and that helped but we are still doing the same thing with me retired from the military and working again and her getting back in the workforce again. She can retire from her job at 65 with full retirement. We also never relied or expected SS. Not counting on it but if it is still there and viable when I finally retire that will be a huge bennie for us...maybe a nest egg for the grandkids or something...once again, not counting on it. I have to work to keep busy anyway. Staying home and tinkering for me gets old and there is only so much I can do before I go crazy...so I will just retire when I feel the time is right. I don't want to keep working where it costs me money to come to work though...when that break even point comes i will go work part time for a golf course or a hardware store or something like that just for pocket change and where I can work just because I want to work...that is the plan for now but who knows what the future is bringing.

Response by Cpl Jeff N. made Aug 2 at 2017 5:04 PM

Cpl Jeff N. — Wed, 02 Aug 2017 17:04:34 -0400

I plan to retire between 60 and 62. I am on track to meet that with an amount of money that is more than enough (plus a pension and SS). I have seen too many people I know that work until the day they have died. They have died between about 60 and 68. Your work life is not a box of crackerjacks. There is no prize at the bottom of it. If you do what you really love then great. Most of us are not in that spot, about 99% of us are not in that spot.

Response by Sgt Private RallyPoint Member made Aug 2 at 2017 6:20 PM

Sgt Private RallyPoint Member — Wed, 02 Aug 2017 18:20:18 -0400

CPT Private RallyPoint Member I planned to retire when the Space Shuttle program ended because I knew I would be age 62. I did retire one month after the last Space Shuttle flight. My plan worked well for me because I had saved in a 401K, IRA/Roth IRAs, etc. Saving as much as you can is key, because many folks have to quit working early because of health, layoff, etc.

Response by CPT Private RallyPoint Member made Aug 2 at 2017 7:07 PM

CPT Private RallyPoint Member — Wed, 02 Aug 2017 19:07:51 -0400

That is the question of balance. With improved, efficient national health care, you can save up, invest in passive income producing assets, and retire at twenties, called RAT. Rich Dad and Poor Dad by Robert K is a school of thought worthy of study. I am not working for half a check and will retire in two years.

Response by MSgt George Cater made Aug 2 at 2017 8:05 PM

MSgt George Cater — Wed, 02 Aug 2017 20:05:10 -0400

62.5 and 62.5. (I'm 66 now)

Response by SGM Erik Marquez made Aug 2 at 2017 9:39 PM

SGM Erik Marquez — Wed, 02 Aug 2017 21:39:52 -0400

In hind sight I would have liked to be done with mandatory job stuff at 65-70....I would have worked at "stuff" long after that as I felt the desire.
Reality is, I failed miserably to plan for retirement, I never figured I'd be alive this long, never mind in to my 80's.
I assumed all along an early and untimely death would have taken me from the game before now.
Leaving me required to work literately until I can no more, at which time we will have a drastic lifestyle change, selling the houses, guns, cars, 60 years of tools and machines, motorcycles and what have you so we can live in some assisted living, rent controlled, financially state assisted apartment until I gratefully stop breathing.
I cant change the inevitable so we are enjoying what we have now. Our sons, our health, our dogs, our grandchild, our home and the tangible things we have to go with that all.

Response by SGT Aaron Atwood made Aug 2 at 2017 10:10 PM

SGT Aaron Atwood — Wed, 02 Aug 2017 22:10:06 -0400

Depends entirely where I end up after I'm done working. Despite my love of New England weather I have no financial reason to live there unless I retired after making some serious dough both during and after the Marine Corps.

Response by SSgt Private RallyPoint Member made Aug 2 at 2017 10:20 PM

SSgt Private RallyPoint Member — Wed, 02 Aug 2017 22:20:27 -0400

I am 56. Give me another 2-3 years to achieve what I consider "retirement" to be. No IRAs, no 401Ks, Social Security offers no security, no pensions or retirement funds. Instead, I am investing my time building an asset that will give me considerable monthly cash flow. Just the opposite of what "we are taught" to do.

Response by SSG Private RallyPoint Member made Aug 2 at 2017 10:52 PM

SSG Private RallyPoint Member — Wed, 02 Aug 2017 22:52:49 -0400

Ill be able to retire about 18 days after I die.

Response by MAJ Judd Clemens made Aug 2 at 2017 11:56 PM

MAJ Judd Clemens — Wed, 02 Aug 2017 23:56:36 -0400

My goal was retirement by my 55th birthday. Missed it by 15 months.

Response by SMSgt Thor Merich made Aug 3 at 2017 12:46 AM

SMSgt Thor Merich — Thu, 03 Aug 2017 00:46:31 -0400

I planned on 52 and ended up retiring at 52.5. So I was only off by 6 months. But I started my first IRA when I was 18.

The earlier you start planning your retirement, the better.

Response by LTC Private RallyPoint Member made Aug 3 at 2017 12:47 AM

LTC Private RallyPoint Member — Thu, 03 Aug 2017 00:47:37 -0400

I "retired' from my civilian teaching job at age 65, still to work part-time as a sub teacher. I dont need the money but I like being semi-retired, active but with the flexibility of doing other things such a travel when I want to do them.

Response by CWO3 Private RallyPoint Member made Aug 3 at 2017 3:14 AM

CWO3 Private RallyPoint Member — Thu, 03 Aug 2017 03:14:07 -0400

Still haven't figured out what I want to be when I grow up so it's a non-issue.

Response by SGT David T. made Aug 3 at 2017 10:25 AM

SGT David T. — Thu, 03 Aug 2017 10:25:40 -0400

62 assuming nothing happens to prevent that. However, I am gearing my efforts towards being financially able to retire at 55 just in case. My whole focus right now is setting myself up to retire.

Response by SSG Robert Perrotto made Aug 3 at 2017 1:53 PM

SSG Robert Perrotto — Thu, 03 Aug 2017 13:53:27 -0400

well, that all depends upon what age did you start planning financially to retire. I started when I first enlisted, was not a whole lot at first, but it accrued, I took advantage of the opportunities presented by the Army. Thrift savings plan, Roth IRA all my re up bonuses (over time), as time passed and I gained rank, bought a house with my VA loan, payed more than minimum on the loan, had children when I could support the lifestyle I had, never paid more than 0% financing for a vehicle. My spouse worked as well, and her money went into her retirement, and savings to keep 10k minimum in our savings for emergencies - a lot of lean years where our vacations were camping in various parts of the country I was stationed at, but that was great as we both are outdoors people.

I ended up retiring from the Army 36 months shy of 20 due to medical reasons, but the 100% Va rating coupled with 60% combat related, along with the other retirement benefits has allowed me to be fully retired without touching any of what we put into our retirement plans and my wife plans on retiring in 5 years. I will be 56 and she will be 55.

As for boredom - well - have to say I am not bored of doing nothing significant yet, after 17+ years of always being up early - home late or not home for a at all for extended periods, I am enjoying the stress free and relaxing feeling of not having a damn thing to do, and not having to answer to a 1SG or CSM, nor getting those phone calls at 0 dark thirty because one of my chuckle heads did not heed the safety brief.

Response by Capt Private RallyPoint Member made Aug 3 at 2017 9:29 PM

Capt Private RallyPoint Member — Thu, 03 Aug 2017 21:29:53 -0400

I knew an E-8 that retired after 20 years and di so with a healthy retirement. He and his wife decided that they were living comfortably when he made E-4. Therefore they invested all of his pay exceeding and E-4 pay for the rest of his career. He had a good retirement.