how much is enough to retire in our industry

Hang as long as you can coast or see a package on the horizon.

 

I agree with post #18 - spot on advice. I am mid 50’s and plan to work three more years which will put me under a year to age 59 1/2. Easy to live on savings during that time so I won’t have to tap iras with 10% penalty. Also, it gives me health insurance for three more years which is a nice benefit. I have researched my state’s health exchange - I can buy a catastrophic policy for my family for $600 a month. It has a $10,000 deductible but covers well visits, preventive care. I will buy one of those and self-insure for a few years until Medicare eligible. These plans are based on earnings - not assets, so there are strategies on pulling a few years income into one year so you get a break on premiums for a couple of years. I also did a custom social security estimator on ssa.gov so I could see the impact on social security - it will pay off to work the three more years. Finally, the back door Roth 401k is a huge deal. I have switched contributions 100% to Roth 401k for both initial and catch up. My final year here - I will contribute the max (64k or so) to Roth and post tax, max out social security, and then retire - hopefully around the April or may timeframe depending on earnings. All the Roth and post tax 401k contributions will then easily covert to a Roth IRA. You could definitely retire now, but you may find it worthwhile to hang on a few more years. Good luck to you.

 

bunch of loser braggers that probably only have a couple hundred thousand

 

That s exactly my plan. Spot on advice and THANK YOU.

 

Not bragging. I am likely WAY older than you and I started in this industry right out of college. No kids and I maxed out my 401K each year as well as made other types of investments. Yet I still feel like I have a ways to go, which kind of stinks. Still, I am glad to be closer to being on my way out in the next few years, because I don't like the way industry is going and frankly I don't know how plentiful these jobs will be in the coming decade or so.

 

I am with you, except I did not get into this industry till I was 30. We only have about 1.6 w/o counting our house, husband will have a state pension, zero debt, one more year of college to pay, but it doesn’t seem enough. I look at it as financial freedom I am shooting for because I don’t think the prospects of this job is good. And yes I have been saying that for the last 5 years, but I have watch some of my friends in their 60s that still have to work and they cannot get a job so I know it does not get any easier.

Not bragging either. It is just helpful to know where other people are. Thx

 

What are some places to look into moving abroad? How does that work with dual citizenship?

 

My husband born in Italy and naturalized USCitizen. We are seeking to regain his Italian citizenship which is fairly easy since he was born there. Gives us ticket to EU in case the US continues to go batshit crazy. You can claim citizenship in many countries even if grandparents born there. Hard to go to New Zealand, Australia, EU or Canada without heritage or without credentials needed ( like a very needed skill such as engineering, medicine etc. You can buy your passport to some countries- just google them. In my humble opinion it’s a good idea to have dual citizenship given the state of politics in US right now. We are now a banana republic, ie a Sh$$ hole country. Thanks Republican a$$holes ., talked to neighbors lately and was surprised how many seeking passports elsewhere. More of Trump and his mignons will cause the intelligentsia to flee. Tired of QAnon and lizard people BS

 

You can buy a house 1Euro. Contact the mayor of the town; email is listed in this article.
Castropignano: The latest Italian village to sell $1 houses

 

Thanks. Already have his family home which is rented out right now.

 

That will be up to you b/c your interests, preferred climate/location, language, current health, medical facilities in retired country, and many others, are all factors to consider.

Living in a developing country will make your money go far!
Here are some common places I hear and read about: Thailand, Vietnam, Philippines, Costa Rica, Mexico, Indonesia (Bali esp), S. America, etc.

Internet search "Americans retire abroad" or similar key word searches will pull up all kinds of sites and stories. Some of the countries I disagree with as being good to retire, esp if you don't have a lot of money. France was listed as a good place; horrible IMO b/c its a 1st world country and converting USD to Euro wont' give you much unless you have millions.

CNN does periodic does Expat stories. They get the background of Americans who have retired abroad: occupation when in US, amount for retirement (Savings/Soc Sec), current health, why the country retireing in, how has it been going living in the country, etc. These stories get me thinking.

Not sure what you mean. If you have dual citizenship, I am pretty sure the retiring country won't care. OR, does the retiring country offer you citizenship to now have dual citizenship?

I do know developing countries, even 1st world countries, like retirees b/c they spend money and won't be working (displacing a local native from a job); at least the retiree should NOT be working. B/C the retiree will be spending money and NOT working, many countries offer 1st World retirees a "Retiree" Residency Visa: just have to be retired, have a certain amount of savings and/or retirement income (ie Social Security, Pension, etc).

 

OP here. So how does my plan to leave the country look now after Wednesday??? I was expecting something like this trump coup to happen. Putting our house on the market now and making plans. By the way we can have dual citizenship. See ya. Enjoy the United States of CRAZY!!!

 

BYE BYE NOBODY CARES!

 

u nasty nasty woman. we all CARE

 

I retired 12 years ago on 2.5 million now 4. As long as your mortgage is paid, you’re Golden. Get the hell out now and begin enjoying the rest of your life.

 

I like the way you think.
We have a paid off half a million dollar house. No other debt at all. Enough in a cash bucket to live for 6 years until I can draw 401K. State pension putting off 5K (60K yearly) Pension is worth 1.8 million alone (60,000X30 years.)Net each month, total of $650K in equities but I figure with "rule of 72" it will be just over 1 million by the time I can access it in 6 years (without never adding another cent by me.) All living expenses are around 5K or less each month. I think I could walk today but stay a little longer to bank money.

 

What is the Rule of 72?

 

It's the rule of 24 done 3 times

 

The Rule of 72 is used to project how long it will take an investment to double. Take 72 and divide it by the interest rate achieved or expected and that number will be the years it will take an investment to double.

Any investment making 7% (doesn't matter the amount) will double in approximately 10 years. 72/7=10.2 years. 8%? 72/8=9 years, etc.