At what age do you plan to retire?

We're on pace to retire "comfortably" in five years.

But we've decided that if Covid shuts down the world again, or this UFO business means we're about to be living with aliens, we're retiring now.

Butttz wrote:

Will be 50 this year. I plan to retire around 60. I enjoy what I do, but 60 is the goal. I have saved well according to my financial advisors. I never really thought much about it honestly other than being told early in life to save. I am trying to enjoy the journey rather than focus on the finish line.

^^ This except I might go a bit earlier depending on finances, kids' college bills, etc. If I could go @ 55 I probably would, but if healthy and able, I will do some type of "work" indefinitely. Could be paid, could be volunteer, but it will be on my schedule and not the employer's.

We've used this past year to sort of simulate retirement.

With so little going on, it's a bit like it will be for us, I imagine. I have zero problem coming up with stuff to do, however. Bring it on.

Flagpole wrote:

Kirfacts160 wrote:

How old are you now? 42

At what age do you plan to retire? 45

Has this age changed for you from your earlier plans and how?

Yes. My target age used to be 50 but I am optimistic that my company will be sold, resulting in me getting enough money to retire on by 45.

If I do retire at 45, I would start my own business, so I don't know if that is officially retiring - but it's different from having a job where I work for someone else.

How is it that you don't own the company you work for but if it is sold you will get some big coin? Is that just a stock thing you are predicting?

I'm an executive and own a portion of it.

This is Jim Kiler wrote:

We've used this past year to sort of simulate retirement.

With so little going on, it's a bit like it will be for us, I imagine. I have zero problem coming up with stuff to do, however. Bring it on.

For someone who recently retired it's been a different experience. I've had nowhere to go, no place to visit. Sure I've saved money, read, learned instruments but I was hoping to go to shows, museums, visit friends and travel a bit as well.

It is wonderful to spend time with your loved ones- that's worth more than a bit more money working.

Flagpole wrote:How is it that you don't own the company you work for but if it is sold you will get some big coin? Is that just a stock thing you are predicting?

Odd question. If the company I work for is sold I’ll also get some decent money. Lots of employees of privately held companies have some kind of ownership stake through company shares.

Runner1018 wrote:

Flagpole wrote:

How is it that you don't own the company you work for but if it is sold you will get some big coin? Is that just a stock thing you are predicting?

I'm an executive and own a portion of it.

Ok. Thanks for the info.

doc idiot wrote:

Flagpole wrote:How is it that you don't own the company you work for but if it is sold you will get some big coin? Is that just a stock thing you are predicting?

Odd question. If the company I work for is sold I’ll also get some decent money. Lots of employees of privately held companies have some kind of ownership stake through company shares.

Not an odd question at all. Most people actually do NOT have any kind of ownership in the company they work for, ESPECIALLY not if it's a privately-held company (some do decide to buy stock in their company if it's pubic). I worked for two companies in the past that were bought. No one other than the very top executives got any money at all...that is very common.

What is odd is that you felt a need to comment on something you obviously have little knowledge of.

or "PUBLIC" Ha!

Flagpole wrote:I worked for two companies in the past that were bought. No one other than the very top executives got any money at all...that is very common.

What is odd is that you felt a need to comment on something you obviously have little knowledge of.

Flagpole, if nothing else, you’re still the biggest blowhard on LRC, going on something like 20 years now, so at least you’ll have that in retirement.

Flagpole... WTF are you talking about? Literally every publicly traded and privately owned company I have worked for, interviewed at, have colleagues at etc. plus all of the above for my wife... have provided equity both upon signing an employment contract and as a portion of the bonus structure. I manage a team of 60 people currently, all of them have substantial equity. I managed a team of about 150 people at my previous gig, all of them had substantial equity. These are in two completely different sectors as well. This is an entirely common situation to be in at this point and extends well beyond executive teams.

Notice that so called experts are never able to retire?

I’m an employee at a company where I also own a 4% stake and growing. That’s not currently enough to retire on, by itself, but it’s growing big enough to become a significant part of my retirement, when the time comes. I’m also on the Board of Directors of the same company.

highhoppingworm wrote:

Flagpole... WTF are you talking about? Literally every publicly traded and privately owned company I have worked for, interviewed at, have colleagues at etc. plus all of the above for my wife... have provided equity both upon signing an employment contract and as a portion of the bonus structure. I manage a team of 60 people currently, all of them have substantial equity. I managed a team of about 150 people at my previous gig, all of them had substantial equity. These are in two completely different sectors as well. This is an entirely common situation to be in at this point and extends well beyond executive teams.

Your experience is not the norm. There is a difference between it being common and the norm. Your situation is the minority situation. Perhaps it is the industry you are in, but again, most companies do not do that for their employees. When a company is sold, typically there will be layoffs due to redundancies, and those people get squat.

I am a business consultant to manufacturing companies, large and small, public and private, and none of them give any equity to their employees other than upper level executives.

GettingFasterDude wrote:

I’m an employee at a company where I also own a 4% stake and growing. That’s not currently enough to retire on, by itself, but it’s growing big enough to become a significant part of my retirement, when the time comes. I’m also on the Board of Directors of the same company.

Interesting. Owning 4% stake and growing is interesting, but, it's pretty clear most of the employees in your company don't have that...unless there are only 25 employees and everyone gets the same amount (and then it couldn't be growing. Also, as you are on the Board of Directors, you clearly are not an average employee.

Define “norm”. No, it isn’t over 50% of the workforce but it also isn’t like spotting a unicorn in the wild. More like seeing a squirrel on a Sunday morning walk.

highhoppingworm wrote:No, it isn’t over 50% of the workforce but it also isn’t like spotting a unicorn in the wild. More like seeing a squirrel on a Sunday morning walk.

Exactly. And yet it seems to lie outside FP's experience and therefore must be very rare or untrue, since, as we all know, he knows everything.

I own ~ 1 % of the company I work for. Of the few hundred permanent employees, roughly 1/3 hold an equity stake, with some being very small, mine being a decent size and maybe 2-3 dozen people having a bigger stake than me, with the biggest at ~ 7-8%. Not all privately held companies have such wide employee ownership, but some do. My stake is valued according to our shareholder agreement's valuation basis at mid-six figures, which is nowhere near enough to retire on. If we were bought, though, fair market value of the shares is much higher than our internal valuation, and I could retire as lower upper middle class instead of how I grew up as upper lower middle class (like Homer Simpson...).

X-Runner wrote:

How old are you now?

At what age do you plan to retire?

Has this age changed for you from your earlier plans and how?

Really hard to tell. I am an executive teacher and have a side business in coaching and at 53 I making 150K. Luckily I live in a country where salaries are increasing on a rate of roughly 3.5% per year. My teaching Salary will increase to $132 in the next 12 months.

In the country that I live in we also have long service leave which I have 3 months leave I can take at anytime and it accrues at 9 days per year.

Ok so possible retire from current position at 65 then I will do substitute or contract work which will pay roughly $70-80 an hour. I don't think I will ever stop working completely.

I have a pretty good job, but can be stressful. I have a small equity piece, less than 1% but the goal is to eventually IPO at over $1B valuation. I also have 10% ownership in small family business where I am just an owner, my brothers run it. Just got a nice little payday from selling a division of the family business but far from enough to retire on.

I like nice cars, restaurants, flying first class (don’t do it often). I’d eventually want a house on the beach or in the mountains, or both.

43 now. Would like to retire from the corporate world by 55. Will still continue to do something after that. Hopefully it’s achievable given my lifestyle.

If I drove beater cars, clipped coupons, and really watched my budget, retirement at 50 would be easy. That’s no fun in my opinion but works for many people.