What is your plan….what do you think you will need….and what age are you planning to retire at…

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Afternoon everyone….

Last night was catch up night with my buddies from across the globe. We missed the last one because to much was going on for most of us. We try to have a zoom chat about every two weeks.

After going through the normal catch ups, family, work, etc. Our topic of conversation was retirement. Pretty much all of us are nearly two decades away from being able to collect Social Security. But the topic was pretty interesting to hear everyone’s take on their plan.

Take into account that out of the eleven of us on the call, three of them are single and have never been married.

First we will start off with the finances of retiring…..

After much deliberation, we finally came to a consensus that each of us would need between $75,000 - $85,000 per year to retire without a change of lifestyle.

We all agreed that our expected retirement would last 30 years. So if you do that math real quick, you would need roughly 2.5 million dollars in order to retire. That is living at your current lifestyle.

This is also taking into account that there is no mortgage left on your home.

While on that topic the question came out. How many of us thought we will have or already have the means available for that?

Seven out of eleven said yes, of course the three single ones were the first to answer. Two of them actually said they would be retiring within the next three years. Both are single and make great money and own numerous properties.

There were a few of us, including myself that said we will probably have to work till we drop dead. One of my friends started a family pretty late and has five children with the oldest only being thirteen. While he makes good money, expenses will continue to rise for him with colleges, vehicles, weddings (he has four girls).

The final discussion about this topic was: Where will you retire to?

Will you stay where you are? Will you just downsize your house? Or will you move to another state? Another country?

This was the most unanswerable question for just about all of us. The only two with definitive answers were the two who said they will retire within the next several years. Most of us were like it depends on where our kids end up. If the move away, if they have children. Lots to consider in order to make this decision.

So what’s your plan?????

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This is a nice chat to have and I must say you have incredible friends that think about one another.

There's no plan yet as the previous plan has been cancelled and would rather not say.
This just gives a reminder to be ready again.

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I don't know what my retirement plan might look like considering I'm still young and not yet working, still a student, but that doesn't stop me from thinking about what the old days will be like, if we all live to see that day.

I would like to retire in a peaceful city by the time I'm retired, that's if I get to work somewhere or for myself. Whichever ways retirement is what we all need to plan for, so it doesn't hit us by surprise & unprepared.!PIZZA

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