On Thu, 16 Sep 2021 09:46:56 -0700 (PDT),
Post by michael anderson Post by mercellusb Post by michael anderson Post by ***@yahoo.com Post by The NOTBCS Guy Post by mercellusb
On Monday morning, June 19, 2023, I go on permanent
vacation. I've been waiting for this day since about
three months into my first real job.
I'm targeting the end of 2024 - I get a 10% bonus to my
pension if I work past 62.
I'm currently aiming for around 2037 when I hope to have
my current farms and one or two more I'll likely buy by
then paid off...I'll be around 70.
If land somehow goes above $20,000 per acre before then
(we are currently in the low teens or slightly higher as
of today) when I could enter the 8 digit net worth club,
but that would depend on how much they'd steal for taxes
an if it would put my son in a huge bind not to have that
land to farm.
if you can get to 8 digits in net worth and that is fairly
liquid or could be and there isn't a lot of debt or
uncertainty attached anywhere in the equation, you've gotten
to a point where your son shouldn't be in a huge bind
I think jimbr's point was not so much putting his son in a bind
from a standpoint of capitol, but of the number of acres needed to
make a viable farming operation. But I could be wrong.
Post by michael anderson Post by mercellusb Post by michael anderson
....if I had anywhere close to 10 million in net worth(and I
don't....I don't know if I will ever...maybe close to
retirement lol if investments do amazing), I would
drastically alter what I would do. I would still work in
addiction medicine/psychiatry, but I would probably work
like 10-15 hrs per week and do something in the field I
enjoyed most with not a lot of regard for what it paid. I
certainly wouldn't be doing high volume grind it out type
work that also involved some weekend mornings.....
my retirement dream job is doing what I'm doing, but at much
less capacity. working for unicorn start-up, doing the job of
two or three people gets exhausting occasionally
Same here, but I would also want to offload the managment and biz
development work I currently have to do. I find that tedious at
best, and sometimes simply a pain in the rear. On the other hand,
the technical work I do is quite rewarding, and I'm sought out as
a world expert in one subpart of the field.
Post by michael anderson
of course, but the strategy(for anyone) is to make sure you are
super comfortable financially going forward when you do
So if I retire at 60, do I need to make 100% of what I make now
to live the way I want? No, because both houses should be long
since paid off and I shouldnt have any debt. but it still
costs money to live- traveling, entertainment, etc.....Im
trying to get a setup where I could draw at least 340-350k as
retirement income(including SS which I understand doesn't kick
in at 60), and I think that is a number I would feel good about
as retirement income. Less expenses = less need for the same
sort of income, but I think some people underestimate what they
will want in retirement.
Now I don't know if I will retire from grind it out full time
work at 60, 55, 65, 68, 53, etc.....53 would be pushing it.
But if I do retire before 65 I see myself working some but a
lot less and in a cushier position.
But I see some people saying "oh Im going to live off 115k in
retirement".....yeah, good luck with that lol.(if you are used
to a lot more now as they are)
All good points. I currently have about double the net income I'm
planning for in retirement, but more than half of my current net
goes to things that will not apply in retirement (e.g., mortgage
and charitable donations). So I think I'm looking at it
Ted Heise <***@panix.com> West Lafayette, IN, USA