Retirement

Working a lot sucks, but I do enjoy having some work to do that's interesting, instead of devoting 100% of my time to leisure.

I'm just curious about all those really rich captains of industry that all have enough money to retire but are still working. Are they on a reduced schedule or doing more than 40 hours a week? If I had $10 million or more I sure as hell won't be working 40 hours or more, even if it meant giving up a lot more money. I'd rather be working very little and have $10 million than slaving away for $100 million.

Larry Ellison was sailing a lot, so I'd imagine he wasn't doing 40 hours, but how about Warren Buffet and all those insanely rich guys?

Though if I was working at something really exciting like Google, I might be tempted to work a full 40.

Vacations will be my retirement in installments. It be nice to retire in a place with gorgeous beaches, but I would think even that **** gets old.

Originally Posted by Kent Wang

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Working a lot sucks, but I do enjoy having some work to do that's interesting, instead of devoting 100% of my time to leisure. I'm just curious about all those really rich captains of industry that all have enough money to retire but are still working. Are they on a reduced schedule or doing more than 40 hours a week? If I had $10 million or more I sure as hell won't be working 40 hours or more, even if it meant giving up a lot more money. I'd rather be working very little and have $10 million than slaving away for $100 million. Larry Ellison was sailing a lot, so I'd imagine he wasn't doing 40 hours, but how about Warren Buffet and all those insanely rich guys? Though if I was working at something really exciting like Google, I might be tempted to work a full 40.
They can't. Guys like Jay Gould had way too much responsibly to really leave.

Originally Posted by Kent Wang

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Working a lot sucks, but I do enjoy having some work to do that's interesting, instead of devoting 100% of my time to leisure.

I'm just curious about all those really rich captains of industry that all have enough money to retire but are still working. Are they on a reduced schedule or doing more than 40 hours a week? If I had $10 million or more I sure as hell won't be working 40 hours or more, even if it meant giving up a lot more money. I'd rather be working very little and have $10 million than slaving away for $100 million.

Larry Ellison was sailing a lot, so I'd imagine he wasn't doing 40 hours, but how about Warren Buffet and all those insanely rich guys?

Though if I was working at something really exciting like Google, I might be tempted to work a full 40.

People that achieve that much are likely to be genuinely passionate about it. You're not talking about a desk jockey at the DMV. My Ph.D advisor is coming up on 78 years old and he still comes in to work with us four days a week and takes a three day weekend to be with his wife. He definitely has more than what you noted above as the lower limit. It's inspiring to see that what got him to where he is now was a love of what he does and not the money.

Originally Posted by Kent Wang

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Working a lot sucks, but I do enjoy having some work to do that's interesting, instead of devoting 100% of my time to leisure.

I'm just curious about all those really rich captains of industry that all have enough money to retire but are still working. Are they on a reduced schedule or doing more than 40 hours a week? If I had $10 million or more I sure as hell won't be working 40 hours or more, even if it meant giving up a lot more money. I'd rather be working very little and have $10 million than slaving away for $100 million.

Larry Ellison was sailing a lot, so I'd imagine he wasn't doing 40 hours, but how about Warren Buffet and all those insanely rich guys?

Though if I was working at something really exciting like Google, I might be tempted to work a full 40.

I think that a lot of people that became this wealthy are built in such a way that they are driven to stay productive.

Originally Posted by Piobaire

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I think that a lot of people that became this wealthy are built in such a way that they are driven to stay productive.
+1, it's definitely an attitude thing.

On the other hand, I knew a man who saved and scrimped so that he could enjoy his retirement years in comfort. He would forego vacations and luxuries so that he'd have enough to enjoy those things later. He was diagnosed with Parkinsons and early-onset dementia in his 60's. Very shortly after he retired at age 65, he went into a nursing home for a few years and then passed away at 69. He never was able to enjoy the leisure he was saving for.

Balance in all things.

Yes, balance is more or less what I strive for. Had a good friend drop dead a few years ago. While I save for tomorrow need to have a reasonable amount of fun today.

Originally Posted by Kent Wang

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Working a lot sucks, but I do enjoy having some work to do that's interesting, instead of devoting 100% of my time to leisure.

I'm just curious about all those really rich captains of industry that all have enough money to retire but are still working. Are they on a reduced schedule or doing more than 40 hours a week? If I had $10 million or more I sure as hell won't be working 40 hours or more, even if it meant giving up a lot more money. I'd rather be working very little and have $10 million than slaving away for $100 million.

Larry Ellison was sailing a lot, so I'd imagine he wasn't doing 40 hours, but how about Warren Buffet and all those insanely rich guys?

Though if I was working at something really exciting like Google, I might be tempted to work a full 40.

Having just read a book by Trump, he stated that he works 24/7 but doesn't really consider it work since it is what he loves to do. He also said that he's started focusing more on educating others which is why he spends a lot of time writing books, at speaking engagements, and his tv show. He makes good money doing all these things but says that he doesn't do these things for the money since he could make much more using that time conducting business. So I think a lot of it has to do with their love of what they are doing and not just the monetary benefit.

Originally Posted by Mark from Plano

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If you want to retire early, I have three tips:

1. Save a lot, early and often.
2. Do not have children.
3. Do not get divorced.


That is all.

So wait - my kids will support you? I guess it'll give them a break from supporting me

How much are you guys shooting to have socked away when you are done with your "main" job?

Originally Posted by Rambo

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How much are you guys shooting to have socked away when you are done with your "main" job?

400 gajillion bucks.

And not a cent less.

Originally Posted by Connemara

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It's a little tough for me right now, as I don't make much $ and I already have deductions from my salary for the pension fund. I'd feel stupid opening a Roth and then only contributing, say, $1K. Better than nothing though, I guess.
Put as much as you can in a Roth IRA right NOW. You can still contribute for the 2010 tax year and you should do it. "Only" $1K a year, consistently deposited and wisely invested, will grow like you wouldn't believe in the next 40 years and give you a great deal of spending freedom when you hit your prime earning years in your 40s and 50s. This is important because those years are when most people also have the largest financial commitments.

Originally Posted by Mark from Plano

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On the other hand, I knew a man who saved and scrimped so that he could enjoy his retirement years in comfort. He would forego vacations and luxuries so that he'd have enough to enjoy those things later. He was diagnosed with Parkinsons and early-onset dementia in his 60's. Very shortly after he retired at age 65, he went into a nursing home for a few years and then passed away at 69. He never was able to enjoy the leisure he was saving for. Balance in all things.
+1. Save for the future, but enjoy today. To answer the question in the OP, I can't ever see myself retiring completely to a life of leisure. I love my job and I'm easily bored, so I'll need a new challenge if I ever retire. The most likely scenario for me includes transitioning to some combination of part-time employment and volunteer work to keep me engaged with life and with a community. Edit: Right now, my job includes professional travel about half-a-dozen times a year and I love it. I consider travel a fringe benefit of my job, so "retirement" will include some travel for me, assuming I remain healthy enough.

Originally Posted by Piobaire

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Forget the cap...just don't exclude people from contributing to a Roth once your AGI gets respectable. I think it's about 175k for married couples this year and you cannot make a Roth contribution and your IRA contributions are post tax yet you have to pay tax on any earnings. WTF?

Google for "Backdoor Roth." The AGI limits for contributing to a Roth are still in place, but they've removed the income cap on converting a traditional IRA to a Roth. Basically, you can contribute to a nondeductible traditional IRA, then immediately turn around and convert it to a Roth.

The catch is that you have to contribute proportionally if you have both before- and after-tax traditional IRAs, so you can get hit with taxes there. I'm not in that situation, but there do seem to be ways around that in some cases.

I'll probably end up working at least till 65, maybe 70 in my present type of job. I have thought about consulting, teaching, in my present field, and I might do that.

my plans are to retire spread out - part of the year in south America (Cartegena) part of the year near where the kids are.