When Shall I Retire?
I was recently inspired to take a look at retirement when Kathy Deppe retired this week. Kathy has been with RE/MAX for over 20 years and a Realtor for many years prior to joining the RE/MAX system. The excitement Kathy displayed when she spoke of her retirement plans inspired me to take a look at retirement. What would it mean? What does it involve? When is it a good time? Is retirement even in the scope of something I would be interested in? All valuable questions. Have any of you actually sat down and explored the possibilities? My youngest child recently wed and I’m sure that’s the farthest thing from his future plans, but when is it a good time to think about retirement? Being in the real estate industry, we tend to be risk takers and until I actually sat down and decided what would it take to retire, I really didn’t give the idea much thought. I’m sure everyone has their own way of thinking, but this is what I did. First I decided on the age of 92. I decided at the age of 92 I would check out of planet earth. Now that is difficult to determine, but I’m healthy and I needed a number, so I plucked that one out of the sky just for calculating’s sake. From there I decided what I would want to have on hand cash wise on a monthly basis. Then I determine how many years I could live with the cash I currently had on hand and how much would I need to accumulate and for how many years to live comfortably until 92. If I check out sooner, bonus to those left behind, if I last longer, bummer to those left behind…..not really….I calculated on a very conservative basis, so if I live longer….BONUS!! I thought the exercise to be quite interesting and I would highly recommend it just for the mind trip of determining what does retirement look like. I haven’t gotten to the other questions I posed earlier, like is it even something I’m remotely interested in. As the years pass, I’m sure we all look at Kathy and congratulate her on not only her ability to retire, but for her reward to herself for a job well done. Go ahead….what’s your number and do you want to retire at some point?……..What’s that look like for you?