What's your retirement picture?

Plonkee over at plonkee money posted that she is not really able to picture what the retirement life will entail. Plonkee works a conventional job that she likes and wouldn't mind working until she can fully retire and at least not have to worry about what job she works, or if she works at all.

I am pretty much in the same camp. I work for a great company, I like my field, and while I loved what I did at one time, I still think it is the right company for me. I totally dig the people and can see myself working there until I retire from my industry.

I have a 2 stage retirement plan, though. I get paid pretty well for my age, around $70,000. The problem is is that my wife and I live in a fairly high cost of living area. My first stage is to save up enough for us to live on from the age of 55 on. Now we may have enough to do that within the next 10-15 years, well before the age of 55. I would like to teach high school at this point. Move back to my hometown, teach at my old high school, make enough to pay our bills, start building our compound and esae into retirement.

After I either a) decide not to work anymore, or b) reach that oh so sweet age were we can live off of interest, fully retire, pull the drawbridge up, and relax with the wife, the animals, and do whatever the hell I want, and not care.

Nowhere to be found

One of the reasons why I would like to be debt free, other than the obvious one of not having to owe anyone money, is to be off the grid.  That is one of my retirement goals, and when I know I'll have enough money saved up.

I don't want a mortgage, I don't want a utility bill, I would rather not pay taxes, and I might not even have a mailbox.  Just give me my 2 acres in the foothills of the Smokies, my house, my family, a 6 foot brick wall surrounding my property, and I'll consider putting in a drawbridge so you can cross the shark filled moat.

Realistically though, when I retire, I do want to be off the grid as much as possible.  I want solar panels that generate income.  I want to move to Tennessee where they don't have a state income tax, only a 9% sales tax, and a state government that is now fiscally responsible enough to have multiple sales tax free weekends throughout the year because they have surpluses.  

Comment on what kind of lifestyle you are saving towards for your retirement.

We're not screwed on retirement

Since I started thinking about our lack of savings, and any real sort of retirement plan, I have been worried that I would need to work until I'm 62 and then count on social security (yeah right) to enjoy the lifestyle that we now do.

But it is not so!

My goal has always been to retire when I'm 50, and either teach high school or work at a Lowe's or Blockbuster part time and reap the employee discount benefits. Well, using the compund interest rate equation, I can retire at 50 and make the same amount of money as I do now, except counting only the interest of our investments and not any job. I made some basic assumptions, did not include the cost of raising two hypothetical kids, nor did I count the increased cost of living that will occur over the next 20 years. But I also did not count any raises outside of normal, i.e. no promotional raises. But, the calcualtion does not include any company match to my 401K, nor does it count any of my pension, even though my pension is very stable since I work for a company that does not carry any debt whatsoever.


We start with $500 a month for the first year and we add $300 to the monthly savings deposits. At an everage of 8% interest, which I don't think wer could get now, but I bet over 20 years we can average, we will be sitting pretty. Yea!