Countdown To Financial Independence

1,235 Days Left

I’m sure this is unhealthy on so many levels but I am gonna start counting down the days left to my retirement. I did something similar when I was paying down my student loans and it worked well.

My ‘retirement’ date is 5/21/2015. I picked that date because it will be my 10 year anniversary with this medical group. By working 10 years I will have vested in their pension program.

For every year that I have worked I will get 2% of my base pay. The base pay is calculated by taking the highest 3 consecutive years and averaging them out. In my case the base pay would be somewhere around $300,000 (gross). Therefore, the pension will be approximately $60,000/yr from age 65 onward. I’m guessing after taxes I’ll be left with around $30k.

What is retirement? It’s the date that you reach financial independence. Retirement doesn’t mean that you have to confine yourself to a rocking chair.

I like this Gallup survey chart because it indicates that those in the 18-29 year old age range want to retire before age 55. As this group gets older they start leaning more towards a traditional retirement age. Is it because they didn’t save enough? Is it because they just thought that retiring early is weird?

Gallup survey for desired retirement age.
Gallup survey for desired retirement age.

I used the ‘duration’ function of this online calculator to get 1,235. Which really doesn’t seem that long. In the meantime I’ll keep answering questions like: “But what would you do when you’re retired? Aren’t you gonna get bored? What would you do with all that free time?”

 

What would you do with all that free time?

How far away are you from retirement?

 

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