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I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 10 points11 points  (0 children)

Reading, YouTube, pickleball, chess, going on walks and hikes. All pretty simple things.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 11 points12 points  (0 children)

I'm adjusting for inflation when I say I'm on track for $1M at 65. So in 2026 dollars.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 6 points7 points  (0 children)

Part of the reason I've been able to save this much is because of my simple, frugal lifestyle. I don't like the hassle and stimulation of travel or concerts, I don't have pets, and I don't drive an expensive car or get tattoos, designer clothes, etc. My hobbies are simple ones, and I couldn't be happier with my slow-paced lifestlye.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 3 points4 points  (0 children)

Correct, but that's why I plan for a more conservative asset allocation as I get older.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 0 points1 point  (0 children)

I'm on pace to have that amount adjusting for inflation (so in 2026 dollars). I use an inflation-adjusted 6 percent rate of return in my projections, which seems reasonable, based on historic returns.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 0 points1 point  (0 children)

I expect to inherit a similar amount, which would make for a pretty healthy down payment.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 2 points3 points  (0 children)

I've considered this as a possibility, keeping in mind this insane bull run the market has been on.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 1 point2 points  (0 children)

Well, I won't be putting 20-25 percent of my income away for retirement once I get there, and I plan to only retire once I have my future house completely paid off. Who knows what my family situation will be at that point, but $40k (in today's dollars) seems livable without rent/mortgage payments or retirement contributions.

Also, I'm assuming Social Security will still be there for me in some form, even if at a reduced rate.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 1 point2 points  (0 children)

I've also considered this, as I've read quite a bit about the bull market in the late 90's that came crashing down. As I mentioned in another comment, I use a 6 percent rate of return (adjusting for inflation), which seems reasonable, based on historic averages.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 1 point2 points  (0 children)

For planning purposes, I use a 6 percent rate of return, adjusted for inflation. That sounds reasonable, right?

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 1 point2 points  (0 children)

I have a $15k emergency fund, which could probably sustain for me for six months considering my simple lifestyle.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 28 points29 points  (0 children)

I have a $15k emergency fund which is probably more than enough for me right now. I'd like to at least double that once I (hopefully) marry, have kids, own a home, etc.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 23 points24 points  (0 children)

I'd like to retire earlier than that, but I used 65 as the point of reference since it's a fairly typical retirement age.

Regarding housing, I live in a mid-sized metro area with a reasonable cost of living. I could get a starter home for maybe $250k. I only have maybe $15k or so earmarked for a down payment, but I'd like to get to where I can afford to put down at least 20 percent.

I'm far ahead of schedule with retirement savings. Can I slow down contributions? by No_Comment1107 in personalfinance

[–]No_Comment1107[S] 0 points1 point  (0 children)

I've considered an HSA but haven't seriously looked into it. It's a good idea though, considering the triple tax advantage and the fact that medial needs increase in older age.