A few comments on aspects I think under/not noted.
Always take advantage of any company matching program. If they have a good employee stock purchase plan that too can be free money. (But don’t put all your eggs in the company basket!)
People really need to think about what their spending will be during retirement. It will not be the same as during your working years. I think the comment about choosing where to live also factors in here.
We don’t really need to split our plans into working-retired in my opinion. For some (many?) maybe but choosing your career and who you work for or with should be considered. If you really enjoy what you do how is working really different from retiring? Or perhaps more relevant, how is working with 40+ years of experience and competence, and some of the perks that come with that, in an area and with a company you really enjoy? Moreover, negotiation around what flexibility one has, either hours or in locations is something to consider as one moves through their career as it relates to the retirement life they envision.
I think perhaps sometimes the retirement focus on the financial aspects only could miss some important aspects of that retirement as well as reduce the options set considered for accomplishing the more general goal of achieving those “golden years”.
Good points—don’t forget to diversify your life: you’re already putting a lot of eggs in the basket of “my employer does well enough to not have to lay me off”—no need to double down with an equity position in the same company.
There are a number of ways to half-retire. If you’re valuable enough, your employer might be OK with keeping you on with reduced hours & proportional reduced pay (could be either fewer days/week or months on leave each year). In some fields you can become a consultant/contractor and just work one 3-6 month project every year or two. If you were keeping your expenses at 1⁄2 your salary, going to half-time once you have ~20x expenses saved can bridge you to full retirement with less risk (you stop contributing new $, but don’t draw down)
A few comments on aspects I think under/not noted.
Always take advantage of any company matching program. If they have a good employee stock purchase plan that too can be free money. (But don’t put all your eggs in the company basket!)
People really need to think about what their spending will be during retirement. It will not be the same as during your working years. I think the comment about choosing where to live also factors in here.
We don’t really need to split our plans into working-retired in my opinion. For some (many?) maybe but choosing your career and who you work for or with should be considered. If you really enjoy what you do how is working really different from retiring? Or perhaps more relevant, how is working with 40+ years of experience and competence, and some of the perks that come with that, in an area and with a company you really enjoy? Moreover, negotiation around what flexibility one has, either hours or in locations is something to consider as one moves through their career as it relates to the retirement life they envision.
I think perhaps sometimes the retirement focus on the financial aspects only could miss some important aspects of that retirement as well as reduce the options set considered for accomplishing the more general goal of achieving those “golden years”.
Good points—don’t forget to diversify your life: you’re already putting a lot of eggs in the basket of “my employer does well enough to not have to lay me off”—no need to double down with an equity position in the same company.
There are a number of ways to half-retire. If you’re valuable enough, your employer might be OK with keeping you on with reduced hours & proportional reduced pay (could be either fewer days/week or months on leave each year). In some fields you can become a consultant/contractor and just work one 3-6 month project every year or two. If you were keeping your expenses at 1⁄2 your salary, going to half-time once you have ~20x expenses saved can bridge you to full retirement with less risk (you stop contributing new $, but don’t draw down)