If you're over 50, do you have a plan, if any, about setting up for retirement, if you can?

Currently I don't, and expect I will have to work until I'm at least 70 or longer. I'm 53 now.

Mostly this is connected to having no feasible way to get out of renting and into owning a property that I can build equity into (by paying it off, or buying it mostly outright).

The 'fire' thing (financial independent retire early) idea is lost on me. When I get to to about 60 onwards I'll be able to, if I want to, stop working and access my super (like 401k) to do something with that.

My priority at the moment is my 4 y/o daughter so in a lot of ways I put myself second to her needs.

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Roadsterrider · 56-60, M

My original plan was to retire from the military, the last round of BRAC under Clinton cut manpower and I was caught in the RIF that followed. When I started working in the civilian world, the company had a 401 program they matched 1 to 1 up to 6% of my salary, and I started contributing. Twenty years later, I have about 500K and in 5 or 6 more years at 62 I will have almost 1M. According to their retirement calculator, it should last till I am 90. I would like to say that I was smart and planned for my retirement, but I pretty much just fell into what I have today. I just did what I thought was right at the time. The only thing I have done is try to pay things off so that when I retire, I won't have a house payment or a car payment. I should have full medical coverage from the VA but haven't established yet. I live relatively cheaply; my hobbies revolve around motorcycle trips and camping/hunting/fishing and tinkering with old cars.

zonavar68 · 51-55, M

@Roadsterrider That's pretty good! My work doesn't offer any company medical (like most businesses in Australia), but the 'compulsory super' (which a company has to remit from a person's total annual income and pay at least every three months to the employee's nominated fund) is currently 10 percent. I'm a car resto person too (Saab's). I have a good chunk of super from 21 years government work up to the mid 2000's which is now 'land-locked' until I get to an age where I'm allowed to access it (as I don't work for a government business so can't contribute any more) but still earning. The super since then has had to go to a different fund so it's still ramping up. My problem is home ownership. I estimate I'll have somewhere near your figure (but in A$) around my mid-60's though it might mostly all go to buy a property.

Roadsterrider · 56-60, M

@zonavar68 If I was in a place like Australia, I would consider an RV. I plan on building a log cabin on property I already own but I am considering a full time RVer lifestyle. I already own a 35 foot camper and a truck to haul it with. With a full water tank I can stay out for about two weeks if I am careful with water. The log cabin kit is about $80K, the camper and truck are paid for. I am torn between building a cabin now and just traveling with the weather for most of the year. South in the winter and north in the summer. There are plenty of parks where a camper can boondock for a couple weeks at a time, lot rent at a campground is considerably less than a mortgage. The kids are all grown, it is just me and the wife, I can live in a camper.

zonavar68 · 51-55, M

@Roadsterrider I want a bush property with very little and I'll be very happy in retirement. But have to be able to afford to get there first.

Roadsterrider · 56-60, M

@zonavar68 Good luck. I want to be out of town myself. I would prefer not to be able to see a neighbor.

zonavar68 · 51-55, M

@Roadsterrider That's the right kind of social distancing!