Retirement criteria

[VinPetrol]

24 minutes ago, toranam said:

Pmed

Please Pm, how did you plan bro

[Konebhar6]

My plan is to retire by 55. Below is the criteria

1. Keep aside money for kids higher education (Check) 

2. Work on an alternate income stream that provides 10K USD/month (in-Progress)

3. $500K - $750K in 401k (Check)

4. House in India, House in USA (Check)

5. No debt (except house in USA)

Live 6 months in USA and 6 months in India. Want to go around India, explore different states. May be on a bike with like minded people. I was fascinated in my recent visit to Bangkok by the Indian influence. Would like to visit Thailand, Vietnam, combodia, burma, north-east states. Re-visit some history books.

Take small vacations with family to Europe, South America, etc during my time in USA.

Setup Mango farms, or some other fruit farms with a small house in the small amount of agri land we have. 

[Galactus]

6 minutes ago, Konebhar6 said:

My plan is to retire by 55. Below is the criteria

1. Keep aside money for kids higher education (Check) 

2. Work on an alternate income stream that provides 10K USD/month (in-Progress)

3. $500K - $750K in 401k (Check)

4. House in India, House in USA (Check)

5. No debt (except house in USA)

Live 6 months in USA and 6 months in India. Want to go around India, explore different states. May be on a bike with like minded people. I was fascinated in my recent visit to Bangkok by the Indian influence. Would like to visit Thailand, Vietnam, combodia, burma, north-east states. Re-visit some history books.

Take small vacations with family to Europe, South America, etc during my time in USA.

Setup Mango farms, or some other fruit farms with a small house in the small amount of agri land we have. 

Wow, how long were you working in us bro? Looks like you are already done with a lot of to do list, 500-750k in 401k is super good if you have it now, it will compound to even greater amounts

[Konebhar6]

Just now, Galactus said:

Wow, how long were you working in us bro? Looks like you are already done with a lot of to do list, 500-750k in 401k is super good if you have it now, it will compound to even greater amounts

Came in 2005 mid. Day1, one of my friend suggested to max out 401k contribution. Best advice I got. So got used to getting adjusted with rest of money. Also, blessed to be working for a company that does profit sharing and adds 5% of salary to 401k. 

Getting to 10k USD/month income stream will take time and is the hard part. 

[riashli]

Retirement age daka bathiki undali ga..

[johnydanylee]

Never retire 

[kevinUsa]

3 minutes ago, riashli said:

Retirement age daka bathiki undali ga..

atla antav edni everyone is expecting to live upto 80 here 

[Android_Halwa]

I don’t think I will have ‘retirement’ in my life. At the most, Semi Retire..

Between 45-50, I will quit everything that I’m doing now and take up a teaching/faculty job and relocate to India by 52-55 and take up a similar job. US work exp tho India la edaina pvt university la join avochu easy ga…just to keep myself busy lekapothey dachipettukunna paisal anni ayipotayi 

[IdleBrain]

1 hour ago, toranam said:

Pmed

PM me also bro

[krishnaaa]

10 hours ago, Konebhar6 said:

What age you want to retire?

What's your criteria for retirement?

how much amount of money you want to take this decision?

Where do you want to live after retirement?

Some people I know retired at 25

They still login but don't do any work.

 

[Konebhar6]

2 minutes ago, krishnaaa said:

Some people I know retired at 25

They still login but don't do any work.

 

Hahahah.... Good one.

[sarvayogi]

59 minutes ago, Konebhar6 said:

What you said is true for most people. But if you get to an alternate income stream that replaces your income partially or fully, it is not difficult to retire.

See if your income is 10k gross assume and you have 10k passive income now. Agree that you will think to retire. But if your assets are example 2 M by that time you will want to make it 5M and fall in the loop again. Thats what I meant

[Konebhar6]

2 minutes ago, sarvayogi said:

See if your income is 10k gross assume and you have 10k passive income now. Agree that you will think to retire. But if your assets are example 2 M by that time you will want to make it 5M and fall in the loop again. Thats what I meant

I understood your POV. What you said initially is a hard hitting statement with 100% truth to it. Retirement is not easy esp letting go the money you are making. Also your earning capability is the most. 

But when you get to a certain age and strong reasons for retirement (Job stress, other interests, etc), atleast 3-4 out of 10 who thought of retirement will prevail. 

 

[Konebhar6]

9 minutes ago, sarvayogi said:

See if your income is 10k gross assume and you have 10k passive income now. Agree that you will think to retire. But if your assets are example 2 M by that time you will want to make it 5M and fall in the loop again. Thats what I meant

One thing I have realized over years, Money will not buy happiness. It will bring a lot of comforts and make life easy. For me that's the driving factor for early retirement to pursue some things which will bring joy.

[SaradaChinnodu]

43 minutes ago, Konebhar6 said:

Came in 2005 mid. Day1, one of my friend suggested to max out 401k contribution. Best advice I got. So got used to getting adjusted with rest of money. Also, blessed to be working for a company that does profit sharing and adds 5% of salary to 401k. 

Getting to 10k USD/month income stream will take time and is the hard part. 

Good for you.

 

10K USD/Mnth ki ideas cheppu bro?