Asklemmy

If there were a steady growing economy and no crazy events for the next 20 years, and no major health issues, my Roth 401k would probably be enough for a modest retirement.

I was just wondering what the penalty would be to withdraw everything before 59, so I could figure out if it would be enough to immigrate somewhere with reasonable healthcare and a social safety net that would take those worries out of the equation. I think since it's Roth it would just be 10% of gains + one-time capital gains tax?

It might be enough. Simply having a lump of $ makes so many more countries welcome to immigrants.

Nope because I'll never afford it. I'll be at my desk on the phone listening to my BPD patient scream in my ear for the millionth time that she absolutely must come off the medication she needs to stay alive that she's been on for 20 years because it's giving her a rash (not possible and shes doing this for attention), and I'll quietly expire into an exhausted puddle.

Edited to add: I have an excellent pension but it still won't be enough. I have zero savings thanks to my SO wrecking my finances.

Depends. What does retiring mean? Does it count if society collapses and i go live in the woods?

Yes, I’ve got a detailed plan and I’m sticking to it. In 12 years from now, my youngest will be 15 and I can start winding down. I can’t imagine doing nothing, but with some part time work I think my wife and I can stretch to make it work. Requires that the oldest self-fund through university, which I had to do, so I’m ok with that.

Currently 47, which is probably substantially older than most people here. The concept of “retirement” (winding down) seemed so far away (didn’t start saving for it until late twenties) but compounding interest really is the most powerful force in the universe.

Of course if the stock crashes, plans may have to change. I’m slowly moving towards a stronger bond mix but that lowers return and pushes dates out. It’s a hard balance.

I think I’ve accounted for everything that one can plan for; late life care costs, risk of both my wife and I living to 100 (in a financial sense, we should all be so lucky), higher spend until 75, then lowered. There’s a risk that the UK removes universal state pensions, which would drastically alter my plans.

https://imgur.com/a/MAWe4eq

Yes. I'm not in line to inherit a fuck-you amount, but it's substantial, and if I move to a poor country and live modestly I should be able to make it last indefinitely.

I'd invest if I was above the poverty line, income-wise, but I'm not. Downward mobility is a bitch.

I'll be surprised if I make it to retirement age, but if I do, lol no.

I'm putting enough money away that I see myself retiring. At minimum, I would transition to a less stressful job about 10 years away from retirement and ride that out as I go to work less and less.

That said, I know I'll kill myself if my health degrades too much. I haven't decided what would happen if I run out of money.

No, my people dont live long. My wife will though. It makes me happy knowing that between both our labor she will be able to eek out a living in old age