Taylor Phinney set to retire (2024)

FAQs

What happened to Taylor Finney? ›

He started to explore art. And while there still some impressive results, including an eighth place at the 2018 Paris-Roubaix, nine years after winning the Espoirs Paris-Roubaix, the desire wasn't the same, and he retired at the end of the 2019 season, only 29 years of age, seemingly his prime as a bike racer.

Financial experts historically suggested, as a rule of thumb, that you needed to generate 70 - 80% of your pre-retirement income for a comfortable retirement. Now, many experts are suggesting that you will need closer to 100 percent, at least during the early years of retirement (typically for travel).

He won 328 races in the 1980s and 1990s, a record for an American, including two Tour de France stages. He has worked in media since retiring as a professional cyclist. He was diagnosed with Parkinson's disease at age 40.

Financial experts generally recommend saving anywhere from $1 million to $2 million for retirement. If you consider an average retirement savings of $426,000 for those in the 65 to 74-year-old range, the numbers obviously don't match up.

The ideal monthly retirement income for a couple differs for everyone. It depends on your personal preferences, past accomplishments, and retirement plans. Some valuable perspective can be found in the 2022 US Census Bureau's median income for couples 65 and over: $76,490 annually or about $6,374 monthly.

If you have $500,000 in a pre-tax IRA and expect $2,000 per month from Social Security, you may have enough money to retire at age 67. A half million dollars is a relatively modest nest egg, but it can still generate a comfortable income depending on your standard of living.

For example, if you have retirement savings of $1 million, the 4% rule says that you can safely withdraw $40,000 per year during the first year — increasing this number for inflation each subsequent year — without running out of money within the next 30 years.

If that's less than the monthly amount your retirement funds have been forecast to produce, that's a good sign – but you may need to take it further than this. While the 70-80% Rule is a good starting point, the actual percentage can vary considerably depending on individual circ*mstances.

It actually pays to delay taking Social Security to a date later than your full retirement age (FRA) because you can accrue credits that boost your benefits. You get 8% more for each year you delay claiming beyond your FRA, up to age 70.

What is the 80 year rule for retirement? ›

Age 65 with five or more years of service credit, or. At least age 62, meet the Rule of 80 (combined age and years of service credit equal at least 80), and have at least five years of service credit.

It exposes you to different ways of life, cultures, and customs, allowing you to learn and grow as a person. You'll discover things about yourself that you never knew before, and come back with a renewed sense of purpose and direction.