Retired too early

[NannySlayer]

Who could I talk to about my current finances, pension, and my 457? I want to make sure I’m doing something right. DFW area.


Sent from my iPhone using Tapatalk

[Landrover]

Agree... Sounds like he wanted out and didn't have all his ducks in a row. $1400/month isn't much to live off of. Yes it can be done but dang why finance a truck with it. He needs to sell the truck and enjoy life. Way more important things to spend the $600 a month on.

[Johnny44]

What did you do/steps you took that allowed you to retire at 39?




Sent from my iPhone using Tapatalk Pro

Signed the line when I was 19 with a wife and kids, ate catfish, chicken, red beans & rice. Took used furniture and realized that everyone these days wants a piece of your action from car insurance, home warranty, phone, cable, brokers, investments, the preacher, you name it.

I only give to St Judes and Whistle Pig now.

Basically its a whole mindset change. I wouldn’t invest one red cent in an intangible but would invest only in property that could make me money. I’ll give you an example. You could buy many acres in Mississippi that would make you timber, red dirt, deer lease, and/or gravel money -vs- some stone and cedar infested rock pile in Hill Country at 15 times the price for fifty times less acreage.

A wise old man once told me to NEVER invest in property that doesn’t make you money.

Furthermore, history shows the folk least effected by the Great Depression were families that could maintain their tracts of land which they were able to eat from, and pay taxes from timber and such.

I also only look at vehicles as transportation cost and ain’t a pickup truck out there worth $60K to me.

And, if my home mortgage were over 4% I’d live in an apartment, a house under the wrong conditions is a money pit.

And, I’d take the first available retirement date possible and not hang on for that suckers percentage. Its like when I was ready to retire from the Military, why would I stay a minute longer after eligibility for half my pay, thats like working for half price. Soc-Sec, you take that at 62 and roll on.

Again, I chuckle at these conversations. Its the same mentality that has to be overcome by abused children or the black folk supporting the Demoncrap party. You have to disregard a lifetime of conditioning and thats a hard pill to swallow.

The non tangible investment market reminds me of how I can sit at a blackjack table holding a 20 with two cards and the dealer all of a sudden beats you with 7 cards, then your new drink comes, you win a small bet hand then you are back in the game again losing but winning back at a loss.

[RascalArms]

Who could I talk to about my current finances, pension, and my 457? I want to make sure I’m doing something right. DFW area.

Burnadell is in the business you know. You might reach out to Randy for some advice.

As many have already stated here, the amount of money you will need at retirement is relevant to what kind of lifestyle you feel is warranted and WHEN (what age) you plan on retiring. A good financial planner or advisor will ask about your goals, both short and long-term, your existing investments and risk tolerance for investing, etc.
In other words, it will be tailored to your needs with regard to retirement planning, investment help, insurance coverage, etc.
Never ever too early to start.

Good luck

[Roscoe]

Signed the line when I was 19 with a wife and kids, ate catfish, chicken, red beans & rice. Took used furniture and realized that everyone these days wants a piece of your action from car insurance, home warranty, phone, cable, brokers, investments, the preacher, you name it.

I only give to St Judes and Whistle Pig now.

Basically its a whole mindset change. I wouldn’t invest one red cent in an intangible but would invest only in property that could make me money. I’ll give you an example. You could buy many acres in Mississippi that would make you timber, red dirt, deer lease, and/or gravel money -vs- some stone and cedar infested rock pile in Hill Country at 15 times the price for fifty times less acreage.

A wise old man once told me to NEVER invest in property that doesn’t make you money.

Furthermore, history shows the folk least effected by the Great Depression were families that could maintain their tracts of land which they were able to eat from, and pay taxes from timber and such.

I also only look at vehicles as transportation cost and ain’t a pickup truck out there worth $60K to me.

And, if my home mortgage were over 4% I’d live in an apartment, a house under the wrong conditions is a money pit.

And, I’d take the first available retirement date possible and not hang on for that suckers percentage. Its like when I was ready to retire from the Military, why would I stay a minute longer after eligibility for half my pay, thats like working for half price. Soc-Sec, you take that at 62 and roll on.

Again, I chuckle at these conversations. Its the same mentality that has to be overcome by abused children or the black folk supporting the Demoncrap party. You have to disregard a lifetime of conditioning and thats a hard pill to swallow.

[emoji106] Thanks!


Sent from my iPhone using Tapatalk Pro

[rtp]

Ive been retired for 17 years.....for the life of me I cant understand how I ever had a job that consumed most of my time. I just dont have time for anything else right now. I travel, I hunt, I golf, I fish and I have plenty of time for family stuff. Maybe I'll get bored at some point and start a new gig but it hasnt happened yet.

[Johnny44]

Just when you sit down on the stump in the middle of nowhere to ponder what I’m saying about everyone wanting to put their hands in your pocket...

Your cell phone rings, its Baboo, and he has an offer for ya !

[12RingKing]

Cautionary tale on saving your money. My goal is 55. Being that I don’t have a pension with my company, it’s completely doable with lots of savings.

[lunatic'hunter]

You won't have to pay the 10% penalty, but you still have to pay the taxman.

They changed the law. You can draw off 401k starting at 59 1/2

[Texas8point]

I'll be eligible to retire in 4.5 yrs.... maybe not financially able to but for sure in the next 9.5 yrs.

[KX500]

I think we all can agree that the #1 retirement problem is not planning/acting well enough financially.

As so any posts have alluded to, the #2 retirement problems seems to be not planning what you're going to do with those extra 40-50 hours a week you now have.

I've known a lot of guys who retired around 50. Admittedly, it has been hard not to be jealous (I'm 52). But, very few of these guys have been all that happy with retiring early. Most can't find enough to fill those 40-50 hours a week. I see many taking minimum wage jobs, for something to do. The ones I know are pretty good money wise - in fact a big reason they retired was, with a pension from working 30 years, they make the same money retired as when they worked. Hard not to leave, but then they had no plan for their time. Plus many of them worked pretty crappy jobs for 25 years, just to get a good job for the last 3 or 4 years and the leave 'shortly' after getting it.

I have been blessed with a really good job that I could probably continue to do well into my 70's - a job that I really don't mind doing (I didn't even think this was possible). So that really takes away the jealousy of not being one of those guys that retired early. Plus I really don't know what I'd do with those extra 40 hours a week. I love hunting as a hobby, but burn out is a possibility too.

I do vividly remember that my mother had those same concerns when she retired in her early 50's. Within a year her thoughts had become 'how did I ever have time to work'. I don't think she had a real good plan for her time, but it worked out.

I guess I'll see one of these years.

[CRM_95]

I have myself set up to have more income after I retire than now while I am working but still can’t decide when to quit.
I have an overachiever mind set and I am not sure what I can do with all that energy if I can’t use it working.

Apply that energy to fishin.

[Burnadell]

Apply that energy to fishin.

He does!

[Mudslinger]

Wife is going to retire in December at age 66 and i will retire in May 2020 at age 67. We already have all our retirement finances set and I am looking forward to it right now. Never thought i would retire, but as time passes I firmly believe I will enjoy it. We plan on moving back to the Central Texas area and hoping to find some land and build a barndo. I hope to be able to do all the interior work except for plumbing and electrical so that should keep me busy along with taking care of the land. Time will tell.

[JeffJ]

Every situation is different.

Sent from somewhere

For sure. I have clients who live blissfully in retirement on $50k. I have clients who live blissfully in retirement on $500k.