Retired too early

[Roy]

Don't judge anyone till you have lived in their shoes. Bad health situations will drain anyone's assets quickly. Life does not happens the same for everyone. Not everyone gets a great job with a 401K or a great retirement program. Some guys work for people that never come through with promises. Maybe they prioritized college funds for the kids rather retirement plans for themselves. Started a business but failed. Dropped out of college to help a parent keep their home due to another parent dying. If you are in a good place financially, good for you. Don't judge. You might get cancer tomorrow, stock market collapse and all your savings drop to nothing. Yes the average American is in a bad situation. I see lots of wealthy people running runaround living the big life with fancy cars, fancy boats lavish life styles but they are hocked in debt over their heads.
Not everyone "loves their job". There are some extremely well off individuals on this green screen and others barely getting by. It has nothing to do with a persons character or integrity or morals. Life just happens different for some people. I know good people who have done everything right that are struggling and POS's that do not deserve to breathe oxygen on this planet be so wealthy it is ridiculous. I hope OP's friend gets his job back and gets back on his feet. I am sorry he could not retire from his crappy job and that he did not have enough put away to live comfortably, but I sure am not going to pass judgement on him.

BEST **** POST on this thread!!!

I can't stand condescending a-holes who are quick to pass judgement on others because they are struggling financially or cannot retire comfortably. LIFE HAPPENS! I had a friend who was the same **** way, always flaunting his 401k savings, pension, etc... and freaking died unexpectedly. Never married because he didn't want any wife or kids to touch his money; never splurged because he was too **** cheap; and, most importantly, he never helped out family or friends because 'they should have saved enough for their situations'... What good is all that money now??

[AntlerCollector]

I'll probably be working until at least noon on the day I die. Then hopefully head to the woods and never come back.





To each his own, but I agree in not passing judgement on anyone. We don't know the reasons people do what they do.

[tx_basser]

I have seen this happen also.. the problem is that when people retire they still keep living under the premise their income is still the same, and their spending habits don't change. Get house and vehicles paid for before you decide to retire, and plan how to get medical coverage until you get Medicare.

[Johnny44]

I’ve noticed the socially and fiscally irresponsible seem to have more quality time with their families and friends.

[critter69]

My philosophy always was...You can live on less money, but you cannot live on less life. If you had a billion dollars you could not buy another minute.
Do you work to live? Or live to work?
Life is short.

My motto also. You never know if you’ll even live to retirement age. And if you do age and health may limit enjoyment.

[Brazos Hunter]

I have been actively planning my retirement for the better part of 15 years. 5 years and two months to go before I call it quits and work on my tan, fishing, traveling, and family full time. Many already give me grief because I will be in my mid 50’s. Life is way too short plus, how much is five good years of your life worth? In four years we will be debt free and I know that last year will fly by burning up my sick time and vacation [emoji6]



Michael


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[Killer]

I have had a lot of advice to share with my kids over the years. One of the most beat to death pearls of wisdom I have given them now that they are working age is save as much as you can starting from a young age. You can never save enough. I started later than I should have but still plan to retire at 60. It can be done but it won't happen without a plan and commitment to stick to the plan. I really feel for older folks that are struggling. Life circumstances are different for all of us. Some end up there through no fault of their own - others chose to live too well along the way and shouldn't be surprised when they end up there.

No truer words were ever spoken on saving money. "Start Early" You can not make up the compound interest you get by starting at a young age and saving money for retirement over a long time period!

You can not catch up by saving more after you get older!

Start young and save a little. Increase your savings when you get a raise or bonus at little at a time.

Start young, don't put if off.

The way companies are these days hardly anyone has a pension anymore. It is mostly cash balance or 401K type savings plans for retirement. In other words its up to you!

Don't rob your retirement savings for non emergencies. Borrowing from your plan is better that cashing out for sure if you can.

Hey if you don't get anything else start early! This is my advice for the young fellows starting out. Even though you may be 30+ years away from retirement.

[Tony Pic]

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

Yup. You can play catch up also if you are over 50.
401k/403b/457 contribution limit will go up by $500 from $18,500 in 2018 to $19,000 in 2019. If you are age 50 or over, the catch-up contribution limit will stay the same at $6,000 in both 2018 and 2019. Employer match or profit sharing contributions aren't included in these limits.

[Fordnandez]

He tried to retire on a $1400 a month budget?

This was my first thought. Sounds like he didn't have a feasible plan. Take the truck payment out of it and you still couldn't make it.

[jds247]

I max my 401k and a Roth IRA every year. And I'll do the catch up at 50. I started late but should be good by the time I retire at 60. Everything I have is paid for except my boat.. as of now I have 401k pension and retiree insurance provided by my company.. when we lose the pension and insurance I'll go to a better paying plant. But I'm ok making a couple thousand a year less in exchange.

[DRT]

No retirement is guaranteed any more. You do your best to plan and pay in. I retired but own my own business now. We live comfortably in the retirement as we live mostly debt free but the business income pays for the land investments and play money. Plus retirement is over rated if you live in town.
I'll probably work another 5 years anyway.

Gary

[critter69]

30 years ago when he started planning for retirement, a car cost how much, and insurance cost how much, and food cost how much? Kinda scary to think ahead 30 years if we use the past 30 as a guide of what things will cost. Life happens and many will not be prepared.

This is very true. ^^^^^^My parents and my in-laws both worked their entire lives. Dad and father In law well into there 70s. Saved as much as they could, thinking it was plenty. Never taking vacations, never buying new vehicles, really no luxury type items. Health issues with both ended up costing them there entire savings. In-laws had to reverse mortgage their home. So, both thought they were doing the right thing. Ended up Medicare or Medicare, still ended up taking care of them. And both only lived for a short time after retirement. Another buddy’s dad worked for Lockhead Martin and had loads of money for retirement.( had a few uncles that were well to do also, but basically same thing happened) Two years after retirement he was diagnosed with pancreatic cancer. Lived another year ( suffering) before he passed. So you just never know what God has in plan for us while we are here. After seeing all this, I do what I can, but it will never be enough to retire comfortably. ( so many things are going to cost more then expected) So I try and enjoy each day, and not worry to much about “ what if”, because I’ve seen way to many people leave here broke ( spending all their retirement savings on health care, or un foreseen “ problems” ) after working all their lives. And some with a lot of money, good planning, that never got to enjoy their money. I do of course know a few in both cases, that are enjoying their retirement. And a lot of the ones with little money are enjoying life as much or more then the ones, trying to spend all their money. Luckily I am a man of pretty simple means, don’t need or ask for much. Just want to get by.
So, no one knows what happened along the way in the guys life the op wrote about. Nor do any of us know what may ( will) happen to us. We all hope ( plan) for the best, but many of us won’t make it, the way we planned. Nor do we know how long we have here. Enjoy what we can, while we can.

[Big pig]

Brilliant plan! I'm thinking of doing something similar with wood.

Wife and i retired last year after 33 years with the county. We both got raises after we retired and still have great insurance. Life is GOOD!!!!

Good for you. Wish I had skills like you guys!
You have insurance thru the county. Only reason I am still working is the insurance costs.

Something I worry about is the friends I buried at younger ages. I would like a few years of retirement in good heAlth. Planning on retiring at age 62. In a cheaper county with no debt. And a new house.

BIg pig

[Beleg]

I have a friend I graduated high school with 50 years ago. He worked in home remodeling as a private contractor and didn’t save anything for retirement. He under reported his income all those years and now he’s in poor health living on $900 a month SS. He gets food stamps and has Medicare for 80% of his healthcare and Medicaid for the rest so his healthcare is covered. He’s living in a shack outside Livingston with an ex wife. She has a very low income also so they share expenses. They hate each other but neither can afford to make it on their own. My friend is in a living hell every day of his existence. Only prayers and hope for better days keeps him going. Failing to plan for retirement can put you in a terrible situation with very few options.

[RascalArms]

I know hindsight is 20-20 but probably the ol boy should have used some of his 401k money to purchase his Cobra plan till Medicare kicked in. But then again I have no experience with this stuff.

Don’t sell yourself short Jeff. Sounds like he could have taken some financial advice from you and been a little better off.