Retired too early

[Pedernal]

Some good points on this thread... i plan on retiring young and would like to hear peeps thoughts; I will start a new thread to get advice/thoughts from the GS.

[PondPopper]

Well if he has worked since he was a young man(16-18)and still cant afford to retire then he never will be able to retire.. It sounds like he had a miscalculation somewhere..
Sad deal..

I know a lot of people in this situation.. They are living for the minute and trying to keep up with the Jones's... Living on credit has become the norm.. That is all fun and games until you blink and you are 70 and still working a job you hate.. Its amazing how many folks work good paying jobs yet don't save any money..

I will work to the day I die but it will be doing something I love.. Or maybe I wont...

[PondPopper]

Some good points on this thread... i plan on retiring young and would like to hear peeps thoughts; I will start a new thread to get advice/thoughts from the GS.

Save/defer a minimum of 15% of your gross.. I've drilled this into my kids heads.. That's a good start.. Pay yourself first..

[PondPopper]

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.

And this the best advice on this entire thread...

[flywise]

I cant imagine retiring. I make good money and I only work 10 days a month.i realize all jobs are not like this but if you can still stand to go to work why not go to work? Taking a few weeks off a year is plenty

[Texas8point]

I'm going out on a limb and say that retirement would be a bit more enjoyable if you had your finances in order (and some good health). Travel, fishing, golf, hunting, workshop hobbies.

but if you are stuck at home not running your air conditioner eating ramen and watching the price is right,,,,,well that doesn't sound like fun.

[Goldeneagle]

I'm one of those who had life kick them in the nads and had to dip into the 401k several times. Right now I'm playing it by ear on the retirement thing. I was planning on being the old man that stayed out in the garage and aired up the neighborhood kids bike tires. I don't see any kids riding bikes so that is probably out.




And txpitdog, Plano, Allen, McKinney and Frisco are my turf!

[Chago]

Life has no guarantees but healthy living, regular physical checkups and preventive medical maintenance is a must. The body will change from year to year but having an annual health snapshot in time may provide insight to potential medical problems. Such information should influence the decision to retire prior to the Medicare years or at least be in the budget.

Similar to financial planning, it’s best to start early but you can always play catch-up.

[CRM_95]

I hope to retire from my current job in my early to mid 50's. If all goes well I should be debt free by then. No way I'd retire that young with a bunch of debt though. But even when I retire I plan to have some sort of little low stress job for insurance and extra money. Maybe teaching a few days a week in the academy. Something law enforcement related still but without all the BS and politics.

[jtempleton]

I started saving for retirement when I was 18 because I had some good mentors. I’m a teacher and knew what I was getting into. My first years in the profession I sat in on the retirement workshops with the old guys and got made fun. My response was I want to learn from yalls mistakes and not have to work until I’m 70 with hopes of trs to take care of me or better yet ss. My parents haven’t made the best choices and my dad will be 83 this year and still has to work. That will not be me.

[Radar]

I dont know what I am gonna do, retirement aint that far away for me. Most of my working life I have said 59 1/2, but the older I get the more I realize that if you like your job and make good money, why stop. I work 4 days a week now and still have 5 years left on this last franchise agreement, maybe I just keep loading the wagons a few more years.

I have paid more attention to my customers that retire, some of them dont make it long after they quit work, they have stood on concrete most of their lives working on equipment or cars and wore their selves out. Others are out doing all kinds of stuff and staying active. Reckon a feller never knows what will happen and you got to play the cards your dealt.

Dad always said to live "like the cops are chasing you everyday son and you wont get feeble".

Heck, I never even knew I would live this long.

[cva34]

We retired in 04 low 60s age.The last few years before we Retired we fixed up home bought new Appliances..Got Vehicles and RV and Boat we needed ..and Had it all paid off before we retired..I say DON'T go out with BILLS.
we had no bllls other than taxes/utilities/insurance...We had 401 converted to retirement..Its been about 15y now and we still OK+ been wonderful...Haven't used hardly any of the original 401..except what they make you spend after 70...
Its been a wonderful 15y and we have not lowered our standard of living...
Never had to get another JOB..
Plan Well and you can DO IT

[PondPopper]

No need in ever buying a new veh off the lot. Too many being driven around that aint nothing but grocery haulers. Let someone else take that depreciation hit.

THIS!!!!!
Believe it or not but I know some guys who trade in new trucks simply because the tires need replacing.. And these are expensive 4x4 trucks that have never seen a dirt road and these guys aren't rich.. Normal working folk.. Its a idiotic move at best... LOL

[Merc]

I don't have anything to add other than this one bit of advice I was given when I separated the military from my Commander.

Never leave a job on bad terms, never know when you'll need them, or they may want you.

Sent from somewhere

[Homer75]

If you don’t have to finance a vehicle at 63, you will likely have to finance one at 73. Vehicles don’t last forever. Planning for retirement should begin at 40 at the latest. You will only have 20-25 years to save all the money you will need for the rest of your life. Social Security is not enough to be a retirement plan.

If you’re just starting at 40 your last job will be a Walmart greeter. Don’t plan on SS for income.