retiring early??? Careful

[Budman68]

The smartest thing you can do is go into retirement debt free. I see so many people buy homes in their late 50's and 60's. If you don't own your home outright by mid to late 50's, you are not going to retire at 67. Even if you saved a million dollars, just that burden of $2k a month will make retirement unpleasent.

To me the best plan is to focas on small. Sell that big home and buy something smaller. By doing so you can travel and not be burdened with excessive home maintenance. Or buy some acreage so you can get tax exempt. Simple is better and retirement will be fun.

[Tyrex750]

Seems like the only way to retire early is, own your own business, be a cop are firefighter that have a good pension and 401k. Most companies these days only offer a small percentage on a 401. I'm way late in the game and just won't be possible.

[MtnMike]

I’m 54 and been retired 2 years and live every day of it. May get a job maybe 2 days a week at a tackle shop or may start guiding part time in a few years. I fish almost daily but would maybe run 4-6 trips a month at most. Wife retired too and she is a year younger than me. She still does some limited consulting work but not much.

My advice is retire when your numbers are right for you. We are not rich but our health is better than ever and stress free.

Amen to this!! Retired 2 years ago at 62. Debt Free, Good Health, Investments are in place!! Loving it

[doghouse]

Retire as soon as you can. Your body ages fast after 65 years of age.

[huntandfishguy6]

The smartest thing you can do is go into retirement debt free. I see so many people buy homes in their late 50's and 60's. If you don't own your home outright by mid to late 50's, you are not going to retire at 67. Even if you saved a million dollars, just that burden of $2k a month will make retirement unpleasent.

To me the best plan is to focas on small. Sell that big home and buy something smaller. By doing so you can travel and not be burdened with excessive home maintenance. Or buy some acreage so you can get tax exempt. Simple is better and retirement will be fun.

This is exactly what i was thinking. Sell those overpriced homes, and down size. Cut your expenses, and enjoy life.

[Brazos Hunter]

I’m hanging it up in five years at 55. Originally I planned to retire in two years but we had the bright idea to build a house so I’m going to pay it off then retire. I work for the city and have a great retirement as does my bride at the school district in the administration building. The big key to our retirement is going in debt free.




Michael

[Huntindad]

Retire as soon as you can. Your body ages fast after 65 years of age.

Now ya tell me. I'm 65 1/2 and will retire end of next month

between state retirement & SS & my wife still working...we'll be ok. Shouldn't need to hit our IRA's for 3 years or so.

just gotta remember I don't recuperate from strenuous work as quickly as I once did. But for some reason, my mind says go for it. My body afterwards says...haha told ya so.

[HogHunter34]

I will be 49 this month but still have two kids to put through college. I've got some passive income from rental investments and a decent 401K. I'm really gauging my health & how my current job goes in terms of retiring in 10+ years. My plan is to go into consulting work after retiring just to stay active and supplement the income.

[Black Ice]

retiring early??? Careful

Yes. You drive by many of them every day in your own neighborhood.

I’d take that property tax over state income tax in Louisiana .

[rtp]

Retired at 40. So bored, went back to work after 6 months.

I have heard this many times over the years and I can’t wrap my head around it. I’ve been retired for 21 years in May and stay very busy. Fortunately I have the funds to allow me to do what I want every day of the year. I golf, fish, bow hunt and travel.

Glen touched on a very key point earlier that probably was missed by most…….stress. Stress is one of the most powerful elements that contribute to poor health. Specifically weight gain and body inflammation. Stress is a killer. I went from tons of stress to almost none. I think this has allowed me to remain in great health as I’ve aged. If we aren’t healthy, retirement is going to be much fun.

Another point to consider is if we live to 100 yrs old our spending is going to decline over the decades. We won’t spend as much at 70 as we did 60, at 80 as we did 70 and so on.


Sent from my iPhone using Tapatalk

[MLank]

I have heard this many times over the years and I can’t wrap my head around it. I’ve been retired for 21 years in May and stay very busy. Fortunately I have the funds to allow me to do what I want every day of the year. I golf, fish, bow hunt and travel.

Glen touched on a very key point earlier that probably was missed by most…….stress. Stress is one of the most powerful elements that contribute to poor health. Specifically weight gain and body inflammation. Stress is a killer. I went from tons of stress to almost none. I think this has allowed me to remain in great health as I’ve aged. If we aren’t healthy, retirement is going to be much fun.

Another point to consider is if we live to 100 yrs old our spending is going to decline over the decades. We won’t spend as much at 70 as we did 60, at 80 as we did 70 and so on.


Sent from my iPhone using Tapatalk

Agree. I don't get the people that think they won't have anything to do, get bored, feel worthless, etc....

[SCREAMINREELS]

My goal is 60 although I’m still in my 30s who knows when I’ll actually be able to. House is on schedule to be paid off at 40 which is a goal I set for myself. Have been doing 401k since early 20s with small amounts and started maxing it out the last 4 years. Last year I started maxing out an IRA and hope i can continue to do so. I dabble stock market individual stocks and ETF in case I need to get to any money I can and also one day use it to buy another house. In a few years when house is paid off I’d love to learn from someone in the know and start into real estate investment to help towards the goal of retirement.

[SCREAMINREELS]

Since we’re on the subject is anyone doing anything to protect your money to have enough to leave kids. Trusts etc? May be taboo to speak about but a lot of old folks get cheap care such as nursing homes etc compared to those with cash in their accounts are forced to spend it down to nothing before getting that benefit even though they paid in a large amount and probably more than those getting the benefits.

[Still Hunter]

Depressing thread.

[PondPopper]

Since we’re on the subject is anyone doing anything to protect your money to have enough to leave kids. Trusts etc? May be taboo to speak about but a lot of old folks get cheap care such as nursing homes etc compared to those with cash in their accounts are forced to spend it down to nothing before getting that benefit even though they paid in a large amount and probably more than those getting the benefits.

I set my 2 kids up with a ROTH along wth my 2 grand daughters also..
They contribute and we help by contributing.