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Let's assume as young working adults we started contributing to 401k/ira and some to towards roth. With that being said, what should be correct age to look into details of retirement e.g. looking into various places to retire, downsizing or relocate, close to kids and grand kids.
There are a lot of people here who are retired and many others looking towards it. I'm 45-50, with a son still in college, and was wondering when most people started to look into retirement?
If looked into early, it will stress out the current life which is happening to me now, or it could be too late. So when in general people started the retirement process ?
I started looking into it around age 50. My husband who is 62 thinks I'm worrying about "the future". He says it will happen anyway. Needless to say, I handle finances in this marriage and I let him be President in Charge of TV.
I started around when I was 25 and successfully was able to retire at 55. Best thing I did was start putting money into my future early. Our plan was to make sure that credit card,and installment debt was 0 ten years before leaving the work a day, and snowy winter world behind. So far so good.
Let's assume as young working adults we started contributing to 401k/ira and some to towards roth. With that being said, what should be correct age to look into details of retirement e.g. looking into various places to retire, downsizing or relocate, close to kids and grand kids.
There are a lot of people here who are retired and many others looking towards it. I'm 45-50, with a son still in college, and was wondering when most people started to look into retirement?
If looked into early, it will stress out the current life which is happening to me now, or it could be too late. So when in general people started the retirement process ?
Thanks
You can look anytime. There is no set time. But that being said if you plan on moving then you just need to take a few things into consideration.
1. Do not over analyze any one area. Stats are one thing but do not put all of the yes and no into stats like crime or poverty. There are a few that seem to do that here.
2. Try it before you buy. Don't just buy a place and move sight untested. Live there a while. Go during all seasons if you can.
3. Compare it to your current location. Remember that when you move you are leaving behind what you know. Doctors, mechanics, plumbers, and hospitals will all be different. Even family who you would rely on might not be in position to help you if you are too far away.
4. C-D is a great place to find people in an area you are interested in. Be friendly to them and they will tell you what they like and dislike about an area.
We all have been down the path you are traveling. It is a fun ride. Just enjoy life. It is too short to get yourself an ulcer over stuff. Save but still live. Life happens in spite of all your plans and it might not work out exactly as you planned or it might turn out to be better then you could have imagined.
We all have been down the path you are traveling. It is a fun ride. Just enjoy life. It is too short to get yourself an ulcer over stuff. Save but still live. Life happens in spite of all your plans and it might not work out exactly as you planned or it might turn out to be better then you could have imagined.
So true, above.
Life happens. My husband and I both were planners. Even in the early 1990's, I was saving $19K per year at that point.
But, then life happened. I'm glad I had it saved - had to help parents financially more than I thought, buy them a place, pay for their medical, etc; then sale of business, then an unforeseen event that does not happen to most people.
(My husband is writing a book about the last part).
Just take it one day at a time, plan as best you can but be aware life can turn on a dime and don't let that destroy you.
In the long run, plan - but it's all about relationships - money is there but don't put it in first place.
I mean, you have to have it but I think you know what I mean.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
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Don't be stressed, just be prudent and consistent. Sock away what is available, live well.
I've Been looking and enjoying 'retirement spots' since age 15... @ My 'first retirement' when I left Dairy Farm Boarding School.
Life and location have been VERY simple and desirable since then. (not that the dairy farm was bad!, it too is a great life everyone should try it BEFORE retirement). The skillset that you learn will serve you well for the rest of life.
Life happens. By age 18 (and for next 32 yrs), I was a caregiver for a disabled parent. For several years, I spent more than 50% of my earnings paying off my parent's debt.
Best laid plans will not assure 'successful retirement'. Live "wise and fruitful" enjoy the moments and opportunities (?) you get..
Retirement #4 is looming in the next 2 months (after I burn 6 weeks vacation).
I'm still well below SS / Medicare age. Many more yrs to 'kill'
Let's assume as young working adults we started contributing to 401k/ira and some to towards roth. With that being said, what should be correct age to look into details of retirement e.g. looking into various places to retire, downsizing or relocate, close to kids and grand kids.
There are a lot of people here who are retired and many others looking towards it. I'm 45-50, with a son still in college, and was wondering when most people started to look into retirement?
If looked into early, it will stress out the current life which is happening to me now, or it could be too late. So when in general people started the retirement process ?
Thanks
I would start thinking about it now. What part of the country, then what state and then where in the state. Starting early lets you vacation in the various areas and test the waters. Probably get serious about 3 or 4 years out. If you can work remotely consider renting for a month in various areas in the last 3 or 4 year before retirement.
Some communities may have weekly rentals and these would be better than a hotel.
Always save money (if you can) even if you aren't earning much. As soon as you no longer have to eat ramen to live, you should be putting a few dollars away in an emergency account and then retirement fund.
Keep good mental notes, but don't look for a retirement location until you know when you can retire. You might be able to stop setting the alarm in your 50s, or move from a desk to assisted living in your 70s.
We were married when we were both 22. After a couple life events, at 26 we decided to focus on our future retirement. Every major decision from that time, until my retirement, was based on the focus that we were going to retire at my earliest pension date [when we were 42].
Sure enough, when we got to 42, my employer had the same policies in effect, and I was forced out of my career onto pension at 42.
We had discussed it, we had planned for it, we were ready.
Today, 13 years later, our transition from working to being retired was a total success.
The 'correct' age to plan for your future? Whenever you mature enough to recognize that the future is coming at you.
My parents were both tossed into being migrant farm-workers, when they were around 6 and 8 years old [Great Depression, Dust Bowl, Grapes of Wrath, banks took their parents farms entire families migrated West, etc.]
They grew-up hand-to-mouth, and they hoarded all their lives. I was the fourth out of five children, I am not sure if my parents ever planned for 'retirement'.
I started looking into it around age 50. My husband who is 62 thinks I'm worrying about "the future". He says it will happen anyway. Needless to say, I handle finances in this marriage and I let him be President in Charge of TV.
Ha ha funny
Yea my wife is inclined to enjoy the "now", less so for the future.
We started looking for our retirement location 5-6 years before the actual event. We bought our retirement house while the market was still depressed
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Really like this last comment
