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Old 05-26-2015, 12:19 PM
 
2,079 posts, read 2,607,182 times
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depends on the income, and whether or not you're able to resist the consumerist lifestyle plaguing society today.

health care is a bump in the road, but many other countries have comparable health care services at a fraction of the price. you might wanna consider living abroad in retirement for this reason.

don't let most people know you're retiring early. they either will not get it or they will judge you. build up a healthy emergency fund so you wont dip into retirement savings in a time of crisis. save at least 40% of your income. cut the cable. read instead, free entertainment from your local library ftw. don't drive a flashy car. cook your own food. say goodbye to that contract cell phone plan and switch to ting or republic. find other income sources. don't have kids. make mr money moustache your home page. exercise & eat right. don't blow your money on useless crap. you don't need the $700 Samsung galazy s6 or whatever the hell that is.

don't deprive yourself either. find some middle ground. what do you enjoy to do? you don't want your quest for early retirement to feel like a prison sentence. most people that reject material possessions spend money on experiences instead. I plan to retire at 45. 50 will be my fall back. good luck.
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Old 05-26-2015, 12:34 PM
 
906 posts, read 652,107 times
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Its easy to retire once you have your house and car paid for in full. Nobody reallys retire they just retire from the 9-5 rat race. Everyone loves making money. Even Donald trump is a billionaire and still work seven though he can retire now
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Old 05-26-2015, 01:23 PM
 
Location: Denver CO
21,193 posts, read 11,820,134 times
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I have friends who retired at 50. They were both high income, and were VERY aggressive in their savings - over 50% of their combined income. They also have the ability to do limited term consulting projects if they feel like it, so while they don't count on that money as part of their regular budget, they can pretty easily bring in five figures for some extra ordinary expense if they want by working just a couple of months or so.

OP, unfortunately, no. Not having a house that could be paid off to provide low cost housing in retirement, and saving 5% of what I think from other posts is not a particularly high income is not going to fund early retirement.
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Old 05-26-2015, 02:42 PM
 
Location: Northern Virginia
126 posts, read 138,218 times
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Quote:
Originally Posted by txfriend View Post
Mostly accurate for us, retired at age 50.

Never had or will have any inheritance.

I was a mainframe computer systems supervisor for a very large corporation.

Reached above average income during my career.

Two income couple.

Lived in the north Texas area.

One biological child and two throwaway children that we took into our home and reared from early teen years until adulthood. We did this without any government or state involvement.

Married for more than 50 years now.

No bike riding, commute too far. We did drive two used cars.

In 1968, after almost nine years in the military I was offered an entrylevel hourly job with the company at $1.95 per hour. I had to drive 120 mile round trip for two years until we moved closer and 25 mile round trip.

We owned many houses, every time we moved up we would keep the old one as rental property. Also flipped houses during the late 70's and early 80's. This practice almost ruined us financial. In 1983, I purchased a new $250k house with a 16.5% interest rate, plus owning 7 or 8 rental houses. The RE marked crashed in Texas, and I had to make payments on some vacant property plus the new house. This almost wiped out our savings.

We seldom go out for entertainment unless we had a coupon in the early years.

We invested in the markets and had spectacular returns until the dot-com crash and lost about one million.

After retirement, I have free health insurance for life. We sold off all the rentals, and my retirement, profit sharing, and 401K are in aself-directed IRA. We are multimillionaires again and life is great.
I would like to announce that txfriend is now my newest, bestest friend, or maybe I'm a long lost relative.
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Old 05-26-2015, 04:26 PM
 
2,631 posts, read 1,940,238 times
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Quote:
Originally Posted by Newenglander0000 View Post
Our neighbor told us his goal is to retire at 45 and that he is on target to do that. I asked how and he said he invests in the stock market, puts most of his paycheck in retirement, and has minimal debt.

I'm disabled but my hubby works. We don't own a home and have basically no debt. Is this something that is practical? We cannot afford to give more to retirement than we do already (I think my dh gives like 5% of his paycheck or something). Is this a possibility or a dream?

One of you is gonna work forever. End of that discussion.

Your friend best back off on the market thing unless its a SEICU retirement account or something else union-in-cahoots. That market is gonna fall way worse the next time. 2008 was a dress rehearsal just to see if it works. It worked. Splendidly. Just sayin.' It could very likely happen in '16, earlier than September; but they could put it off. It will happen though. Casino money at this point.
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Old 05-26-2015, 06:23 PM
 
26,148 posts, read 28,542,050 times
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Quote:
Originally Posted by Jkgourmet View Post
Please, provide proof of that statement. I think it's baloney.
Oh brother . Do I have to back up everything with some scientific study which will very likely be refuted by you or someone else who says they don't believe in such studies or that they're invalid for X reason? And did you not read the part where I mentioned they were common threads I've seen from early retirement blogs? Read some early retirement blogs for yourself and you'll see what I mean.

The book Millionaire Next Door also noted that millionaires were more likely to exercise & take care of their health than the populace at large. People with good habits tend to have good habits across the board.

Last edited by mysticaltyger; 05-26-2015 at 07:50 PM..
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Old 05-26-2015, 06:27 PM
 
26,148 posts, read 28,542,050 times
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Quote:
Originally Posted by TheShadow View Post
Mysticaltyger, you forgot one.

--Work for a company/agency that provides defined benefit pensions and lifetime med/dental insurance. Continue working there for 25+ years and take advantage of any other retirement account benefits.
Yeah, that's what I do. But most of these people fit closer to the profile of traditional retirees. It's just they get a generous pension that pays out early. But most don't start collecting that pension until their mid to late 50s, which, while early, is closer to traditional retirement age. They're also a dying breed as the retirement ages are being hiked for new hires and/or benefits are being rolled back or cut entirely. A different mindset is required if you want to retire on your own savings/investments vs. just working for X employer for X number of years to get a pension at X age.

Last edited by mysticaltyger; 05-26-2015 at 07:50 PM..
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Old 05-26-2015, 06:32 PM
 
26,148 posts, read 28,542,050 times
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Quote:
Originally Posted by evilcart View Post
Until healthcare is fixed and made available at a reasonable fee , the majority of people will NOT being able to retire very early no matter how much they save.

All it takes is one curable cancer or heart attack to wipe out years of savings and derail long term plans.
But that's a 2 way street. 80% of heart attacks, in particular, are very preventable with diet & exercise. Cancer is tougher to prevent. But I am always surprised at people's low level of motivation to take control of their lives.

Key to Affordable Health Care Revealed

Scientists this week are reporting a breakthrough therapy to lower the risk of developing the most common and deadly chronic diseases — diabetes, cardiovascular disease and cancer — by about 80 percent.

In some ways, this might sound like old news. The therapy is called taking care of yourself: not smoking, exercising regularly, eating a healthy diet and maintaining a healthy weight.


www.forksoverknives.com
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Old 05-26-2015, 09:17 PM
 
837 posts, read 1,626,980 times
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Retiring at an early age? Just ask Mr. Money Mustache....

Mr. Money Mustache — Early Retirement through Badassity
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Old 05-26-2015, 10:36 PM
 
906 posts, read 652,107 times
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Quote:
Originally Posted by key2success View Post
Its easy to retire once you have your house and car paid for in full. Nobody reallys retire they just retire from the 9-5 rat race. Everyone loves making money. Even Donald trump is a billionaire and still work seven though he can retire now
To add to this once your house is paid off , car paid off and no debt plus some savings and a boat and some toys, one could easily get a stress free part time job to keep busy and pay regular bills during that time Im sure they can think of their own business to start

This is how I plan to do it , then when I get to old, sell my house and live in a senior home

its too many people going after the rat race
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