Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
You are correct. However, most working folk do have the same opportunity to save for retirement from a very young age. Some choose not to, others try to put even a little away. That was us, we never really earned top dollar compared to some, but retired at ~55 quite comfortably.
Yeah, well. The other missing piece of the puzzle is "don't get divorced". My net worth at age 39, inflation adjusted, was the same as it is now at age 59 1/2 and my age 40 net worth wasn't 50% tied up in tax deferred accounts. Divide-by-2 divorce math was not very helpful in my personal finances. I also had 4 years out of the last 20 where I wasn't working. It's kind of hard to build wealth when nothing is coming in.
Yeah, well. The other missing piece of the puzzle is "don't get divorced". My net worth at age 39, inflation adjusted, was the same as it is now at age 59 1/2 and my age 40 net worth wasn't 50% tied up in tax deferred accounts. Divide-by-2 divorce math was not very helpful in my personal finances. I also had 4 years out of the last 20 where I wasn't working. It's kind of hard to build wealth when nothing is coming in.
There's the old joke: Why is divorce so expensive? Because it's worth it.
I was at a pension seminar where the advisor said the best way to max out the pension was to retire at 55 with 25 years and go work somewhere else.
It was not advice I am going to follow
I retired the first time at 56-1/2 to secure my pension from being frozen at 0% growth. I will retire for the second time at 63-1/2 as soon as my current 401(k) is fully vested. I may work another three years after that, in the same position I have now but as a Contracted Employee, being paid double what I earn now.
I just stumbled on this post, I realize the original post is pretty old. Without reading every post, does anyone kknow what the OP ended up doing??
While on a trip to Matlacha last month, my husband and I met an older retired gentleman who lived next door to a house we were looking at. We struck up a conversation and he said we looked too young to retire (we are currently 46 & 44). But he said "Retire as soon as you can, enjoy life to the fullest, otherwise, what was the point?" The words have been resonating in our minds ever since. I live in the Midwest and experience long bouts of depression during the winter months. I have begged my husband (on a 30 degree day in April with NO sunshine) to just take the cut in pension and let us retire and move to FL now. We both plan to work when we move, my husband in the private sector, me doing something I love part time. But then I realize its not about now. Its about possibly the next 40 years. If he left now, not only would he only collect 25%, but he wouldn't collect it until he was 55. If he waits until he is 50, he get 50% and collects at 50. So as much as I agree with the wise gentleman we met, I also know that it is not a wise decision to "jump the gun". 5 years, 2months, 1 week and 2 days, really isn't that much longer. Right?!?!?!?!?
I just stumbled on this post, I realize the original post is pretty old. Without reading every post, does anyone kknow what the OP ended up doing??
While on a trip to Matlacha last month, my husband and I met an older retired gentleman who lived next door to a house we were looking at. We struck up a conversation and he said we looked too young to retire (we are currently 46 & 44). But he said "Retire as soon as you can, enjoy life to the fullest, otherwise, what was the point?" The words have been resonating in our minds ever since. I live in the Midwest and experience long bouts of depression during the winter months. I have begged my husband (on a 30 degree day in April with NO sunshine) to just take the cut in pension and let us retire and move to FL now. We both plan to work when we move, my husband in the private sector, me doing something I love part time. But then I realize its not about now. Its about possibly the next 40 years. If he left now, not only would he only collect 25%, but he wouldn't collect it until he was 55. If he waits until he is 50, he get 50% and collects at 50. So as much as I agree with the wise gentleman we met, I also know that it is not a wise decision to "jump the gun". 5 years, 2months, 1 week and 2 days, really isn't that much longer. Right?!?!?!?!?
Have you spent any time in FL in the summer months? Very hot and humid and very congested from m Orlando southward.
Yes I lived for in Ft Lauderdale for several years before moving back home to be with family. How I explain summer in FL is just like winters in the Midwest except you can still go outside in the evening in FL. I am a very cold person, who needs sunshine. Winters here are not just miserable because of the cold and snow, its because the sun NEVER shines. We have not agreed on a place to plant our permanent roots in FL yet, but the first year we will be renting in the Keys to see if we want to live there full time or not. Matlacha/Cape Coral is our second option.
Well, if you have a part time job then I think you can take early retirement. My Grand Pa had the same opportunity but he opt to give more years towards his job but later on he repented it.
That is why we are torn. Do we throw all sense out the window and live the life we want to live, or be sensible and think about the future...I say bring on the sunshine, however, my husband is the sensible one and tells me that if we have waited this long, another 5 years wont kill us.
Why work? How much stuff do you need? How many restaurants do you go to weekly? How many TV shows do you really need? Live simply and live free. Retire as soon as you can.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
