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.
It is sometimes mind-boggling to me how quickly the world has changed not only from when I was a kid myself, but since I've become an adult. When I graduated in 2004, the economy was roaring alone, my family had good jobs, life was pretty easy. In 2008, my dad lost his job and a third of his income. The economy tanked and I was unable to get meaningful employment after college. Dad still hasn't recovered financially, and it took almost four years after college to find professional employment, and I've relocated, twice now, exclusively for work.
Hey, if I read this right, your Dad still had 67% of his income after losing his job. If so, he's doing something seriously right. Please elaborate.
The vast majority of us, I think, would be down into single digit % of income without our respective jobs (at least the ones that are still working)!
62 in less than 2 months. Planning on leaving the workforce when I hit 65.
I started dragging my spouse to retirement seminars in our mid-40's....and I thought we were on the late-start side, until we saw the number of folks in their late 50's and 60's at those very same seminars - STARTING to think about saving.
I'm 39. My father is 84 and my mother is 67 - there are some insights into their issues here. Plus, I'm single and will probably be facing retirement on my own. I need to think about it sooner rather than later.
Reading your post I am reminded of what quite a few have said and even a few in this thread. If you are now turning 58 and have not set aside some money for retirement, have a pension or two or a plan then your age 62 retirement will be short lived. If all you are basing retirement on is SS then you will certainly survive but not with much. Your biggest cost will be healthcare/health insurance. If you cannot carry that until age 65 you will be looking at ACA and those plans. Even still unless there is more cash flow then what you will get from SS you will need assistance and subsistance. Next in line of cost is housing followed closely by food.
I myself didnt think much on it but about age 30 I put myself into a position where I had money put aside in 401k and pensions. I didnt know it then but I made the best move I ever did at that time.
I appreciate your concern. Like I said, I'm a planner. The money is there, accumulated by 30 some years of saving and investing. We lived on one income and invested the other in rental property and the stock market. We could retire now, but are waiting until one can claim SS, that way we can put the other off until 70.
I was just curious how many other non-retirees follow this forum as closely as I do. There is some great stuff posted in it.
I'm about to turn 55, widowed, and raising 3 children on my own.
I'm contemplating retiring next May, moving south, and starting a new career. I've disliked my job for some 30 years. I can't wait to get out but for now the hours work well for me. Savings alone won't be enough to sustain the lifestyle I want and help my kids through college. I'm excited to be able to start something new.
I read this forum because I find it comforting to know that others retire early too. It is scary. The advice shared here is relevant - and there isn't much drama. Many who have gone before me are very wise!
I’m not retired yet either, but I read this forum because I’m really looking forward to retiring, and there is a lot I want to understand before I take the plunge. I expect a frugal retirement, so I like reading about people who make it work. I just turned 60, and expect to retire in about 2 – 3 years - sooner if I can’t take work anymore. There are plenty of activities I want to pursue that I don’t really have the time or energy for while working. Got no pension, but will be able to get by on just savings/investments. SS will be gravy.
A few years ago, I did experience a long period of unemployment. If nothing else, it was a learning experience. I realized that my identity is very wrapped up in my job, and I had some difficulty with the loss of that professional identity. I don’t think this will happen when I retire, because I expect to have a much more positive outlook on not working, but I’ve heard some people do have this issue in retirement. The unemployment experience, even though very stressful, made me think about how I want to live the rest of my life. I am very burnt out on the job, and will be happy living a simple life.
I'm about to turn 55, widowed, and raising 3 children on my own.
I'm contemplating retiring next May, moving south, and starting a new career. I've disliked my job for some 30 years. I can't wait to get out but for now the hours work well for me. Savings alone won't be enough to sustain the lifestyle I want and help my kids through college. I'm excited to be able to start something new.
I read this forum because I find it comforting to know that others retire early too. It is scary. The advice shared here is relevant - and there isn't much drama. Many who have gone before me are very wise!
I have heard it said more than once. Take care of yourself so you can retire. Then if so and you can afford to help the kids with college. Truth be told there are no grants and loans to pay for your retirement. Unlike going to college.
My kids were smart and financed their education themselves. But they were wiling to do the legwork. Don't sacrifice your retirement.
I'm 62 and my sister is 4 1/2 years older and retiring after this year of teaching. I guess being eligible for SS plus her talk of retirement got me started checking out this section. Lots of insight to be found here. I'm not sure if I'll even retire before 70, my job is very easy, pretty lucrative and I enjoy it. I can slow it down to part time as I get older (lazier) and take time off when I want, so it's perfect. I've always been a saver, so that's no issue. There is a lot that I don't know (everything) about things like Medicare and SS, so I'm sure I'll learn a lot here.
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.
