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Old 02-19-2008, 11:05 AM
 
1,861 posts, read 3,024,986 times
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If you can't do it financially, you can work until you drop. And, many of us Baby Boomers will have to do just that - in the last 30-40 years, wages have gone down, as everything else has gone up.

Now, they try to take away Social Security, which is the ONLY thing that some elders have.

I figure I'll always work - at least part-time. My father retired at my age - 57. But, that was because back in the day - costs were more in line with peoples' salaries, and he had the GI bill after WWII to buy a house. He would not have been able to buy a house these days - he was a teacher, who didn't make big money. Also, he was able to stay working for the State of NY for 30 years with a pension - many people cannot do that now. A lot of people have a "break" in their work life, if they are laid off.

I had a break about 10 years ago, and it took me 7 years to get back to the salary I was making when I was laid off. Many times if you lose your job, you have to start all over again - you are not likely to make the same salary that you had. So, after having that "break", I was behind in just about everything, and you kind of never make up for it.

"Life is what happens when you're making other plans".
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Old 02-19-2008, 11:20 AM
 
Location: Tampa, FL
27,798 posts, read 26,222,762 times
Reputation: 14611
Good point about a "break" or being laid off. If that's the case, people may not be ready to retire - either financially or psychologically.
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Old 02-20-2008, 06:39 AM
 
Location: New Orleans Louisiana
156 posts, read 352,137 times
Reputation: 215
Quote:
Originally Posted by forest beekeeper View Post

We can walk completely away from the corporate structure, slow down and enjoy life.

We can enjoy every day. Sleep in when we want to.

Have friends who we like, rather being surrounded with work associates whom we hate.

I can not imagine living this higher quality lifestyle and decades from now looking back and regretting it.

My gross income took a serious dip. But my pressures, my stress, are gone. I live today a much better quality of life.

You can too.

You have your priorities in order Forest....we are only here for a short time...and we have to "sell" much of that time in the rat race. Nice to see someone who was satisfied with what they had and got to live more of their life in that place most of us just dream about...
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Old 02-20-2008, 07:07 AM
 
Location: New Orleans Louisiana
156 posts, read 352,137 times
Reputation: 215
Quote:
Originally Posted by BucFan View Post
When people get in their 60s, 70s, and 80s - they reflect back on their lives. I vaguely remember some psychosociologist theorist named Erickson who studied this. He discussed that the older adult goes through their final stage of life development called, "Integrity vs Despair". This is where the "oldtimer" reviews his/her life accomplishments, deals with loss and prepares for death.

So regarding retiring early, I don't want to reach that final stage and look back at my life with despair because I quit working too early in life and didn't accomplish enough with my life. This is a big factor in my decision to retire. I can afford it financially, but I'm not sure psychosocially if I'm ready.
Wow that's interesting but I must say that I have never thought of judging my life based on my accomplishments at work. To me work was about one thing(eating) and one thing only. But I know also that I am a life long under achiever. I guess many of us just never bought into the idea that how much money you made was indicative of your character. So I'm hoping that when I do retire that I don't dwell too long on what I didn't achieve while working...but that I do find some satisfaction in knowing that I stayed with my beliefs....from start to finish...
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Old 02-20-2008, 08:18 AM
 
Location: Forests of Maine
30,687 posts, read 49,462,974 times
Reputation: 19134
Quote:
Originally Posted by GregoryS View Post
You have your priorities in order Forest....we are only here for a short time...and we have to "sell" much of that time in the rat race. Nice to see someone who was satisfied with what they had and got to live more of their life in that place most of us just dream about...
Thank you.

I sometimes feel like I am standing on one side of a ravine calling to other folk who insist that the ravine is a bottomless chasm.

You do not 'have to' work a career until you are dead.

You do not 'have to' work a career until you are so wounded that you can no longer walk without a cane.

You do not 'have to' work a career until you are so elderly that you will move directly into a nursing home.

I have gone to funeral of workmates, folks who did work until they dropped.

What I fail to understand is:
"Reaching old age and looking back with despair because you didn't accomplish enough at work?"

I want to worship God [which I do], I want to support myself [which I do], I want to support my family [which I do], I want to do whatever projects that I desire to do, to be active in my community, to be a true friend to some, and to help others; in an environment which is peaceful and filled with nature.

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Old 02-20-2008, 08:34 AM
 
1,861 posts, read 3,024,986 times
Reputation: 559
Quote:
Originally Posted by forest beekeeper View Post
Thank you.

I sometimes feel like I am standing on one side of a ravine calling to other folk who insist that the ravine is a bottomless chasm.

You do not 'have to' work a career until you are dead.

You do not 'have to' work a career until you are so wounded that you can no longer walk without a cane.

You do not 'have to' work a career until you are so elderly that you will move directly into a nursing home.

I have gone to funeral of workmates, folks who did work until they dropped.

What I fail to understand is:
"Reaching old age and looking back with despair because you didn't accomplish enough at work?"

I want to worship God [which I do], I want to support myself [which I do], I want to support my family [which I do], I want to do whatever projects that I desire to do, to be active in my community, to be a true friend to some, and to help others; in an environment which is peaceful and filled with nature.

Unfortunately, some people DO "have to" keep working, or they would be on the streets.

You're lucky if you can retire. ANY of us are lucky if we can actually retire and pay our bills, too.
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Old 02-20-2008, 10:00 AM
 
28,905 posts, read 46,745,065 times
Reputation: 46028
Quote:
Originally Posted by cousinsal View Post
Unfortunately, some people DO "have to" keep working, or they would be on the streets.

You're lucky if you can retire. ANY of us are lucky if we can actually retire and pay our bills, too.
I'm sorry. But eight years ago, my wife and I were practically broke. Today we have a net worth over $800,0000.

It starts with taking a long, hard look at your life. The way you're spending. The way you're saving. The way you're managing your career. Then you need the discipline to take strong medicine.

Let's start with the obvious stuff. We figured out that by spending $6-10 on lunch everyday, we were spending $240-$400 monthly on lunches. We figured that by buying in bulk, we were shaving about $300 a month on our grocery bill. That was $3000 a year. We realized that, by consolidating our credit card bills and refinancing our house, we were saving $400 a month.

So just on those three items alone, we saved $940-$1100 a month.

We began making a game out of all the ways we could trim our expenses. We realized that, by insulating the attic, we were saving $75 a month off our heating and air conditioning bills.

So total it up, and we were now saving $1015-$1175 a month.

We realized that, by making our cars last two extra years each we could save somewhere around $14,000 a year over two years--a $28,000 savings. We realized that, by being smart with our deductibles, we would save money there, too.

So total it up, and we were now saving about $2015-$2175 a month.

That means, without a raise, some sacrifices, and some intelligent reworking of our finances, we had about $25,000 a year in FOUND MONEY. I didn't say that it was easy, and our kids whined for a while, but it sure felt a lot better than constantly worrying about the wolf at our door.

We found that, if we found different jobs and worked our fannies off, the raises would keep coming. Seven years ago, our combined household income was $100,000. Now it's over $200,000. What's more, aside from our house payment, we owe nothing. Zilch. Nichevo. Nada. And we're paying down our house every month.

We made a budget and stuck to it. What's more, after paying the mortgage, we put 10% immediately into an investment account. Once we accumulated $100,000 in savings, we started looking for investment opportunities. We found a commercial property firm that was looking for new investors. And things have snowballed since. So we now owe $65000 on a house we bought for $350,000, and have $600,000 in various investments. Plus we put $30,000 away every year. Even if we only make 6% return a year, we still have $1,851,000 ten years from today. And that doesn't even include the equity in our house, which we have worked hard to renovate using our own time and sweat. Heck, just by hanging our own drywall to finish out the basement, we probably added $75,000 to the value of the house. At least that's what our friend the realtor said.

I really don't care for this "Our parents generation had it much better" nonsense. If you look at the material aspects of our parent's generations, they made do with much less. Smaller houses, fewer cars, etc. etc. etc. What they had then that people seem to lack today was the basic discipline to not spend money, and to always put money away.
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Old 02-20-2008, 10:24 AM
 
Location: Tampa, FL
27,798 posts, read 26,222,762 times
Reputation: 14611
Quote:
Originally Posted by GregoryS View Post
Wow that's interesting but I must say that I have never thought of judging my life based on my accomplishments at work. To me work was about one thing(eating) and one thing only. But I know also that I am a life long under achiever. I guess many of us just never bought into the idea that how much money you made was indicative of your character. So I'm hoping that when I do retire that I don't dwell too long on what I didn't achieve while working...but that I do find some satisfaction in knowing that I stayed with my beliefs....from start to finish...
Lets say I studied to be a heart surgeon. After 20 yrs of performing heart surgery, I decide that I have enough money to retire. Wouldn't you think that it would be wasteful to mankind for me to quit performing surgery because I'm set for life? That's what the integrity vs despair stage. A heart surgeon that looks back on his life after quitting so early might be dissatisfied with his life because he could have done so much more in helping fellow man.
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Old 02-20-2008, 10:29 AM
 
28,905 posts, read 46,745,065 times
Reputation: 46028
Quote:
Originally Posted by BucFan View Post
Lets say I studied to be a heart surgeon. After 20 yrs of performing heart surgery, I decide that I have enough money to retire. Wouldn't you think that it would be wasteful to mankind for me to quit performing surgery because I'm set for life? That's what the integrity vs despair stage. A heart surgeon that looks back on his life after quitting so early might be dissatisfied with his life because he could have done so much more in helping fellow man.
Yeah. But hang on. What if he hates being a heart surgeon? That's where your notion breaks down. Are you saying that a heart surgeon is morally obligated to continue working?

What if he wants to do something completely different with his life, such as write novels or volunteer for the Red Cross? Is he morally wrong to want this?

In short, you're positing that a man should stay at his post or risk being a societal outcast.
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Old 02-20-2008, 10:37 AM
 
1,861 posts, read 3,024,986 times
Reputation: 559
Quote:
Originally Posted by cpg35223 View Post
I'm sorry. But eight years ago, my wife and I were practically broke. Today we have a net worth over $800,0000.

It starts with taking a long, hard look at your life. The way you're spending. The way you're saving. The way you're managing your career. Then you need the discipline to take strong medicine.

Let's start with the obvious stuff. We figured out that by spending $6-10 on lunch everyday, we were spending $240-$400 monthly on lunches. We figured that by buying in bulk, we were shaving about $300 a month on our grocery bill. That was $3000 a year. We realized that, by consolidating our credit card bills and refinancing our house, we were saving $400 a month.

So just on those three items alone, we saved $940-$1100 a month.

We began making a game out of all the ways we could trim our expenses. We realized that, by insulating the attic, we were saving $75 a month off our heating and air conditioning bills.

So total it up, and we were now saving $1015-$1175 a month.

We realized that, by making our cars last two extra years each we could save somewhere around $14,000 a year over two years--a $28,000 savings. We realized that, by being smart with our deductibles, we would save money there, too.

So total it up, and we were now saving about $2015-$2175 a month.

That means, without a raise, some sacrifices, and some intelligent reworking of our finances, we had about $25,000 a year in FOUND MONEY. I didn't say that it was easy, and our kids whined for a while, but it sure felt a lot better than constantly worrying about the wolf at our door.

We found that, if we found different jobs and worked our fannies off, the raises would keep coming. Seven years ago, our combined household income was $100,000. Now it's over $200,000. What's more, aside from our house payment, we owe nothing. Zilch. Nichevo. Nada. And we're paying down our house every month.

We made a budget and stuck to it. What's more, after paying the mortgage, we put 10% immediately into an investment account. Once we accumulated $100,000 in savings, we started looking for investment opportunities. We found a commercial property firm that was looking for new investors. And things have snowballed since. So we now owe $65000 on a house we bought for $350,000, and have $600,000 in various investments. Plus we put $30,000 away every year. Even if we only make 6% return a year, we still have $1,851,000 ten years from today. And that doesn't even include the equity in our house, which we have worked hard to renovate using our own time and sweat. Heck, just by hanging our own drywall to finish out the basement, we probably added $75,000 to the value of the house. At least that's what our friend the realtor said.

I really don't care for this "Our parents generation had it much better" nonsense. If you look at the material aspects of our parent's generations, they made do with much less. Smaller houses, fewer cars, etc. etc. etc. What they had then that people seem to lack today was the basic discipline to not spend money, and to always put money away.
That's lovely, but you must take off those rose-colored glasses when it comes to your fellow citizens' situations.

Even if YOU did well, not everyone will, for many reasons. And, that's life. Don't put down others who may not have as much. I'm a single person, and have never had anyone else to share the costs, so it can be a bit harder. As they say, 2 can live as cheaply as one. And, there are those who are single parents with children, who are hardly making it.

Do not tell others that "everyone can do it" because that is just not true. I'm glad you're happy, but don't hold things against other people if they don't have as much and tell them it's all their fault.

There are many things we can't control, and the rest, we try our best!
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