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It's also according to your career choice. Many friends of mine were teachers. Retired at 55. Full pension and healthcare. They are doing very well in retirement.
My family members were also in the police force. Retired very early. Full pensions and healthcare. One friend told me they are bringing in so much more than they did when he worked. They give their 2 SS checks to both their children!
Sometimes it's the career choice you made when you were young, not so much how you saved and invested.
I am not quite 50, but I have enough money to live on with my pension, health care is good forever etc. Not living at same standards, but enough to just chill and get out of the rat race. With one exception, daughters college, I dont see any reason to keep killing myself living to work..
So, what finally made you retire, and just start living?
A near miss on on ice on the way to work three Winters ago.
I would wait until your daughte finish college, under 50 is relatively young. The only thing is allowed yourself a chance to mentally retire. Don't care so much about work. Take longer vacation. Treat yourself to some nice vacations while you re working.
I plan to retire by age 45 at the latest. I am 37 now. Real estate (buy and hold) investing is my ticket. I currently own 16 properties, and cash flow around $8,000/month. My goal by age 45 is to own 40 properties and cash flow $20,000/month. Thus, I feel $20,000/month cash flow will be more than enough to cover me in retirement. Plus I will still have a 401K (both Roth and a regular) if I ever need to have cash when I hit my 60's. Life is too short to work forever. I have 2 girls, age 6 and 3, I would like to be retired by the time the older one hits high school, which is in 8 years.
I would wait until your daughte finish college, under 50 is relatively young. The only thing is allowed yourself a chance to mentally retire. Don't care so much about work. Take longer vacation. Treat yourself to some nice vacations while you re working.
That is a key. Balance work with pleasure. I think that if you can find the balance, there isn't a need to retire early. I was looking for that holy grail and never found it.
If you have a job where you can take sabbaticals (ie teachers during summer months), or if you don't feel like you're exhausted each and every day after work, there may not be a need to retire early. For some careers/professions you burn the candle from both ends. For others you're on cruise control and don't have that same burned out exhaustion.
Husband has made his 25 (county) and 20 (federal) so will retire in the next 2 years when he feels like it - he is 50 right now. He only has to decide whether to wait until the next contract goes into effect or not.
We are super excited (I stopped working 2 years ago).
We are in the process of trying to decide where to retire (we will move once freshman graduates).
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Husband has made his 25 (county) and 20 (federal) so will retire in the next 2 years when he feels like it - he is 50 right now. He only has to decide whether to wait until the next contract goes into effect or not.
We are super excited (I stopped working 2 years ago).
We are in the process of trying to decide where to retire (we will move once freshman graduates).
Such a fun process in my opinion. The options are endless. I know people who've move 2-3 times during their retirement - Ariz, NC, then FL.
Not because they're dissatisfied with their previous place, but because they wanted new and different experiences that the region of the country offered.
I thought living in an RV for a year and seeing the country would be an interesting way to find a retirement place.
Such a fun process in my opinion. The options are endless. I know people who've move 2-3 times during their retirement - Ariz, NC, then FL.
Not because they're dissatisfied with their previous place, but because they wanted new and different experiences that the region of the country offered.
I thought living in an RV for a year and seeing the country would be an interesting way to find a retirement place.
Exciting times.
Absolutely!! We talked about maybe moving every 5 years or so, and an RV is in our plan.
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It's not what they did for a living. It's how they spent the money.
One example. A car is to get you from point A to point B. That's it. They last 10+ years. I remember telling the salesmen I want the cheapest car on the lot with automatic, air, and some type of radio. Color doesn't matter. I am older than you and have had 7 cars( not all new) in my life. and not getting rid of this one anytime soon. My 3 closest friends drive a 2001, 2003, and a 2005. They are not even close to poor. Two have quite a bit more than me. If taking a long trip rent one. No wear and tear on yours and you get to drive something else for a change. I am thinking that in this one example the money difference between you and me is well into 6 figures. I never had a car loan.
I don't think my life has suffered one iota because my car says Chevrolet and not Lincoln. I still go anywhere I want and do anything I want to do.
I really like the idea of renting a vehicle on the very few situations where you need something different than your regular car. On the surface it seems like an "extra" expense - why rent when if you had the "right" vehicle you wouldn't have to. But the CARRYING COST of that perfect vehicle that suits every single one of your needs (even though some are very infrequent) is far higher. Very smart!
I hadn't quite finished reaching the financial goals I wanted to achieve when I quit at 58. There just comes a time when you know that you just can't do what you want to do and just pull the plug. I knew I just didn't have it in me to adjust to working 12 hour shifts. My body was used to the afternoon shift for over 20 years. I just couldn't see putting myself in harms way physically chasing money we didn't need to survive. The sad part was that I really loved where I worked and really wanted it to be the way it was before. You either adjust or move on. I chose the ladder. I feel sorry for the ones that had no choice. It was a great way to push out the older workers and cut every ones pay by 4 hours a week. Dirty, but a good business move.
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