Retire Early ( under 40 ) (crying, engaged, teenagers, milk)
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When I went to the University of Maryland '77-'81 the in-state tuition for a full load was $784/year. You could pay your way through college making pizzas. It is now $26,000 and impossible to afford working part time or on a teacher's salary.
Maybe I missed it but what is the OP's plan to put the kids through college assuming that is the plan?
Exactly. No kid can work his way through college these days, so if the parent doesn't cough up the tuition, the kid will have massive debt on top of unaffordable housing and job shortages. Nothing is the same as "back in the day" when gas was a quarter. All the necessities of life are about 10X more, but wages certainly are not. When gas was 25 cents, my minimum wage was $1.65. Now that gas is at least $2.50, is minimum wage $17? My $72,000 house in SoCal "back in the day" is now $700,000+.
Who said anything about adapting? You do know foreign retirement communities speak English, follow western customs, laws, and regulations and cater to Westerners and retirees?
Apparently not, so much for that extensive travel you claim.
Yes, so much so that few of us retired expats are even learning any Spanish like we should be!
The only "adapting" I've done is standing in lines at the bank and paying bills in person, in cash.
Public transportation is great here, too, so "adapting" away from car ownership.
Exactly. No kid can work his way through college these days, so if the parent doesn't cough up the tuition, the kid will have massive debt on top of unaffordable housing and job shortages. Nothing is the same as "back in the day" when gas was a quarter. All the necessities of life are about 10X more, but wages certainly are not. When gas was 25 cents, my minimum wage was $1.65. Now that gas is at least $2.50, is minimum wage $17? My $72,000 house in SoCal "back in the day" is now $700,000+.
Therein lies the rub.
...ah but the baby boomers will tell you that they walked uphill both ways with shoes made of cardboard, things were so tough during the greatest period of prosperity in world history.
..and that alone will cue dozens of baby boomers saying how tough they are.
I'm gen X, and I have my plan laid out. Pay off house, then pay off kids college, then pad retirement already being funded by 401K. It won't be easy but we live beneath our means. But I'm in the top 5% and have been pretty blessed. I can't imagine 2 people working retail jobs where i live having any prayer of ever retiring. I know a bunch of people over 40 who can't even afford their own condo.
Living off $40k annually for a family of 4- 5 is poverty level!
Not if you've paid off your house.
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Through careful saving and planning, we managed to accumulate enough wealth to make us financially independent which allowed us to retire at age 37 and 34. When we retired we expected to have fun, but not this much fun!
We currently live in Port St. Lucie, Florida with our three wonderful children.
My wife and I had regular jobs working roughly 9 to 5 each day and we saved most of our paychecks. When we first started working after college, collectively we made well under $100,000 annually. When we quit working, our household income topped out around $150,000 annually. While working, we consistently pumped our savings into 401k’s, IRA’s, HSA’s, 529’s, and regular brokerage accounts. These investments grew enormously over roughly ten years and made us financially independent today.
I am wondering if anyone else on here retired much earlier than the traditional age.
I get the concept but why not work 10 more years and add another million or so to the nest egg?
The biggest kick in the nuts is having to return to work when the cash runs out and you have a big gap in your career to explain to your next employer. Saw this with the "day traders" a few years back. Trading was all the rage until the cash ran out.
A good friend was a very successful trader. At one point he lived in a 5mm house, nice cars etc. Fast forward 12-13 yrs.....the money is gone, he is renting an apartment and working at a top financial firm. He has an Ivy league education, very smart guy but losses were incurred and the daily living expenses eventually eroded the nest egg.
I'd rather work a few more years to be assured the cash won't run out. The other glitch is when the kids go to school 8-3 then YOU HAVE NOTHING TO DO!
I get the concept but why not work 10 more years and add another million or so to the nest egg?
The biggest kick in the nuts is having to return to work when the cash runs out and you have a big gap in your career to explain to your next employer. Saw this with the "day traders" a few years back. Trading was all the rage until the cash ran out.
A good friend was a very successful trader. At one point he lived in a 5mm house, nice cars etc. Fast forward 12-13 yrs.....the money is gone, he is renting an apartment and working at a top financial firm. He has an Ivy league education, very smart guy but losses were incurred and the daily living expenses eventually eroded the nest egg.
I'd rather work a few more years to be assured the cash won't run out. The other glitch is when the kids go to school 8-3 then YOU HAVE NOTHING TO DO!
I get the concept but why not work 10 more years and add another million or so to the nest egg?
The biggest kick in the nuts is having to return to work when the cash runs out and you have a big gap in your career to explain to your next employer. Saw this with the "day traders" a few years back. Trading was all the rage until the cash ran out.
A good friend was a very successful trader. At one point he lived in a 5mm house, nice cars etc. Fast forward 12-13 yrs.....the money is gone, he is renting an apartment and working at a top financial firm. He has an Ivy league education, very smart guy but losses were incurred and the daily living expenses eventually eroded the nest egg.
I'd rather work a few more years to be assured the cash won't run out. The other glitch is when the kids go to school 8-3 then YOU HAVE NOTHING TO DO!
The fact that the guy lived in a 5 million dollar home says a lot about his personality and most likely flamboyant spending habits.....
and if people have "nothing to do" that just tells me their work/career really became who they are and dictated their life.....screw that...to the OP if you can do it --do it!
Let's play devil's advocate then... you say you "picked your job for the benefits - so you scouted the best profession and the best job and then you GOT that very same job, right out of the gate? What if you hadn't? Would you have kept looking until you got something similar?
I joined the military straight out of high school. I used my GI Bill benefits during my career to get my college education. I retired at 37. I know that Submariner and some others retired for good, but we weren't financially prepared then. And no one gets rich in the military, especially enlisted. So that is my first pension and life time health care.
Why didn't you do the same in terms of better hours? The Army doesn't give you a choice about how many hours you work.I don't feel like my job is "controlling me". I have an expectation that I work certain hours a day for so many weeks a year and for so many years of my life. And since I "picked" my job I suppose I can change it if I hate it THAT much.My second job, the one I got my education for pays me much better than my military time. However, it is a state job, of which I was allowed to buy a certain number of years service for each year I served in the military. I hit 20 years at the state this year. That is my second pension.
And if you're saving $150k a year and don't have kids...it's really taken you until your mid-50's to retire? Doesn't add up.
I take care of my mother as she ages and that costs us. I am at MY comfort level now that we can afford to live as we wish and take care of ourselves, her and any future obligations.
None of that changes the fact that we could have walked away years ago.
The other glitch is when the kids go to school 8-3 then YOU HAVE NOTHING TO DO!
I feel sad for those who cannot be happy without a structured job to make you spend time somewhere.
Quote:
Originally Posted by Sand&Salt
The only "adapting" I've done is standing in lines at the bank and paying bills in person, in cash
I miss drinking tap water, flushing toilet paper, and proper USA BBQ
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