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My strategy has been to pay off all bills including the car and mortgage and moving to a low cost area. The SS I will receive at 62 after doing this will give me more spendable income than I currently have working with a house and car payment. I also have a 401k.
Also for myself, I can't continue to work indefinitely. My work is physically demanding and I just can't keep doing it into my late 60s and beyond. My body won't allow it. I won't be returning to work after I quit unless it's a small part time job and only if I want to not need to.
Running out of retirement money at 60 or 70 is pretty darn quick, wouldn't you say? I mean 60 isn't even a traditional retirement age.
And it's happening to lots of people you know?
Edit: I missed the word "Late", but still that's running out of money rather quickly
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No, you are looking at it backwards. Every day that we get older, we learn something every one of those days. I am much smarter and experienced than I was at 20, or 40, or even 60. I am also more stable, and a better employee. I'm 73 and could go out and find a new job tomorrow because I believe in myself.
Every day at work, some younger person will come to me with some question, and they always ask "How do you know so much ?" I tell them that, as time goes by, life gets easier and less confusing, just hang in there and you will learn a lot too.
Yes, our bodies may complain from time to time, but if we keep exercising our brain, it compensates for that.
at 63 i decided to get back in to drumming again, i am now 66 . i was a pro drummer decades ago and gave it up . talk about physically demanding . i do two hours a day of intense physical practice but even harder is the mental exercises of doing 4 different things with each limb at the same time .
i have a drumming coach who is very famous and he pushes me to my limits and at 66 i am faster and smoother today then i was in my 20's with far better dexterity and co-ordination . the only thing i find that slowed down is what i call processing time .
i used to be able to just do things on the fly and as fast as the thought hit my head it moved in to my arms and legs for execution . today i find i need to plan out more of what i want to do . there is a delay between thinking it and executing it if you can understand what i am saying . .
Running out of retirement money at 60 or 70 is pretty darn quick, wouldn't you say? I mean 60 isn't even a traditional retirement age.
And it's happening to lots of people you know?
I can retire at 57. Right now. The only reason I don't is because of how it might effect my SS when I am finally able to start collecting it, 5 years from now. I feel like I have to stay at least 2 more years. If someone could prove me wrong, I'm willing to listen.
There are people that can do it younger than me. Some Policemen where I live can retire as young as 45. After 20 years of service, with a full pension. You also see the tiny house culture, that build up a 401K fast, go 'minimalist lifestyle' and drop out of the rat race in their 30's, lol. God bless them. Im honestly jealous.
By the time I hit 70, the cost of living will probably make my pension, SS and even TDA seem like its not quite covering what it needs to cover for even the basics.
at 63 i decided to get back in to drumming again, i am now 66 . i was a pro drummer decades ago and gave it up . talk about physically demanding . i do two hours a day of intense physical practice but even harder is the mental exercises of doing 4 different things with each limb at the same time .
i have a drumming coach who is very famous and he pushes me to my limits and at 66 i am faster and smoother today then i was in my 20's with far better dexterity and co-ordination . the only thing i find that slowed down is what i call processing time .
i used to be able to just do things on the fly and as fast as the thought hit my head it moved in to my arms and legs for execution . today i find i need to plan out more of what i want to do . there is a delay between thinking it and executing it if you can understand what i am saying . .
Sure, I can't lie, I do move a lot slower than I ever did and it takes me longer to remember things sometimes, old age has a way of doing that. There are also those aches and pains (thank God for Aleve !).
But, I was just in the hospital for major surgery a few months ago, and I saw a lot of people who would be thrilled to be able to do some of the things we take for granted. Life is very relative, and we have to enjoy every day we have.
I can retire at 57. Right now. The only reason I don't is because of how it might effect my SS when I am finally able to start collecting it, 5 years from now. I feel like I have to stay at least 2 more years. If someone could prove me wrong, I'm willing to listen.
There are people that can do it younger than me. Some Policemen where I live can retire as young as 45. After 20 years of service, with a full pension. You also see the tiny house culture, that build up a 401K fast, go 'minimalist lifestyle' and drop out of the rat race in their 30's, lol. God bless them. Im honestly jealous.
By the time I hit 70, the cost of living will probably make my pension, SS and even TDA seem like its not quite covering what it needs to cover for even the basics.
I pointed out to my husband that if he retired, his pension would be the same as his current take home pay (state taxes, pension contribution, med ins. payment, etc.), he retired a few months later.
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I wonder how many people here have actually had a rotten job. Posts are all about their work, how they are respected, young workers look up to them, etc. Maybe that is the experience for some people. But I have not seen that in my life. Workplaces are random collections of people. In every one you will have some jerk co-worker or management that plays favorites or is clueless. I have a friend that is an RN and age 59. She takes crap from doctors all day. I walk in a fast food restaurant and see an old person and I can't believe they want to be doing it. There are other avenues for social interaction. Low level jobs attract low level people. Working the fry-a-lator at age 70 with a bunch of kids who just got high in the parking lot does not sound attractive to me. The websites about FIRE can be useful. Follow their strategies but don't leave your job. Investing, managing your money, living frugally. These are all positive things. But don't believe for one minute that going back into the workforce after retirement is going to be easy. Unless you have some in demand skill you will find yourself greeting people at Wal-mart. The best strategy is not having to do it. When you are ready, have income streams, and can live on a budget kiss working goodbye and let somebody else fix your fries.
Actually, for some people it is fun. My good friend, who is 67, became an Uber driver a few months ago, just for the fun of doing it - not because of the money. She only does it when she is in the mood to drive around. I'd never want to do it, but she tells me that she really enjoys it.
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