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I work in the supermarket industry, which generally is not a high paying field unless you're way up in corporate. Pensions have been cashed out for 401ks. I topped out at maximum pay scale which is $14 an hour. Chances are I will have to work until I physically cannot do it anymore.
I always hated work and wanted to retire at 32. Tried all sorts of business and investments, all pretty much failed.
Fortunately, I had a high paying trade to fall back on.
4 years ago, the company that I was with for 16 years, cashed-out my retirement when I was 57. That and my 401(k) came out to near a million dollars. So I quit.
I spend a lot of time investing, but it's way better than having to work.
I have absolutely no plans to retire. I hope to always have some sort of a job even if it is not what I am currently doing (and loving it). I simply cannot imagine not going to work.
I have always been lucky, I have liked every single job I have ever had. I have many life long friends I have met during my various careers. To be honest, I am afraid to retire...I am thinking I would be bored to death. Glad many of you like it...to me, it would be like solitary confinement!!!
I totally understand. I work in Mayberry now and although the job is disgusting, depressing and stressful my work family means a lot to me and I will miss so many people when I retire. I'm torn as well especially with the boredom issue. How do you go from a high octane lifestyle to puttering?
Definitely! Managing 15 rental properties would easily be a full time job assuming you're the one collecting rent, handling repairs, etc.
Quote:
Originally Posted by Larry Siegel
If you are living off a portfolio of rental real estate investments, you won't be retired, you'll be self-employed. There is nothing "passive" about real estate. It is not like withdrawing 4% of your IRA balance each year. It's a difficult and rewarding job.
I actually like my job but it is fast paced and highly technical so it does take time and focus to keep up with this competitive space that is constantly changing.
I have actually thought a lot about this and have done the calcuations, etc.
$1m in retirement isn't enough to retire early (before 65) IMO. Most financial advisors say that your withdrawal rate should be 2-4% per year and if I were to retire at 50 or 55, I definitely need to stay on the 2% side so it would only be $20k/year. If I don't have a mortgage, I will still need around 3X that amount ($5k/month?) so I would need $3m in retirement. I can't collect social security until I'm 62, 65, or 70.
So at least in my plan, I'll retire based on age and savings. If I have $4m when I'm 50 or $3m when I'm 58 or $2m when I'm 65, etc.
At my current rate of saving I should be able to retire in about 10 years (when I'm 52) so we'll see how it goes (knock on wood).
I'm 34 and I hate work and plan to retire around 40.
By that time the collapse of industrial civilization should be well underway, and no way I'm going to be the sucker trying to keep things propped up for the bankers and welfare class.
College isn't for everyone, but even then it is still rare for most to become multimillionaires. Whether they dropped out at a young age or have a PhD.
This is true currently, but the general recommendation for the younger generation is to be a multimillionaire in order to have a comfortable retirement. Granted, low multimillions is sufficient (2 mil) but in 40 years that 2 mil won't go all that far. Heck, even today that's not exactly a fortune.
Not sure yet. In a perfect world I would retire from the 50-60 hour work week world at 55 and become an adjunct professor teaching 2-3 classes a semester which should cover most of my living expenses. But I'm not really in a hurry right now as I like my job and my field.
Probably not until 62- in 23 more years. I wish I could retire today but I am not sure that I have the discipline to stay busy without the accountability of a job. I love to volunteer and do lots of things, but not convinced that I would keep busy enough without working.
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I totally understand. I work in Mayberry now and although the job is disgusting, depressing and stressful my work family means a lot to me and I will miss so many people when I retire. I'm torn as well especially with the boredom issue. How do you go from a high octane lifestyle to puttering?
