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Yes, 'many' people actually do retire in their 50's, but, usually under somewhat unusual circumstances.
Not just "somewhat"... a highly unusual convergence of many factors (aka the starts aligning).
Few can successfully plan for that even with some inheritance thrown in.
Not just "somewhat"... a highly unusual convergence of many factors (aka the starts aligning).
Few can successfully plan for that even with some inheritance thrown in.
You could be right.
As a 'early' retiree, I see others, so from my perspective there are lots of us.
Just yesterday my Dw and I were in a Big Box store price-comparing when I asked a clerk a question, he spotted an emblem on my hat, and soon we were comparing pensions. He also retired in his 40s, and is working part-time to fight boredom.
But realistically we live in a nation of 300+ Million, and how many really are able to retire 'early' without inheritance? As a percentage it is likely very low.
Just like how in that other thread, from a 23 year old wanting to retire early, when I heard that I immediately thought he should go work in a career field that offers a good pension. But to most people that is entirely outside of their thinking.
Just like how in that other thread, from a 23 year old wanting to retire early, when I heard that I immediately thought he should go work in a career field that offers a good pension. But to most people that is entirely outside of their thinking.
Because a pension can go away. Remember United Airlines? And have you been reading about the pension makeovers cities and states are doing to make sure the new hires don't get pensions?
The only retirement you can count on is the one you saved and sweated over. I took my 401K money out of the two places I had money in and put it under my care at Schwab. Good thing -- both those places don't exist anymore, and the first one I heard did their level best to not pay out what was owed.
When we started out own business we started our own SEP IRA -- and we dump as much as we can into it. And I manage it.
Because a pension can go away. Remember United Airlines? And have you been reading about the pension makeovers cities and states are doing to make sure the new hires don't get pensions?
The only retirement you can count on is the one you saved and sweated over. I took my 401K money out of the two places I had money in and put it under my care at Schwab. Good thing -- both those places don't exist anymore, and the first one I heard did their level best to not pay out what was owed.
When we started out own business we started our own SEP IRA -- and we dump as much as we can into it. And I manage it.
This. I used to work in finance at a major airline.... pensions were absurdly unrealistic.
I agree the figures seem low, but they give young people a ballpark starting point. Many people don't seriously start saving for retirement until age 40 or 50, which is very unfortunate.
Because a pension can go away. Remember United Airlines? And have you been reading about the pension makeovers cities and states are doing to make sure the new hires don't get pensions?
I already mentioned this to submariner in the other thread but he doesn't wanna hear that.
I'm all for pensions if you can actually find a job with one. The chances of that happening for today's young people are very slim and getting slimmer.
I already mentioned this to submariner in the other thread but he doesn't wanna hear that.
I'm all for pensions if you can actually find a job with one. The chances of that happening for today's young people are very slim and getting slimmer.
I hear you.
The career I was mentioning to the OP has not gone away, and still offers a 20-year pension.
I understand that many other employers have stopped this practice.
You can aim for $10M as well and most people will NEVER EVER be able to save that kinda money before turning 50.
Let's start with babysteps.
I think if you take care of your health and if your house and car is paid off and you are in decent shape 500K cash invested in high quality bonds should do( plus am counting on social security as well)
500k is light, being bonds aren't paying double digit returns like in the 80s! Also consider social security wont payout until age 68+ for todays 23 yr old if it actually pays anything. You would have to make 500k last 18+ years before SS kicks in. Also consider you have 40 hours of free time that you will inevitably spend money vs working and making money.....
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