How do people without millions manage to retire? (gifts, graduate, cousins)
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All units are same size. I recall one guy calls me up and says why should I pay $300 a night for your place I can get a hotel for $200 a night. I tell him go ahead, with hotel taxes that will be $240 a night and will be a 350 square foot room with no balcony. Plus I sleep six it sleeps 2-4 at most all in all room. I have a duplex with bedrooms upstairs and a balcony.
If you ever get this question again also point out the savings a kitchen can offer. One breakfast out for a family of 4-5 will be close to the nightly difference
I think the title of this thread is a little silly and the notion that if you don't spend a lot of money that you're "passing up the good things in life" I find almost sad.
I do proposal preparation and business development for an engineering firm. I spent my career on the other side of that--working for a public agency putting out bids and rfps for construction and engineering services. The company I work for did business in the private sector but wanted to break into public contracting and offered me the job after I retired to help them get there, since I know how it works. Private contracting is done by word of mouth or networking. Public involves adhering to procurement rules established to prevent corruption and keep it fair and competitive, submitting comparable proposals, etc. It's a different process.
Thats an almost perfect part time well paying marketable skill. Good job!
Thanks. I really lucked out. I retired in February, and since i live near the ocean, I figured I'd take the summer off and hang at the beach. However, this firm contacted me and offered me a job. I said I didn't want a full-time job. They said fine, work part-time. I said I didn't want to commute to where the job was--I had just ended a soul-sucking commute after 37 years. They said fine, work a couple days a week at home.
The money is good and what I thought might be my biggest obstacle in finding a job didn't matter--I have no college degree, worked my way up from a secretarial job back in the days when you could do that. They never asked. The owner's wife has no college degree and she is very successful in her field, so I guess it isn't important to them. They want what I know and to some extent, who I know. In addition, they are of a culture that doesn't always associate extensively outside of their community, and I think the fact that I am NOT one of them factored in.
So...something like this falls into your lap, you don't turn it down.
I think the title of this thread is a little silly and the notion that if you don't spend a lot of money that you're "passing up the good things in life" I find almost sad.
And without explaining yourself, I find your post vague and lacking of purpose, except to make some people feel sad about something, but what?
I know that retirement with a pension is pretty difficult these days, but not impossible. I retired from a law enforcement position and from the Army Reserve... The kicker is that these decisions have to be make when you're relatively young, no older than 37 AND be willing to embrace ALL the suckness that comes with these types of positions.
Yes, not everybody is meant to go into the military or into law enforcement, but many are. Also, food for thought, with the skill sets you develope from careers in the military and/or law enforcement, you are very marketable in the private sector. For example, I retired in my early 50s and after taking a year off from "life," I went back to work in the private sector and will earn another pension after being vested in 5 years with them... Basically allowing me to be fully retired when I'm in my late 50s with ZERO financial worries.
Listening to family, friends and even people, in passing conversation, made me think about retirement when I was still in my teens since I saw how hard life can be without having a solid plan of action. Basically, if you're still in the planning phase, get hot and target careers with pensions OR start saving money asap... It's not easy, but put in at least 5% into a 401K or an IRA. After a few months, your budget will adjust and you'll will not even miss it.
If you're a live now, worry later type of person or the I need the very best in life... That "I" can finance at 10% to 15% APR, then you're basically screwed in the retirement department if you don't make the needed adjustments in your lifestyle for retirement.
PLEASE don't think I'm lecturing anybody since I'm not. I'm just stating my own opinions and observations.
Again, it doesn't take millions to retire, but it does take some planning BEFORE that day comes to make the transition without fear and/or pain.
I wish everybody good luck and success in there retirement!!
Most employers don't offer a pension, and that's not a bad thing really. There is nothing magical about a pension. If as soon as someone becomes a working adult they contributed to their IRA or 401(k) as near as they can to the max, they won't have to be concerned about pensions when they go to retire. And they won't have to worry about their social security or pension being reduced, because distributions of retirement is not earned income. The best book to help people learn all this is the Automatic Millionaire. Very simple read and easy to full. It shows that if you save and invest over the long haul, you can retire wealthy.
The huge problem with many people is that they think being happy is about blowing everything they made each year.
Most employers don't offer a pension, and that's not a bad thing really. There is nothing magical about a pension. If as soon as someone becomes a working adult they contributed to their IRA or 401(k) as near as they can to the max, they won't have to be concerned about pensions when they go to retire. And they won't have to worry about their social security or pension being reduced, because distributions of retirement is not earned income. The best book to help people learn all this is the Automatic Millionaire. Very simple read and easy to full. It shows that if you save and invest over the long haul, you can retire wealthy.
The huge problem with many people is that they think being happy is about blowing everything they made each year.
The part about contributing to an IRA/401k near to the max as soon as you become a working adult sounds good, but in reality how many people can do that? Especially if you have a family, it may be all one can do to pay the bills, much less saving a lot for retirement.
My wife and I didn't have any children but it was still tough for us to save much for the first 20 years of our marriage. Then we were lucky enough to both get good jobs with a nice 401k match and saved like heck for the 21 years that we worked there, until we retired. But not everyone has been/will be that lucky.
The part about contributing to an IRA/401k near to the max as soon as you become a working adult sounds good, but in reality how many people can do that? Especially if you have a family, it may be all one can do to pay the bills, much less saving a lot for retirement.
My wife and I didn't have any children but it was still tough for us to save much for the first 20 years of our marriage. Then we were lucky enough to both get good jobs with a nice 401k match and saved like heck for the 21 years that we worked there, until we retired. But not everyone has been/will be that lucky.
Pensions involve a employee match and and a assumption of a fixed benefit based on a assumed ROI. That is the flaw of the pension concept but the plus for the employee. It does have a lack of ownership and inheritance choices.
One is a defined benefit the other a defined contribution. The best solution is both.
Most employers don't offer a pension, and that's not a bad thing really. There is nothing magical about a pension. If as soon as someone becomes a working adult they contributed to their IRA or 401(k) as near as they can to the max, they won't have to be concerned about pensions when they go to retire. And they won't have to worry about their social security or pension being reduced, because distributions of retirement is not earned income. The best book to help people learn all this is the Automatic Millionaire. Very simple read and easy to full. It shows that if you save and invest over the long haul, you can retire wealthy.
The huge problem with many people is that they think being happy is about blowing everything they made each year.
For several years, there have been news articles that detail why many Americans have not benefited from 401(k)s, often due to lack of money available to invest or a lack of investment expertise especially during economic downfalls. I have both a 401(k) and a government pension and I consider my pension to be very magical. No risk, no can't sleep at night worrying about the next recession, and for me it was a better rate of return than my 401(k). Also tax deferred 401(k) distributions are considered income that increase adjusted gross income and can result in social security reductions as more of it is taxed or in future means testing or in Medicare Part B increases. It is just the balance that is not counted.
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