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* Continue working until I was pushing 71
* Not start social security until 70
Quote:
Originally Posted by ohio_peasant
Probably the best advice thus far in this thread!
Are you serious?! I retired when I turned 60. I can't imagine wanting to have worked another 11 years, instead of enjoying the prime years of my retired life. It would have been soul-crushing. Some people may not have that choice, but retiring at 60 means you will be much healthier and in much better shape to enjoy retired life. The 70's is when you start to really slow down. My advice is to arrange your finances now so you can retire at an age that allows you to have a quality of life for the first stage of retirement. Don't wait until 70 or 71 to retire if you can help it.
Save in a Roth IRA as,well. Keep a good emergency fund.
Save save for retirement, you'll wish you had later.
Keep your rental/s well repaired for more trouble free cash flow.
Also, and thus is CRUCIAL: plan well in advance for sudden adverse circumstances. What do I mean? By the time I was your age serious medical issues began to become a REAL problem and by 35 I was homeless living under a bridge next to the RR tracks. I had to go through all my retirement and savings before I got to that. Don't let that happen to you . I had issues with medical bills with no insurance, couldn't keep or find a new job due to my health reasons, and wound up penniless. I was early medically retired at age of 40 on SSDI. Now I'm back working as after 13 years SSDI doesn't pay the bills like it did.
So plan plan for additional unexpected circumstances.
Also travel while you are younger. I'm glad I've climbed volcanos, hiked some trails and things like that. I couldnt do it now as i get around with a cane.
So do some travel whike you are young enough to enjoy it.
Don't get bogged down buying "things " thst take away today's dollar s from tomorrows retirement. Buy a 2 or 3 yo vehicles, pay off early, continue to put payment on bank and keep the vehicle for 12 to 14/15 years or it dies on you, then take that saved payments and pay cash for new to you used vehicle, keep saving that same payment and you'll almost never have a car payment if you keep the cycle. Also dont buy a "status vehicle" that's expensive. They wear out just as the cheap ones do.
Don't buy a house more than you can easily afford. Easily is the key word.
Are you serious?! I retired when I turned 60. I can't imagine wanting to have worked another 11 years, instead of enjoying the prime years of my retired life. It would have been soul-crushing. Some people may not have that choice, but retiring at 60 means you will be much healthier and in much better shape to enjoy retired life. The 70's is when you start to really slow down. My advice is to arrange your finances now so you can retire at an age that allows you to have a quality of life for the first stage of retirement. Don't wait until 70 or 71 to retire if you can help it.
Your choice. But it's not one size fits all in this game and suggesting the path you've taken is somehow the "best" for everyone (hence implying everyone who hasn't made the same choice as you is somehow in error) is ridiculous and misleading for the OP.
If you want the rest of us to respect your choice, respect ours.
Your choice. But it's not one size fits all in this game and suggesting the path you've taken is somehow the "best" for everyone (hence implying everyone who hasn't made the same choice as you is somehow in error) is ridiculous and misleading for the OP.
If you want the rest of us to respect your choice, respect ours.
Dude, calm down. We all (try to) make desisions that are best for us. Sadly, for too many, they have no savings and must work until they drop.
I must add additional advice to our young OP. I can't tell you how important a great spouse is. My wife is much smarter than me, but she kept me anyway.
35-years already! Two very good incomes combined got us where we needed to be.
It is a fact----the younger you can retire, the more wonderful years of retirement you'll have.
Dude, calm down. We all (try to) make desisions that are best for us. Sadly, for too many, they have no savings and must work until they drop.
I must add additional advice to our young OP. I can't tell you how important a great spouse is. My wife is much smarter than me, but she kept me anyway.
35-years already! Two very good incomes combined got us where we needed to be.
It is a fact----the younger you can retire, the more wonderful years of retirement you'll have.
I love this idea! <3
I'm wondering, how does retiring at 57 or sooner effect someone's social security, assuming they live the extra 5 years to be able to start collecting?
I'm curious if having 5 or more unemployed years can reduce the basic benefit.
Your choice. But it's not one size fits all in this game and suggesting the path you've taken is somehow the "best" for everyone (hence implying everyone who hasn't made the same choice as you is somehow in error) is ridiculous and misleading for the OP.
If you want the rest of us to respect your choice, respect ours.
Someone retires when they're almost 71 and you say best advice so far and then you get upset when I challenge that assertion?! Most people working that long do so out of necessity, not by choice. Most people would like to be retired long before they are 71. Better advice for someone young is to plan for retirement now so you don't have to work until your 70's.
I'm wondering, how does retiring at 57 or sooner effect someone's social security, assuming they live the extra 5 years to be able to start collecting?
I'm curious if having 5 or more unemployed years can reduce the basic benefit.
Of course that depends on what your income was prior to retiring. You need plenty of cake to pull it off at 57, because you will no longer be contributing. You just have to run some scenarios and always er on needing more money!
I have a friend that retired at 40. He made bank in the sod business for many years and sold his business for millions. When you have that kind of money, what did he care what Social Security was!
I wasn't that clever, and had to wait a lot longer.
I'm wondering, how does retiring at 57 or sooner effect someone's social security, assuming they live the extra 5 years to be able to start collecting?
I'm curious if having 5 or more unemployed years can reduce the basic benefit.
Your SS pension is determined by looking at a 30-year span with the highest earnings. If your highest earnings were from age 20 to age 50, then earnings past the age of 50 will be ignored.
When I retired from the US Navy, we looked at the wages that I was being offered at other jobs, and saw that they were not much higher than what I was being paid by the Navy. So it was not going to bump my final SS pension at all.
Today, every year I get a notice from the SS administration to review my account, and I track how much my projected SS pension will be. My SS pension will be less than my existing Navy pension.
My point is that if your investments can support you at age 57, then they should still support you at age 65. When you decide to turn SS on, it will be like an added bonus.
Marry (if desired) sensibly and avoid divorce (if possible).
Raise your children (if applicable) to be independent. Educate them well. You will not want to be supporting financially them in retirement.
Avoid debt like the plague. Ignore what others have and teach yourself to live on less than you earn.
Work at something you absolutely love. If necessary, change careers to do this.
Travel.
Buy a house and pay it off. If you want, you could sell it in retirement and purchase another for the selling price of your old one. Buy in a selllable neighborhood.
Buy a term life insurance policy where the rates do not change. They will be cheap at your age. Hold onto it. Pay it faithfully.
Connect with a church and decide what you believe about God.
Do NOT stress over the millions of dolllars you are told you will need in retirement. I lost plenty sleep over this only to find that I was worrying for no reason. Thanking God!
Saving money can be as effective as making money. Save for the future by protecting your health at all costs - eat right, exercise (including exercise that you can do when old like swimming), get preventive medical care-, take care of your teeth, consistently save and contribute to your investment choices, avoid risky behavior (e,g. wear seat belts), and reduce wants. It is better to set lower savings targets and never touch them, than to use your savings as a piggy bank. Have separate savings for retirement. Enjoy your living. All the best.
You may become disabled / unable to enjoy retirement as you envision
An event (accident / health crisis / adult child crisis / financial mistake)... could zap your 'retirement plan and savings'
Time away from work gives you time to dream up some other Good Ideas on how to live and how to support yourself.
Being home while the kids are home allows you freedom to be a family / travel / teach them skills and values and to build a business (or two) together
Can go back to work when the kids are gone (if you keep your skills current)
Flexibility / various careers / objectives
Sabbatical for learning / volunteering / attitude adjustments
Retire early, retire often
You might not get it right the first time, good idea to practice early in life!
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