28 year old needs retirees help! (divorce, husband, single, raise)

[BucFan]

Didn't read all the responses in this thread.

But my advice:

Live beneath your means, don't buy a new car often, invest in index mutual funds, maximize 401(k), and ROTH. Don't buy new stuff all the time (don't be materialistic), don't use credit cards unless you can pay the balance monthly.

I never bought a house (I'm in the military) - so I can't talk about building equity. If you live in the same city/town for over 5 yrs, it probably is a good idea to buy a home to build equity.

Check you pm. I'll give you a good website for more information.

[BucFan]

Read Bob Clyatt's "Work Less, Live More" - and early retirement book.

[Fat Freddy]

The best way to retire early is to marry a woman with a good job, and treat her so good that she will let you stay home and do what you want.

[Katie1]

WOW I wish I had planned as early as you on retirement. Would have been a big help when I became Disabled at 45!! Oh pets are fine just be careful what kind & how many they can drain resorces fast If they get sick or injured. But dont deny yourself their love adopt a homeless animal there are all kinds needing loving homes.

[Submariner]

Originally Posted by tigerjack88

I would like to get some advice/suggestions from retirees (recent and not) on how one could retire early. What I would like to know is: what one did in order to retire early (before retirement age 62)? I am a single 28 year old female and will begin working in government (county-sector) and would like to know what to do in order to retire in 15, 20,25 years. I don't plan on having children---any time soon anyway, nor a husband . I have a couple of suze orman books and a david bach book...Any advice and stories are helpful. Thank you

If you want advice on tax planning, talk to someone who does not pay taxes. If your tax advisor does pay taxes, then obviously he is missing the boat somewhere and does not understand the system.

If you seek advice on investments talk to someone who has been successful in investing. Any broker who has personally earned less than you have, is obviously a doofus.

If you seek advice on early retirement, talk to folks who have retired early.

In each case, there are plenty of folks who will give you their 'advise'.

How many of them will actually be successful?

How many of them can actually give to you advise on a successful strategy?

[Retired Law 08]

Originally Posted by tigerjack88

I would like to get some advice/suggestions from retirees (recent and not) on how one could retire early. What I would like to know is: what one did in order to retire early (before retirement age 62)? I am a single 28 year old female and will begin working in government (county-sector) and would like to know what to do in order to retire in 15, 20,25 years. I don't plan on having children---any time soon anyway, nor a husband . I have a couple of suze orman books and a david bach book...Any advice and stories are helpful. Thank you

Greetings, I just recently retired at 49, I must say if you don't plan on having kid's you are a step ahead already. Does your goverment job offer a pension
and does it offer a 457 which is a goverment/city type IRA account,that you can take when you retire and not get penalized...BUT you will be taxed 20%
But you can also take it in monthly payments.What I did was take a city job in NY(law enforcement) which has a 20 year pension.As soon as I took the job, like you had the vision and forsight to plan for retirement, So I started the deductions for the 457,also did some overtime, and purchased a home 21 years ago.At around my 15th year I started planning where did I want to live that my pension would go the far and only be taxed federal.I picked PA, What you want to do when you retire, as long as you have a pension,and I have that and addition the 457 which I draw montly,taxed only federal, move to a place with a low cost of living,yet a good quality of life,where you can purchase a home and still not stress yourself.You are on the right track
plan now so you don't have to work forever,life is too short! good luck!

[texdav]

Your government pension is most likely a lifetime annunity which is good. You also need to look at any plan for additional savings;investment plans.Start thinking about retirement now and save.Do not get yourself into a credit crunch by using credit that you can't payoff.Always save toward any thing like a new car you are going to buy and don't be one that buys a new car every three-four years.The main thing is to not keep up eith the Jones because the Jones probably are in hock up to there rear.

[GregW]

Use the county job to get experience for a state job and that for a federal job. Forget the private sector unless you own the business. Even then do not expect to get much money out of it until you sell out if it is a success (20% chance). Most likely you will sink all of your available time and money into a failed business (80% chance) and be left with both debts and bad memories.

Some suggest you develop the discipline to live frugally and trust your money to others so they can live large. You should:

Avoid spending money on vacations and other enjoyable and expensive things.
Live in the smallest house you can stand and learn to repair it your self.
Save some in gold as a hedge against inflation or market collapse (near certainty in this fiscal situation).
Keep some money under the mattress.
When you do retire and are living off the interest do not touch the capital.

If you do these things your heirs can benefit from your frugality. Please remember your frugality will be remembered by the folks that made far more money off your savings than you have.

When you are considering this and all the other sage advice please remember that you only have ONE life and you should enjoy it as much as you can. Do not obsess over retirement but just save a bit and enjoy yourself while you have the health and youth so you will have great memories to retire with.

[ramsey]

Thanks guys for all the replies. They were/are definitely appreciated . I bought a house for 185k and am going to live below my means. But I must tell you that I have no furniture and that I am moving into a 1600 sq house from a studio apt. I am tempted to fill it up with furniture. But it is only me. I think that I could be spending that money in a savings account. I will have my student loan paid off in 2012. I need reassurance guys. help.

[Tesaje]

Originally Posted by ramsey

Thanks guys for all the replies. They were/are definitely appreciated . I bought a house for 185k and am going to live below my means. But I must tell you that I have no furniture and that I am moving into a 1600 sq house from a studio apt. I am tempted to fill it up with furniture. But it is only me. I think that I could be spending that money in a savings account. I will have my student loan paid off in 2012. I need reassurance guys. help.

Obviously you need some furniture. But if the house is more than you need, you do not have to fill it up. There is nothing wrong with just closing off a few rooms if you don't need them.

It does make sense to buy a house that most people would like because it will appreciate better. I have such a house and it is now worth more than 3 times what I paid for it, even with the market slump we are in. But I don't really need all the rooms in it. Shutting extra bedroom doors and closing the heat registers means you are spending less on heating and cooling unused rooms.

If I were you, I would spend some time thinking about my personal style and then look for quality furniture that will last forever. Look for sales and only buy a piece at a time as you can afford it. A few good pieces that work well and that you love will make you happier than a houseful of crap that is difficult to use and that you just tolerate.

If you are desperate for something to put things in, look at some of the inexpensive but attractive knock-down kits. They aren't great furniture, but can do the job at little cost. Quite a few of them have trim now that makes them attractive to look at.