Thread: Retirement advice for a wanna be

Thanks for the advice. As I figured, everyone is different and the cookie cutters who want to retire on paying for advice on how to retire, dont necessarily understand what it is really like. They say plan to have 80% of your current salary as income each year when you retire. Well Im self employed. No pension. That seems like an awful lot of savings.

On a Scale of 1 to 10, being retired is a solid 20!
No alarm every morning, no boss! Retirement is great if you prepared for it.
I retired @ 55 and never regretted it for one second. My wife said she was going to keep working, but she couldn’t stand it and quit in a couple weeks.
We sold the house, stored the furniture, moved into our motor coach and hit the road for over a year touring the USA.
When I got a call from and old retired friend who made me an offer I couldn’t refuse, I became a consultant doing the same work for way more money. I don’t like talking on the phone, but that call was a blessing.
Moved to Gulf Shores and after four or five years of flying somewhere every week, I quit working for good.
After 25+ years of RV’ing we have decided to sell our current motorcoach if anyone is interested.
“I don’t know how I had time to work”

Now that Fin is aspirational. If one assumes no debt, medical insurance of say 12,000 a year, maybe $300/m for car note, reasonable travel and entertainment and food expenses, do yall think it crazy to think a couple 58-65 can live on say 20,000 a yr? 30,000? 40,000?

I was in a law enforcement job working for the county government and was able to retire early at 50. I wouldn't do it any different. Although I no longer get overtime, sick leave, holiday pay etc., and as a result, watch what I spend a little closer, I have been able to live comfortably for 17 years of retirement. Wouldn't change the free time I've had for anything. Do what I want, when I want. Yes, health insurance can be an issue for some, but I carried health through work as a paid benefit until Medicare, then got a supplement policy that covers everything Medicare doesn't and I havnt had to pay a dime for anything.

I decided to retire early and enjoy life while I had the chance and health, even though I took a hit on the pension for doing so. It's been great. And yes, you are only two people and can survive quite modestly on a limited income.

Everones income and spending are different, so you have to judge that one for your own situation. I did find that being an Alabama resident had perks: no state income tax on my retirement pension and only $132 a year property tax on a three bd. two Ba. Brick ranch that is 6 years old.

do it as soon as you can and enjoy life...

38 years of plumbing and wiring, the last twenty self employed, took a toll on my frame work. My sweet and lovely wife has been a bookkeeper since high school. She has us debt free. I closed the business 2 years ago. Have medicare, but her job provides us with insurance. There is no large nest egg from my business, but I loved working for people and solving problems for them. Allowed my state certification's and Masters to expire, so I became what we always called a jackleg service man. Work a few hours a week on the jobs I still can, and earn cash. Same customers I always had. Need to bite the bullet and purchase one more new vehicle, and we are saving for that. I love that I have officially retired, and now have more time to cook, mop, wash clothes and mow. And I fish a lot, just enjoy it slower, no rush, no pressure. Less money, and somehow I am happier.

Originally Posted by ChileRelleno

Retirement? Whats that?

It's what I want to do as soon as I can sell my business.

Originally Posted by fshntime

Alabama resident had perks: no state income tax on my retirement pension and only $132 a year property tax on a three bd. two Ba. Brick ranch that is 6 years old.

do it as soon as you can and enjoy life...

Darn I sure wish mine was anything like that low...... I know move....wish I could convince the bride to

Originally Posted by Royalfisher

Now that Fin is aspirational. If one assumes no debt, medical insurance of say 12,000 a year, maybe $300/m for car note, reasonable travel and entertainment and food expenses, do yall think it crazy to think a couple 58-65 can live on say 20,000 a yr? 30,000? 40,000?

Nope.....I sure can't

Retirement capabilities stem almost entirely from your spending rate. Take some time to sit down and calculate your average monthly expenses. Don't use arbitrary numbers like 75% or 80%...make the list and budget it. I have clients who live on 20k/yr and some who struggle with 75k/yr.

The majority of my clients find they have similar or more income in retirement to go with less expenses (less commute, less eating out, etc)

What everyone neglects to consider is how well/poorly they adjust to slowing down and being at home 24/7 with their spouse. It is a test of will for some who have known nothing but hard work for their entire life.

Originally Posted by Mattb

Retirement capabilities stem almost entirely from your spending rate.

Truth -- live on a small percent of your income and you will be able to retire young.

Save and invest. Start when you are young.
Use a tax deferred workplace savings plans, IRAs, or both if you can.
Compounding interest is a wonderful thing.