Thread: Retirement advice for a wanna be

Unless you are filthy rich, retirement is a lifestyle change as far as spending. Don't wait until you retire to start living on a budget, make adjustments early to avoid the shock. Everyone's situation is different, so take advice from others and learn from it, to apply what fits your situation.
Some people don't care for Bonds, but we have found that they fit our lifestyle. They pay decent dividends, 4-5%, we try to invest in tax-free bonds, that helps a lot when April tax time rolls around. If you have funds to invest, outside of your job 401k plan, shop around for a good investment firm. I say shop around because their fees vary from one to another.

I once planned to retire at 55 but didn't and at 66 regret the approach of retirement. Too many are sick like me: my work was my life and my identity. Without work I'd want to start on the pier and swim south. I saved for retirement but now cannot bear to spend any of it. One sick puppy.

Pay off all debts. Use 401k if company matches. Invest conservatively. Do not finance any new purchases. Monthly payments are killers as you age. Learn to cook at home and enjoy ft as a hobby. Eat out for special treats or occasions. Travel if you can but do not finance it or ride credit cards. Plan for 12 to 15k per year medical costs including insurance. Gulf shores off peak is wonderful and fishing is still good. Eat fish you catch several times a week and stock a deep freeze.

I've a decent Profit Sharing plan where I work, and I'm investing in my 401K.
But I'm ass deep in debt, two young kids still to raise, and older special needs who'll be with us as long as we're able to look after him. His needs to save/plan for too.
I just don't see 100% retirement happening for me, I'm going to have to work at something no matter what.
Unless my wife enjoys better than average success as an author, be nice if she was the next J.K. Rowling.

Can you sign your special needs child up for SSI

Here's how I'm retired before I'm 50. Join the Army, get jacked up, get medically retired at 16 1/2 years. Go work for a huge international corporation while the VA doctors beg you to quit working. They force you to quit working so now you draw VA, Army and a small corporate disability retirement. Tadahhhhhh!

Wife house shops every time we visit. We'd close her salon and move down there next week except for her family and my mom. I tell her 3 hours isn't thatttt far lol

Guess I am pretty lucky.. Retired Navy in 1983, got a great government contractor job supporting the Navy, doing the same thing I did in the Navy. Worked 23 years till age 66, my social security year, and worked 2 years double dipping, Work pay and full SS pay. Have had back trouble since I got hurt in the Navy in 75 so went to VA, put in a claim and after 2 years getting 60% disability (tax free) ... So, am actually making about $200 a month more now, then when I was working full time .. Saved, Saved, Saved during my working years and dumpted everything I saved and 401K savings into 3 CD's which gives me another $500 a month play money .. No ObummerCare .. Have Medicare and TRICARE plus from military time .. Basically free medical and my prescriptions cost me about $36.00 a quarter ... SO, now I am 72, riding my RV and trike around the country and fishing fishing fishing ...

Good advice for young folks just starting out:

Put away at least 5% of your income upfront into retirement, starting with your first real job. And don't stop until the day you retire.
If you employer offers matching 401K, max it out, its free money.
Build an emergency fund of around 3 months budget. And its for real emergencies, not "I need a new iPhone".
As soon as your kids get out of daycare, start saving additional $$ for college.
Live within your means, only ever have secured debt (car & house). Even it that means no cable TV, not eating out, etc... Credit card debt should be treated like the plague, something you never want to get into.
Plan to have your primary residence paid off on the day you retire.

I learned these lessons a little late in life and came out of my previous marriage in debt. Luckily I met and married my current spouse who has a lot more money sense than me. She has gotten us on track to be able to permanently retire at 62 with no debt, no mortgages and kids out of college.

No ObummerCare

One of the hilarious things I've read all day!! thanks for the laugh!

Originally Posted by coach

Can you sign your special needs child up for SSI

Yes, and yes he is on SSI Disability.
But it isn't much considering his care and the need to plan his life long financial needs.

But I figure at least I'm getting back everything I've put into SSI and other taxes.