Retirement

[Aster1]

I've been collecting as much stuff that I believe I'll want/need in retirement before I sell out totally. I can really go to a shoe string budget very well and have no troubles doing that, but I hope my wife can do that. Prolly will keep working, but with things I can make some $$ at that I really think is fun & LOW STRESS. That's the part I gotta get rid of is the stress with project work (deadlines & non-stop problems with stuff). I'll have no trouble converting to Aster work days with all the building projects I have in mind to do (no deadline, when they're done I sell them stuff). I will say, years ago, when a partner & I sold out a Hi-Fi store, and was all of a sudden "out of work" when I was use to an 80 hr week, I found out how people die soon after retiring. That was about 3x more stress, not having a "Purpose" like Dig & Milo are talking about then running a business & 80hr weeks. I got back to work in about 3 months after taking the summer off, but took about 2 weeks before I wasn't running from on thing to another thinking I wasn't doing anything important.

 

Aster

[JayinLA]

I am retired. I am about to turn 36. That is I am retired in the sense of never having to work to make my money if I don't mess up or live beyond my means. I took alot of info from the Rich Dad, Poor Dad point of view. It is great to save, but thinking that you're average wage earner is going to save enough exclusive money to "retire on" is not realistic for most.

 

I did it with hard work and real estate. I began working at 18, at a car dealership washing cars, within about 2 years I was a Finance Manager (pays about $180k/yr). My wife at the time was a nurse (about $75k/yr). That was enough to start buying homes. It wasn't long till I realized that "flipping houses" was real.

 

In a few more years I was moved to General Manager of same dealership (About $20-30k/mo). I realized that "retirement" in the private sector requires making lots not "saving all my life", and clipping coupons for everything.

 

I got to a point financially, where my 9-5 was costing me more than I was doing with real-estate transactions and home improvement work. I had at one point 11 homes in Downey CA alone from $400K to $2.5M. It was based on these larger transactions that I was able to build a sizeable amount of valueable assets, which pay dividents monthly to me as well as large money when they sell.

 

That was my path.

[Aster1]

Only in USA can ya live that dream & glad you did. With hard work, using your head, and never giving up you story is the story for so many here. Makes me wish I was 36 again, when I was young, strong, not burned out, and still full of "P & Vinegar" and I'd go for it all over again!!!

 

Aster

[milod]

Just one point that may seem either cynical or pessimistic:

 

I'm really happy for the guys who seem to have "retirement" nailed but I'd suggest reading the book of Job in the Bible's Old Testament.

 

Forget the metaphor and stuff, and consider that "stuff happens" and "stuff disappears."

 

I wasn't doing as well as some here, but let's put it this way, the relatively comfortable and somewhat recreational retirement went away in a couple of steps; that includes both some financial and health issues for myself and my wife. Worse too, it cost some friends.

 

The reason it doesn't hang like a cloud over me at 70 is frankly that I keep doing stuff that has value to me for others, including a passion for learning - and some luck that for me mostly and to an extent to my wife, that age and health issues aren't painful enough to stop doing stuff with personal and local cultural meaning.

 

I'd say that goes for all ages, though...

 

I'm not saying I think we should not try to plan and prepare for "retirement" that may arise from health, good wealth or other reasons, simply that we consider who and what we are, and take a pathway that reinforces that for today and then also for possible futures.

 

One need not have any religious belief at all to catch onto this from Psalms: "We are merely moving shadows, and all our busy rushing ends in nothing. We heap up wealth, not knowing who will spend it."

 

That's kinda pessimistic... because it sez what can screw us up without putting in what can make us want to get up in the morning.

 

So... back to: frankly that I keep doing stuff that has value to me for others, including a passion for learning - and some luck that for me mostly and to an extent to my wife, that age and health issues aren't painful enough to stop doing stuff with personal and local cultural meaning and value.

 

m

[Tman]

Appreciated insights again. Phillip, 40% sounds in the ballpark so that's encouraging. Interesting that you could use your retirement fund to buy a house - we can't really do that until age 60.

 

We can't cash them out either until age 59 without being penalized. I was penalized to the tune of 63% in taxes and penalties. I know gasp. We really wanted the house and love it. I don't regret it one single bit.

[Mr. Gibson]

I'm gonna retire at 86. 32 years to go. I live too large.

[Retired]

1458992010[/url]' post='1755235']

Retired, the current age for full social security payments is 66! Make sure your wife applies for it on time or you might lose some payments.

 

Ok, I'll tell her. She told me she has to be 67 for her birth date but at 60, she gets to draw half of mine till she's old enough to get social security. Then at that time she has to drop mine to get SS benefits which pays slightly more then getting my half. Thanks, I'll have her check on that.

[Larsongs]

If you're talking secure Investments. At current Interest Rates of roughly 2.75% on longer term CD's fixed rate Investments for Retirees $1,000,000.00 will make you a whopping $27,500.00 a year! You can gauge how much you need to save for Retirement based on that. Good luck with traveling on that!

 

Most Brokers say it will be years before we see Rates at 5% or more.

[Retired]

1459057313[/url]' post='1755516']

Just one point that may seem either cynical or pessimistic:

 

I'm really happy for the guys who seem to have "retirement" nailed but I'd suggest reading the book of Job in the Bible's Old Testament.

 

Forget the metaphor and stuff, and consider that "stuff happens" and "stuff disappears."

 

I wasn't doing as well as some here, but let's put it this way, the relatively comfortable and somewhat recreational retirement went away in a couple of steps; that includes both some financial and health issues for myself and my wife. Worse too, it cost some friends.

 

The reason it doesn't hang like a cloud over me at 70 is frankly that I keep doing stuff that has value to me for others, including a passion for learning - and some luck that for me mostly and to an extent to my wife, that age and health issues aren't painful enough to stop doing stuff with personal and local cultural meaning.

 

I'd say that goes for all ages, though...

 

I'm not saying I think we should not try to plan and prepare for "retirement" that may arise from health, good wealth or other reasons, simply that we consider who and what we are, and take a pathway that reinforces that for today and then also for possible futures.

 

One need not have any religious belief at all to catch onto this from Psalms: "We are merely moving shadows, and all our busy rushing ends in nothing. We heap up wealth, not knowing who will spend it."

 

That's kinda pessimistic... because it sez what can screw us up without putting in what can make us want to get up in the morning.

 

So... back to: frankly that I keep doing stuff that has value to me for others, including a passion for learning - and some luck that for me mostly and to an extent to my wife, that age and health issues aren't painful enough to stop doing stuff with personal and local cultural meaning and value.

 

m

Good point Mr. M. And as Digger points out, retirement isn't for everyone. He would rather have his health back and still be working as I'm sure you do also. I know my mother hates it as well. I had to get out of the railroad as soon as I was able to go, due to the work factor of how dangerous it was. Shortly after I retired, many health issues came back to me. I could breath better as I wasn't breathing in welding fumes and grinding dust particles every day. No more injuries, I knew too many friends there that died before they could go out. And most railroad workers leave as soon as they have 30 years of service with age 60. For full benefits. Many guys like me have their service years in way before they have age 60. Some go out with 40 or more years of service. I think if a person retires, and hates it and is able to get another job, they could. The railroad has a rule that you can get a part time job, but you cannot exceed $14,250.00 gross in the first 5 years of retirement or they take $1.00 out of every $2.00 you go over that amount. Have no idea why they do that. After that 5 years, then you can earn ever how much you want without any penalty. They made my wife give up her job teaching water aerobics two months before she turns 60 and she cannot ever return to that job. Same thing with us. My partner at work had to quit his job at K Mart. They have all kinds of dumb rules.