Who's retired or semi?

[nobadays]

Retired August 2015 at 60... missed the 55 goal! Put in 16 years as a Public works director/City Administrator for a small community - the public employees pension was/is great(and the first wife wasn't smart enough to take a share of it even when I offered it during the divorce.) then went into business as a consultant to lots of small communities/non-profits/counties/etc and socked away all the money we could into IRAs. During the working years did as many have said, lived frugally, no credit card balances and got the home paid off...NO NEW CARS... Now with my liberal pension, and a monthly check from an annuity we bought with a "windfall" 30 years ago we are setting pretty. Won't draw the SS until 67 at least. What most people spend on their mortgage each month we put in a travel account and are seeing the world! (Writing this from a hostel in Puerto Natales, Chile! after spending 8 days hiking the O Circuit in Torres Del Paine!)

I/We spend our days gardening, hiking, working out at the gym, home maintence/remodeling, and of course making beer and wine.... and drinking said beverages!

Loving retirement and no intentions of working again for myself or anyone else! For those with years to go...re-read this thread and take the advice. Financial security in your old age doesn't just happen, make a plan and stick to it.

 

[Murphys_Law]

I’m a financial advisor...I want to print this thread and share it with all my prospects! (I’m not really going to do that).

Love to read about all of you who put together a plan with goals and achieved those goals!

 

[Yooper]

I’m a financial advisor...I want to print this thread and share it with all my prospects! (I’m not really going to do that).

Love to read about all of you who put together a plan with goals and achieved those goals!

I think it's very hard for many people who think "it's only $4 for this latte" and watch TV where they are told they deserve it. They earned it- buy a new razor/toaster/pressure cooker/whatever!

I plan on having 35-40 years in retirement. Living frugally for 30 years was not all that difficult when you look at the huge payoff. Unfortunately my own daughter lives paycheck to paycheck, but makes more money than I ever did. She has nice clothes and lots of TV programs, and super fast internet- and gets plenty of lattes- but she is one car repair away from not being able to survive. My own daughter! She has no ability to put off the small immediate gratification of that treat for the longer goal. Too many people are like that, and wonder why they can't get ahead.

 

[JohnSand]

Well, Yooper, I understand. My older boys are pretty thrifty, and I believe they have good savings.
My younger two much less so, but both their natural parents like nice things, and I got to them late.
They all work hard, which is a great asset.
Murphy, I'd love to say that I planned my future, but I didn't. Both of my parents were depression children, and learned to stretch a dollar. My dad did very well in the early '70s, but overspent and went bankrupt. We really struggled after that, it gave me a real aversion to debt. If I had to change one financial decision, I would have put money into IRAs as soon as possible. My friends who did now have two homes.
But of my regrets in life, career and finance don't make the list.

 

[Murphys_Law]

I think it's very hard for many people who think "it's only $4 for this latte" and watch TV where they are told they deserve it. They earned it- buy a new razor/toaster/pressure cooker/whatever!

I plan on having 35-40 years in retirement. Living frugally for 30 years was not all that difficult when you look at the huge payoff. Unfortunately my own daughter lives paycheck to paycheck, but makes more money than I ever did. She has nice clothes and lots of TV programs, and super fast internet- and gets plenty of lattes- but she is one car repair away from not being able to survive. My own daughter! She has no ability to put off the small immediate gratification of that treat for the longer goal. Too many people are like that, and wonder why they can't get ahead.

That is all too common, I’m afraid. You should see the look on people’s faces when you tell them, “congratulations, you will have to work until you are 95 and you will have $3.45 to your name...if you’re lucky!”

It’s amazing what a little planning and self discipline can do and how much you can achieve! And the old adage holds true: let your money work for you, don’t work for your money.

If I can say just one thing on this thread - for anyone reading this and jealous of the people who have retired and don’t think you can...yes you can! Just make a damn plan, track progress regularly, and make adjustments as necessary.

Ok, off my soap box! [emoji1]

 

[Murphys_Law]

Well, Yooper, I understand. My older boys are pretty thrifty, and I believe they have good savings.
My younger two much less so, but both their natural parents like nice things, and I got to them late.
They all work hard, which is a great asset.
Murphy, I'd love to say that I planned my future, but I didn't. Both of my parents were depression children, and learned to stretch a dollar. My dad did very well in the early '70s, but overspent and went bankrupt. We really struggled after that, it gave me a real aversion to debt. If I had to change one financial decision, I would have put money into IRAs as soon as possible. My friends who did now have two homes.
But of my regrets in life, career and finance don't make the list.

...and max out any company retirement plan when you have that option! Be mindful of how the money is invested. Too many people set up a plan and don’t rebalance - ever. Don’t do that!

 

[homebrewer_99]

These are a few of the issues I addressed that really helped me in retirement planning. They are not in any particular order. I will also try to NOT go into detail and just highlight the points:

1. NEVER live beyond your means.
2. Learn the difference between a NEED and a WANT. If your NEEDS are not met/paid (living expenses, necesseties)...you can't afford a WANT.
3. Pay off ALL of your credit cards IN FULL every month. I haven't paid interest or a fee on a credit card in 30 years. It's like getting an interest-free loan...every month.
4. If you have to make large purchases (washer/dryer, living room furniture, fridge, etc., look for a 12 months Same As Cash (SAC) deals. When the total bill is added up divide it by 11 (not 12). Paying it off early equals an interest-free loan.
5. At 3-5 years from your "anticipated" retirement date estimate how much income you will be bringing in AT retirement...and LEARN to live off of THAT. Two things happen by doing this. 1. You find out IF you are financially ready and can survive comfortably into retirement. And 2. Everything you do not spent from your current salary can be used to build up your nest egg or better yet...PAY OFF ALL OF YOUR DEBT. Debt comes with interest charges. Once you get debt-free...STAY THAT WAY.

Good luck.

 

[MaxStout]

I think it's very hard for many people who think "it's only $4 for this latte" and watch TV where they are told they deserve it. They earned it- buy a new razor/toaster/pressure cooker/whatever!

I plan on having 35-40 years in retirement. Living frugally for 30 years was not all that difficult when you look at the huge payoff. Unfortunately my own daughter lives paycheck to paycheck, but makes more money than I ever did. She has nice clothes and lots of TV programs, and super fast internet- and gets plenty of lattes- but she is one car repair away from not being able to survive. My own daughter! She has no ability to put off the small immediate gratification of that treat for the longer goal. Too many people are like that, and wonder why they can't get ahead.

I have two brothers like that. No matter how much they earn, they burn through it. Like the parable of the ant and the grasshopper, they are the grasshoppers. One has a shed full of classic cars and motorcycles, the other has rooms full of electronics. And they barely make the rent. After our parents passed away last year, I was the executor of the estate. My brothers hounded me for their shares (which weren't very large), thinking those few thousand would save the day.