After 32 yrs of working, planning, saving and investing.....I'm retired!!!!
When I graduated from college in 1983, I told myself I was not going to retire when Uncle Sam said I could.....I decided I was going to retire at 55 yrs old. And on May 29th... I did just that. Been on vacation for a few weeks with the family and now that we're back home.... I decided to share the news.
You youngsters out there....this is how you do it. You learn to live off 80% of your salary. You save and invest the rest....be it in a 401K...a Roth (if you're eligible)....a taxable account....you figure out a way to do it. You figure out how to save 20% of your salary and you can retire on YOUR terms....not when the Douchebags in SS say you can.
Do it..... it's frickin AWESOME!!!!!
Great seeing you at Cloverdale! Living the dream. Your son is a hell of a shot! Raising him right.
Congrats
JK
You're correct, it takes discipline and one must be willing to live under their means instead of beyond their means.
Just remember, you have a responsibility to us working stiffs to do it right. Lots of hunting and fishing.
If your wife takes issue, explain that without proper inspiration we could lose motivation and the economy could falter.
Congraduation to you job well done!!!
Great advice.
Guys, invest as much as you can on a systematic basis.
NEVER let your emotions overrule your intellect!
Never confuse the two.
Not EVER.
Congrats though. That is way cool.
Enjoy your retirement. I am, hopefully, 6 months behind you.
Congratulation to all those that have accomplished, my hats off to youenz...
:-)
What are you doing for medical for the next 10 years?
Had a financial guy tell me I was good to go but mentally I just can't picture it yet. Pretty soon though...I find myself thinking about it more and more.
God bless and enjoy
Congratulations to you though, saving for any goal in life is one of the hardest lessons a person can learn in life...but worth every penny!
I like to work. If I didn't, I don't know what I'd do with all my free time, actually. One can only fish or hunt so much.
When I do retire, I plan on volunteering somewhere. I need to feel like I'm contributing and being productive.
If I was doing hard labor, I can see where I might be more inclined to retire early, but I'm a chemist.
"I can see where I might be more inclined to retire early, but I'm a chemist."
Maybe contact a Mr. Walter White....hehehe
7 more years at 56 I plan to be just like you.
I do wish I had been saving 15 yrs earlier than what I was but I will still be comfortable. May have to camp work to pay for my RV travels and non-resident permits but plenty cash to just live on...:^)
Started life with hard work but have been sitting on my butt these last ten years which isn't good either.
From my experience one needs to stay busy. I know three guys who barely made it a year after retirement vegging out in front of the TV.
Yes there are a couple of keys to being able to retire at 55.
1. The wife and I are anomalies these days....we were both employed at our respective companies for 30+ yrs each. We had no layoffs...never a time when there wasn't a paycheck...and thus never a time when we weren't contributing to our investments.
2. Start young.......As Kyle will tell you....the most powerful force in the universe is the power of compounding. I started dumping 15% of my pay into a 401K back in 1983......and another 5% post tax....went into a taxable account. Do that for 30+ yrs and your pretty well set. And while the 401K is nice.....having the taxable account is huge....in that it only gets hit with cap gains taxes while the 401k will be treated as regular income. So having the taxable account provides a nice chunk of income with very little tax exposure.
3. Don't live within your means...live below them. My cars and trucks are all bought used....and as stated earlier...we never lived off our full paychecks...we lived on 80% of it.
4. Medical insurance......we buy it. One of the things in my budget was I had always budgeted about $15K annually for medical insurance. My son is 12 and my daughter is 14...so we pay for a family plan and right now I'm paying about $900 a month for that...so...it's under budget.... so far.
But even if your not 25..or 35...or 45....even if your 55...man...start stashing money away....give up smokes....give up lotto tickets....do what you have to do. Even if you choose to work until your SS kicks in....the extra retirement money will just make your life that much easier.
Thanks again fellas!!!!
May health outstrip your wealth...
The Rock
