How to retire at 55 instead of 65 or 70.

   / How to retire at 55 instead of 65 or 70. #11  
I also second living within your means. Don't listen to the bank about how much mortgage you "qualify" for... Find a nice home that you can easily afford on a 15 year mortgage and pay it off ASAP! You will be amazed at how your attitude on a career will change when you no longer have a mortgage. You should be maxing out your retirement contributions each year, and the younger you are when you start the better off you will be when you are retirement age. You should look at those 2 things as mandatory commitments in your budget, and nothing other than health problems should take priority over them. You should also be saving money on a monthly basis, every month... Stay out of debt! Don't buy things unless you can pay cash for them, including cars. A used car with less than 30,000 miles is a pretty good investment and the first owner took the big loss in value.
 
   / How to retire at 55 instead of 65 or 70. #14  
Rich wife.
 
   / How to retire at 55 instead of 65 or 70. #15  
Don't divorce, that cost me more than a house and the lawyers got most of it.
We also have 4 cylinder cars which are more economical than the 6 or 8's yet can still tow up to 3.5 tons.
I have my own espresso machine which I take to work with me, cheaper than $5 a cup and probably better.
My background is Scottish which probably explains a lot.
 
   / How to retire at 55 instead of 65 or 70. #16  
RSKY said:
Get a job and keep a job.

Pay your bills including credit cards monthly. NEVER carry a balance.

Don't borrow money for toys. If you have to borrow money to pay for that boat, Harley, motorhome, or vacation, you cannot afford it.

Keep track of your finances.

Learn a little about the stock market, mutual funds, CDs, and other investments. Then invest in a 401K or an IRA and LEAVE THE MONEY ALONE. That is your future.

Plan and be realistic on your plans. Look at what you can have 5, 10, 15, or 20 years in the future.

NEVER carry a credit card balance.

Somebody else put in some good ideas here.

RSKY
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Followed all these PLUS put the maximum into 401k that the company was matching. Retired at 56 because, by waiting a year, the discount rate was at a record low. That meant that my lump sum was higher when I retired: lump sum instead of annuity retirement payments.

Ralph
 
   / How to retire at 55 instead of 65 or 70. #17  
Egon said:
Lottery ticket?
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The playing the lottery for retirement is the plan to fail 100,000,000 times to one. Playing one ticket is entertainment. Buying multiple tickets is merely paying the stupid tax.

Gov't supplies alcohol & gambling in North Carolina. What's next ? Rec Drugs? then Brothels ?
 
   / How to retire at 55 instead of 65 or 70. #18  
Moderation. Spend a little, save a little. Enjoy life, you never know when the grim reaper is calling your number.
 
   / How to retire at 55 instead of 65 or 70. #19  
Preemptive vasectomy!
 
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