How to retire at 55 instead of 65 or 70.

[NPurdy1112]

Great advice everyone!

Turning 30 this year and have been reading up on retirement information for the last 6 months. A lot of information to process and learn. Glad to hear some short personal stories on what others have done.

I do have some debt, but am paying extra each month on the truck, tractor, and CC. The truck and tractor were new purchases to go along with our recent move last year to 20 acres. Somewhat of an investment purchase in our eyes. My credit card debt is the thorn in my side. I have been carrying and transferring it from when I went about 2 years working without a full time job. But, it will be paid off this year and those **** things will be cut up into a hundred pieces!

Luckily I have a job with a defined pension plan. Vested after 20 years and maxed after 32. Paying 50% (base salary at retirement) at 20 years of service and 74% at 32. Which would put me maxing out around 56 years old. We contribute 6% of our salary and employer contributes much more to the pension. Also have the option of an additional self funded 457b. Currently I am putting 9% salary into that (I have done what others have mentioned and increased the number slowly with raises). Hopefully the next 25 years will go as planned an I can join some of y'all retiring before 60!

 

[Doofy]

Great start. As far as credit cards go, the scissors aren't the answer, prudent use is. Never carry over a balance and be forced to pay that interest. Use wisely and give careful consideration to purchases. No impulse buys. Both you and the wife must be in total agreement on this.

 

[ovrszd]

My Baby moved out last year, he was 29. I didn't mind really, he's a good kid. Just took him a while to figure it all out. That's OK

Yeah, I'm not throwing stones. Just kinda shocked me. Struggle trying to figure out what a man does with that ten years.

 

[ovrszd]

Great start. As far as credit cards go, the scissors aren't the answer, prudent use is. Never carry over a balance and be forced to pay that interest. Use wisely and give careful consideration to purchases. No impulse buys. Both you and the wife must be in total agreement on this.

And physically keeping the credit card or not has nothing to do with carrying a balance. So shouldn't the "cut up" party take place first?

 

[Creamer]

And physically keeping the credit card or not has nothing to do with carrying a balance. So shouldn't the "cut up" party take place first?

I use my credit cards all of the time for ordering online and traveling. I would be lost without them. I never pay an annual fee, interest, or any other fees. They are very handy. Plus they pay back bonuses that I like.

Credit cards are not the problem - control of your spending is. No different than the government.

 

[/pine]

Great start. As far as credit cards go, the scissors aren't the answer, prudent use is. Never carry over a balance and be forced to pay that interest. Use wisely and give careful consideration to purchases. No impulse buys. Both you and the wife must be in total agreement on this.

Actually carrying a balance for short terms and paying just a little interest is a very good way of increasing personal credit scores if that number is important to you...paying off a balance every 30 days does nothing to help a credit score...

 

[Doofy]

And physically keeping the credit card or not has nothing to do with carrying a balance. So shouldn't the "cut up" party take place first?

We had that "cut-up party", problem was the ex-wife remembered that number and maxed them all out on line! Other advise...know what you are married to!

 

[Creamer]

Actually carrying a balance for short terms and paying just a little interest is a very good way of increasing personal credit scores if that number is important to you...paying off a balance every 30 days does nothing to help a credit score...

Why would you pay to increase your credit score? It will come naturally if you control your spending and have money to pay for what you buy. Plus you do get credit points for having open credit accounts and using them without ever being late even if you pay them off each month.

 

[buckeyefarmer]

I know some 30 yr olds still living at home. it's more the parents fault.

I am paying for my sons college, one has 1 more semester in computer engineering. My requirement was a degree you can get a job with and make money. He was hired last year by a large company, and they pay him, while in college, for attending meetings online, and he hasnt set foot in their building since his interview.

 

[kcflhrc]

I know some 30 yr olds still living at home. it's more the parents fault.

Is that a fact