How to retire at 55 instead of 65 or 70.

[Creamer]

I think if going out to eat occasionally ruins your retirement you’ve got deeper issues, but if done every night at $20 for 40 years it’s $292,000.

Where can you and your wife go out to eat that is worth going out for that it only costs $20?

 

[4570Man]

Where can you and your wife go out to eat that is worth going out for that it only costs $20?

Unless Burger King counts you can’t. Especially if you order drinks.

 

[Creamer]

I'm a little late to this thread, but here's my :2cents:. All good info by the way.

Save more than you spend.

A great man once said "There are two kinds of people on the earth, those who pay interest and those who collect it". Other than my house I've always been the one who collected interest.

Not that anyone can predict it, but, a divorce really hurts a savings plan most of the time. No divorce here and going on 32 years. I got a good one.:laughing:

I think some people think retirement means sitting in the rocking chair watching reruns. I am going to retire at the end of this month at 55. My plans are to move and get more land and raise cows (20-30) to keep me active and busy. If I'm not busy doing something that needs to be done I'll help my brother on his ranch or a local rancher. My wife and I have narrowed down our search to southwest Wyoming. I have not met anyone thats lives where we are looking but they'll sure be glad when we get there because I enjoy the ranching/farming kind of work and will help out for free just to be part of it.

I have lived well below my means for a very long time, it's time to play now! I only have 10 more shifts of work left and while my job has provided a very good income, retirement and savings plan I'll be glad to hang it up and let some young guy struggling to make ends meet have my job. Some of my upper managers have ask me to consider staying longer. Well, I just smile. They know the answer.

Congratulations on being able to make that decision! Now what kind of cattle are you getting?

 

[Paddy]

How to retire early? get a good education and be willing to chase better paying jobs. You will have to move to places that might be undesirable or jobs not to your liking. Basically climb the ladder. Or take chances when your young while you can still recover financially.

Funny though, most high paying fields Doctors, Lawyers and engineers, are likely to work well past normal retirement.

But back on track; build your own home, there is a lot of equity you can add as a DIY. Never buy a new car. At work, do a decent job you are assigned to, but volunteer for the work you really want and excel at it. I have never asked for a raise, they always comes before I get around to asking for one. Earned raises far exceed asked for raises.

Like John Lennon said, "life happens while you are busy making plans".

If you spend a lot of time watching TV now, you will likely watch a bunch more when you retire. As John Prine said, "Blow up your TV...."

Live life now.....

 

[Old Red]

I think if going out to eat occasionally ruins your retirement you致e got deeper issues, but if done every night at $20 for 40 years it痴 $292,000.

I sure don't think that...but know plenty who do. It is so funny watch those deprive themselves of an iced tea....something the really enjoy just to save $1.59 on their resteraunt bill. To each his own, but when I'm around people like that I make sure my personal beliefs shine just as loud as theirs. And what is funny the majority of people like that have a 50 thousand dollar truck or car parked outside. People are tigh in funny ways. My bro can let it all ride on black on the casino and not loose a minute of sleep, but you will freeze your arse off over at his house in the winter to keep the power bill low.

Oh, and save save save....use all the tax advantaged savings plans you can....then if you have left overs safe in after tax plans. I may not ever retire to the sooner I have the option the better. Never know when you might need to "bail" on work.

 

[riptides]

Where can you and your wife go out to eat that is worth going out for that it only costs $20?

Taco Bell, 7 Tacos, two drinks all the hot sauce you can grab. 17.00.

 

[mjarrels]

Costco, hot dog and bottomless drink for $1.50.

mark

 

[Ford850]

I have had a scare recently. My mother is 93-years old and shall we say.....headstrong. Still drives, still mows her yard, and still looks over my shoulder telling me I'm doing it all wrong when I try to fix something at her place. Usually I find out something needs fixing a month after she has made it worse by trying to fix it herself. The stories I could tell.

So a couple Sundays ago, at Sunday lunch, one of my daughters said I was, "as stubborn as Mamaw".

The conversation went downhill from there, with the sons-in-law knowing to stay quiet, and I was informed that unless I improved my attitude they were already shopping for a rest home to put me in.......in Missouri.......four hours away.

Said they would visit me at least once a month. Maybe more if I minded what they told me to do.

Children these days.

Hopefully that will be years in the future.

RSKY

I've heard that state name pronounced "misery" many times. That makes your story even better!

 

[ovrszd]

Do you all really think eating dining out really makes that big of an impact on saving for retirement. I have friends who just sweat going out to eat socially because it kills them to spend 20 bucks on dinner. I just can't imagine giving that up...and when I go to a restaurant I get what I want. Just a thing with me I guess....when I order meals for the office I make 100% certain that there will be leftovers. I despise portions and people worrying about not getting enough. I want everyone to be able to eat twice if they want to. So I say go ahead, get the lobster rolls...go ahead, upsize that meal....5 bucks here and there should not make or break retirement. A car will, a credit will, an expensive home will....anything with a payment attached to it....but please, enjoy your dinner, and please enjoy your iced tea or fruity drink....it won't hurt you financially to not drink water.

I've got a good friend that has ate out 3 meals a day for the last 20 years. Now complains that he can't afford to retire because he hasn't saved enough. I tell him to retire he's going to need to adjust his expenditures, including eating out every day. You'd think I told him he'd have to sacrifice a leg..... To each their own.

Isn't eating out a payment of sorts, similar to a car payment?

 

[ovrszd]

I've heard that state name pronounced "misery" many times. That makes your story even better!

Jealousy is never pretty.....