How to retire at 55 instead of 65 or 70.

[Redbug]

I retired at 56 and these years of being retired have been the happiest years of my life.

About the doctors and lawyers not wanting to retire, (I hunt with a few)...their identities are their job, and some don't have many friends outside their professions. It's hard to let go.

And some good advise for you guys with the mega-mansions, boats, monster trucks, and in debt to your eyeballs. It is probably too late for you...but show this to your kids:

Saturday Night Live Debt Skit on Vimeo

 

[Old Red]

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?

I would really need to see a complete picture of his spending and saving habits to give a good reply here.

For my family at least it doesn't appear that eating in saves us much money. And really, my point I am trying to make is people sweat the small stuff. I have a friend when we go to Mexican he orders one taco and a water and eats ciphs and salsa...makes him feel so good when he does that. His wife doesn't work (or not much) and he hasn't saved but his base salary is $82,500 and last year he made $195,000 with over time. I try to tell him it's not the second taco, its the wife that doesn't work, the new car payment, very little to the 401k, and two kids that are causing you not to get ahead....

I am not trying to win any arguments here because I know I am in the minority when it comes to eating out and ordering what you want. It's the $50,000 chevy Tahoe's we travel to the restaurant in and that person won't get sweet potato fries because it is a 99 cent upcharge. Heck even Ramsey talks about "free meals" doesn't he?

 

[RSKY]

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

They could have just as easily said Illinois or Tennessee. The reason they said Missouri is because there is a river between the states and they would have to drive a couple hours to get there.

Also several years ago, due to KY state regulations there seemed to be no rest home vacancies in our area and people would have to put parents in a home in Missouri until a KY opening came up. That is why the statement was made.

I know they are not serious. And the grandkids would take me in. Shucks, they all know I will buy them stuff and teach them tricks.

I taught the sixteen month old grandson how to spit last Saturday. I have never heard a kid laugh so hard. He would try to do it and had spittle dripping off his chin.

My daughter was really proud of me when she arrived to take him home. A few days later she Facetimed us as the kids were in the bath tub and sure enough, the little fellow was spitting all over the place.

RSKY

 

[ovrszd]

I would really need to see a complete picture of his spending and saving habits to give a good reply here.

For my family at least it doesn't appear that eating in saves us much money. And really, my point I am trying to make is people sweat the small stuff. I have a friend when we go to Mexican he orders one taco and a water and eats ciphs and salsa...makes him feel so good when he does that. His wife doesn't work (or not much) and he hasn't saved but his base salary is $82,500 and last year he made $195,000 with over time. I try to tell him it's not the second taco, its the wife that doesn't work, the new car payment, very little to the 401k, and two kids that are causing you not to get ahead....

I am not trying to win any arguments here because I know I am in the minority when it comes to eating out and ordering what you want. It's the $50,000 chevy Tahoe's we travel to the restaurant in and that person won't get sweet potato fries because it is a 99 cent upcharge. Heck even Ramsey talks about "free meals" doesn't he?

Oh, I'm totally not arguing either. Just opening discussion and thought.

If your friend is using his frugal eating habits to afford something else I'd support that. If you could trim your eating habits and purchase something you want more would you do it?

In my friend's case the "want" is to retire. He's 59. Too late to have an impact on his retirement fund. So he has to be willing to adjust his lifestyle to fit his retirement income. So far he can't comprehend that. So he continues to work, so he can eat out 3 times a day. I only remind him of this when he gets into a pity party because I'm retired and he's not. Otherwise I leave him to his life choices.

 

[RSKY]

I retired at 56 and these years of being retired have been the happiest years of my life.

About the doctors and lawyers not wanting to retire, (I hunt with a few)...their identities are their job, and some don't have many friends outside their professions. It's hard to let go.

And some good advise for you guys with the mega-mansions, boats, monster trucks, and in debt to your eyeballs. It is probably too late for you...but show this to your kids:

Saturday Night Live Debt Skit on Vimeo

Saw a TV show years ago with a guy talking about debt and how to get out of it. First people had medical expenses they were trying to pay off. Second couple had large crippling debt because they 'had to remodel their kitchen because it was out of date'. They couldn't understand that they didn't HAVE TO remodel just because it was out of date. They wanted government or other help paying off their loans. The guy giving the talk finally told them the government shouldn't pay off people's debts because they were stupid and made dumb purchases. They talked like they were in danger of loosing their home due to debt. I don't remember the outcome of the show but I remember the woman kept saying that the kitchen was 'out of date and had to be remodeled'.

 

[BoylermanCT]

If you can't get ahead making $195k a year, you've got spending problems!

I agree on the $50k car or truck and watching other large purchases, but the small stuff adds up to. I can go to Walmart and spend $250 and nothing is over $20 each!

 

[ovrszd]

If you can't get ahead making $195k a year, you've got spending problems!

I agree on the $50k car or truck and watching other large purchases, but the small stuff adds up to. I can go to Walmart and spend $250 and nothing is over $20 each!

Sam was one of the smartest businessmen of our times, on the backs of those that can't afford it.

 

[Old Red]

If you can't get ahead making $195k a year, you've got spending problems!

I agree on the $50k car or truck and watching other large purchases, but the small stuff adds up to. I can go to Walmart and spend $250 and nothing is over $20 each!

This is an excellent point on eating out.....You can go to grocery with best intentions of "eating in" but the next thing you know you walk out of there and dropped $250 bucks. That's almost 2 weeks of eating out at $20/day and there is no work involved and you didn't have to go to wal mart....wich I would about pay 250 just to not have to go in that place.

 

[Spindifferent]

Much good advice from all.

It would be informative to know how folks obtain health insurance prior to Medicare eligibility age.

As I see it, there are really only a few options:

- Through a pension.
- Through a working spouse.
- Through purchase on the open market.
- No health insurance.

Please note that I'm not interested in anyone's political opinions about healthcare. Please refrain from the politics if you choose to share.

Thanks!

Spindifferent

 

[Redbug]

RSKY and the Gang...This is pretty much how I did it, too...

How I retired early...er from a blue collar job. VR. - YouTube