retiring

[kenmac]

I have learned from it, as I often do when the topic arises. We have some very savvy guys here on TBN. I only wish that I could have read some of the things I've learned here, about 25 years ago.

As a young boy growing up in Government housing, with no money for xtras. I vowed I was going to do what ever it took not repeat that same process for my family.

I began to meet people later in life that had money, and had no issues buying the things they wanted.

I said, one day, I hope to be able to do that.

Later in life I learned that saving and investing, and staying out of debt was the only way to get there.
So, saving and investing is what I did.

It was hard for me to learn / over come this, because as a young lad growing up, my parents went through debtors court, and had the thought process of, if you can make the payment, buy it !

I believe many Americans have this same thought process. I have many friends that do.

I saw my mom and dad struggle later in life because of this thought process.
When they retired, all they had was SSI, no savings, no pension, no 401K

Someone posted earlier they hoped their check to the undertaker bounced. Well my parents may as well have done that because they had no money,or insurance for burial. That expense fell on me and my brother

If you want to have money, do as people that have money do.
If you want to be broke, do as broke people do.

 

[Travelover]

............If you want to have money, do as people that have money do.
If you want to be broke, do as broke people do.

It's funny - I've had a number of people including younger relatives ask me for financial advice recognizing that I became financially independent at a relatively young age. With the exception of one person, every single one quit listening when I said, "spend less than you earn and invest the extra in index stock funds". What they wanted to hear was a get rich quick scheme, a hot stock tip or a short cut. That one that listens to me will be a millionaire by the time he is 35. The rest will be living on Social Security in retirement and end up in a Medicaid paid nursing home, in the end. It is sad.

 

[kenmac]

Unless some rich relative dies and leaves you a large sum of money, You are going to have to do it the the hard way. Work hard,Cut spending, save and invest. It won't be quick and it won't be easy.

When I was a young lad. I always thought of my dad's sister as ''have money''.
I remember my mom saying ''your aunt has money because back when a coke was 5 cents, she would save the 5 cents instead of buying a coke''
Later in life, I told my mom ''what my aunt did in her younger years, paid off in her later years''

 

[goeduck]

Unless some rich relative dies and leaves you a large sum of money, You are going to have to do it the the hard way. Work hard,Cut spending, save and invest. It won't be quick and it won't be easy.

Exactly. I never found it hard to do. It is just a mindset, no different than paying an electric bill, just one of those things you do. Invest every bit possible.

 

[two_bit_score]

The candidates on the far left and the population that supports them scare the carp out of me.

They should!

 

[two_bit_score]

Interest! If you earn it it will make you wealthy. If you pay it it will tear your azzz up!

Those words were spoken to me by my grandfather as he explained the ‘rule of 7/8ths’ to me. I never forgot them.

 

[DarkBlack]

Kind of. Your benefit is based on the highest 10 years (40 quarters) that you paid in. It takes 40 quarters to qualify for a benefit. Because the calculation of credit doesn't factor in inflation, when you quit early you will generally have an inflation eroded basis to calculate your benefits. However, once you have 40 quarters credited, additional work just lets you drop older, lower income quarters.

Based on your top 35 years in the US , not 10. From what I understand.

 

[Jstpssng]

As a young boy growing up in Government housing, with no money for xtras. I vowed I was going to do what ever it took not repeat that same process for my family.

I began to meet people later in life that had money, and had no issues buying the things they wanted.

I said, one day, I hope to be able to do that.

Later in life I learned that saving and investing, and staying out of debt was the only way to get there.
So, saving and investing is what I did.

It was hard for me to learn / over come this, because as a young lad growing up, my parents went through debtors court, and had the thought process of, if you can make the payment, buy it !

I believe many Americans have this same thought process. I have many friends that do.

I saw my mom and dad struggle later in life because of this thought process.
When they retired, all they had was SSI, no savings, no pension, no 401K

Someone posted earlier they hoped their check to the undertaker bounced. Well my parents may as well have done that because they had no money,or insurance for burial. That expense fell on me and my brother

If you want to have money, do as people that have money do.
If you want to be broke, do as broke people do.

I grew up the exact opposite. My parents worked hard at the family business, eventually taking over. Yet money was never discussed, so I took it for granted that everyone lived as we did. I don't even think we had a lot of money yet I never went hungry, always had clean clothes and had a warm, dry place to stay. I still cringe when I remember whining about having scrambled eggs for supper.

 

[3Ts]

It's funny - I've had a number of people including younger relatives ask me for financial advice recognizing that I became financially independent at a relatively young age. With the exception of one person, every single one quit listening when I said, "spend less than you earn and invest the extra in index stock funds". What they wanted to hear was a get rich quick scheme, a hot stock tip or a short cut. That one that listens to me will be a millionaire by the time he is 35. The rest will be living on Social Security in retirement and end up in a Medicaid paid nursing home, in the end. It is sad.

I can relate to this. I had a person in the church ask for help in getting out of debt, ok, I'll help. But, later he decided he was going to go "a different route".

 

[KennyG]

Based on your top 35 years in the US , not 10. From what I understand.

Sorry, you are correct. 10 years to qualify for benefits, 35 years to average to calculate benefit.