How to retire at 55 instead of 65 or 70.

   #31  

Doofy

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I raised my wife and her boyfriend, for I don't know how long! My friends knew this for years and said not a word. I no longer have any of them...wife, boyfriends or friends. I figured with friends like that, who needs enemas!

On a high note, kept my whole retirement, house and land.
 
   #32  

CADplans

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NO WAY the number is 55,,,,, :thumbdown:

My wife and I did the life described by most of the posts,,,
we ended up retiring when I was 47!! :thumbsup:
 
   #33  

sseelhoff

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   #34  

Raspy

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Having a goal to retire at 55 carries with it some interesting sub-plots.

Anyone can retire at 55. The reason most don't is because they are afraid they'll have to give up something to do so, or are so wrapped up in the rat race that they can't see anything else. Or they just don't want to.

It also implies that the fun will start at 55. But what about all through your 20s, 30s and 40s? Those are the years we're most healthy and energetic. We deserve to have fun then too, don't we?

Life is a balance. If you wait to do everything "later", you're doomed. But yes, we can't throw tomorrow away for the sake of today either.

Simply saying that if you mange your money in a smart and conventional way, you'll be independently wealthy enough to live the great life beginning at 55, is a funny assumption. Yes, you'll be much more secure than if you didn't, but it also means you'll continue to live the same as the previous years when you were simply planning to retire. There is more to it and more to life and more satisfaction to be had early and later. If you never do anything but plan ahead, how will you know how to live at some time way in the future when your life has been dedicated to simply holding back and building a reserve and waiting?

Again, seeking a balance is the best course. Simply sitting at a desk and stressing at a job to build a fund leads to a heart attack. Working a physical job exposes us to more physical danger. Commuting, year after year is playing the lottery with traffic.

These are the good old days.
 
   #35  

2ndhalf

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i was on track to retire at 55 when working in a factory. I had 20% of my money going into mutual funds at 25 (1991). Factory closed in 1993; I then went to college and got into corporate America and stopped living like we did when I was in a factory. I aquired a lot of debt and am still digging out.

However, I have learned and have a goal to have it all paid off including mortgage before 60 and then I will work until I am at least 70. The good news is I really like my job, make really good money doing it, and don't care about retirement that much.

The key is, don't believe that stuff can buy happiness. Be content with what you have. I learned this a little late but I learned it. Some never do.
 
   #36  

SouthTexasAggie

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I agree with all the above. A few additions:

Live below your means.

Live below your means.

Save in case you live to be a hundred years old, but spend a little now in case you don't make it to 100. Strive to enjoy every day. There are no guarantees.

Plan to retire at whatever age suits you. But plan and budget! If you're still enjoying work when you reach that age, keep working. Nobody's going to make you retire.
 
   #37  

Raspy

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2ndhalf,

Ah yes, Eleanor Roosevelt. She once had my grandfather busted to a lower Naval rank because he put her kid on bread and water for bad behavior. I think he went AWOL for a short time :rolleyes:
 
   #38  

r porter

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yep!

i went at 54 by following that formula. I put my raises in the bank and am sure glad now.
 
   #40  

2ndhalf

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2ndhalf,

Ah yes, Eleanor Roosevelt. She once had my grandfather busted to a lower Naval rank because he put her kid on bread and water for bad behavior. I think he went AWOL for a short time :rolleyes:

Well thats no good. I guess not all good quotes come from good leaders.
 
 
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