LIFE!? How has yours progressed?

[gsganzer]

I'm 59 and have worked since I was 16. Even before that, my mom had me doing chores for elders at our church. Both my wife and I have always been responsible financially, living well within our financial means. This allowed us to take many trips abroad, including hunting safari's, European trips etc. We paid our mortgage off years ago and our youngest child is in her sophomore year of college with her schooling fully funded.

I've spent most of my adult life traveling for work but have always had great career stability in the oil/gas, power generation industries. I started working for myself as a consultant back in 2016, a move I wish I did much earlier in life, making more money, with better flexibility than any other time in my life. The last few years, when not traveling for work, I focused on completing all the projects we wanted done at our house in an effort to make it more maintenance free and enjoyable. Some of these projects I did myself, others I realized I had the means to pay someone else to do them.

When my mom passed about a 2 years ago, I realized that all my immediate family was gone. My brother died when he was only 45, my dad died unexpectedly at 80, but my mom lived a full life to 87. The old saying, "life is short" really started to hit home and I started reflecting on what my own legacy would be with my kids.

This last year, I started taking a better look at our situation and realized we surpassed that "magic number" we always set as our retirement goal, so we hired a financial planner to see if retirement is possible and navigate us through it. I joke that he's our "money mechanic", but he's been much more than that. He's relieved us of the stress of navigating the complicated world of taxes, distributions, estate planning etc. He's also been our reality check that we can make early retirement work and has plotted the path for us in easily understandable terms.

Now, we're selling our home of almost 30 years and closing on the home we hope will take us to the end. Ironically, our "downsizing" has us moving to a bigger house, with a bigger workshop and over 3x the acreage. But the new home is 4 years old, not 50 and the layout is better for aging needs. The acreage is larger, but the upkeep is simpler. And the new place is still close to good medical care and amenities but is in a more rural setting. It's also a home that our kids will either want to keep when we pass, or it will be simpler for them to sell.

Our goal is for me to keep working for the next year, to help pay for a few tweaks to the new place and then retire for good. My customers have asked me to continue working for them from home, assisting with sales, engineering and other tasks I'm suited for, so "retirement" might continue to have a fluid definition for a bit.

I've come to the realization that I can always continue making more money, but I can't make more time. I need to ramp up enjoying the time that's left, with all those in my life.

 

[riptides]

Interesting thread. A few common words and patterns are shared.

 

[dodge man]

My wife did a lot of research before we retired, not the financial side but the mental side. Some people identify with their jobs and are lost after retirement. We weren’t that way.

Another thing that stands out is at some point you are trading time for money. At some point you might have enough money to retire but you keep working. At that point you are trading your free time for money.

 

[gsganzer]

Another thing that stands out is at some point you are trading time for money. At some point you might have enough money to retire but you keep working. At that point you are trading your free time for money.

Bingo!! That's the realization I came to. There are no pockets in a coffin and nobody on their death bed wished they worked more.

If my kids aren't financially sound with what they're left with when I'm gone, then no amount of money can help them. It'll certainly be more than I started with.

 

[RSKY]

I am 71 and my wife will be the same age in less than a week. We started dating in high school and have been married over 50 years. She retired from teaching middle school in 2010 at age 55. Then worked part time during summers at a local university for six years. I retired in 2011 a few days before turning 57. We used 401K money and pensions until I reached 62 and started drawing SS.

I do my own investing and take care of our 401K, IRAs, and other investments. Nothing against financial advisors but I feel I have done better for myself and my family than anybody else could have. We are financially secure and I have it all planned out for passing on the generational wealth to my daughters so they will be secure in their retirement. I am also starting to work with the grands to teach them how to invest and look after their money.

We have traveled some, always in the US, but have a European WWII Tour scheduled next year. Due to some health problems I have we have only made one week long trip this year. Had six overnight to ten day trips last year. Once I get this ear problem taken care of we hope to resume some traveling.

Family is everything to us. As I stated above I am setting up the next generation to be comfortable in their older years and both daughters and sons-in-law have been talked to about this. They are all here for Sunday dinner at least every other week and we love it. Grandkids spend a lot of time with us and we babysit the 2-1/2 year old 2-3 days a week. Even the 16-year old will come over and spend the night for no reason. Just to spend time with us.

We have friends but still spend most of the time with family.

We are enjoying life and will continue to do so until old age or illness takes one of us away.

RSKY

 

[CalG]

Funny thing about life.

I never cared about money, never planned ahead that way. Never thought "saving" was going to keep up with inflation.
I lived "poor", Happily.

Still, with that "attitude", I've never suffered want, never missed a bill or payment. Always had money in reserve. House paid off more than 20 years ago.
I can do just about anything for myself that I could want. Home improvement wise, or mechanical repairs etc. I ENJOY doing those things.

The only thing I never did, could never do, nor ever will do, is live in an apartment or condominium!
That would kill me dead.

I feel so fortunate

 

[gsganzer]

I can look back and say definitively that the single-most important thing that has allowed me to enjoy my life, has been my financial security. And it didn't happen by accident. It was a culmination of mature decisions, brought from the teachings of my dad.

I think one of the hardest things for many folks, is the ability to say no. Just because the bank or loan officer says you can afford it, doesn't mean you need to buy or spend it.

I'll give an example: When I was in my late 20's and my job was stable, I decided to buy a house. When I went to the bank, to get pre-approved for a mortgage, they approved me for $1500/mo. I found this shocking as I was paying $500/mo renting an apartment. I ended up finding a home that cost $725/mo. Less than half what I was approved for. Later, when I married my wife, with our combined income, we could have moved to a bigger home with a bigger mortgage, but we didn't. Instead, we saved and paid cash for an addition and remodel on the house that suited our growing family. We paid the mortgage off early, and we still had lots of disposable income to spare, that we saved and invested.

The same scenario with our vehicles and countless other expenses over the years. We chose to live well within our means.

As my dad taught me, there's a difference between having money to buy things and being wealthy. Wealthy means you have financial independence and security that leads to happiness.

 

[ponytug]

I am 71 and my wife will be the same age in less than a week. We started dating in high school and have been married over 50 years. She retired from teaching middle school in 2010 at age 55. Then worked part time during summers at a local university for six years. I retired in 2011 a few days before turning 57. We used 401K money and pensions until I reached 62 and started drawing SS.

I do my own investing and take care of our 401K, IRAs, and other investments. Nothing against financial advisors but I feel I have done better for myself and my family than anybody else could have. We are financially secure and I have it all planned out for passing on the generational wealth to my daughters so they will be secure in their retirement. I am also starting to work with the grands to teach them how to invest and look after their money.

We have traveled some, always in the US, but have a European WWII Tour scheduled next year. Due to some health problems I have we have only made one week long trip this year. Had six overnight to ten day trips last year. Once I get this ear problem taken care of we hope to resume some traveling.

Family is everything to us. As I stated above I am setting up the next generation to be comfortable in their older years and both daughters and sons-in-law have been talked to about this. They are all here for Sunday dinner at least every other week and we love it. Grandkids spend a lot of time with us and we babysit the 2-1/2 year old 2-3 days a week. Even the 16-year old will come over and spend the night for no reason. Just to spend time with us.

We have friends but still spend most of the time with family.

We are enjoying life and will continue to do so until old age or illness takes one of us away.

RSKY

Sounds like you have achieved a wonderful life for you! Congratulations.

All the best, Peter

 

[RSKY]

Sounds like you have achieved a wonderful life for you! Congratulations.

All the best, Peter

I left out the part about working midnight to eight in the morning for twenty five years. Basically saw my family for a half hour or so at night and on weekends. And I did this as a supervisor in a union tire plant with high production rates and much conflict. All of the supervisors were under a lot of stress. My wife raised our two daughters while working as a teacher.

I might drive a twenty year old truck but my wife ALWAYS had a newer vehicle to carry herself and the kids around. It seems like every time we NEEDED something or got into a bind my parents or my in-laws would find some reason to gift us with a few thousand. We have done the same for our kids and they know to do the same for theirs when we are gone.

In my forties I got some sound investing advice from a couple guys who looked like they didn't have more than a dollar to their name. I have followed that advice for nearly thirty years and that gave us our financial security.

But yes, we now do what we want, when we want to, and don't worry about the money. Well, that's actually not true. We still shop for bargains and pinch quarters if not pennies.

RSKY

 

[JasperFrank]

Its the typical bell curve. Hit the stride in my late '40s, and we changed it up a little later with traveling while in our fifties. Now in our late and middle 60's, its the other side of the bell curve. And we have to think, about not being young anymore. Just did a whole trip from Edinburgh to London. But it also registered that there are limitations. How may steps can you and our partner climb in a day? So travel when you are young and fit to do so. Your mind may not fail you, but your body will.