retiring

[kenmac]

We can't sir here on our pedestals and tell the younger men readings this that it's their fault if they can't retire at a young age. They just poorly managed their income.....

Well, yes we can. I'm sure many people that retired made way more than I did. I worked for some very rich people. I never got to where they were,or are financially . But yet, I still retired. Not to the same level as these very rich. But none the less retired.

So, Someone making less that I (and others did) can retire if they manage their money, ( live off less than they make).
They may not be able to retire at the same level of some others, but they can still retire comfortably

 

[kenmac]

For those of you are retired, have you seen a decrease in your expenses or have they stayed the same and what was the change?

I spend A LOT more now, that I'm retired. I mover to this farm and all I do is spend money.
Spent 8 K having a pond dug, 8k a having an old pasture restored. Spent $800.00 on fencing products and winter grass seed today.
Bought two tractors, A kawsaki Mule, had a garage poured in concrete, The spending list goes on and on. Too much to ever list here

I never would have spent this much before I retired, because I didn't live on the farm.

 

[tjkubota93]

Well, yes we can. I'm sure many people that retired made way more than I did. I worked for some very rich people. I never got to where they were,or are financially . But yet, I still retired. Not to the same level as these very rich. But none the less retired.

So, Someone making less that I (and others did) can retire if they manage their money, ( live off less than they make).
They may not be able to retire at the same level of some others, but they can still retire comfortably

It was much easier for me to save for retirement when I started making more.

But- I think the main reason is I wanted to be aggressive buying a house early and keep emergency savings.

I was frugal. Only recently (last couple years) I don't cringe every time I eat out or buy something i don't need.

So, you are right. I also don't agree.

I guess my lack of saving for retirement in my first 5 years was me wanting a certain lifestyle. Not of the rich and famous.

Higher income makes it easier. But you are responsible for your income.

 

[dnw64]

No, what someone makes is not the issue here. To retire comfortably, one has to live within their means and invest wisely.

Many people cannot live within their means.

Current federal minimum wage is $7.25/hr. Let's be generous and say you are making double that, $14.50/hr or $30k/yr. Unless you're single with no health ins., buy a tent every year, squat where you won't be driven out, walk to work and eat ramen every day, you will be lucky to put $10/year into savings. Most will be increasing CC balances most months, with no real hope of ever paying them off.

Would love to hear a verifiable story of someone making minimum wage retiring at any age and living comfortably.

 

[kenmac]

Would love to hear a verifiable story of someone making minimum wage retiring at any age and living comfortably.

I don't believe min. wage was ever set up for someone to make a living. It's a starter job wage for a teenager, high school kids, etc,
Min wage was what $1.25 ? (I can't remember) when I was young.
A min. wage job was never meant for someone to raise a family, or retire from .

If you aren't making enough money in your job, don't cry about what you make. Get out and find better,or do better.

I got tired of working for the man and started my own business. If I can do it, anyone can. No one gave me a dime !

 

[Citydude]

The original post is like asking how much should I pay for a car. What car? New Bentley or used Pinto?

 

[goeduck]

It always matters. You might have been making twice as much as someone else reading this thread.

My advice is to be debt free at retirement.

I can not imagine a person retiring with debt of any significant amount, but I bet it happens.

 

[goeduck]

I am surprised no one has mentioned reverse mortgages. I have no interest in them but I thought someone would have mentioned them by now.

 

[TimberHole]

I am surprised no one has mentioned reverse mortgages. I have no interest in them but I thought someone would have mentioned them by now.

I semi retired at 55. Every financial person I talked to used a model where I die with the same principal balance I had at 55. I finally quit listening to them and quit my job! My retirement looks like this: plan A, use retirement funds making them last as long as possible. Plan B, sell some assets as required not including my house. This gets me to about 85 or 90 years old and I could still reverse mortgage the house.

Additionally, one thing we have when we 途etire is our time. Just because youæ±*e retired doesn稚 mean you can稚 make money. Being retired to me meant not working for someone else on their schedule. I worked all day today, Thursday no less, at my duck lake. Couldn稚 do that till I retired.

 

[kenmac]

oh yes, you can still make money. I dug up a water line today and made repairs for a guy that said he couldn't get his plumber out till sometime tomorrow.
I only do it when I feel like it though