Lets talk about early retirement...shall we ?

[kb67mopar]

I hope this doesn't piss too many of you off

Now why would that make anybody mad? Thats just plain awesome and pretty much everybody's dream. Now if only I could find a way in.... Need a delivery guy?

 

[daredevil]

As a young guy reading through this I have to say the earlier you can retire the better! Get out of the work force and let others work if you can afford to retire. Working at age 70+ is greedy in my mind and you are taking jobs away from people struggling to get by when you could be comfortably soaking up your earned income.

On another front, for those of us in our younger years there is no hope of retirement anymore, they engineered the system to result in us working to within 2 years of our expected length of life and they keep trying to raise the age of retirement. At this point they are looking at age 67 and by the time I retire it will be over 70. That means I will have to work 54 years to earn my retirement...that's bullshit.

Besides the fact that they want to work us to death, the cost of everything has gone up so fast compared to wages that it will be impossible for me to get ahead. I'll still be paying of school debt when my son goes to college which means I will not have had time to build up a nest egg of any sizable value and then have to try to support his tuition, fees, books etc which by that time will probably be 3x as expensive as now.

IMHO those of you in your 50's-60's had an easier opportunity and have a much better chance of getting out alive..me, I am just F-ed in the A.

Yeah right. I guess you didnt read my post. If i retire i would starve and be homeless. I dont think ss would cover my house note.

 

[snakeyes]

working till 70 may not be a option for some of them they may of had set backs in there life for one reason or another, some may have medical issue and need to work for that reason ,who no's :eusa_think: as it was said at one time life is not like a box of chocolate's:edgy:

 

[kb67mopar]

Yeah right. I guess you didnt read my post. If i retire i would starve and be homeless. I dont think ss would cover my house note.

I meant guys who do it just to have surplus income or out of boredom. Definitely was not aimed at you.

 

[68 Sport Satellite]

Great story! You worked hard I am sure, but opportunities like that are rare. You were definitely in the right place at the right time! At least one of us has some good news...whether rich or poor, the best you can do is try your best and try to be content.

I hope this doesn't piss too many of you off, but I retired at age 44 back in 2000. I basically worked my a## of for 29 yrs. Newspapers at 14 , first paid job at the Burger Chef at 15, needed a work permit back then. After HS graduation I got a job as a delivery boy for $1.95 at a privately owned auto parts store ,age 17. Standing behind the parts counter one day leaning against a catalog rack ( Yes Paper Book Catalog Rack )a customer asked about a part. Next thing I know I'm a counterman. The ownership saw me as ambitious, and made me a store manager at one of their 6 stores at age 20. In 1981 the two owners split up and the owner that ended up with the store I was managing offered me a partnership. I realized that he was looking for an exit plan in me , and I paid him each month and held back my monthly bonuses towards ownership. He allowed me to buy in to 25% of the business , and taught me alot of valuable business princepals along the 10 year stretch. Bill was 25 years my elder , and he basically taught me all the administrative parts of the business. In 1991 it got to the point where I had learned pretty much all I needed. I was doing most of the work , and he was taking most of the money. He elected to sell his 75% out to me. I took some money out against my house as a down payment , and he took back the rest of the note at 8%. Him and his previous partner always stressed the importance of owning the real estate you were doing business in.They had owned most of the buildings that they were in , but not the one I was in. In 1992 I approached the building owner and asked to buy it. He sold to me that year , and took back part of the note. I went on to open 2 more parts stores in the next few years. I always saw my business as my retirement vehicle. I knew that SS wasn't going to do it for me. We just kept adding more and more inventory as the years went on. Around late 1997 my wife fell ill with brain tumors, and had two of them resected by the end of that year. Also competition for price in this business got really intense. WH distributors selling directly to installers and the like. With gross profit waning and my wifes health issues , we decided to look around for a buyer. The national parts chain Carquest was wanting to make inroads into our areas . I actually contacted them , and they liked the way we ran our business operations. In late 2000 we sold our small chain of stores to Carquest for seven figures. They paid us for all of our inventories and fixtures and equipment , and kept all of the employees employed as well. Sue and I paid off Bill's note and the remaining notes on commercial real estates we owned. Invested the balance of the money. Carquest signed long term notes with us on the buildings that they occupied, and to this day 13yrs later they still are tenants. I basically just went home to spend more time with my wife. God bless, she has been cancer free now for 10 years. So ,again , basically our retirement is in the commercial real estate that we own outright. And of course IRA's and SS in a couple of years. I never depended on the Gooberment for retirement , and I don't recommend it either. I used to tell young employees that the delivery position is'nt a dead end job at all. It's all in how hard you want to work. Of course they always knew my story. When I was younger and not as wise, I used to think that I accomplished all these things on my own . I know now that the Lord has blessed me and my family, and put wise , helpfull people in our lives from whome to take advise and counsil from. I'm really just a High School educated Southern Maryland Redneck , that took all the great advise and help along the way.

 

[Moparsmitty]

The best thing that you can do if you are retiring for any reason is get yourself out of debt. It's pretty tough to retire if you are carrying a mortgage or any other significant payments. Unless you have a lot of retirement income, downsize to a smaller place or even to a rental to get away from making house payments. It's worked for me and I'm living pretty well on a small pension and some savings without a mortgage hanging over my head. I know retirees that live in their travel trailers that live up here in the summer and down in Arizona in the winter and they are happier than most people that are still working. It's not for everybody, but it's just one option.

 

[Stumper]

The best thing that you can do if you are retiring for any reason is get yourself out of debt. It's pretty tough to retire if you are carrying a mortgage or any other significant payments.

Agree 100% - and the best way to prepare for that retirement is to not get into a lot of debt. Most people don't have much choice but to carry a home mortgage while they are in their working years but the rest of it is optional - life choices for most people..

 

[cr8crshr]

I Retired in Aug 2011. Actually, I was forced into retiring because of a "HOSTILE WORK ENVIRONMENT." Federal Civil Service to boot. After 34 combined years of Military and Federal employment, I had had enough. The work place and quite a few individuals were just really over the top in interpersonal remarks. Sexual and Age harassment/discrimination, verbal and physical assaults, took it all the way to EEOC and Command. Nothing was ever done. So I said......and retired. I could have stayed in the Florida Panhandle but I took a leap and moved there without knowing anyone. I made some friends and all that I still keep in touch with. Enjoyed the area immensely. But I moved back to CA...I know what do you want to do that for????...which is my home and now I am not working. I get my AF Pension, and a VA Disability...50% Combat Related...and started drawing my SS @ age 62. 63 years young right now. So in many respects, I am luckier than a lot of others out there. I have absolutely no Credit Cards and their Bills...just a small one for emergencies...and don't have a mortgage. Really living quite well even by CA standards. I can do most anything I want now, but there is something that is lacking. For all those years I was used to getting up, throwing on the "ZOOM BAG"...for those not knowing, a Flight Suit... and heading off to work. Started doing that way back in 1969 after working from age 16 till I enlisted @ age 20. Had a break from 1973-1980 and tried the College thing. Was actually really an accomplished Student and enjoyed the experience and knowledge gained. But my head was into flying so I re-upped and the rest is History. Yet to this day, I still feel that I should be doing something. I got my Car I am working on and I am building things around my house. Play a lot of Golf when I can and try to get out Fishing and Hunting when the urge hits. But I still feel like I need to be doing something in the "mainstream" of things...Working at a JOB!!! That my friends never goes away regardless of what ya'll might say about it. It stays with you.

I an often times reminded of the saying, "Do what you love and the Money will come." Perhaps Dog maybe you aught to look into doing something like that. Start out small and then build it up yourself. You will never get rich working for someone else. You are in the trades correct? How about doing side jobs on your own for say clients that want a small re-model, or kitchen re-hab, or bathroom upgrade where you can work at your own leisure. Can you say "Sub Terrainian Economy?" Cash can be your best friend too. Just put a plan together and then see it through. Try not to deviate too much and live within your means. I think it's called a Budget but I am not sure that that is even a truth if we just look at how our Country is run. But it can be done. The more you can become self sufficient and less noticeable on the "GRID" then the more likely you are to make it work. Hang in there my friend and put some Faith in yourself and your abilities, and I bet you will succeed...cr8crshr/Tuck

 

[tallhair]

good for you chicken!

- - - Updated - - -

The best thing that you can do if you are retiring for any reason is get yourself out of debt. It's pretty tough to retire if you are carrying a mortgage or any other significant payments. Unless you have a lot of retirement income, downsize to a smaller place or even to a rental to get away from making house payments. It's worked for me and I'm living pretty well on a small pension and some savings without a mortgage hanging over my head. I know retirees that live in their travel trailers that live up here in the summer and down in Arizona in the winter and they are happier than most people that are still working. It's not for everybody, but it's just one option.

I've thought about that option and it's appealing but then "i wouldn't have a place to put my stuff" as george calin used to say . My stuff being a few old cars that i need to do something with and way more parts than i need LOL

 

[Cranky]

If you know anything about the stock market you could do that but it takes money to make money so does everything pretty much. There's a few stocks I play but trade options too and then there are the high paying dividends stocks that are kept in the account.

 

[YY1]

I was wondering if that was gonna come up.

My Ford (ahhhhg, a cap) preffered got recalled.

I was getting used to the $188 a year (7%) the 100 shares was giving me.

I bought it in 2008 for $13, and it got recalled at face value of $25.

Now I need another investment vehicle (not a car,the other kind), to take it's place.

I'm not at a point that I can quit my day job, but as part of a 3 pronged plan (those always work, don't they?), my initial pre-recession numbers had me in the neighborhood of 1 mil at age 57.

I'm about 20% under my original numbers, but even though I pumped MORE money in during the recession, I also had to take out two large chunks (5K and 10K), to put a roof on the house, and buy my warehouse.

I started with $25 a month, and now put in $375 a month.

My numbers through last year were + 30% (along with the double, I also had a tripple, and another double).

My only wish is that I was working with 10K and 100K blocks instead of just graduating from $500 and 1K to 2K through 6K.

I'll sure take it though.

If I had the OP's 500K, Id be stoked!

...and for those not following elswhere, my storage business, minus the startup costs, is cash flow positive for it's first year (and a 5 car carage that other people are paying for)!

+1 for outside the box.

 

[daredevil]

I,m working on my third million. I gave up on the other two.

 

[YY1]

...and the warehouse (and my residence) will be paid off within a year of that magical age 57, at which time I'll also have 30 years in my current job.

Boy do I wish I'd started sooner!

 

[HT413]

Hey Dog, do you think it's possible you're just going through a kind of unemployment blues? I was unemployed for over a year and I started thinking I was worthless and couldnt work/ didnt want to work (of course it might have been I finally began listening to my wife lol). Really took its toll on me, it's been a full 3 years in mynew career (went from construction and engineering to teaching) and I honestly am just pulling out of it. Part of why I bought my 1st Mopar.

Ya know, a guy as talented as you, maybe you might look at local Churches and schools and ask if they need a handy man. It's a good job with some freedom, decent hours, though the pay aint great. Being around kids might refresh ya a bit, get ya back thinking of the good in the world.

 

[tpodwdog]

thats possible HT413

 

[CtownChris]

Well, how should I begin. I never bought a house that put me in any financial stress. Yes I could have a nicer house, and a new car, and new golf clubs, and my Road Runner needs work. I pay as I go. I never use credit cards to pay for any hobby.
I retired at 54 almost 3 yrs ago. Kids in college, wife left with her income to boot and now I pay her. I still have the house we bought 10 yrs ago. The Road Runner is still mine, but I can afford my life style. I am stress free. NO work, No wife! lol worth every Freakin penny.
I have investments that will kick in soon. For now I hang loose and work part time to stay busy and pay for greens fees, fishing charters, car parts. I never over extended my self in the first place. A financial planner can be very helpful. Shop around though. My financial planner is my buddy, we fished tournaments together, before I switched to him. Everyone needs a plan.
PEOPLE TO NOT PLAN TO FAIL, THEY FAIL TO PLAN!
Pay yourself first, I mean invest in IRA, 401K, something, anything.

 

[kb67mopar]

Hey Dog, do you think it's possible you're just going through a kind of unemployment blues? I was unemployed for over a year and I started thinking I was worthless and couldnt work/ didnt want to work (of course it might have been I finally began listening to my wife lol). Really took its toll on me, it's been a full 3 years in mynew career (went from construction and engineering to teaching) and I honestly am just pulling out of it. Part of why I bought my 1st Mopar.

Ya know, a guy as talented as you, maybe you might look at local Churches and schools and ask if they need a handy man. It's a good job with some freedom, decent hours, though the pay aint great. Being around kids might refresh ya a bit, get ya back thinking of the good in the world.

He has a good point there. Also somebody else mentioned cash side jobs and those can actually be relatively lucrative if you neglect to tell uncle sam :glasses6::tongue:

 

[JacobEXE]

have you looked for maybe a more relaxing job that you could work on a second retirement from? i know it sounds rare and far fetched, but my step father retired from the army after twenty years and now is working on a second retirement at a county transfer station. he works tuesday through saturday with sundays and mondays off. and all he does is tell people what to pay and where to put there trash. he usually build model cars or plays games.

 

[tpodwdog]

guys...im looking to RETIREEEEEEE...not work more. i have done the side gig thing...heres the problem with that nowadays ....THERES NO WORK THERE EITHER. everyone is hanging onto their money and dont wanna part with it....i cant say as i blame them. times are tuff incase ya aint noticed. the economy blows ! people that usually part with their money dont have any.. people WITH money dont want to part with it. kinda of a catch 22 thing.

i have no problem working...i love to work....i just hate working for idiots ... and thats all that seems to be out there anymore ... creating something from nothing is something i have been doing all my life. working outside in 10 degree weather is something i have done for YEARS...i dont and cant do that any longer, and thats where the union is going to put me. its either that...or collect.....right now im collecting. do i like collecting unemployment?...NOOOOOO... but im glad i paid into it my entire life and its there when i need it or else i would be outside looking in. i got some dough i can live on...my savings...but i dont want to tap into that if i dont have to. im only 49....whats this going to be like in 10 more years ? i might have to come live with one of you guys. lmao.

 

[Cranky]

So, what exactly are you looking for here? A way to not be "stuck" or a way to live on what you have until you can draw on SS? Not knowing what you have stashed away or what your bills are, it's hard to say how you can retire at 49. Most financial advisors will want to know every single penny you have coming and going before they can tell you what to expect then you have to figure inflation. Inflation right now is low according to the gooberment but don't believe that! Fuel and food is NOT figured into the inflation rate and with the gooberment printing money like there's no tomorrow, the value on the dollar is dropping fast. I wanted to retire when I was 49 but the stars were not aligned good enough at that time plus there would have been no retirement money at all. Had to be 55 with 15 years of service to get it. I worked another 6 years and probably should have worked for another year or so to build a better cushion but I couldn't stand it any longer. If the economy had not been killed off by the dumbasses in power, I'd be much better off right now.