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My magic number is 86!
The other day I spoke with my financial advisor about the possibility of actually retiring. Now I know that realistically I will have to work until I am probably dead. The financial guy said that the talk wasn't supposed to be doom and gloom but positive thinking. He determined that I can retire at the prime age of 86.
What is yours? If it does really exists.
Slumped over towers. Awesome!
6
As I am retiring at the time I am 6 feet under.
Realistically I have no number. But I have a very positive feeling about my business. I am sure I can take it to a million dollar business.
If you clear 20-30% annually on that for a few years you can sell that biz for several million.
So there is hope.
My definition of retirement is to quit working for others and start working for myself. Therefore I retired at age 53 from education and started my own business. As the saying goes, if you love what you do you will never have to work another day in your life. With that being said I will have to continue my lifestyle until the day I die. For me that is farm restoration, scrapping, fishing, and hunting. But what a way to go.
According to the financial advisors I would have had to stay in education until age 68. That is assuming I wanted to travel the world and live a life of luxury. Since I want to travel the U.S. before the world and my life of luxury is freedom, our formulas did not match.
I was lucky and started saving for retirement from the day I entered the classroom. I would encourage everyone to start saving as much as possible to allow you to feel freedom as early as possible. For me freedom is better than fancy meals out on the town, trying to be a fashion statement, or impressing others. Just my view from reality. I have never regretted this decision and doubt I ever will.
Going by Patriots' definition, I was retired at age 15. I've always been self-employed. I'd rather drive a beater car and have a home that isn't as nice, than I would be a corporate peon. I'll work until I'm dead, though.
I can't imagine what it would be like to wake up and not do anything. That would be miserable!
when im dead!!!! i work for myself mostly, sometimes for other people, so i guess according to patriots thinking, im semi retired!!
Now for me. Mike
Yeah, I like P76's definition.
From my job, I'm thinking 10 1/2 years (the wifey can't reach that over-the-horizon point soon enough--hopefully she can hold out another 8+ years). But I'll still be doing something extra for cash. You stand still long enough and you die...
Never! There's always work too be done. And I've always loved working.
I've owned my own business for over 20 years, so given P76's definition lve been retired for quite awhile. Funny thing is, instead of down sizing, I am constantly looking for new streams of income to add to my "portfolio" . Times are just going to get tuffer, so the more diversified you are the safer you are. I don't invest in stocks, I put my money in the hands of the one person I can trust with it.ME !!!
Cool topic by the way OP.
My goal was to retire at 28.... Didnt happen lol
Quote:
Originally Posted by greytruck
Im shooting for 42 years old, and my excel spreadsheets say Im on track. I am aiming for financial independence (having enough money squirrelled away that you can pay all your expenses on interest/gains alone and NEVER run out of money).... At that point I will quit my day job and scrap fulltime, just for fun and a little income just to keep me busy. Or maybe I wont.... the whole goal is to not HAVE to do anything, if I dont want to, just for money.
When I was 20 the magic number was 50. Now I'm 56 and wondering what brand of dog food I'll be able to afford. :))
I don't own a dog....Also, I was just joking.Quote:
Originally Posted by ChildhoodDream
I'm just gonna leave this here:Quote:
Originally Posted by ChildhoodDream
https://www.google.com/search?client...active&ssui=on
In all seriousness I have absolutely no idea what my ideal retirement age will be. I'm 23 and debt free, don't really have much for assets except for a 12' x 40' portable shop and my g.
I see several people in their 50's and older still working not because they want to, but because they have to. With the way government spending is heading I don't think social security will really be much of an option when I reach the official retirement age. I would like to be in the position where I'm working because I want to, not have to by the age of 30-35. I don't see fully retiring ever, but I could see shifting what brings in money to a few other areas than a full time job.
Quote:
Originally Posted by 406Refining
My advice for you, at such a young age is INVEST AS MUCH AS YOU CAN, above almost all else. Max your IRA and 401k if you can.
The idea behind financial independence is, calculate what you spend in a year, multiply by 25, and once you get that money saved and invested, you never have to work again, assuming you keep your spending the same (this also accounts for inflation).
Lets say you make $70k a year, and only spend/can live off of $35k... and invest the extra/unspent $35k/yr. In order to be able to live the rest of your life at the same level of spending $35k/yr, you only need to acquire/invest $875,000..... If you invest $35k/yr, it should compound to what you need in only 14 years.
I spend a bit more than that, around $60k/yr, so my number is $1.5mil. Once I have that saved/invested I can then do whatever I want, no making a dime if that's what I choose, and still live safely off $60k/yr from dividends/interest from my invested $1.5mil, and never run out. If you want to learn more google the 4% rule, or google mr money mustache.
In summary, if you save and invests enough, early enough, and keep your lifestyle mostly the same, you can live your life doing whatever you want, fairly early on. This is only hard for most people because most people dont have discipline and spend all their money as soon as they get it instead of saving and investing it.
Well, Ima gonna be 59 in a couple months and Debs and I have talked a little about what is ahead. The plan at the moment is to sell here in Florida and move to where the pace isn't as hectic. We are thinking north Georgia, NC TN area. More rural, a change of seasons. I want to be where I don't hear the interstate and our where the skies are dark at night. I doubt I will "retire" as in, not work anymore, but I won't give a crap if they fire me for wanting to take a few days off to enjoy my life. I really don't think I'm cut out for sitting in a rocker on a porch doing nothing for years on end.
Interesting post CD. We're not all cut from the same bolt of cloth and there really is no right or wrong to it. We all are ... who we are.
You're the little kid that never grew up. Kids are all about themselves and live off in their own reality. At some point ... you just stopped growing,maturing, and evolving as a person. Maybe something bad happened way back when that completely halted your emotional growth. ( You may not even remember it. )
Interesting that you used the word " I " thirty six times in that short post. Used the word me,my,or myself ten times.
You are all about yourself .... you see ? Your whole world revolves around you. There's really no room for anyone else in your little world than yourself. That's why your relationships with women aren't working out.
This isn't at all to say that you are a bad person by any means. You are quite innocent in your complete selfishness .... just as the child is.
You seem happy enough .... It's not such a bad old life when you're " just livin' the dream."
You gotta remember though ... that way of life isn't for most people. It wouldn't work for them. That doesn't make em' bad ... just different.
Quote CD:
I have always loved myself and that would cause the problems that you believe you see in me.
Response: Please don't take it as me trying to make you normal. You are exactly the way you are supposed to be. You are living true to your nature. It's neither good nor bad but simply is.
There are different kinds of Love .... you see ?
The kind of love you know is from ancient Greece. I'll quote from wiki:
In Greek mythology, Narcissus (/nɑːrˈsɪsəs/; Ancient Greek: Νάρκισσος Nárkissos) was a hunter from Thespiae in Boeotia who was known for his beauty. According to Tzetzes, he rejected all romantic advances, eventually falling in love with his own reflection in a pool of water. He later died, and in his place sprouted a flower bearing his name.
The character of Narcissus is the origin of the term narcissism, a fixation with oneself. This quality, in turn, defines narcissistic personality disorder, a condition marked by grandiosity, excessive need for admiration, and an inability to empathize.
Source: https://en.wikipedia.org/wiki/Narcissus_(mythology)
Now on the other hand .... Ayn Rand might say that you are the perfect egotist. The word egotist having no negative connotation associated with it in her philosophy.
Here's another source: https://en.wikipedia.org/wiki/Randian_hero
~ It's just food for thought that might lead to a broader understanding. It's wintertime, not much going on,and plenty of time for self reflection should one wish to indulge oneself.~
It has been four and a half years since I posted on this thread. There is nothing to change in that post, only add to it. The definition of retirement is based on one's view. From the experiences of my friends, those that retired to do nothing are not retired very long. Those that retired to control their life choices day to day gain a new perspective and appreciation for life. Those that measured success in wealth and material goods in their professional lives continued to do so in retirement and were never satisfied. Many valued relationships over everything else throughout life which continued until they died and they were richer.
Retirement is freedom to many, something we have our entire life in this country. It is funny we spend an entire lifetime chasing something we have in our back pocket. When you can retire is based on your perspective.
It's funny, because when people ask me about doing a carpentry job, i say i retired from the trades about four years ago. It was a good run, i truly loved the self employed lifestyle, and being a master of the trade was great, but the time had come to go onto the next stage in life. Nowadays, i mostly work with people and serve the community doing a job that just about anybody could do. Working with people everyday was a fresh challenge to take on. Life certainly is an adventure as you go from one stage of growth to the next and to the next.
I don't think it's about the money or even the freedom that one particular lifestyle might offer. I think life is about always moving forward and challenging yourself to grow and take on new things.
Maybe retirement is about stagnation and decay.
I dunno ... Maine is literally the oldest state in the nation because so many people have chosen to retire here. We're like the Florida of the North with all of the grey haired people running around these days. Some of the retired people seem pretty happy and others are miserable old farts.
Call me a nutball but i think i discovered the secret. It's about an unconscious choice that people made as they were headed into their sixties. Some chose to turn outwards and embrace the world in a selfless way with a loving heart. Others turned inward and became very selfish, petty, and set in their ways. There's not much love in their heart ... and when it is found ... it's more needy and possessive in nature than a selfless love.
On the other hand .... maybe that's the way they always were and their "retirement" is their due reward. Terrible to say .... but you harvest what you sow ?
Anyhow ... this old timer has rambled on quite enough !
Great question. (Side note, just posted an intro since long-time lurking was called out..).Quote:
Originally Posted by ChildhoodDream
Like many others, we think of retirement as the freedom to do what we want. I’m pretty old-school I guess, and we are taking the slow and steady approach to getting to a point where working for “the man” is no longer required from a financial standpoint. If I enjoy what I’m doing in my job, I’ll stay until it’s no longer fun. That time may be long after we need the income. My wife and I both have good 9-5 jobs, generally live pretty low-key, and have saved/invested since we got out of college.
As far as our number goes, it’s fluid I guess. Hopefully our health stays good. We are late 30s, and plan to have the house paid off by 45. At that point, I suppose I could go sell ladders at Home Depot if I wanted to make money to buy groceries and let the investments do their thing. Our plan - stay away from debt as best we can, invest in mutual funds with good track records, and enjoy what we have.
Everyone is different, and every situation is different.
You're not the one dude. Likewise, all I want to do is retire early and travel the world but didn't happen as well. :))Quote:
Originally Posted by greytruck
My retirement number: 6 feet.
As in 6 feet deep. Do what you love and you'll never work a day in your life.
21 is my lucky and favorite number...Quote:
Originally Posted by Rollyrogers33
Pat wanted to retire what she did not realize was that she was already living the life most people dream of.
Pat a widow when we fist met 23 years ago picked up the pieces when I was at the lowest point in my life, we now have different postal codes but you don't discard 23 years of friendship.
We'll see how the summer plays out, I try to include her in my adventures and new hobby's. The most recent addition working with glass in a microwave kiln, this seems to interest her.
I'll more than likely find a working microwave and purchase her a kiln for it as she prefers to work alone.
I guess my magic number is zero. I am collecting SS and enrolled in Medicare this year. I quit the profession in education in 2010 and started my own business, scraping and farm restoration. My wife retired as an educator this year and we are officially retired, although I am still scraping.
Based on my previous responses on this thread, I am doing what I want, when I want, where I want, My wife would disagree if she saw this post because she is a control freak.
The keys to retirement:
pay off your mortgage before you retire
pay off your credit cards every month
pay off all loans(car, bank, etc,)
My brother earned 10x my salary but was leveraged on everything. Retirement was 2010 for me and he will be working until 2029. Difference is mortgage, credit card debt, and car loans. He is one year younger than me.
If you want insight visit Dave Ramsey and Clark Howard.
After my post last night, I started running some numbers. Keeping up with the Jones was never my cup of tea. Out of six trucks, the newest one is a 2011 diesel. Four of the trucks are standard transmission (keys are left in them in the big cities because few can drive a stick) and four are diesel. My last loan payment was in 2000. Because I did not care what others think, I retired at age 52. I still scrap, more for entertainment than money.
Recommendations:
Dave Ramsey- I was using his strategy before he market it. Wish I had started marketing it.
I never bought a new vehicle. Always buy used late model low mileage vehicles.
Use Consumer Reports to research anything you are interested in buying.
Buying at auctions can save money if you know the value of an item.
I buy clothes at Salvation Army and Goodwill.
The thread was focused on retirement. I am not trying to preach, only educate what has worked for me. i hope someone will benefit from it.
Ahh well ... man plans / God laughs. You never know what's round the next corner. Life is full of surprises. Some good / Some bad. I try to live every day as though it were my last cause ya never know.
I was going to ease into retirement by part timing it until the pandemic hit. I could see that all of the economic stimulus programs would result in rampant inflation for years to come so i had to change and adapt. Anyone trying to live on a fixed income was probably going to get caught in a squeeze when the cost of living went up.
A nice year round job came up working for local government. It's a steady paycheck with overtime and full health insurance. That's a lot in this area because our economy is seasonal.
I really like the job. It's a nice mix of stability with independence. Most the townspeople are pretty happy with the work i'm doing so the boss mostly leaves me alone and stays out of my hair. It will leave the world in a better way than when i first started. There's satisfaction in that.
The vehicles are owned free & clear. The mortgage will be paid off by this time next year.
Thought about signing up for Social Security but i think i'll go another five years or so and hold out for the maximum benefit. They go by your best years and i'm making more than ever due to inflation. That will push the maximum even further.
Of course ... one never knows. Anything could happen between now and then. I'm pretty friendly with work so i might just keep going if i'm able. Most of the folks around here don't actually retire. They just slow down as the years roll on. Staying active & engaged in the community helps keep you young. It might be part of the reason for why we're the oldest state in the union