|
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!
"It's not the years, honey, it's the mileage." Indiana Jones - Raiders of the Lost Ark
|
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.
Last edited by Patriot76; 06-26-2015 at 06:16 PM. Reason: wrong age
|
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!
More than Scrap Value Shipment Tips: http://www.scrapmetalforum.com/scrap...tml#post242349
Metal Recycling Entrepreneur
|
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
"Profit begins when you buy NOT when you sell." {quote passed down to me from a wise man}
Now go beat the copper out of something, Miked
Metal Recycling Entrepreneur
|
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.
Last edited by junkfreak; 06-27-2015 at 08:03 AM.
Thornton Scrapper
|
My goal was to retire at 28.... Didnt happen lol
Metal Recycling Entrepreneur
|
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.
|
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.
|
|
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.
Give back more to this world than we take.
Metal Recycling Entrepreneur
|
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 !
Last edited by hills; 12-26-2020 at 02:57 PM.
New Guy
Great question. (Side note, just posted an intro since long-time lurking was called out..).
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.
Metal Recycling Entrepreneur
|
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.
|
My retirement number: 6 feet.
As in 6 feet deep. Do what you love and you'll never work a day in your life.
Out of clutter, find simplicity. --Albert Einstein
Experienced Scrapper
21 is my lucky and favorite number...
Metal Recycling Entrepreneur
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.
There are currently 1 users browsing this thread. (0 members and 1 guests)
|
Browse the Most Recent Threads
On SMF In THIS CATEGORY. 
OR 
|
Posting Permissions
Bookmarks