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How did you retire early?

Discussion in 'Bad Dog Cafe' started by 1955, Jan 13, 2021 at 10:24 AM.

  1. Matt Sarad

    Matt Sarad Tele-Holic

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    I had a Traumatic Brain Inury due to a mt bike bike crash injury. I got out a year early with a settlement from the state.
     
    1955 and 24 track like this.
  2. Ron C

    Ron C Tele-Meister

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    What a great question, and lots of good advice given so far. My favorites are shown above.

    I'm about a year and a half into an early retirement experiment that I've enjoyed immensely - no fancy travel or retirement gifts-to-self, just the joy of managing my own time, swinging a hammer to fix the old house, becoming a better musician, husband, father, sibling. Maybe I'll choose or need to go back to work, maybe not, but it's been an excellent experience.

    I get that there are SO many factors impacting whether you can make this happen: your current earnings, who you're supporting, who else is contributing to your household income, whether your employer offers retirement benefits, your health, etc. so this is certainly harder for some to do than others.

    In my opinion, the "Get your mind right" suggestion is key. Regularly reading books like "the Book of Joy" by Dalai Lama and Desmond Tutu (and I'm sure there are many, many others like this) can happily nudge us away from retail therapy or big purchase syndrome, making it far easier to stick to the financial formula shown above while being happier all along the way.
     
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  3. SRHmusic

    SRHmusic Tele-Meister Silver Supporter

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    Can you add any detail on this? Were you denied because you had other income? Or is this a rule I never heard of? Thanks for any pointers.

    Edit: I see, you have to have some income to be eligible for a subsidy.
     
    Last edited: Jan 13, 2021 at 12:20 PM
    1955 and telemnemonics like this.
  4. Steerforth

    Steerforth Friend of Leo's

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    It was pretty simple for me.

    All I had to do was sustain a whole lot of damage, and a little while after that they summoned me to an office in the military hospital and informed me that I’d been disabled in the line of duty.

    Then they told me that I was being medically retired after all these years, and handed me my last set of orders, to home. And that was that. It all seemed to happen much too quickly, and I wasn’t very happy about having to retire.

    But, later on I was fortunate enough to meet Mrs. Steerforth, and the scars faded, and I found that I now had time to do other things, and so forth. So I got used to retirement and found things to occupy my time. I’m not angry about being retired anymore.

    Mrs. Steerforth still works, and she makes more money than I ever dreamed of making in the military, even though I did well during my career. Plus, I’ve got all my military retirement and veterans benefits, so between the two of us, we ended up fine.

    Well, other than the permanent residual fun from the damage that got me retired. That’s my constant companion now. I can’t say that I’m fond of that. In fact, I genuinely don’t like it, truth be told.

    But, you play the hand you’re dealt. Que sera sera, and all that. I knew the score when I opted in for a career like that, so I have no complaints. At least I’m still here and in one piece with all the original equipment, albeit somewhat damaged now. But it could have been worse. I consider myself lucky.
     
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  5. telemnemonics

    telemnemonics Telefied Ad Free Member

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    I wish somebody would send me a check every week for being DEBT FREE!

    Seems like the presumption that we should keep buying tons of stuff we can't afford to maybe feel better in jobs we hate is more of a sickness than a lifestyle.

    So debt free is not something we hope to become when we grow up?

    I think another myth foisted on us is the idea that if we're white we've got it good, which is a method for keeping poor white attitudes more positive, as if mining coal and dying of black lung disease was OK because at least we're not "minorities".

    Society is confusing, and the murican caste system is oddly veiled in color coded status marketing.
     
  6. tfarny

    tfarny Friend of Leo's

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    It's one of those things that is simple but not easy. Am on on track to do it by 60, I may or may not want to do it depending on what work is like for me at that time.

    Avoid debt like the plague, live well below your means (mainly, drive a beater and live in the cheapest house you can find (buy it early and pay it off early), develop handy life skills like mechanical ability to help you avoid expenses. How easy or hard that is depends on a zillion factors which might be out of your control.
     
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  7. KyAnne

    KyAnne Tele-Afflicted

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    First and foremost, ALL DEBT Paid off! House, Car, Truck, Motorcycle, Boat. Just utilities and insurance to deal with.
    I retired @ 59 years and 8 months. Company pension and 401K that I converted to IRA with careful examinations of funds choices that generally gave a minimum of 8% even through the Crash of '01 and WTC incident. Then I looked at the total value of my IRA and decided to take 5% of that total each year and divide by 12 for my monthly check from my IRA. That way I would still grow it 3 % (theoretically) each year. Thankfully, it's performed at over 8-9% since the beginning of my retirement. At present, at 66 years of age, I now have a 3rd avenue of income. My SS check.
    As a working man, I was making $74K a year before any overtime. Now my income is $77K. AND
    I have almost double my original amount in my IRA. And THIS is how "I" did it. Hope this helps.
    So far, So good. But I AM sweating buckshot with the new Admin coming in!
    Ky
     
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  8. omahaaudio

    omahaaudio Friend of Leo's

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    Is 62 early?
    If it is, it was down to starting to save early, investing wisely, and marrying a wonderful woman with an awesome set of retirement accounts.
    Not that mine were anything to complain about.

    (My daughter started to put money into an IRA when she was in her mid-20s)
     
    1955 and stormsedge like this.
  9. Obsessed

    Obsessed Telefied Silver Supporter

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    My dream during college was to design and build my own house from my own forest and live off the grid, so the plan was to retire before I was 45, so that I would be young enough to do it. Once divorced at age 40, I had no reason to wait. Granted, my career decisions, hard work ethic and some great financial timing luck, allowed me to pursue those dreams. Been having fun ever since and found the new love of my life to share it all with. Not a second of regret, but realized that I could have retired even earlier than 41, but hindsight is almost always 20/20. IMG_4005.JPG
     
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  10. omahaaudio

    omahaaudio Friend of Leo's

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  11. omahaaudio

    omahaaudio Friend of Leo's

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    Tell that to the man that loves to haul large rocks up a large hill.
     
    hemingway, Deeve, 1955 and 1 other person like this.
  12. BigDaddyLH

    BigDaddyLH Tele Axpert Ad Free Member

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    Too close to home!

    sisyphus.jpeg
     
  13. Musekatcher

    Musekatcher Friend of Leo's

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    I started saving at 36 years old, with maybe 5% of my paycheck. I increased it every year with my raise so I didn't feel it, till I got to 15%. Half went into a genuine S&P500 index fund, the other half in a bond fund - the classic hedge. Oh, and we stayed in the same house, and I pinched on upgrades. I've only purchased two vehicles in that time, still driving both - the wife has had 3 vehicles in that time, and the rest went to debt reduction, which is now zero. I could have retired last year, but still working to perform some upgrades before I retire. Maybe next year.
     
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  14. TG

    TG Doctor of Teleocity

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    Invalidity Pension here.
    Arthritis and (finally) diagnosed autism.

    Good thing too. My main job as I got older was bus driving, and as the worsening untreated psoriatic arthritis was exhausting me and making it more and more difficult to 'muscle through' daily sensory overload...it would have only been a matter of time before I made a tired mistake on the road and had a disaster.
    It seems that after 2 or 3 hours driving I'm as mentally tired as most people would be after 8 or 9.
     
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  15. otterhound

    otterhound Poster Extraordinaire

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    What is this retirement thing you speak of ? I plan to be useful and productive until my last breath . I guess that I made a huge mistake wasting my years on doing something that I can't wait to escape from . Come to think of it , that sounds like a prison sentence to me . It is only recently that I ceased to be my own boss . No , I didn't get married to do this . Seems that I have tended to do things in a reverse manner to most . Oh well .
     
    1955 likes this.
  16. 4wotitswurth

    4wotitswurth TDPRI Member

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    Some plan, some get taken unawares, me? The latter, laid off in the last oil downturn. Though in retrospect, should have seen it coming. There’s a lot of luck involved too, wife will probably eclipse my earnings and may have done so already. Timing was perfect, gave me a chance to really make an effort to improve my playing, and contribute much more to my sons upbringing... couldn’t have hoped for a better retirement as it happens... best of luck to all, however you approach it, planned or unplanned.
     
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  17. beanluc

    beanluc Tele-Holic

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    Change your lifestyle before you retire. Live within the means you expect to be able to live within in retirement.

    Planning to downscale after retirement is going to be a disappointment and probably a failure.
     
  18. Fuelish

    Fuelish Tele-Holic

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    Am kicking around the idea of early retirement, turning 63 in a few weeks. Health hasn't been the best over the last couple years - new onset a-fib, now controlled.....elevated A1C levels, now controlled.... avascular necrosis of both hips, had a hip replaced in June and the other in August.....am "back on my feet," so to speak, but cannot go back to what I used to do....and not having a lot of luck job hunting. Am seriously considering retiring, working a PT job, and being happy and healthy. Was a nurse prior to hip replacements, just can't do it any more, it's a young person's game - I'm used up. A lot of it had to do with my employer, but, the healthcare industry is a total cluster**** everywhere. As I've been saying for some years, "I'm too old for this bull****" ....
     
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  19. Sequimite

    Sequimite Tele-Meister Ad Free Member

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  20. Rustbucket

    Rustbucket Poster Extraordinaire Platinum Supporter

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    I'm 40 with two young children (7 & 5), but believe I'm on track to semi-retire in my early 50's. I've maxed out my employer retirement accounts for most of the last 15 years, and invest in rental properties. My retirement account money can't really be touched until 59 1/2, but it can continue to grow while the real estate investments and other side investments contribute income in my 50's. I may work part time during that decade if need be or I get bored.

    Dave Ramsey's advice is good for lots of folks, but I not all of it is fit for everyone. I have no car payments, but I do use credit cards for all my monthly expenses. I pay the balances completely every month, so I pay no financing fees and I get the cash back rewards. My 11 rental units are all financed with credit, but the renters pay the mortgage and other expenses, plus I make a little profit on top. I saved up the initial down payments myself, but then have used the equity for upgrades and additional properties. This is where I mostly diverge from Ramsey school. These are good debts to have in my eyes since they grow my net worth and will allow me to retire much sooner. The properties will mostly all be paid off by the time I'm 60, mostly using other people's money.
     
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