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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. Addnine

    Addnine Tele-Meister

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    I didn't retire all that early. I really enjoyed my work, but I began to run down a tad as I approached 70, so I gave it up at 71. I had gone part time (gave up being department head - my call, enough meetings already) at 69. Making the change an incremental one probably helped a little.

    It was pretty easy, even with very modest retirement. The key in my mind was getting to absolutely zero debt, including most particularly mortgage debt, before I retired. With that accomplished, I haven't found a lower income to be much of a problem at all.

    I worried a lot about "having enough to do," but that turned out not to be a problem at all. If you're the sort of person who does stuff, you'll do stuff whether it's the boss or your own curiosity or ambition driving you.

    So all in all, not that big a deal. I sort of miss work, but i don't miss having to go to work every morning and having to jack my energy through the roof by 8:00, whether I want to or not.
     
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  2. trapdoor2

    trapdoor2 Tele-Afflicted Gold Supporter

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    Got financially lucky on several counts. Since the 70s, only out of work 3 months. One company closed, one had massive layoffs during a period of poor management.

    Never had kids, never wanted any.

    Paid off everything early. Downside to that was, everytime a house was paid off, Miz Diane thought that meant it was time to move...

    I retired in Oct of 2019 at 62. Miz Diane followed Jan 1, 2020 @ 57.
     
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  3. 24 track

    24 track Doctor of Teleocity Ad Free Member

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    sorry to hear brother , I can probably attest you have some good days and some monumental not good days , Live for the now and grab life by both balls , be well!
     
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  4. Addnine

    Addnine Tele-Meister

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    I don't get the retire at 50 thing. I like work, and I respect it. I think work is good for you. If you hate your work, change it. Not sure I admire anybody whose goal in life is to loll around. So to me. there's something a little effete and creepy about some 19-year-old tight-focused on his golden years, as if the goal of life is to avoid any effort in the living of it.
     
  5. Randypttt

    Randypttt Friend of Leo's Gold Supporter

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    Like falling off a log..ahhhhhh

    But seriously, I'm a househusband father of 3 (adults now) married to a very hard working woman.
    I had been gigging and teaching earlier, until I turned 50 and the DJs came (mid 90s) to take everyone's gig. At least the high paying ones.

    When I turned 62 we decided that I could retire and use my SS to fund the household stuff and she would continue to take care of everything else until she retired at 62. She had plotted out beforehand what we needed to have on hand and in the bank to keep us going until the age of 90.

    Made sure we had an new able vehicle that we wouldn't have to replace and got things fixed up around the house so it wont need paint or a roof til after we're gone ;).

    Things are a bit thin but we have never had great designs on traveling or living the vida loco. We're homebodies and we nurture our hobbies that manifest themselves in our house or my musical sanity.

    The short of it is, to be ready for it coz if you have to buy some major thing/appliance or move to some other locale, or take care of a medical issue, it'll be hard on a fixed income.

    Otherwise, it's heaven. Good luck
     
    1955 likes this.
  6. Chiogtr4x

    Chiogtr4x Poster Extraordinaire

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    Not kidding,

    I did not retire, at 47 in 2007, so much as prematurely (completely mistaken!) thinking I could stop working a real job ( burnt out) and play music full time.

    I play a lot of gigs, but NEVER close to what I'd call full-time, as far as time or $$. I should have kept my job, worked through things-but I hit a wall.

    But 14 years later, here we are. Not sure what to do now as we age, other than keep trying...
     
    Last edited: Jan 13, 2021 at 6:42 PM
    hemingway and 1955 like this.
  7. Uncle Daddy

    Uncle Daddy Tele-Afflicted

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    "Worrying about the future is a poor use of your imagination. You're worrying about something you just made up."- (Mrs D, 2010)
     
    1955 likes this.
  8. boris bubbanov

    boris bubbanov Tele Axpert Ad Free Member

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    I thought I would keep right on working - just cut back on my hours and take on fewer clients.

    But things can happen that derail such plan. Your city can get messed up. The basic way your business is conducted (person to person) can become untenable. You realize your time would be better spent out west, visiting your aged parents multiple times a year.

    It isn't necessarily about the job per se. Or our fitness, physically or emotionally. We can love a job and still be sidelined when the world simply changes.
     
    rebelwoclue, Harry Styron and 1955 like this.
  9. charlie chitlin

    charlie chitlin Doctor of Teleocity Silver Supporter

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    I've lived an extremely frugal life.
    I've also never figured out how to make money.
    My plan has always been to retire feet first.
    I don't like it...but it's my plan and I'm sticking with it.
     
    1955, Jim622 and telemnemonics like this.
  10. Musekatcher

    Musekatcher Friend of Leo's

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    That's not it. Its the guys we saw work a lifetime, save, and die while employed. The savings, the sacrifices, and the delayed hobbies and family time were all for nought. I saw enough of that to understand you don't plan when you can die. You just die, and game theory says assume it happens earlier than later.
     
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  11. nojazzhere

    nojazzhere Doctor of Teleocity

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    Not sure how it affects it, but the funds may be in a "deferred retirement fund" that's not strictly a 401 k.....don't have the paperwork handy, but I remember it clearly stated within 6 months of 70th birthday. I have a financial firm that handles all this for me, but I'll definitely check. Thanks.
     
    1955 likes this.
  12. Gardo

    Gardo Tele-Afflicted Silver Supporter

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    I worked as an industrial mechanic. This is hard physical work. My wife is a government employee dealing with data.
    She told me that I can’t keep working this hard and I should retire early.
    Done
     
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  13. Addnine

    Addnine Tele-Meister

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    So fear of death inclines you to do as little as possible? Not exactly heroic. And if that 19-yeqr-old is already obsessed with his decline and death, that's a pretty weak little sister in my book.
     
  14. jkingma

    jkingma Super Moderator Staff Member

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    That's not it for me either. I've been doing the same thing for 35 years and love it. But I sold my business last year and am staying on for a period of time so the new owner has a smooth transition with the employees and customers. When I retire from here it's not necessarily to stop working. It's to be able to do something else according to my own schedule... if I want to.
     
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  15. Musekatcher

    Musekatcher Friend of Leo's

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    It means I don't count on living to 70. Or even 60. But I'm prepared to make 80. I'd say more folks are delusional about their mortality than are not. Maybe you only see this, if you live in a community for a long time, enough to see the unexpected happen, and realize the conventional belief that we are guaranteed tomorrow, is false.
     
  16. Rustbucket

    Rustbucket Poster Extraordinaire Platinum Supporter

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    I think anyone who works hard and plans well enough ahead, so they can retire early to pursue other passions, is not going to be sitting around doing nothing. They'll most likely still be a positive contributor to society. This could be volunteering, traveling, spending time with kids/grandkids/elderly parents, finally having time to pursue music, further education, etc. That's just my opinion of course.
     
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  17. Blister

    Blister Tele-Meister

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    I stopped going to work.
     
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  18. AngelStrummer

    AngelStrummer Friend of Leo's

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    Looks like the varying definitions of retirement are fueling the debate.

    In Keef's words: "Never wanna be like my papa, Workin' for the man all night and day"
     
    1955 likes this.
  19. moosie

    moosie Doctor of Teleocity Silver Supporter

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    In short, we spent less than we earned, and I invested the savings sensibly.

    I was on track to retire at 57, very comfortable financially. But then at 50, I suddenly became very ill, with progressive nerve damage affecting body and brain, and it all went sideways.

    Gone was the confident guy who could do anything he put his mind to. Gone was the chance of earning more, and changing my circumstances. Gone was my healthy body, and all the outdoors activities I loved.

    I turn 64 next week. I'm slowly recovering, but I will be reliant on weekly infusions for the rest of my life. Even if I improve enough to do real work, my career is long gone.

    But, some of the confidence is returning, and I apply it to hobbies: guitar, luthiery, woodworking. I never did any of that before I got sick. One door closes, another slowly creaks open, I guess. Not the retirement I'd planned, but it ain't bad.

    We make do on SS Disability, my wife's small income, and we withdraw a small portion of our savings each year to cover the shortfall.
     
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  20. old wrench

    old wrench Tele-Afflicted

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    I hung up my carpenter tools at 56.

    I already had 40 full time years in.

    I had plans of working until I was 60, but the economic crash of 2008 and the Great Recession nixed that plan.

    I was able to retire at 56 because I was clean and sober, and worked as a union member in a union with the rule of 80 regarding retirement.

    Looking back on it, the only thing I would have done differently was to retire sooner than I did :).

    I've never really stopped working, but now I work for my own reasons and on my own schedule - in other words, I now live the life of an artist ;).
    .
     
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