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How did you retire early?

Discussion in 'Bad Dog Cafe' started by 1955, Jan 13, 2021.

  1. Mechanic

    Mechanic Friend of Leo's

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    I was medically forced to retire. I’d been turning wrenches in public transit for 38 years. Couldn’t pass a CDL physicle. I’d been adding to a 457 account with the company match. I’d been working OT as much as i could get. Most got cut off in ‘08. I invented a way for OT with my job skills being A/C repair and maintenance, welding and machine work, propulsion and breaking specialist. I wrote out what my calling were and showed the need for overtime when no one else was qualified nor trained.
    In ‘15 I started to show symptoms of liver failure. The state was in uproar over compensation at that time, as our pensions were tied in with management, I pulled the pin and retired by cashing out. Being younger than 65 I applied for SS and Medicare. I also started a robust AARP supplement plan. This helped in so many ways for a transplanted liver.
    My second wife had a dream of New York style deli sandwich shop. Utah has predilection for for burgers, we adapted. I work doing deliveries in my hobby VW microbus. This is for 3 days a week and helps biz and my hobby. This is added income that has paid back in my investment.
    I’m thinking I’ve been damn lucky. As I didn’t plan this. The 457 helped immensely. I’m frugal in my spending buying used where I can. New where I
    need to. My hobbies arn’t all consuming being it’s more fun in the hunt and learning new skills. The liver made me refocus my needs in life.
     
    Last edited: Jan 14, 2021
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  2. John_B

    John_B Tele-Meister

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    Retired at 60, took early SS at 62 but really did not plan for it to happen like this. I retired because the situation at work was intolerable (Fed Govt). I have to say two things- 1.) When it is time for you to retire, you will know it! Your well thought out plans mean nothing.. and... you will probably be a few years away from your "projected" date. 2.) I don't care how much you save, it will not be enough to maintain the lifestyle you are accustomed too.

    My solution- adapt, downsize if need be and find a way to be happy. The things that make me happy do not have a big price tag on them. Always been that way.

    My wife and I have had 5 houses, one was a sweet custom home on 1 1/2 acres in the country. We made very good money in real estate.I found that we could get into any house we wanted but the taxes ate my lunch. I knew they would kill me when I retired.

    I choose to work for the Fed Govt. to get a pension, bennies and insurances and keep them when I left. It worked out well 27 years later. Even when I started I knew pensions were long gone. I only know of one other friend my age who also has one.

    I found that you adapt fine to adjust and make it work. We could not save as much as I wanted but we did save and it worked out. I saw management (all of them) invested heavily in high risk options averaging 10 o/o return and had the nerve to stick with it. They did good, real good. I wish I had the courage to do that but I did not. I rode the S&P 500 for years.

    I am back in the Music business again for the 3rd time (part time) and all I want to do is gig as a solo acoustic act & play electric in a trio. The COVID screwed me up on that for now but I am optimistic I will gig eventually. You have to be optimistic ALL THE TIME. The glass is half full, not empty.
     
  3. ping-ping-clicka

    ping-ping-clicka Friend of Leo's Ad Free Member

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    cancer and treatment damage, chemobrain doesn't hurt but it has a very interesting perspective.
    cobra.jpg
     
    Last edited: Jan 14, 2021
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  4. bcorig

    bcorig Friend of Leo's Silver Supporter

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    This is what I started to do at age 41.
    -One House, One Spouse is always a good policy. Choose both wisely.
    -Debt is your enemy. Therefore, In God we trust - pay cash for cars. If you don’t have the cash, you can’t afford it. If you must have a luxury automobile, buy a two year old one. (I don’t need them - problem solved).
    -Expensive European, South American or Asian vacations are a WASTE OF TIME AND MONEY. Your kids will not remember them and you won’t enjoy them. Do NOT go on any vacations until 1. You can pay for it IN ADVANCE 2. Your kids are old enough to tote their own luggage.
    -Pay off your primary residence by age 55.
    -Work a second job if need be, to get there
    -Learn the principles of the time value of money and dollar-cost averaging and start saving for your kids College Education the day they are born. If they don’t go to College which, these days, is not a bad idea, pocket the cash or use it to help them otherwise. If they do I have FIVE words: COMMUNITY COLLEGE then STATE COLLEGE.
    -Stay healthy as best you can. Early retirement is worthless if you’ve beat up the body God gave you (I know I’ll be banned here for mentioning Him) to shreds and you spend a good chunk of your later years visiting doctors. I know some don’t get that choice but I’m talking about risk reduction here. Don’t smoke ANYTHING, don’t drink to excess (you can do that after you retire and then you realize you don’t want to anyway. It’s a win-win) NO DRUGS. Keep your Body Mass Index less than 25. Obesity predisposes to all sorts of things: Cancer, Autoimmune diseases (Rheumatoid arthritis, Lupus, Ulcerative Colitis, Crohn's disease) Diabetes, Heart Disease, degenerative arthritis, Oh, by the way, Obesity is a MAJOR risk risk factor for dying from severe COVID-19 so there’s that. So start working out and build lean body mass as soon as you can through resistance weight-training. Buy used weights or join a gym. Don’t run 100 miles a week, that’s not good for your back, hips, knees and ankles when you get ready to retire. If you ride other than a stationary bicycle, wear a helmet.
    -Insurance is a gamble, it’s usually a bad bet. Unless of course you need it. Use your own risk tolerance to decide what you need. I’m insured to the max but that’s just me.
    -Most important, find an occupation or profession you really enjoy and then you might not have to retire early. Then you can accumulate more wealth for the time when you decide you WANT to retire.

    Sorry guys, the aforementioned is exactly what I did and I was ready to retire early but didn’t have to. So I didn’t. Now I am.

    Human beings were blessed with the knowledge of the certainty of their Death.
     
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  5. GGardner

    GGardner Friend of Leo's

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    1955 likes this.
  6. Billy3

    Billy3 Tele-Meister

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    I can never retire! I can't work! Always did until my health bit the fan. 3 Wonderful children, great wife! 47 and still kickin after 2 open heart surgeries and a kidney and liver transplant in the last three years! I can't even work with covid going on and on and on with health issues. The day I retire will be the last breath I take. ! miss being able to work. I have hopes that it will be soon. Keep on pickin!! I think I will play some now!
     
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  7. chris m.

    chris m. Poster Extraordinaire

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    If you had rented part of your building to a Jewish matchmaker it would have been the mental dental Yentl rental.
     
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  8. Ignatius

    Ignatius Tele-Afflicted

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    And if he had done so on a part time basis it would have been the incidental mental dental Yentl rental.
     
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  9. imwjl

    imwjl Poster Extraordinaire

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    I'm not sure I want to retire early because some parts of my job keep the brain fresh and the challenges are interesting. Also, I'm a late age parent.

    Investing earlier in life helped but the theoretically smart putting assets in a revocable trust did catch that manager make poor decisions that hurt in last recession. My self-managed IRA did better.

    Regardless the building assets earlier in life is all important. Choose well if you own a home. We've been in a deteriorating, okay, and an everyone wants to live there neighborhood. Even though we have the big property tax bill due right now, our gains are ahead of lesser locations and a good location is quality of life.

    I'll shut up now because it still all seems and feels strange. My wife and I look at people we grew up with and know. We can be shocked by what some don't have and shocked by what some do have.

    Stay married seems important in all this - not just financially, but for the brain, body and discipline. If my work gig ended now I would survive. If I keep working my brain and body will be better and we can continue with spending we'd otherwise have to change.
     
    Last edited: Jan 15, 2021
    1955 likes this.
  10. Sax-son

    Sax-son Tele-Holic

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    Stress! The silent killer, no job is worth that.
     
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  11. Matt Sarad

    Matt Sarad Tele-Holic

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    My wife is 50. I am hoping she can last 2-5 more years. Working for the County doing travel claims, 1099s and more aren't so bad, but everyone wants a rush. Working from home has been great. Getting more work done with no one interrupting her.
     
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  12. Sax-son

    Sax-son Tele-Holic

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    When I retired about 7 years ago, I still needed a small part time job to pay for medical insurance that was not covered under my retirement plan. I got a job moving Hyundai's and Kia's from the port of entry to a distribution facility. I was earning just over minimum wage for the job, but it was fun and I made enough from it to cover those expenses. I was working along side other seniors(some way older than I was) who were there to supplement their income and some of them came from very prestigious professions. They were happy and having a ball schlepping those cars from point A to point B. So the point of this post is that as long as you have peace of mind and are willing to live day by day, there is nothing at all wrong with that. We will all check out at some point, but peace of mind is a state that money can't buy.
     
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  13. xStonr

    xStonr Friend of Leo's Silver Supporter

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    Because of the quarantine, my company would have had some trouble staying open paying all the full time employees. Once the small business "loan" they received was depleted, I came up with a retirement plan. Since I was turning 67 and was getting SS and a pension from my deceased wife I suggested that I stop working full time, they shorten their hours, and I will come in 2 days a week to give the other full timers a extra day off. The ownership like it, the full timers didn't see my logic in the beginning, but once they realized that they could be without a job if things continued the way where, they got it. It's working out just fine.
     
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  14. boneyguy

    boneyguy Doctor of Teleocity

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    [​IMG]
     
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  15. Marc Morfei

    Marc Morfei Friend of Leo's Silver Supporter

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    Don’t get divorced.
     
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