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Why early retirement IS all it’s cracked up to be: Debunking the 5 Myths of early retirement
Market Watch ^ | 07/20/2020 | Steve Adcock

Posted on 07/20/2020 9:47:32 AM PDT by SeekAndFind

Sometimes, the stuff that people say about early retirement (and early retirees) is terrible. It is assumed that early retirement is the end of productive life and that unless we’re swimming in millions in cold hard cash, early retirement will eat us alive.

Today, it is my distinct honor and pleasure to debunk five of the most common of these myths, which also happen to be the ones that I hear most often.

As I said in my one-year early retirement performance review, early retirement is all that it’s cracked up to be.

It’s a remarkable feeling of control, each and every day. It didn’t take long before I forgot entirely that I didn’t have any major income coming in. That part just didn’t matter. My wife — the money master in the family — worked the budget so we are able to travel the country and have fun doing it without much thought about our financial picture.

I rarely get bored, but that’s also because I had set up a plan of attack. I knew what I wanted to do with myself before I quit. That’s essential. If you have no hobbies, then you probably won’t be happy sitting at home doing nothing. Doing nothing isn’t what early retirement is all about.

Here are the biggest myths of early retirement:

1. You will completely lose your purpose in life

To believe a statement like this, you must also believe that your job is the only source of purpose in your life. Respectfully, that just sounds devastating. A single point of failure. And, it does not represent my life. At all.

There is more to life than your job. At least, there should be.

What keeps me busy and full of purpose in early retirement?

(Excerpt) Read more at marketwatch.com ...


TOPICS: Business/Economy; Society
KEYWORDS: antifa; blm; earlyretirement; marketwatch; retirement; steveadcock
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1 posted on 07/20/2020 9:47:32 AM PDT by SeekAndFind
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To: SeekAndFind

OTHER MYTHS THE ARTICLE TRIES TO DEBUNK ABOUT EARLY RETIREMENT:

2. $1 million at retirement is nothing, you’ll need more

3. If you earn money after retirement, then you aren’t retired

4. Early retirement in a trailer sounds like a life of destitution

5. The 4% Trinity Study rule is antiquated and outdated. There is no way you won’t run out of money


2 posted on 07/20/2020 9:49:09 AM PDT by SeekAndFind
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To: SeekAndFind

Number 1: My job has been nothing but golden handcuffs for the last ten years. I can’t wait to retire and do stuff that I think is worthwhile.


3 posted on 07/20/2020 9:54:22 AM PDT by cuban leaf (The political war playing out in every country now: Globalists vs Nationalists)
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To: SeekAndFind

I’m an early retirement survivor. Work stress forced me into early retirement. I don’t have the disposable money I’d like to have but that only guides me to better spending habits and careful budgeting. I live on an acreage which has plenty of opportunities for improvement. Thus I have a purpose every day to seek out and find the right project to make my place more habitable, enjoyable and aesthetically pleasing. I have a lifetime of things to be done so I am not bored nor aimless.


4 posted on 07/20/2020 9:55:43 AM PDT by BipolarBob (The cost of abortion is a human sacrifice.)
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To: SeekAndFind

can one retire comfortably at at age 65 if they had how many million put away (saved)

1. 1 Million
2 2 Million
3. 5 million
4. What amount?
5. Never retire.


5 posted on 07/20/2020 9:57:00 AM PDT by ncfool (Impeachment: The Democrat campaign to re-elect Trump - Keep America Great 2020)
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To: SeekAndFind

Enjoy the life each of us has left.

I am attempting to work part time-25 or so hours a week over two days.
The problem I am having is that the youngsters these days dont give a shit about nothing and the business owner is after me virtually all the time to work full time to cover for the young and worthless. That and they have not one iota of pride in their work.


6 posted on 07/20/2020 9:57:32 AM PDT by crz
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To: SeekAndFind

I retired at almost 67.

We had paid off our principle residence and had paid for servicable vehicles and savings.

We had a lot of hobby stuff stockpiled — art tools, books, needle art supplies, quilt stash, cameras, computers etc.

We have taken a lot of cheap trips and bought season tickets to local symhony etc. spending too much money. We don’t regret it — we have relished it.

I could have worked longer but it would have been a big mistake.


7 posted on 07/20/2020 9:58:01 AM PDT by KC Burke (If all the world is a stage, I would like to request my lighting be adjusted.)
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To: cuban leaf

...I can’t say I retired early (was in my late 60s...),
but was one of the best decisions I ever made.... now
I can enjoy doing the things I want to do, rather than
going to the office every day and even on some weekends,
too....the secret is to find some hobbies or past-times
that will keep you busy, that you will enjoy, and that
you can look forward to doing... keep your mind sharp...
that old Italian (I think....) expression, that a fish
rots from the head.....


8 posted on 07/20/2020 9:59:51 AM PDT by TokarevM57
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To: SeekAndFind

I retired early at 57 and, literally, sailed away three weeks later. Currently sitting on my boat in Wrangell, Alaska, age 71 with not a care in the world. Just wondering when it will stop raining...


9 posted on 07/20/2020 10:00:05 AM PDT by Chuckster (Friends don't let friends eat farmed fish)
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To: SeekAndFind

Wow, maybe I should retire and ... oh, I have a 14 year old and still need to pay for college. Did he address that ...? No, he apparently is young, healthy, and childless. Oh well, back to the salt mine.


10 posted on 07/20/2020 10:00:43 AM PDT by pepsi_junkie (Often wrong, but never in doubt!)
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To: SeekAndFind

my husband retired at 58. He works part time now and could not be happier.
The best thing is if he starts to dislike this job, he quits!


11 posted on 07/20/2020 10:02:24 AM PDT by ronniesgal (so I wonder what his FR handle is???? and let's get back to living!!!)
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To: SeekAndFind
From the article:

Full-time travel. We sold both of our homes and travel the country for a living.

Well having TWO houses to begin with certainly helps. The article is kind of a joke. Not putting it down but "early" retirement to these guys is a whole lot different than early retirement to most people.

12 posted on 07/20/2020 10:02:35 AM PDT by DouglasKC
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To: cuban leaf
I heard that!

I am about 2 years out from retiring, Debt free and saving like crazy...
If I thought SS would still be there, I would be able to live on that alone after I retire and never need to touch my retirement savings...

My concern is that the direction the world is taking in moving to a socialist/cashless society is going to wipe out my savings and endanger my home ownership.

Of course taking away (by law or force) the accumulation of a lifetime from someone who has nothing else to lose isn't very wise in my estimation...

13 posted on 07/20/2020 10:03:24 AM PDT by Dubh_Ghlase (Oh boy!)
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To: SeekAndFind

One of the funny parts, for me, is that I moved to rural KY from seattle becuase not only is it very beautiful and offers amazing freedom, but I can live VERY comfortably on SS alone. If that money “runs out”, that will be the least of my problems. Not that I don’t expect future price inflation to “adjust it downwards”. But still...

And with the virus and WFH, we can now travel wherever we want around the US while I “work from home” in the hotel room, hotel Lobby, nearby starbucks, etc...


14 posted on 07/20/2020 10:04:23 AM PDT by cuban leaf (The political war playing out in every country now: Globalists vs Nationalists)
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To: SeekAndFind

When I retire I’ll get roughly 65% of my income which will increase every 5 years thereafter. My wife will get about the same. Maybe a bit more as she learned her years in Australian social security now counts for ours! Crazy.


15 posted on 07/20/2020 10:05:09 AM PDT by Dogbert41 (Restore the American Way of Life)
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To: Dogbert41
“her years in Australian social security now counts for ours! Crazy.”

Please explain.

16 posted on 07/20/2020 10:08:45 AM PDT by Vision (Obama corrupted, sought to weaken and fundamentally change America; he didn't plan on being stopped.)
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To: pepsi_junkie

I retired at 62 and did plan for the kids university so that should be part of the plans, you cannot start planning at 50. My girlfriend is 53 and she too has it all planned out one college grad the other just starting neither will have one penny of loans. One of her friends just told their high school grad, so sorry we are divorcing and you are on your own for university after she had started packing for school. unbelievable.


17 posted on 07/20/2020 10:09:43 AM PDT by Jolla
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To: Dubh_Ghlase

Yep. There is ALWAYS something to worry about. My dad did. He had junk silver stashed all over the house when he died a few weeks ago at 90. About 300 lbs worth.

And that doesn’t include the gold. That’s why my parents never left the house beyond shopping trips for DECADES.

Sad.

Don’t get me wrong. My dad had a LOT of positive attributes, but that one was heart breaking. They even kept a junk car in the driveway so that people would think they were poor.

The Lord is in control. It’ll be fine, no matter how this temporary life turns out.


18 posted on 07/20/2020 10:10:07 AM PDT by cuban leaf (The political war playing out in every country now: Globalists vs Nationalists)
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To: pepsi_junkie

...”oh, I have a 14 year old and still need to pay for college”
you might be interested in some of the presentations made lately by Mike Rowe, of the famous “Dirty Jobs” series...since almost all college degrees are virtually worthless these days, seeing as college kids are not really getting any education, but are attending indoctrination camps, an apprenticeship in one of the very-much-in-demand trades might be a better course...many of those jobs pay nice six-figure salaries...sure beats being a barista at a local Starbucks with your B.S./B.A. degree in your back pocket...


19 posted on 07/20/2020 10:10:51 AM PDT by TokarevM57
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To: TokarevM57

My challenge right now is that, though I’m 66, my house is not quite paid off so I’m sticking with it until it is. But the really hard part is that thanks to the shutdown I’m saving a daily 3 hour commute and about $600 in after tax expenses every month (gas, parking, auto maintenence). So I really want to milk this cash cow for all it’s worth before retiring.


20 posted on 07/20/2020 10:11:53 AM PDT by cuban leaf (The political war playing out in every country now: Globalists vs Nationalists)
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