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To: Galatians328

I am in my mid-70s and have been through this, so I write from experience.

1. Retirement planning (and acting on that planning) has to start at age 30 for the fullest benefit. OTOH it is never too late to start and anything is better than nothing.

2. The very best retirement plan is a side gig that makes money. This both softens the blow of a forced retirement or layoff and makes it less likely because one will have more confidence at work and be viewed as a go-getter.

3. Always have a contingency plan on what to do if there is a layoff, a plant closing, etc. Keep this updated at least once a year and every few months is better. When something bad happens, the ones who come through the best are those who are at the front of the pack.

4. Be willing to retire in a lower cost of living location.

I had some dicey times in my career, and was laid off once, but by following rules 1-3 I was able to keep my head above water and found a better job. Then rule 4 allowed DW and I to voluntarily retire a decade ago.


68 posted on 12/30/2018 7:45:36 AM PST by CurlyDave
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To: CurlyDave

2. The very best retirement plan is a side gig that makes money. This both softens the blow of a forced retirement or layoff and makes it less likely because one will have more confidence at work and be viewed as a go-getter.


You live on the first job and get ahead on the 2nd. A corollary is if you are busy working, you don’t have time to spend as much money from the first job.


72 posted on 12/30/2018 7:51:18 AM PST by PeterPrinciple (Thinking Caps are no longer being issued but there must be a warehouse full of them somewhere.)
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