Posted on 10/26/2021 7:48:39 AM PDT by RomanSoldier19
Some people consider “early retirement” to mean leaving the workforce at age 55, but most of us do not take this path. Unless you’re lucky enough to have a full pension and benefits that kick in that early—such as full military retirement or from work as a police officer or firefighter—you’ll probably need to work until at least age 67 to accrue enough money for a comfortable retirement.
Of course, you may want to work even longer, just to keep your mind and body active and possibly extend your life—or because you didn't save as much as you find you'll need. Here are eight reasons why retiring early may not be a good idea.
Not Enough Savings If you’re a baby boomer, you might have started your family late, and now that you’re nearing retirement age, you may still have kids in college or just getting launched. You could also have elderly parents who need help paying high medical bills or nursing home fees. Maybe you still have a mortgage and credit card debt. If you’re planning to stay in your home and maintain your existing standard of living, you need to take a cold, hard look at your expenses and the size of your nest egg before deciding whether to retire early.
Living Longer Than Expected
(Excerpt) Read more at investopedia.com ...
Too late, I already retired early 12 years ago at 60. Best decision ever.
But if you happen to have $10 million or $20 million in your brokerage account, then go right ahead!
Too late, I already retired early 12 years ago at 60. Best decision ever.
I retired at 59. If it wouldn’t have been for the near complete ban on international travel, I’d have retired at 58.
Resemble this.
Public sector pensions...good luck with that plan:
If the Dems can’t raise taxes to cover the cost of their ESG plans, they’ll just use their base’s pension funds.
Retired at 66, in 2017. My nest egg has only grown since. I preach to the younger generation that they must own assets, and they can do it with money they will never miss. Otherwise they will be serfs.
>>Too late, I already retired early 12 years ago at 60. Best decision ever.<<
After trying to figure out what “retirement” means, I finally settled on: when you do not need your wage to maintain a comfortable lifestyle. I am in my early 60s.
I have been independent for 5 years (best 5 work years of my life). I figure about 2 years ago I hit that mark. Now I work bc when I am between gigs I feel a sort of malaise. I like some kind of daily structure and for 40+ years it was built around work.
My work now just pays for our fun. We have been debt free for 7 years or so, so it just utilities and HOA fees in terms of expenses.
I do warn the young out there it was a LOT of work and a frugal lifestyle to get to this point.
Of course, everyone’s situation is a bit different. I have continued working past 65 because I like my job, am paid well, the job is not physically taxing, and I have a wonderful group of bosses.
If any of those situations changed, such as if I got a new bad boss, I would retire right away.
But I’m fortunate that it’s my choice. I could afford to retire; financially I am in good shape. But just have kept working for the time being.
Mr mm was forced to retire and it was the best thing that happened to him.
He started his own consulting business and we have been free from the tyranny of the company.
He’s earning enough to get by. There are lots of ways of making money these days, especially if you can fix things.
Be a SURFER, NOT A SERF!.......................
What assets do you recommend to purchase?
Good advice up until now. Everything is changing with the tyrants in power.
My thinking is how will we survive the collapse being pushed on us?
I did, been retired now for quite a few years and while we are not jetting off to the Seychelles each season, we are comfortable. Still driving cars till their wheels fall off though as it became a habit I cannot get out of albeit I could buy just about anything less than a Ferrari.
I’m 63 and wouldn’t think of retiring. Being a self employed Realtor, I don’t need to. I’ve lost interest in golf, and really don’t have anything else I like except my daughters, travel, food and wine, which my wife and I partake in when we want.
My Dad was forced into retirement at 76 as a barber. He died sitting on the couch watching TV soon after. He was a 27 year Army vet. He loved the Army. I think that’s what killed him. He missed it big time.
..a LOT of work and a frugal lifestyle to get to this point.
That is the key right there.
Dave Ramsey says: “Live like no one else now, you will live like no one else later.
I left the corporate world at 58 and went to work for myself. House and cars paid off. Kids out of college and on their own. I am semi retired and will go full retirement when my body tells me to.
Sorry, I don’t get it.
“Retirement” means what exactly?
Do what you want to do?
Do what you like to do?
With people that you like being around?
I guess I retired at about age 25 or so.
Why would anyone live any other way?
Unless you were an O-6 and above, you cannot retire on a full military pension. I retired as an E-8, and it wasn’t enough for sure.
However, it did give me the opportunity to retire early from another job teaching after 20 years, and I also took early SS at 62.
It all adds up to comfortable.
I still teach one a month or two for the extra cash. It’s still fun.
Be diversified, both in and outside your retirement accounts. A diversified well managed mutual fund portfolio (Roth IRA’s, 401Ks, etc) along with real property (your home, other investment properties, a little precious metals), and have a good trade skill or two (auto mechanics, electrician, plumbing, etc) that you can offer in exchange for goods in rough times.
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