"Early Retirement"

Discussion in 'The Pub' started by CharlyG, Mar 14, 2013.

  1. crambone

    crambone Supporting Member

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    By the time I retire, Social Security will be bankrupt.
     
  2. CharlyG

    CharlyG Play It Forward

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    No need for art, we need both checks to stay in the house, and we're under water. The VA is taking forever on the disability thing, but when that dam breaks, we'll be fine.
     
  3. StompBoxBlues

    StompBoxBlues Member

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    Don't buy into that lie...it's certain folks that want to make it that way, but it in fact is funded quite a ways into the future, and is not difficult to fix the ripples. But if some that want it gone can convince you that it it will be, they can make sure it happens.
     
  4. Tele Wacker

    Tele Wacker Member

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    Up front!
    I retired from my primary career when I was 56. I simply got fed up with my boss and my co-workers (state agency). I worked 3 yrs. for a commercial heating and A/C dealer (Trane) but that played out. I now teach Special Ed. in a middle school.
    With my state retirement, SS and school pay, I'm very comfortable. My health Ins. costs me $0. House paid for too! I think I'm lucky.
    Soc. Sec. probably won't get you very much in Austin.
     
  5. 84superchamp

    84superchamp Silver Supporting Member

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    heh heh, the subject gets touchy, don't it?;)

    something i never thought i would be worrying about this close to retirement is my son's college loans that i co-signed on. i wonder if that type of loan affects your credit rating as much (or maybe more) than a consumer loan?
    we had some discussion on it and he promised he would attempt to refinance and get my name off the loan.
    IMO it really is tough making the decision to retire. in my line of work, once you're out, you're out. no chance of coming back. big big decision.
     
  6. StompBoxBlues

    StompBoxBlues Member

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    At our ages, I think it is so in almost all professions.
    Did you happen to read about the banks, the EU decision in Cyprus? They are talking about a 7-10 percent "charge" on folks with savings accounts...(10 percent for any amounts over 100,000 euro, 6.9 for those under) just flat out stealing from them. A condition from the folks that are preparing to save the economy with a package, with injection of money, "first rob your own people, then we do it".

    Man...if they are starting to do that, and it catches on, banks not be banks anymore....they'll be slow leak robbers.
     
  7. wilerty

    wilerty Member

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    I'm 66, still work full time, and collect full SS benefits. But I work because I like it ... and the money. If you collect SS benefits before your full retirement age, your SS benefits will be reduced if you make more than about $14k a year. Once you reach your full retirement age, you can work as much as you want and still collect your full SS benefit.

    The bigger problem retiring early is being sure you have medical coverage. The Affordable Care Act will make this easier than it was.

    Think and plan carefully before retiring early. I would say 80% of the people I know who retired early (by their option) wish they hadn't.
     
  8. Blue Strat

    Blue Strat Member

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    If you don't count on SS you can't lose. Since most people underestimate their retirement needs, counting on it would be a mistake.

    PS, yes, there ARE people who would like to dismantle SS. Then there's the math that just doesn't quite work out without making some serious changes.
     
  9. Pitar

    Pitar Member

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    I own my own business and will be passing it on to my sons. The idea of applying for SS is kind of a non-happening event for my wife and I. I quit my job 5 months ago and have since purchased a turn-key business to ensure that I can provide for myself until my demise and pass it on to my wife and sons for their source of income.

    This country's gubmint has outgrown its focus to provide grass-roots concern for, and usefulness to its citizenry. That's pretty much a no-brainer to any father concerned for the financial well being and futures of his children. So, I gave mine the leg up by reinvesting my retirement funds into a money making entity. Better that than simply conserving as much of it as I can before I die leaving them a small inheritance to do what with? Plus, it will keep me happily occupied in mind and body until I lose one or both.

    My plan is to work till I can't. But, well before that happens my family's business savviness will ensure that I don't have to.
     
  10. Blue Strat

    Blue Strat Member

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    Still waiting to see all the gubment haters move to a place that has a better gubment to standard of living ratio. It hasn't happened yet.
     
  11. myaudiodna

    myaudiodna Member

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    I am far from retirement, but I thought it might be interesting to throw an opinion into the thread from someone looking at retirement in the distant future. I'm 25, so I'm looking at around 35-40 years before retirement. Luckily, I am in a job that I could do my whole life without any ill effect if need be, but I would very much like to be retired at some point. Where I'm at now, I am not at all planning on being able to count on SS for my retirement, so I am planning to make my own retirement. I plan to purchase a house within the next 5 years, hopefully get a 25 or 30 year fixed mortgage, that way it would be paid off by the time I'm 55 or 60 and then put as much into savings/investments/etc. between now and then as possible and build me and my wife a life in the future. I'm very blessed to be where I am at this point in my life, I make decent money, have a wonderful wife and 2 kids that I love, I like what I do for a living, I like who I work for and I get to do it from home so I get to actually be with my family a large majority of my time instead of only seeing them a few hours a night and on weekends. Any thoughts on my plan? Any advice from people that have been there?
     
  12. CharlyG

    CharlyG Play It Forward

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    We will not regret getting it early. It is our salvation, not our downfall. The two checks will meet our mortgage payment. It is our only debt.
     
  13. dgood

    dgood Member

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  14. Steve Hotra

    Steve Hotra Silver Supporting Member

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    Subscribed.
    Working at 1/2 my salary now, with no health benefits.
    But I enjoy what I do: lead music at church services, and music instruction.
    I call my own hours now, have reduced all of my expenses, and we live happy, stress free lives.
    Want to keep working until they put me in a pine box.
     
    Last edited: Mar 17, 2013
  15. Troy Beadles

    Troy Beadles Member

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    Sounds like a beautiful Life. I'm missing that female void. Been Divorced since 2000. Haven't been Financially capable of Courting for a while. Lost everything & ran up debt trying to Party Single.
     
  16. wstsidela

    wstsidela Sedulous Gold Supporting Member

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    I'm 51. I could retire tomorrow but I love my job too much. It's an intellectual challenge and my career arc is still in ascension. I'm riding this thing out.
     
  17. Blue Strat

    Blue Strat Member

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    ^^^ There's a lot to be said for loving your work and never retiring. You've gotta do SOMETHING, so what better thing than something you love while getting paid! I've heard way too many stories of guys who waited anxiously for the golden handshake, got it, and died within 5 years.
     
    Last edited: Mar 17, 2013
  18. whiskeyzulu

    whiskeyzulu Member

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  19. wstsidela

    wstsidela Sedulous Gold Supporting Member

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    Thanks. I spent the first 20 years after high school playing guitar & sleeping on my dad's couch. Totally living the rock & roll lifestyle!! I got super lucky with the internet boom of the late-90s and never looked back.

    I plan on dying at my desk... like Nelson Rockefeller.
     

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