Along with the grocery stores my family owns, we own liquor stores as well. My dad always tells me the story about an old guy that came in when he opened his first liquor department. He said, "Gordy, remember, the liquor is to sell, not to drink." Something my dad never forgot. Not saying that's your plan bro! :D Your post just made me think of that story.
Since I'm self employed in the excavation field. My retirement is my investment. When my health starts to fail, and I find a buyer. My Grandpa sold out at 57 to my dad. My dad sold out at 60 to me. At 39 years old if history repeats itself im looking at 18-21 yrs.:D
Never being a computer geek their is always someone who needs something done. I spend most of my non working hours helping others with virus issues. T
I try not to look that far ahead. Too busy living my life now. I do have all the savings & 401 K garbage, but realistically it ain't like waht I am saving now is going to give me this luxurious retirement to enjoy. I'd much rather enjoy my life/health now while its still in good shape.
I have a pension and a 401k. I'm shooting for 60, to be at least semi-retired. That's another 10 years and you'll be able to find me in a small log home in a little cove in Newfoundland. Till then, I'm enjoying my life. I'm in no hurry, don't want to wish my life away.
Ryan and Keith, I couldn't agree more on living life for today. I'm only 25, and when we first bought our house almost a year ago, I was already planning how much we could save, and how we could be retired as soon as possible. My wife (aren't they always right) finally told me to stop living in the future. Enjoy life now, save what you can, but don't skip all enjoyment now for possible enjoyment 30yrs down the road. We're fortunate enough to be financially secure, I'm setting up a TSA in a few weeks, plus I have pretty good retirement from the PSERS, and my wife is going to set up a nice 401K with employer matching 5%. Plus we may even invest in a mutual fund, but who knows. Right now, I'm like Matt. I bought this house, I already have a good amount of equity built up, and it's only going up (all I do is major remodels to this house:p), and the plan was to stay for 5-7yrs, buy some land, and build my log/mountain stone home of my dreams. In the meantime, this house has been a blast. I really enjoy the remodeling, and seeing it transform from a 1980s style to something much more modern.
Is it possible to retire before you start? I've got 1.5 years of school left and would like to retire the day I graduate :D. Actually, right now I can't wait to graduate and get a job somewhere. The stresses of school are starting to get to me and I'd just like to be done. I'm sure once I graduate I'll wish I never had... but until then I can't wait to be done!!
I am eligible to retire on 29 April 2018 - but will have a son starting Junior year in HS. Not wanting to be hated for eternity due to moving back to Florida from wherever I am currently stationed - I intend to add two years to that. That will be 32 years as a Marine...long enough. I will be 52 and aspire to sit in my underwear and test fire the weapons I build off the front porch. Will we still be able to own guns by then?
In my line of work.... I can only hope right now to get "Full Time". And it's gonna take quite of few people ahead of me to get out of the way first. The last guy at our office made full time after working there 13 years... I've been there 2.
Well hell, if you could get those provincial police to stop giving me a ticket everytime I drive up there to go fishing.... tourism would be better. LOL Last year I almost told the guy I was cancelling my second trip of the year to pay the speeding ticket. LOL We've gone here the last 6 years http://island10.com/
My question to all those with plans to retire early is --have you figured in the penalties for getting into your 401K and pensions early? Plus any added insurance cost ? We get full benifit at age 62 with 25 years in . We have a graduting benifit scale for leaving early as long as the 25 years of service are met. However the scale is set up to get you to work as long as possible.-the big factor being health insurance cost until normal retirement age 62 when full benifit would start. I will have my 25 years in at age 45 (3 1/2 years). retiring at age 50 to 55 is not an option due to the penalties. As of now my plan is getting out somewhere between 55 and 59. Im in no hurry for it to get here though--no sense in wishing my life away
Hopefully from full time work in 5 years at age 55. I'll probably still do something part time that I enjoy. Since my wife was a teacher and they have their own retirement plan (no social security) her funds transfered to me after she passed away. I will be able to collect a nice monthly check beginning in Feb. 2015, her 30 year retirement date. I also have an IRA, some mutual funds(that are finally headed in the right direction) a profit sharing plan at work and a few other investments to hopefully hold me over. My only worry is Health Insurance until I qualify for medicare. That will be my biggest expense and could delay things a bit.
The insurance cost is my main worry as well. At 55 we can stay on the plan but pay 100%. At 59 they pick up 25%--at 60 50%--at 61 75% and 100% at 62. If you leave early you do get the added benifit % at those ages.
Once i have 25yrs (47yrs old) in i'll have full Insurance benefits along with the pension. I believe I lose around 5% of my normal pay for every year under 35yrs of service.
I actually don't know what the % decline is for early retirement in the PSERS, but if I retire after 35yrs (I would be 58), I will get 87.5% of my retirement income and full benefits. Sometimes they offer the same deal after 30yrs (called 30yr and out).
Our monthly pension benifit is almost 1/2 if taken at 59 rather than 62. Our 401K can be got at 59 1/2 without penelty. I am hoping to get out somewhere between 55 and 59 and be able not to touch my pension or 401K until I can do so with out penelty.
