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#11
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right ... show me someone disciplined enough to put 1 mil in some long term secure investement to returning 4%.....
most people I know would end up buying new car, fixing house, maybe moving, helping the kids ....etc ..By year end would be down to half mil....hopefully. 99% of folks are better off with 5K/month .. |
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#12
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I have been a picture of health for all my life. Years have gone by since I have even had as little as a cold. I gave my company I work for, 23 months notice of retirement on Jan 13/17. I suffered a heart attach on Feb 3/17. Talk about changing perspectives in a hurry. I'm turning 60 in a few days. Looking back 5 years, my health has gone downward to today to a point that I feel by the time I hit 70, I'm thinking I will be not golfing fishing or a number of activies that cost me a large part of my income. Activities that I "thought" I would be doing for a long time after I passed the 65 mark. I'm still physically working at my job but I am ready to pull the pin anytime. Also when I was in the hospital recovering from the heart attach tests found something else not even related to the heart attack. Life can be short. Retire on what money you have tucked away not what others tell you what you need or you think you need.
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'07 2010 Lund Pro Guide 150 Optimax Shoreland'r Tandem Roller/Bunk HB Helix 12 SI 112Terrova I-pilot 101 Vantage Noco Genius Battery Chargers w5 |
#13
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My work recently asked me to make some changes that I was not willing to make (move), so I pulled the trigger on retiring at 62yo. My wife died suddenly 5 years ago at age 55 which was a huge shock and I was pretty lost for much of the time since. Wanting to retire but liked the pay check too much. Now that I have done it, I can't figure why I did not do it sooner. Forces me to sell the house in the city and move full time to my cabin, which I wanted to do anyways. I have gone to a few of the retirement seminars and pretty much all the "specialists" tell me I am in good shape and should be fine on SS plus my decent amount of savings. Only debt is mortgage on the city house which will be gone soon, getting out of debt is the key to retirement in my opinion. My neighbors are both retired and just had to get a 40 year mortgage on their house in order to live with the payments. Probably going to keep working at things I enjoy, plus fish and golf when I want to. Anyways, I agree with mrwalleye, if you are in range and can make it work, getting rid of the shackles and doing what you enjoy is a great feeling.
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#14
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I agree with Hunter 100%. The key is retiring with very little or no debt and having the cash flow to support the life style you want. I've been retired coming up on 18 months and enjoying every moment of it. You will be surprised on how little you will spend and how your wants and needs will change.
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2018 Tracker Pro Guide 16 WT 2018 Mercury 75 HP |
#15
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Since I got out of college,I have been working full time...About 27 years..Getting close to half century mark in age. Personally if not for health insurance, I would walk away around 55 . There is less and less pleasure in the office on sunny days. Almost like when we were in 2nd grade and thinking about ditching class next day...
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#16
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Hit the nail on the head
[QUOTE=rzep;5503282]Since I got out of college,I have been working full time...About 27 years..Getting close to half century mark in age. Personally if not for health insurance, I would walk away around 55 .
Same situation for my wife and I. Coming up on 50, have been avid savers/investors and would like to retire at 55 but the health insurance is prohibitive. Based on the current health care costs by my estimates it could run as much as 30k or more per year for our health insurance by that time which would chew up savings in a real hurry. With Medicare not kicking in until age 65 10 years of paying out of pocket could easily exceed 350k. Scary to think about but on the same token I get where guys are coming from that are saying retire when you think you can as there are no guarantees. My father in law died at 62 one month shy of his retirement. Still kicks me in the rear thinking about how he got screwed having worked hard his entire life and never getting to enjoy a day or dollar of what he put away. Lots and lots of stories like that out there and really something to consider. Grinder |
#17
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I enjoy reading everyone's perspective(s). I just turned 53 last Friday and will retire with my 30yrs(in 3/18) from an hourly factory position,frozen pension and I keep my healthcare but it is more expensive for Retirees. I also went through a divorce about 5yrs ago so definitely not debt free but not bad either.
My thought(s) are: I am leaving! Life is too short and if we have made a mistake financially we will make adjustments or get job(s). Plus I cannot draw my pension/AERA if I am working so I would lose about 60% of my wage by staying. I think it is KEY to know your expenses and I also think that it really takes as much money in retirement as we think as long as you continue to live a similar lifestyle. |
#18
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Health care is definitely one of the big unknown and scary parts of retiring before you are eligible for Medicare. Especially now that subsidies for older people may not be as good as they have been. Right now, about 1/3 of my monthly income is going to pay my health insurance. I can afford that for 3 more years. But, I could not if I was also paying a mortgage, car payments, boat payments etc. I am willing to drive an older car and boat in order to do this now rather than wait.
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#19
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The story is the same for me. I will turn 58 this year and have been working full time for nearly forty years. The company I started working for when I was 19 did away with their pension plan and started a 401 plan when I was in my early 20's. I also opened an IRA when I was 24 years old. My mortgage is paid for and my savings is larger than I expected it to be when I started saving.
The situation for my wife and I is that we don't really retire, we pretty much just quit working. I don't have a guaranteed pension or health care when I quit. We will depend on our savings to cover all of our expenses until we reach the age we can use our social security and medicare coverage. Health Care is the biggest unknown and the single biggest factor on deciding when the time is right. The stories of people that get sick or have an accident before they have a chance to enjoy retirement are scary and add to the unknown of when the time is right. It sure would be nice to only use the alarm clock when I want to go fishing early in the morning. |
#20
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I am self employed and can basically choose what I do. Because of that when I was 50 I thought I would never retire. But now I am 57 and am beginning to get tired of it and am considering full retirement. Wife just got family health insurance through her half time job, which will save us about $21k per year. I'll probably work till 60, then I am done. Fortunately we have secure income sources and little debt so we don't have to worry too much about income.
Health insurance is just such a black hole it's unbelievable. I'd like to see the medicare eligibility age dropped down to 60 with the insured paying the full cost of coverage. I suspect medicare coverage cost would be substantially less than private insurance cost. |
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