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Message
Retiring before 50
Posted on 6/13/23 at 11:47 am
Posted on 6/13/23 at 11:47 am
Anyone here done it? Any tips of so?
It is my dream. Or semi-retire (work 2 to 3 days a week) at least anyway.
Everything is paid off, no kids, in mid 30s. I'm extremely frugal. Wife (no pics) not so much.
I'm thinking if I can save like 60% of my income over the next 10 years I can get this done. Just gotta keep the wifey motivated to continue saving. Trying to convince her to move her 401k contribution up to 15% since we just paid off the house.
It is my dream. Or semi-retire (work 2 to 3 days a week) at least anyway.
Everything is paid off, no kids, in mid 30s. I'm extremely frugal. Wife (no pics) not so much.
I'm thinking if I can save like 60% of my income over the next 10 years I can get this done. Just gotta keep the wifey motivated to continue saving. Trying to convince her to move her 401k contribution up to 15% since we just paid off the house.
17
Posted on 6/13/23 at 11:50 am to SM1010
quote:Is this going to change?
no kids
I'd say you definitely could with no kids. And you will definitely not if you do have kids.
Posted on 6/13/23 at 12:12 pm to SM1010
Yes. "retired" at 37 with no wife and no kids. Not because I was "rich" in USA but I was very "rich" where I decided to move (Colombia)
I got bored as hell and started a biz which now really consumes me but I love every minute of it.
I can tell you, retirement is not a goal to shoot for.
Your goal should be to wake up every morning doing something you absolutely love and have complete control over your time for vacations and family.
Your "retirement" could be a few years away if you can work online.
I got bored as hell and started a biz which now really consumes me but I love every minute of it.
I can tell you, retirement is not a goal to shoot for.
Your goal should be to wake up every morning doing something you absolutely love and have complete control over your time for vacations and family.
Your "retirement" could be a few years away if you can work online.
Posted on 6/13/23 at 12:59 pm to SM1010
quote:
Any tips of so?
Sure as hell have a plan for healthcare costs.
Posted on 6/13/23 at 1:23 pm to I Love Bama
No kids in the plans.
Retirement to me just means having the freedom (time) to do what I want. And not being forced to do something I don't want to do 5 days a week for 8-10 hours. Not necessarily never working again.
My plan right now is to trade fulltime after retirement. Being doing it for years and I'm very passionate about it. And I have approximately 10 more years to hone my craft so hopefully it be a fairly reliable means of income by then.
quote:
I can tell you, retirement is not a goal to shoot for.
Your goal should be to wake up every morning doing something you absolutely love and have complete control over your time for vacations and family.
Retirement to me just means having the freedom (time) to do what I want. And not being forced to do something I don't want to do 5 days a week for 8-10 hours. Not necessarily never working again.
My plan right now is to trade fulltime after retirement. Being doing it for years and I'm very passionate about it. And I have approximately 10 more years to hone my craft so hopefully it be a fairly reliable means of income by then.
This post was edited on 6/13/23 at 1:24 pm
Posted on 6/13/23 at 1:24 pm to SM1010
Saving your income and putting it into a retirement fund is 1 thing. But much of that money will not be reachable without penalty for a decade after 50. You need to find a way to put 60% of your income into something that will start generating returns that you can live on at 50 years old. Something like real estate rentals or a business.
Posted on 6/13/23 at 1:25 pm to I Love Bama
quote:
Your goal should be to wake up every morning doing something you absolutely love and have complete control over your time for vacations and family.
Your "retirement" could be a few years away if y
This. Damn boomers started this dumb idea of "retirement" where you work your arse off for 40 years for the same company doing boring work and then one day just stop completely. Its nonsensical for the majority of people.
The true way to happiness is a work/ life balance is to save like hell and find something that you can enjoy bringing in an income in a controlled manner. Generally that involves working hard when you are younger to build a strong financial base and career base, but the idea should be to get somewhere that you can start to slowly build value in your abilities.
I'm by no means self pumping my dad, but my dad is retired military and DOD of 40+ years and he is now a self employed bee keeper. He works longer hours and more days now then he ever did before his "retirement", but he works when he wants and takes off when he wants and only goes to work because he wants to. Sometimes it pisses me off he chooses to work so much, but he loves it and its his life.
Posted on 6/13/23 at 1:49 pm to baldona
Retired at 44 from the military and landed my dream job that doesn't really feel like work for me.
So, I started a business as well and my wife and I are about to start doing what I consider retirement to be at the end of this year.
I'm at 50 now and I should be able to pull it off with current status of income, spending and travel.
So, I started a business as well and my wife and I are about to start doing what I consider retirement to be at the end of this year.
I'm at 50 now and I should be able to pull it off with current status of income, spending and travel.
Posted on 6/13/23 at 2:04 pm to SM1010
quote:IMO, you need a net worth of at least 10 million to really do so comfortably. Less than that if you can switch to more of a "paid avocation" like some have mentioned on this thread.
Retiring before 50
Posted on 6/13/23 at 2:15 pm to SM1010
quote:Live within your means and dont get married or have kids and you can retire early.
Anyone here done it? Any tips of so?
Wait you said you're married? Nevermind. Enjoy your career as best you can my dude!
Posted on 6/13/23 at 2:15 pm to Big Scrub TX
quote:
you need a net worth of at least 10 million to really do so comfortably
Not at all provided you don’t have like 6+ kids in the house.
This post was edited on 6/13/23 at 2:25 pm
Posted on 6/13/23 at 2:16 pm to Big Scrub TX
quote:What world do you live in that it take 10 million to live for 30 years?
MO, you need a net worth of at least 10 million to really do so comfortably
Posted on 6/13/23 at 2:23 pm to SM1010
quote:
Retiring before 50
Not possible if you're married.
Posted on 6/13/23 at 2:23 pm to southside
quote:
But much of that money will not be reachable without penalty for a decade after 50.
There are ways to access funds without penalty. SEPP from a 401k, and from ROTH IRA you can withdraw contributions that are 5+ years old. That's my simplistic plan, but there are other ways as well.
Posted on 6/13/23 at 2:25 pm to dragginass
There’s also plenty of discussion and deep dives on whether or not it’s worth it to just take the penalty.
Posted on 6/13/23 at 2:27 pm to SM1010
Firstly, best of luck to you if thats really what you want.
If you can hit your goal if you are super frugal and have good luck health wise, career wise, etc., don’t you have to continue to live that way until you die?
If you can hit your goal if you are super frugal and have good luck health wise, career wise, etc., don’t you have to continue to live that way until you die?
Posted on 6/13/23 at 2:30 pm to Chimlim
quote:
Not possible if you're married.
Retire and let the wife work
Posted on 6/13/23 at 2:33 pm to ChexMix
quote:In the world you aren't having to live "frugally" and where you are also leaving plenty of breathing room for negative contingencies.
What world do you live in that it take 10 million to live for 30 years?
Retirement, for me, will involve ZERO guilt or worry about money. That means things like not having to price shop for almost any good or service and going on almost any trip I want at anytime, flying 1st and staying in nice places.
I also think anyone over the age of 60 (again, I'm referring to the subset of people we're discussing here, not the average American) should budget at least a million dollars for private jet travel - call that 28 lifetime trips @ $35K/pop.
Posted on 6/13/23 at 2:37 pm to dragginass
quote:
There are ways to access funds without penalty. SEPP from a 401k, and from ROTH IRA you can withdraw contributions that are 5+ years old. That's my simplistic plan, but there are other ways as well.
You don't use retirement accounts.
If structured properly(and if you are married), you can make about 100-120K per year and pay zero tax. Details are linked.
100K no tax
100K with no tax goes a long way.
This post was edited on 6/13/23 at 2:41 pm
Posted on 6/13/23 at 2:42 pm to Big Scrub TX
quote:
Retirement, for me, will involve ZERO guilt or worry about money. That means things like not having to price shop for almost any good or service and going on almost any trip I want at anytime, flying 1st and staying in nice places.
To each there own but I’d rather work 10 years less.
quote:
I also think anyone over the age of 60 (again, I'm referring to the subset of people we're discussing here, not the average American) should budget at least a million dollars for private jet travel - call that 28 lifetime trips @ $35K/pop.
Oh it’s just a troll. Carry on then.
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