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Old 01-11-2013, 08:34 AM   #61
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It seems that some people find it unusual that I enjoy my time outside of work more than my time at work. Is it that strange? After all, don't we all belong to an ER forum where the goal is less work, and more free time? I don't despise work, it's just that I'd rather be doing so many other things with my time. I just thought this was normal. I don't see any people excited to drive in to their jobs.
I'm pretty sure we're all on board with you wanting to retire early. You just need to be prepared is all. I think you can do it. Actually, quite honestly, if you BOTH worked part time and lived frugally, you could probably do it it right now. Two part time incomes = one full time income does it not? You would have to pay for insurance that you wouldn't in a full-time job, but if you were VERY frugal you could do it.

I like your plan of waiting 10 years better. You'll both get a nice little pension and then your part-time work from them allows any invested money to grow.

The main problem with pensions though is that since 1978, companies are allowed to restructure (read as "makes less") pension payouts in a bankruptcy.

I'm fully on board with your plan. Make it happen!
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Old 01-11-2013, 08:43 AM   #62
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I'm pretty sure we're all on board with you wanting to retire early. You just need to be prepared is all. I think you can do it. Actually, quite honestly, if you BOTH worked part time and lived frugally, you could probably do it it right now. Two part time incomes = one full time income does it not? You would have to pay for insurance that you wouldn't in a full-time job, but if you were VERY frugal you could do it.

I like your plan of waiting 10 years better. You'll both get a nice little pension and then your part-time work from them allows any invested money to grow.

The main problem with pensions though is that since 1978, companies are allowed to restructure (read as "makes less") pension payouts in a bankruptcy.

I'm fully on board with your plan. Make it happen!
Hopefully, since it is a state run pension it will be ok. They have changed the rules since I was employed, but in grandfathered in under the old rules. New rules require a higher contribution rate, and 25% smaller payout. The formula ok under is 2.5% times years worked times final 3 years average salary. This takes 7.5% of my check.

I briefly contemplated the part time work now idea, but I would rather be more comfortable I. The future with knowing there is a cushion to fall back on.
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Old 01-11-2013, 08:45 AM   #63
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You may want to check out another blog called Mr. Money Moustache, Mr. Money Mustache | Early Retirement through Badassity. It is oriented to saving and investing and lifestyle management for those who want to 'retire' or be FI earlier than normal.
Thanks for the link!
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Old 01-11-2013, 08:54 AM   #64
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Hopefully, since it is a state run pension it will be ok. They have changed the rules since I was employed, but in grandfathered in under the old rules. New rules require a higher contribution rate, and 25% smaller payout. The formula ok under is 2.5% times years worked times final 3 years average salary. This takes 7.5% of my check.

I briefly contemplated the part time work now idea, but I would rather be more comfortable I. The future with knowing there is a cushion to fall back on.
I think your plan is solid. Good luck!
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Old 01-11-2013, 09:15 AM   #65
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This feeling may be because of my surroundings. Dad is self employed and takes off when he feels like it, mon works part time, sister doesn't work for no good reason, two cousins live at home off their parents and barely work... Maybe in jealous a little bit. I watch all these people around me enjoying all the extra hours home from work, and they seem to be doing alright, why am I working so much?
I'm guessing your dad worked hard to build up his business so that he can take time off now as he pleases, and let your mom just work part time. What have you done to put yourself in a position to succeed? More than your sister and cousins, certainly, but you usually have to do more than just let life continue to improve your lot.

Just for example, maybe instead of continuing to work for a salary, you could start your own office cleaning business, perhaps on the side until you get established. Once you get going, you could hire people to work for/with you. Then at some point, you are no longer doing the actual work, but managing the contracts and the people working for you. If it continues to grow, you can hire people to do the managing as well, and you just oversee it, and at that point your time is much more flexible and you can probably take plenty of time off.

Of course this means working even more than 40 hours for awhile, so you have to ask yourself if it is worth it, or whether you can take plodding along at your current job until you tuck away enough to leave or go part time.
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Old 01-11-2013, 12:07 PM   #66
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I have never heard of a pension that can be drawn at age 38.
How about a man or woman who joins military at 17 or 18 and stays?

Ha
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Old 01-11-2013, 12:09 PM   #67
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+1

And please note that studies show you could only withdraw $40,000 + an increase each year to keep up with inflation for 30 years before your chances of running out of money begin to increase significantly. You'd probably do better with a withdrawal rate around 3%, meaning you'd need closer to $1.3 million invested.
+2
Had a formal financial plan done few mo ago & that national firm was lowering its rec on MSWR to 3-3.5% from prev rec of 4%. And heaven knows how the cost of health insurance will rise over the next decades.
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Old 01-11-2013, 12:31 PM   #68
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How about a man or woman who joins military at 17 or 18 and stays?

Ha
Yes but I knew OP was not military.

I did join when I was 17 but did not stay. You would be enlisted if you went in at 17. Probably be about an E7. Half pay would be abt. $2100. Pretty tight if thats all you have. A married couple would do nicely.
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Old 01-11-2013, 08:27 PM   #69
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Starting a cleaning business isn't the worst idea. Could do it on the side until it starts to grow into something. I'm not unhappy at my job quite yet, so I'll stay on track for now. Good idea for the future though!

My father did work very hard creating his business. He does deserve what he has. I guess it's just easier to look at what it is now, not what it took to get there. Good point there.
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Old 01-15-2013, 03:23 PM   #70
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My experience is that the less you work, the less you want to work. When I was around 30 I negotiated 3 months of unpaid leave per year so that I could go on a long third world trip each year. This was OK for a few years, and then I started getting unhappy with the 40 hours I was working during the other nine months, and negotiated that down to 32 hours (4 days/week). The pattern continued, and by age 45 I was working 20 hours/week for 6 months/year, and was still dissatisfied with my work obligations, so I downsized my lifestyle and stopped working altogether. Your mileage may vary...
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Old 01-15-2013, 03:34 PM   #71
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At 27, I was raring to go and never thought about retiring - I was only thinking about how quickly I buy my own home, settle down, raise a family and build a nest egg. It's not about like or dislike but about reality and quality of life. Only hard work will get you to FI unless you hit a lotto or have rich parents.
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Old 01-15-2013, 03:41 PM   #72
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Only hard work will get you to FI unless you hit a lotto or have rich parents.
You could get married or rob a bank.
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Old 01-15-2013, 03:44 PM   #73
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Getting married? No..that's fast way to loose money... other option sounds better.
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Old 01-15-2013, 04:15 PM   #74
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I was really fortunate to work in a field that I loved for 32 years. There were only two things that bothered me: 1) 24x7 call rotation (but not for all 32 years, thank goodness) and 2) dealing with unpleasant coworkers and managers.

If I had had a strong dislike for the work, I would probably have burned out pretty quickly.
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Old 01-15-2013, 04:18 PM   #75
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There are really only 2 paths to FIRE: make more than spend, or spend less than you make. It's all about priorities. Would you rather work 70 hour weeks forever to live in a 4000 sqft house and drive a new benz every 2 years, or live in a paid off 4-plex, drive a ten year old Camry, and retire at 45?
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Old 01-15-2013, 07:02 PM   #76
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Getting married? No..that's fast way to loose money... other option sounds better.
To be honest, my wife is probably more of a saver than I am. I'm pretty serious about it so that's saying something.

We only spend half as much as we save. I could move into a higher paying position where I'm at, but I know it would result in a stressful position. Not worth it for 8% more pay.
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Old 01-15-2013, 08:53 PM   #77
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I think you are too smart to be a custodian, and too lazy to be anything else. You are young enough to think about what interests you and pursue it. Think of it as a hobby you get paid for...Anyway, I give it about 5 or 6 years and your wife is likely to change her view on having children. So you have about that much time to figure things out. Good luck to you and DW.
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Old 01-15-2013, 08:57 PM   #78
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My experience is that the less you work, the less you want to work. When I was around 30 I negotiated 3 months of unpaid leave per year so that I could go on a long third world trip each year. This was OK for a few years, and then I started getting unhappy with the 40 hours I was working during the other nine months, and negotiated that down to 32 hours (4 days/week). The pattern continued, and by age 45 I was working 20 hours/week for 6 months/year, and was still dissatisfied with my work obligations, so I downsized my lifestyle and stopped working altogether. Your mileage may vary...
I am intrigued by your ideas and would like to subscribe to your newsletter. *



*this is an old school inside forum joke which says, more or less, why didn't I think of that!
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40 hours a week too much?
Old 01-15-2013, 10:16 PM   #79
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40 hours a week too much?

When I was 27, I was working 65-80 hours a week. Now that I am 53, I find myself still working 55-65 hours a week. Even when I'm on vacation, I get several dozen emails a day on my Blackberry not to mentions multiple calls. I am so looking forward to retirement in a couple of years.
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Old 01-15-2013, 10:29 PM   #80
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If I was able to retire in my 30's I would rather take the chance that I might have to go back to work than the chance that I worked more years that I didn't need to.
Umm....I actually went the other way and kept w*rking a few extra years to make very sure I would never have to go back to work once I had quit. One less thing to worry about once I've pulled the trigger, especially since I can't assume that I would be able to get a job that pays what I'm earning now. (This is in my 40s rather than 30s, but I would have felt the same then had the option been open to me.)
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