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34 from Buffalo
Old 03-21-2011, 11:02 PM   #1
Confused about dryer sheets
 
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34 from Buffalo

Hey Everyone,

IM 34yr and looking to retire by 45. Im interested in talking to people who have done it and are looking to accomplish a similar goal.

Of course I want to talk to all sorts of people as well.

So happy I found this web site and look forward to meeting everyone.

So any information or anyone interested in sharing some good ideas throw me a line.

Santoball7
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Old 03-22-2011, 01:59 AM   #2
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Hello - I intend to retire age 47 in 2012. Not sure if there are many good ideas about retiring early, except live below your means and plan ahead.

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Originally Posted by santoball7 View Post
So any information or anyone interested in sharing some good ideas throw me a line.

Santoball7
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Old 03-22-2011, 02:14 AM   #3
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Welcome to the board, there is a great wealth of knowledge here. I have hardly made a dent in the archives and I have gained much so far
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Old 03-22-2011, 08:17 AM   #4
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So in 11 years, you want to save up enough money to sustain you for 40 years, in addition to keeping up with inflation?

This I gotta see.

Unless you've already got a great head start, my advice would be to set your sights a little lower. If you're starting from 0, maybe shoot for 55 instead of 45.

Why not post some numbers (debt, assets, income) and personal details (married, kids, profession, illnesses), and we can give you more specific advice.
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Old 03-22-2011, 08:46 AM   #5
Recycles dryer sheets
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Originally Posted by kombat View Post
This I gotta see.
You can see it here.
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Old 03-22-2011, 09:21 AM   #6
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Quote:
Originally Posted by santoball7 View Post
Hey Everyone,

IM 34yr and looking to retire by 45. Im interested in talking to people who have done it and are looking to accomplish a similar goal.

Of course I want to talk to all sorts of people as well.

So happy I found this web site and look forward to meeting everyone.

So any information or anyone interested in sharing some good ideas throw me a line.

Santoball7
If you save 66% of your income over next 11 years, you will be close. This means if you earn $100,000, you save $66,000 and spend (and pay taxes from) $34,000.


Quote:
Originally Posted by kombat View Post
So in 11 years, you want to save up enough money to sustain you for 40 years, in addition to keeping up with inflation?

This I gotta see.

Unless you've already got a great head start, my advice would be to set your sights a little lower. If you're starting from 0, maybe shoot for 55 instead of 45.
If a person spends 33% and saves 66%, every year they are saving 2 years of expenses. In 9 years, at a 6% rate of return they have 25X saved up.

If a person spends 50% and saves 50%, they save 1 year of expenses every year they work. At a 10% return it would take 12 years.

Very possible.
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Old 03-22-2011, 10:56 AM   #7
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I'm assuming that at 34 the OP is already well invested in the markets with a very diversified portfolio. If not, he/she's going to have a tough time accumulating enough to retire in only 11 years.
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