PhrugalPhan
Recycles dryer sheets
Hello all, I have been reading off and on here for a year, as well as other personal finance sites for a few years. I'll soon be 52, single (though with a steady girlfriend for 3 years), and I am IT professional working at the local government. I'm probably retiring at 60 (when I can get a full pension from my employer). I know that's not early retirement, but good considering where I was not too long ago.
My finances, while better than many out there, is poor compared to the heavy lifters on this site:
457 plan: 350K (35K is Roth-ified)
Roth IRA: 100K
Stocks: 50K
Other Savings Vehicles: 30K
As I am with a large employer, the 457 plan options have very low fees and seem to be doing well, so I see no need to worry about pulling the money out fast when I hit retirement. I carry no debt, a paid off house (approx. $350K value) & car. My current job has a pension (its very well funded - if this area goes bankrupt the whole country is in serious trouble) that will most likely pay me ~$50K annually if I retire at 60.
I am happy with my progress, considering that 18 years ago my net worth was $0
, and in the following years I was unemployed for over a year and had to untangle myself from a very financially bad marriage (her spending and lack of earnings overcame any attempts to save)
. I'm currently saving about 60% of my post tax earnings.
My expenses are very minimal, I do most everything for myself (built & refinished most all my furniture, fixed up the house {windows, roof, doors}, and my last project was just finishing re-roofing my mother's house). I go to yard sales weekly and find most everything I need like new (except food!).
I started working out daily a decade ago to keep my health costs low and just be happy with my health. I went from 250 and no muscles to 180 and very fit.
In the past 3 years I have upgraded my life with my girlfriend. She has gotten me to do many things I wouldn't have considered doing. And she is as frugal as I am. Her retirement accounts are over 650K, no debts, though she doesn't have a house. Her job is with the Feds, and is trying to transfer to my area (we're a 3 hour drive apart). She should also get a pension similar to mine, but can retire earlier at 56 (she's my age).
I guess that's about it. Not complaining, its been (and is) a good ride. I would love to retire now, but don't feel comfortable doing that now, even with my low expenses (maybe $20K per year). Problem is once I hit the eligible retirement date at my job, I will go from not having enough to having too much. I guess there are worse problems to have.
My finances, while better than many out there, is poor compared to the heavy lifters on this site:
457 plan: 350K (35K is Roth-ified)
Roth IRA: 100K
Stocks: 50K
Other Savings Vehicles: 30K
As I am with a large employer, the 457 plan options have very low fees and seem to be doing well, so I see no need to worry about pulling the money out fast when I hit retirement. I carry no debt, a paid off house (approx. $350K value) & car. My current job has a pension (its very well funded - if this area goes bankrupt the whole country is in serious trouble) that will most likely pay me ~$50K annually if I retire at 60.
I am happy with my progress, considering that 18 years ago my net worth was $0
, and in the following years I was unemployed for over a year and had to untangle myself from a very financially bad marriage (her spending and lack of earnings overcame any attempts to save). I'm currently saving about 60% of my post tax earnings.My expenses are very minimal, I do most everything for myself (built & refinished most all my furniture, fixed up the house {windows, roof, doors}, and my last project was just finishing re-roofing my mother's house). I go to yard sales weekly and find most everything I need like new (except food!).
I started working out daily a decade ago to keep my health costs low and just be happy with my health. I went from 250 and no muscles to 180 and very fit.
In the past 3 years I have upgraded my life with my girlfriend. She has gotten me to do many things I wouldn't have considered doing. And she is as frugal as I am. Her retirement accounts are over 650K, no debts, though she doesn't have a house. Her job is with the Feds, and is trying to transfer to my area (we're a 3 hour drive apart). She should also get a pension similar to mine, but can retire earlier at 56 (she's my age).
I guess that's about it. Not complaining, its been (and is) a good ride. I would love to retire now, but don't feel comfortable doing that now, even with my low expenses (maybe $20K per year). Problem is once I hit the eligible retirement date at my job, I will go from not having enough to having too much. I guess there are worse problems to have.
