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Mid-forty and my retirement dreams are now delayed
Old 12-21-2008, 11:36 AM   #1
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Mid-forty and my retirement dreams are now delayed

I was hoping to retire at 50, but my once-comfortable nest egg which was originally $500,000 ( all in stocks, and leveraged I'm afraid) has dwindled by half.
So I will have to work longer.
I have reconsidered what kind of retirement I will have, and I plan to buy an energy efficient small condo in the city centre, and forgo a car. I will live simply and frugally.
Timeline is ten years from now, and i will be putting my earnings of the next decade back on the market. You'd think I might be afraid to, but I believe in ten years things will have recovered and I will be glad I did. However, I WILL NOT LEVERAGE. learned my lesson there...and it was quite a painful lesson.
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Old 12-21-2008, 11:38 AM   #2
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Welcome to the forum......and I love your username!
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Old 12-21-2008, 11:41 AM   #3
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Welcome aboard. Sorry to hear about your losses. The recent turmoil has caused me to add two years to my plan.
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Old 12-21-2008, 12:41 PM   #4
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Hear you loud and clear, and trust me, you have lots of company. We are rethinking our plans as well, but the idea of giving up my car causes me to have nervous tics. I pretty much think I'd sell blood at the blood bank to keep the car. Are you sure you can give it up that easily?
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Old 12-21-2008, 02:03 PM   #5
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Originally Posted by bubba View Post
Hear you loud and clear, and trust me, you have lots of company. We are rethinking our plans as well, but the idea of giving up my car causes me to have nervous tics. I pretty much think I'd sell blood at the blood bank to keep the car. Are you sure you can give it up that easily?
Welcome, FITNB, I found giving up my car (twenty eight years ago) a relief. It seemed that every time I had a day off from w*rk, I spend half of it getting it repaired or new tires, etc. But I actually liked changing the oil. I live near a city center where parking is difficult but public transit is good; so urges to buy another car vanish quickly.

I figure the economy will hit a low when I can find nearby parking at $200/mo. Last time I checked it was scarce and about $350/mo.
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Old 12-21-2008, 02:27 PM   #6
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In my adult life (all in the Los Angeles area) I have had a car about 1/3 of the time, a motorcycle 1/3, and just a bicycle 1/3 (although the bicycle was always my primary transport). It is very easy to adapt to no car (once you are comfortable with cycling and/or public transport). When you absolutely need a car, rent one for a day.
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Old 12-21-2008, 03:31 PM   #7
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Welcome, you will find many here with similar circumstances. We'll all be fine despite what it feels like at present...
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Old 12-21-2008, 06:42 PM   #8
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I hate the gyms. Really. Tried it. Hate it. Uggh. I'd rather walk a few blocks and get my groceries/errands for my exercise. I've travelled lots and I've noticed the women in European cities (I am a woman) are slimmer than their North American counterparts. They love their cheese/wine/chocolates in these European cities. My theory is most don't own cars...and walking is the foremost form of transport. Thus the slim physiques. I'll save money not renting expensive parking downtown...and save money by not needing to buy any gym memberships! (even if it was free.....I wouldn't go there).
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