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Old 02-16-2013, 02:45 PM   #61
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Originally Posted by comicbookgujy View Post
What does this mean? It means I haven't been taking care of myself. I have turned into the co-workers that I used to see and go "What the hell is wrong with these people? How did they let themself go like this" When I was in my 20's and early 30's, I would go to the gym 5 times a week and had a strict low fat diet. Now I'm so tired when I get home that I just drink to get myself to stop thinking of work...that's when I know I need to consider plan B.

Checked out my pension benefit and if I took early pension at age 55(in about 15 more years), I am entitled to $1,800 a month until I reach age 62, at that point, I would only get $100 a month since I elected to take early pension. Check SS and if it still exist as of today, I would get $1,700 a month if I apply for early SS at age 62.
I had the same problem at about 40. My job was killing me and making me unhappy. I did not have physical health problems, but I think that was only a matter of time. I was drinking both before and after work. I did not have the dollars to retire. So, knowing I had to work, I decided I would work at something at enjoyed. I went back to school, got additional training and found a new career. Now, I am retired with a small pension, plenty of personal savings, a LBYM attitude, and SS in the future.

It takes time and effort. If you have a spouse, he/she must go along with your plan to leave work and go back to school. Not having any debt except for the mortgage was a big help. Our mortgage was small due our NOT following the common advice to 'buy the biggest house you can barely afford."

One more thing, had I stayed in my previous career I believe I would have ended up as one of those 56 year old guys, laid off, unable to fight age discrimination, and draining my retirement resources to survive until SS at 62. Many of my former coworkers ended up in that sad situation.

I wish you all the best. Having a job you enjoy is the best way to not work.
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Old 02-16-2013, 03:15 PM   #62
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Originally Posted by Milton View Post
You are fully entitled to your opinion; but you do realize that this is the "early" retirement forum, right?

I can't agree with the suggestion that someone who chooses not to work is ipso facto lazy, unfulfilled or financially reckless. As AWeinel noted, many early retirees do a lot of unpaid community support 'work'. If one is financially independent, paid employment is entirely optional.

Further, an argument could be made that someone who continues to hold a job they don't need is simply taking an opportunity away from another person who really needs it (as you correctly point out, jobs are scarce). That's especially true where the incumbent has 'retired in place'.

Within the bounds of legality and fiscal reality, everyone should do what seems right to him or her. Let's try not to judge or criticize other's decisions.
I do understand this is an early retirement forum. For me 65 is early retirement so I fit in quite well. How I think about someone retiring at a very young age means nothing. Only stating what I think and what I was taught growing up.

My Dad made us work when we were growing up. There was no such thing as any retirement back then as I remember, maybe in other parts of the US but not where I grew up. You worked and then you just died. I have just never seen to many people give up work at a very early age and be 100% happy. Some may tell you they are but most would be lying. Work is a big part of life and when someone really gets that job of a lifetime they normally just keep on going.

I have a first cousin who turns 80 next year and he is up at 4 am every morning. Never plans on giving up working because he loves it. Myself, I would have probably stayed on for a few more years but the workplace changed quick. I worked for a total jerk.

I laugh when I see him now. He is only 58 and trapped until death because of $$$$$ of debt. One thing for sure in this country. You are going to have to be lucky to retire young. Things are changing quick and I probably will not be around to see it. I wish anyone good luck that wants to try and retire at 40 and have enough money when they are 80. oldtrig
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Old 02-16-2013, 05:56 PM   #63
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Right or wrong I "give a cr*p" because the fear of 'living under a bridge eating cat food' is much stronger than my fear of 'being the richest person in the old age home' for me, especially at age 58. There's certainly no guarantee the latter is the inevitable outcome as your post implies, it would be easy if that were the case. I will loosen up in time, ideally I'll die broke.

Again, only 1 in 22 males will go poof at 40. 1 in 13 at age 50, 1 in 7 at age 60, 1 in 3.5 at age 70 and 1 in 2 at 80 (IOW, the average life span). I'm inclined to plan using the real odds, not the sad & unfortunate exceptions.

I am sure our views are all biased by our expectations re: life span. My parents are both 91 and still ticking, so my views are likely distorted to one extreme. Others with family history of short lifespans or known health problems may be understandably skewed to the other extreme. And some may be probability/statistics challenged and just fear being one of the exceptions despite the odds against it...
I understand your pov and share it. But your figures are odd. A 79 year old man has a much greater than 50% chance of seeing 80, likewise an 80 yo of seeing 81. I also think that retiring to avoid dying at work is totally weird. I've been retired a long time, and I enjoy my life, but if I were working at a job I liked, I would also enjoy that. Retiring does not give some sort of guarantee of not having an early death.

I also think the idea that one should try to run out of money just before death is odd. If a person hasn't thought of meaningful activities that go beyond spending money by the time he is old, he is in trouble.

Ha
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Old 02-16-2013, 08:57 PM   #64
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^ To be able to retire "early," in this screwed up period, requires unusual circumstances with an uncommon individual.
I too love this line. For me, FI is the key, RE is secondary. I know for a fact that if I RE at 45 (as I would like) or 50 I would still do "some" work. The money I would make would be more of a bonus than a necessity, and it would be in something I enjoyed, and I would only do it as much as I desired. I've been in this situation before, and this is exactly what happened. I didn't plan on working, but things fell in my lap, and it was enjoyable, and most importantly, it was task-based....ie, it had a definite end. If I retired and started my own business and worked 50-60 hours a week, that's fine too, as long as it was what i wanted. I just really don't believe in the puritanical work ethic: you work, that's what you do....
no thanks.
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Old 02-16-2013, 09:02 PM   #65
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Originally Posted by haha
I understand your pov and share it. But your figures are odd. A 79 year old man has a much greater than 50% chance of seeing 80, likewise an 80 yo of seeing 81. I also think that retiring to avoid dying at work is totally weird. I've been retired a long time, and I enjoy my life, but if I were working at a job I liked, I would also enjoy that. Retiring does not give some sort of guarantee of not having an early death.

I also think the idea that one should try to run out of money just before death is odd. If a person hasn't thought of meaningful activities that go beyond spending money by the time he is old, he is in trouble.

Ha
I have to agree with you. My lifestyle is set and my additional income I save each month will never be spent unless some unforeseen occurrence happens. I really don't ever see myself spending any more money than I currently do, inflation aside. I can understand Oldtrigs point of view as my father shares the same viewpoint. He is 76 and would still work daily if his body hadn't betrayed him. Still he works one day a week, and doesn't need a penny of income as he is set. It is just his work ethic that he maintained his whole life. Now I being retired before 50, don't share that same opinion. I don't regret retirement. Although, come to think of it, I have a little of it in me, as I have continued to work PT the past 3 years, even though I did not need to. Working at least 20 hours a week since 14, has brought about a certain routine in my life, but the habit is all but broke now. I enjoy my compartmentalized life of solitude during the day, being with my GF at night, and activities with my working friends on the weekend.
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Old 02-16-2013, 10:17 PM   #66
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If only I had invested in Apple stock when it was at $10 instead of ETOY or ATHOME .

Those tickers bring back some memories
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Old 02-23-2013, 03:09 PM   #67
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Also 42 and starting to see the effects of stress on my body. Some of that stress is from work, while a large part is also due to having a 3 year old and 4-month old at home and a wife who works full time in a stressful career. I've spoken with DW about both of us scaling back in a few years, as we already have a nice nest egg between the two of us. Primary concerns are college tuition for the kids and health insurance.
I can totally understand this because both DH and I were stressed out trying to juggle careers, kids, etc. This is why we chose for me to become a SAHM after our second child was born and now only one of us is stressed! :-). Seriously though, it's probably the best decision we made for our family. Any chance your DW would be willing to take a few years off? It seems crazy to me for someone to go back to work full time with a 4 month old baby at home (especially if you already have a sizable nest egg) but then again I'm Canadian and maternity leave up here is 1 year so you never see new moms going back to work that soon. Just my 2 cents...
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Old 02-24-2013, 01:09 PM   #68
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Originally Posted by haha View Post
I also think the idea that one should try to run out of money just before death is odd. If a person hasn't thought of meaningful activities that go beyond spending money by the time he is old, he is in trouble.
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Originally Posted by Mulligan View Post
I have to agree with you. My lifestyle is set and my additional income I save each month will never be spent unless some unforeseen occurrence happens. I really don't ever see myself spending any more money than I currently do, inflation aside.
Seems like overly literal interpretations. No matter what your current activities and expenditures, even beyond "unforeseen occurrences" and 'lack of imagination,' I have to believe you or anyone else at any spending level could very easily spend measurably more if you believed it wouldn't compromise your final outcome - unless you're a monk.

Doesn't everyone have a budget that includes (largely fixed) essentials, and (largely variable) extras, even if not formally defined?

Examples of the latter that readily come to mind, and with any example I don't mean going totally crazy. Give more to charity while you're alive. You could eat at better restaurants or more often. Better clothes or more. Better golf clubs or play more often. A boat. Travel better more often. Go to theatre/concerts more often, maybe buy better seats. Buy better ingredients while grocery shopping. Drive better cars or trade more often. Maybe nicer furniture or consumer electronics, or more often. Replacing major home systems (roof, appliances, HVAC, etc.) a little proactively instead of only when faced with a total failure. An extra (or first) grande iced half caf triple mocha latte macchiato every week. I could go on and on...

I may be told otherwise, but I really don't believe that anyone has some amount of spending/year that they would never exceed...that would also be a 'lack of imagination' IMO.
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Old 02-27-2013, 10:15 AM   #69
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I can totally understand this because both DH and I were stressed out trying to juggle careers, kids, etc. This is why we chose for me to become a SAHM after our second child was born and now only one of us is stressed! :-). Seriously though, it's probably the best decision we made for our family. Any chance your DW would be willing to take a few years off? It seems crazy to me for someone to go back to work full time with a 4 month old baby at home (especially if you already have a sizable nest egg) but then again I'm Canadian and maternity leave up here is 1 year so you never see new moms going back to work that soon. Just my 2 cents...
Very unlikely that she would want to do so, though she did appreciate the 2 months she spent working from home - much less stressful than fighting the worst traffic in the U.S. to get to work. In fact, that's a huge stress factor for both of us. My wife makes extremely good money, slightly better than me for the past couple of years (though I'll surpass her this year). This is why we have a substantial nest egg already. If everything continues as it is for the next five years, we'll end up doubling our nest egg.
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Old 02-27-2013, 10:22 AM   #70
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Stress will always kill you....sometimes quickly, sometimes slowly. All the amount of money saved will mean nothing if you are not going to be able to enjoy it!
Sorry to hear about your co-worker...makes you really think about what is important in this life.
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