Join Early Retirement Today
Thread Tools Display Modes
Hi, I Havana K Lew!
Old 07-28-2002, 04:38 PM   #1
Confused about dryer sheets
Join Date: Jul 2002
Posts: 1
Hi, I Havana K Lew!

Just reading everyone's introductions is fascinating and embarrassing.

I'm afraid I was a grasshopper the first 35 odd years of my life and have spent the last 25 being the ant. If you don't know the parable, I screwed around in my youth and have been working like a dog to catch up ever since. I never felt comfortable or lasted long in the lead dog role, either! So you know what my view has been in the last 3 decades.

I will be able to retire comfortably at 80% of current income by drawing full social security and a pension in September 2008 at the ripe old age of 66. My wife will be 57, and, having put in as many "working" years as myself, will also be retiring.

Our current 401k savings are to be used to cover the 10 years between when my wife retires and when she can draw full Social Security. But, thanks to the current market and our late start at savings, we may not be able to do even that.

Most of our excess cash has gone into either our home or, until recently, expensive vacations. We have mostly lived beyond our means but not necessarily outlandishly. We hope to have enough energy and cash in retirement to continue our hobbies of travel and gardening and landscaping.

I envy you 30 year olds who are either there or on on the road to FIRE. I'd like to retire earlier but just don't see it in the cards. If anyone has a miracle cure for our dilema, I'd sure appreciate it.
Havana K Lew
Havana_K_Lew is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Hi, I Havana K Lew!
Old 07-28-2002, 05:38 PM   #2
Recycles dryer sheets
Join Date: Jun 2002
Posts: 98
Send a message via Yahoo to RedOscar
Re: Hi, I Havana K Lew!

Short of winning the lottery, I don't believe there is a magic pill to early retirement.

We each take different paths in our existence. Who is to say which is the correct or best path. As long as you can look back and say, "I had a pretty good life", that is what is important.

Best of luck to you and the Mrs.
RedOscar is offline   Reply With Quote
Re: Hi, I Havana K Lew!
Old 07-28-2002, 08:42 PM   #3 Founder
Developer of FIRECalc
dory36's Avatar
Join Date: Jun 2002
Posts: 1,840
Re: Hi, I Havana K Lew!

On the other hand, is 80% the amount you need?

Typically people will, before retirement, be putting 35+% into taxes, 20+% into mortgage payments, and, if they are prudent, 10-20% into savings for retirement. They will also have a pretty significant amount going into work clothes and dry cleaning, commuting expenses, etc.

After retirement, you can get taxes way down by taking the maximum against deductions from IRAs and then the rest from post-tax savings/investments. Presumably you will have the house paid for before starting retirement. Plus you no longer save for retirement. Car costs and other work-related expenses go away.

So, I hope you might see where retirement on something less than 80% can be possible. If you WANT 80%, for additional expenses after retirement (travel, etc), great! But I think too many financial advisors trotted out that 75-80% number without any analysis.

Good luck!

Often uninformed, seldom undecided.

Twenty years from now you will be more disappointed by the things you didn't do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. Mark Twain
dory36 is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Colonoscopy - Lew Rauls Style - Hilarious Video Cut-Throat Health and Early Retirement 2 12-08-2006 06:31 AM

» Quick Links

All times are GMT -6. The time now is 08:28 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.