Importance of Written Goals - Retire at 50

[FlaRan]

Hi All,
I am a new poster who just found this forum. This is exactly what I need. I have long had a goal of retiring at 50, but only in the past year have really written a plan to get it done. This forum helps because it is another place to put my dreams in writing and to seek the support of others. Thanks in advance for that!

About me: 44 y/o female working in financial services. I have a great job (200k salary per year) in a shaky industry. I own two houses, but due to the real estate market, don't have as much equity as I used to. My net worth these days including home equity is around 500k.

In six years, I would like to increase my net worth through saving, investing, and hopefully, future real estate appreciation, to around 1.5 million. That's my financial goal. During the six year period I would also like to learn enough about about myself so that I can do something I love during the next stage in my life and potentially receive some remuneration -- nothing huge, just enough to make my plan work for the long-term.

I hope to learn a lot in the next few years.

[piano88]

Welcome, FlaRan,

You are wise to pay attention to the non-financial aspects of retirement. Hopefully you'll have plans to cover health insurance--pre-Medicare eligibility--as the absence of insurance tends to derail some.

I reached (and just passed) age 50, thought I'd be retired, could do it financially (with some stretching) now, but didn't pay enough attention to how to use my time. So, until I come to terms with that issue, I'm still-a-working!

Good luck,

Piano

[Enuff2Eat]

Welcome flaran, you're on a good track. i am assuming that there will be plenty of things to do....once i reach fire so activities after retirement never enter my mind.

enuff

[Midpack]

Welcome FlaRan, you among peers here with similar aspirations. Goals have always been key in my life, I don't accomplish as much otherwise. And I agree with piano88 that you are wise to think of the non $ aspects of retirement, there are a couple of very good books on the subject (I like Work Less, Live More by Bob Clyatt and How to Retire Happy, Wild and Free by Ernie Zelinski - but there are others). Although some people can (successfully) wing it when adjusting to retirement, others can benefit by thinking about the activities that will take the place of work. I am very much in the latter camp, and I'm enjoying the process of preparing for the non $ side of retirement (2-4 years away).

[FlaRan]

I appreciate everyone's feedback so far. I ordered the Zelinski book yesterday from Amazon based on other comments on the forum about the book. It sounds like a good resource.

The health insurance issue mentioned in the earlier post is definitely something that concerns me. I don't know how anyone will pay for this in the future. For the present, I recently got some extra coverage through AFLAC through my employer. I am healthy, but I have read plenty of articles about people being bankrupted by health crises.

Not to sound like a nervous Nelly or anything. I'm actually a pretty happy person. I just like to plan.

[Midpack]

Quote:

Originally Posted by FlaRan I appreciate everyone's feedback so far. I ordered the Zelinski book yesterday from Amazon based on other comments on the forum about the book. It sounds like a good resource. Not to sound like a nervous Nelly or anything. I'm actually a pretty happy person. I just like to plan.

You will benefit from the content of the book. I don't think it's very well written and it's overly repetitive (especially the first few chapters), but stick with it to the end, the content makes it more than worthwhile IMHO.

Lots of planners here, doesn't make you a nervous Nelly, welcome aboard.

[HFWR]

Failing to plan is also a plan...

[DblDoc]

Quote:

Originally Posted by HFWR Failing to plan is also a plan...

A plan to fail...

DD

[JDARNELL]

Welcome to the board!

By nature I am a planner. I had an instructor back in my college days who would always say "plan you work and work your plan." And over the years seeing the plan come to fruition has been very satisfying.

I think there is also something to be said about goal congruencies. Do the things that help get you to your goal and the distractions try to avoid. I try to capitalize on the things I can control and let the other stuff just happen.

Over time I have realized my goals change but the core principles are still in tact. And for me by changing some of the variables or taking another approach I can get the same intent and not be tied to a specific number/date/etc. I guess I have learned to be flexible.

Welcome again!

Tomcat98

[Rambler]

Yes a written plan, and a written goal certainly help. But they will only help if you are dedicated to executing the plan...plan the work, and work the plan. As Tomcat said, there will be times when you have to be flexible, and sometimes even change the plan along the way, based on your core principles and core goals. Life is like that...it throws a wrench into the gears sometimes, but we have to be able to deal with that and keep going. That said, there are all too many who will simply walk away from a goal because of the wrench thrown into the gears...I have a sister who will set a goal, then two weeks later say "I can't do it because somebody or something did this and that (or this happened, so I can't)" and she simply abandons the goal. Ya can't expect to achieve your goals if you can't stick with 'em.

R