50 and less than a million

[haha]

Quote:

Originally Posted by crispus This thread is inspiring me. My wife's company is closing their local plant. After 34 years she will get non-cola pension, along with company health insurance (currently our cost is about $200 per month), and about 2 years of severance pay. We are both 54 and the fact that we could survive without working makes us happy to know.

Crispus, reading it here does not mean that you know it, only that someone asserted it.

So be safe and make up your own mind about all of it.

Ha

[Jarhead*]

Quote:

Originally Posted by OAG See my by-line. I "retired" at 38 with a NW of about -$50,000 (yes that is a minus). Had COLA'd Retired Pay of about $10K, lifetime low cost medical care. 3 teenagers at home. All 4 kids are college graduates. Lived in VA, FL and OH and 30 years later NW is about $2.5MM - no inheritances, no windfalls. Just plugging along in life. Would I like to do that again? No, but it can be done today but would have to be about a $36K of retired pay, medical care, and a positive NW would help.

John Galt, wherever you are, fuggitabout it!

Even in your wildest dreams, you couldn't top OAGs above post.

[Dawg52]

Quote:

Originally Posted by OAG See my by-line. I "retired" at 38 with a NW of about -$50,000 (yes that is a minus). Had COLA'd Retired Pay of about $10K, lifetime low cost medical care. 3 teenagers at home. All 4 kids are college graduates. Lived in VA, FL and OH and 30 years later NW is about $2.5MM - no inheritances, no windfalls. Just plugging along in life. Would I like to do that again? No, but it can be done today but would have to be about a $36K of retired pay, medical care, and a positive NW would help.

You need to write a book on how to do this. Better yet, Obama needs to appoint you to a cabinet position.

[Bestwifeever]

OAG I truly admire your retirement success and this doesn't diminish it, but when you say

Quote:

Sold the source of the -$50K debt for a reasonable profit (like about net $65K)

Wouldn't that mean your -$50K net worth was actually +$65K net worth (sounds like you maybe had a piece of property worth $115K that had a $50K mortgage on it or something, or at least something worth $115K that you used to offset the negative $50K situation)?

[OAG]

Quote:

Originally Posted by rec7 Just curious what is your annual spending?

Current 2009 Budget is $45,980 (Everything; which includes "doubling up" on RE Taxes so that I can Itemize Deductions on 2009 taxes).

[OAG]

Quote:

Originally Posted by Bestwifeever OAG I truly admire your retirement success and this doesn't diminish it, but when you say Wouldn't that mean your -$50K net worth was actually +$65K net worth (sounds like you maybe had a piece of property worth $115K that had a $50K mortgage on it or something, or at least something worth $115K that you used to offset the negative $50K situation)?

Yes, you are correct, but that happened about 7 years into "retirement".

[OAG]

Quote:

Originally Posted by Dawg54 You need to write a book on how to do this. Better yet, Obama needs to appoint you to a cabinet position.

Sorry, I can't qualify, I actually pay my taxes (all of them).

[FANOFJESUS]

My hat is off to you too OAG, good job.

[dm]

How about retired in Oct. 2007 and now have less than a million? My wife has a part time job at the local college, she teaches one night a week, spring and fall. Plans were that she could give that up this year. Looks like she will need to keep the job for a while longer if things don't turn around. She works 4 hrs a week for 28 weeks so it isn't that bad. It pays the health insurance.

One of our sons is having some trouble financialy and we would like to help, but really cant do much. A year ago it wouldn't have been a problem.

[donheff]

Quote:

Originally Posted by OAG Current 2009 Budget is $45,980 (Everything; which includes "doubling up" on RE Taxes so that I can Itemize Deductions on 2009 taxes).

Man, I am adding that one to my spending plan. Inspirational OAG.

As for all the nay-sayers, I think you are holding a mirror to your life style. I couldn't imagine retiring on that amount either. But millions and millions of Americans living right here do fine (by their own lights) with that level of income during their working years. In the VA countryside near my weekend house I think a majority of the residents live on incomes less than $40K. They have small, one or two bedroom houses on concrete slabs, they don't travel much, and they don't go out to fancy restaurants. But they do stop in at the local diner for coffee and breakfast on Saturday mornings after hunting and seem to be pretty darn happy.