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Early Retirement Will Bankrupt Your Dreams, Here’s Why
04-18-2022, 11:46 PM
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#1
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Full time employment: Posting here.
Join Date: Mar 2015
Location: Somewhereville
Posts: 780
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Early Retirement Will Bankrupt Your Dreams, Here’s Why
https://www.entrepreneur.com/article/425080
Wow according to this article you had all better get back to work as of yesterday!
They cover all the fear tactics and end with this one you live longer if you work till 66...However, Bloomberg summarized the correlation between early retirement and early death as “striking” when citing another study.
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04-19-2022, 01:05 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Aug 2018
Posts: 1,004
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The article does say near the beginning "... Well, unless you have more than enough money in the bank or multiple income sources, there are a lot of financial risks involved with early retirement...."
I'd suspect most of the retired folks on this board qualify for this exception.
__________________
"Be kind whenever possible. It is always possible." - Dalai Lama
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04-19-2022, 01:20 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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You know our corporate overlords are getting concerned about the labor shortage when they use words like "bankrupt your dreams" and "medical limbo" instead of just saying you will need retirement health insurance through COBRA or an ACA plan. Even with its flaws, it is so great that the ACA came along and allowed many of us here to retire early and not have to worry about qualifying for health insurance.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
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04-19-2022, 03:26 AM
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#4
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Recycles dryer sheets
Join Date: Nov 2020
Posts: 58
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"Early Retirement Will Bankrupt Your Dreams". Early retirement fear porn with the premise being if you have "average" retirement savings, still have debt, don't have a budget/plan, haven't factored in the risk of a market downturn, etc... that retiring early may not be for you. And the icing on the cake is that you may be bored in ER.
Pure silliness.
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04-19-2022, 04:11 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Michigan
Posts: 4,962
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Quote:
"Early Retirement Will Bankrupt Your Dreams". Early retirement fear porn with the premise being if you have "average" retirement savings, still have debt, don't have a budget/plan, haven't factored in the risk of a market downturn, etc... that retiring early may not be for you. And the icing on the cake is that you may be bored in ER.
Pure silliness.
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Well, I'm 0 for 5. Guess I'll make it.
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"The mountains are calling, and I must go." John Muir
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04-19-2022, 04:41 AM
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#6
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Full time employment: Posting here.
Join Date: Oct 2021
Posts: 554
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Quote:
Originally Posted by srblanco7
"Early Retirement Will Bankrupt Your Dreams". Early retirement fear porn with the premise being if you have "average" retirement savings, still have debt, don't have a budget/plan, haven't factored in the risk of a market downturn, etc... that retiring early may not be for you. And the icing on the cake is that you may be bored in ER.
Pure silliness.
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Indeed - "be a good worker drone a little longer, citizen! It's good for you!"
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04-19-2022, 05:08 AM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2011
Posts: 8,362
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Quote:
Originally Posted by Lewis Clark
The article does say near the beginning "... Well, unless you have more than enough money in the bank or multiple income sources, there are a lot of financial risks involved with early retirement...."
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So: don't quit your job and retire early if you can't afford to? That hadn’t occurred to me. Thanks for the insight!
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04-19-2022, 05:20 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Posts: 3,054
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Work was getting in the way of my naps, so I think I'll keep being retired.
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04-19-2022, 05:21 AM
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#9
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Thinks s/he gets paid by the post
Join Date: May 2019
Posts: 2,726
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I thought saving 80X my bare bones would be enough that I could retire in my 50's. Looks like I better keep working into my 60's.
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04-19-2022, 05:31 AM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,229
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Reminds me of the time, I closed my eyes for literally one minute and 2 staff caught me by looking through the little glass into the office.
Took awhile to live that down.
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TGIM
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04-19-2022, 05:53 AM
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#11
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Thinks s/he gets paid by the post
Join Date: Jan 2011
Location: Fair Lawn
Posts: 2,940
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This is just a silly article. It's basically factual.........provided one accepts the initial premise of retiring before one can afford to. Even then, it's superficial and just scare tactics. Nothing truly constructive about the article.
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04-19-2022, 05:55 AM
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#12
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Administrator
Join Date: Apr 2006
Posts: 22,973
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What can I say? I guess I just had a death wish.
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Living an analog life in the Digital Age.
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04-19-2022, 05:56 AM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2012
Posts: 11,701
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Social Interaction: BZZT! No more! Everyone works from home so you get to interact over your computer. Pure crap and stress. I interact more socially now, even during covid, than I did when I worked from home.
You will die: BZZT! All my early retirement friends are doing fine, 5 to 10 years on. They retired healthy. I'm convinced the bad stats come from people who were FORCED to retired early due to bad health.
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Retired Class of 2018
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04-19-2022, 06:15 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,794
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100X is the new 80X or haven't you heard?
We've heard all this drivel before. YMMV
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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04-19-2022, 06:23 AM
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#15
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Full time employment: Posting here.
Join Date: Oct 2021
Posts: 554
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Quote:
Originally Posted by JoeWras
I'm convinced the bad stats come from people who were FORCED to retired early due to bad health.
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Yup - I’m sure folks whose entire identity is in their job title/ career might be a small part but l believe it’s largely forced early retirement from health issues
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04-19-2022, 07:45 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Aug 2018
Posts: 1,004
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Quote:
Originally Posted by marko
So: don't quit your job and retire early if you can't afford to? That hadn’t occurred to me. Thanks for the insight!
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Should be obvious to anyone who can fog a mirror. : )
__________________
"Be kind whenever possible. It is always possible." - Dalai Lama
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04-19-2022, 07:50 AM
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#17
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Thinks s/he gets paid by the post
Join Date: Jul 2011
Location: Reading, MA
Posts: 1,714
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A pretty useless article, focusing mostly on average numbers: average SS, average debt by age, etc.
Fortunately, we're all above average here...
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04-19-2022, 07:55 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2017
Location: City
Posts: 10,336
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Click bait. And it's working.
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Ignoramus et ignorabimus
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04-19-2022, 09:09 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2010
Posts: 5,860
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We have double the equity we had when we retired early ten years ago.
That was a surprise. We planned for real investment growth of three percent.
Returns were higher, inflation was lower.
We had zero debt. Owned our home. Our retirement income stream consisted of the traditional three retirement stools-DB pension, investments, social security.
It just dawned on us yesterday that we have never paid credit card interest, never had a consumer loan other than a 0 percent car loan for 24 months, never had a bank loan other than a mortgage for 15 years.
Medical was not an issue for us-we have medical.
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04-19-2022, 09:53 AM
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#20
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Thinks s/he gets paid by the post
Join Date: Jan 2013
Location: SoCal, Lausanne
Posts: 4,408
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The article quoted is just sour grapes appealing to the 66% that live paycheck to paycheck to justify never retiring until forced to. It makes them feel good to know that they can continue to work and remain financially irresponsible. Every early retirement situation is different. We save more during retirement than the vast majority of people our age that continue to work. Seven years into early retirement we have never withdrawn from our retirement accounts and don't plan to until age 72 or later. Debt? What debt? We own three properties free and clear and never paid a penny of credit card interest. We pay cash for our cars and never buy anything unless we can pay it in full.
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