Retire Soon
Full time employment: Posting here.
- Joined
- Nov 23, 2005
- Messages
- 655
I've always been careful with my money too, as many people on this forum have reported. I retired at the age of 55, not really an ER by the standards of this forum, but well below the average age of people in the U.S. which is 62. I drove used cars most of my life, and didn't even buy a new one until I was 50 and am still driving it.
DW and I were always careful with our money. We did not deprive ourselves, but saved as much as we could our 401k and 403b.
We did make a move that has helped a lot. I'd probably be working now If we hadn't took some risks. We traveled out of state one Memorial Day weekend in 2004 an bought a house and rented it out for two years. The area we bought it in was still a long ways from peaking out in real estate prices, so our house is still worth much more than what we paid for it.
In the summer of 2006 we sold our house in San Diego. This was not at the peak of the market, but far away from the bottom.
After selling our San Diego house, we moved our of state the same day that escrow closed. We now live in a modest home (1630 square feet) on a half-acre of land that is free and clear.
Whenever visit friends in San Diego they always remind us that we sold at the right time as housing prices have crashed there. I have admit that DW and I are fortunate. We have made some good decisions, but we're also fortunate that we cashed out of the housing boom at the right time. Also, the fact that I am now collecting a modest cola'd pension is also an asset.
The poor decisions made by financial corporations and poor oversight by the government during the housing boom will have a permanent and lasting impact on the lives of many Baby Boomers. Many people in this age group did not help themselves either by buying houses they couldn't afford and leasing or financing luxury vehicles that were far above their means. Now many of them may end up working past the age of 65. This is the price they'll have to pay for striving to impress others.
DW and I were always careful with our money. We did not deprive ourselves, but saved as much as we could our 401k and 403b.
We did make a move that has helped a lot. I'd probably be working now If we hadn't took some risks. We traveled out of state one Memorial Day weekend in 2004 an bought a house and rented it out for two years. The area we bought it in was still a long ways from peaking out in real estate prices, so our house is still worth much more than what we paid for it.
In the summer of 2006 we sold our house in San Diego. This was not at the peak of the market, but far away from the bottom.
After selling our San Diego house, we moved our of state the same day that escrow closed. We now live in a modest home (1630 square feet) on a half-acre of land that is free and clear.
Whenever visit friends in San Diego they always remind us that we sold at the right time as housing prices have crashed there. I have admit that DW and I are fortunate. We have made some good decisions, but we're also fortunate that we cashed out of the housing boom at the right time. Also, the fact that I am now collecting a modest cola'd pension is also an asset.
The poor decisions made by financial corporations and poor oversight by the government during the housing boom will have a permanent and lasting impact on the lives of many Baby Boomers. Many people in this age group did not help themselves either by buying houses they couldn't afford and leasing or financing luxury vehicles that were far above their means. Now many of them may end up working past the age of 65. This is the price they'll have to pay for striving to impress others.