I retired at age 53, my wife at 50.....am 70 now and having a ball. Wife and I both have pensions plus social security....and have a nest egg and investment income and we own farm land and timberland that brings income.. Life is good.
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I retired at age 53, my wife at 50.....am 70 now and having a ball. Wife and I both have pensions plus social security....and have a nest egg and investment income and we own farm land and timberland that brings income.. Life is good.
IMO it is best to have income you can count on in retirement. In other words it is best not to plan on drawing out any of your principle savings but ideally should be able to live off of the income that it produces along with any other retirement incomes like SSI, pensions etc.
Now exactly how much income is personal matter based on needs and lifestyle, but best to be able to count on it. The worst thing IMO is for a person to continually draw out of his principle in retirement and then out live it and yet still need it.
I'm about to be faced with some of the same decisions. Been working for a great company that has a defined benefits plan and a 401K that I loaded up on when I was younger. I really couldn't ask for a better place to work. Good pay & benefits. I started with them when I was 20 years old and will turn 53 this August. I've always said I would retire at 55 as they will pay for half of my wife's and I health insurance at that point. Closer I get to 55, more I realize decisions are going to have to be made. And BIG ones too. Everything I own will be paid off before that. House & farm will be mine. My wife & I have no kids and will leave whatever is left to the nieces & nephews.
I keep thinking about the good men/friends that I have worked with over the years that passed away & didn't get to enjoy their retirement.
I don't want to be one of those guys....
I want to retire by 50.... But I better start saving for real if that is gonna happen. Make your assets work for you
I've said this before but worth repeating. A financial advisor once told me that you want to enjoy your retirement. Plan your money so that you bounce the very last check you write.
Their is some very good advice here. I'm jealous of you guys with pensions. The main thing I can add is being debt free including the home takes a tremendous load away. Owning a small farm can certainly provide income and pleasure if it is managed properly. Also, some of the happiest people I know are semi-retired. They have plenty of time for hobbies and some travels but also enjoy working at a slower pace and the extra income it produces.
Im with you MO'!!! I only have 3,564 days 9 hours and 17 minutes from this current time and im DONE!!!
Right on being debt free before you retire.....you don't want to be making payments on anything.Quote:
Originally Posted by feeshrman
There is nothing like being retired and watching the pension check come in the mail, i retired at 51 after 30 years of service, worked two jobs for 26 years of that 30 sometimes 3 jobs, but you do what you have to do, 3 kids and college are not cheap, after i retired i was lost after two month being home and doing the honey due list, that got completed and i started looking for a part time job, well i found the job and back to full time work. The kids are gone and now the grand kids spend there papa's extra money but you only live once and you can't take it with you and if you try to take the cash someone will be there to write a check and remove the cash from the steel box. Waiting for SS maybe.:scratchhead:Doh::crazy:now fishing every chance :fish:fish
I agree it feels great, the only feeling similar is the first time you own your home free and clear.Quote:
Originally Posted by pesce
For myself being able to be home with the family is the real blessing