Who All is Retired and How Do You Do It?

Don Fischer said:

I actually really though about retirement a bit to late. But I managed to get out of debt and my home paid off then got medically disqualified from driving and ended up with Social Security Disability at age 60. My medical come through the VA, don't know that I could afford it if I had to buy it. When I first got SS medicare was $109 a month and as I had VA I didn't see a need for it, still don't. I do get a pretty good shot over average SS though and if I'm reasonably careful can save a bit of money every month. Most people I know get about $1250mo or less in SS most of those less at $800 a mo. Have no idea how they make it. I'm in income bracket where I don't pay tax's anymore, that helps. It wouldn't take a real major disaster to create a problem for me. Really should have thought about retirement long before I did. Something I think is true is in retirement people that need $300,000 a year need it because that is the life style they grew used to. People like myself do fine at $20,000 because I committed myself to it and am pretty frugal to begin with!

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WOW, you get by on $20,000.00 per year. That's impressive and my hat is off to you. I would agree that some spend too much. I have a good job and have often spent way too much (because it's there????). Just added an addition to the house, which in hindsight could have been done without (regrets and maybe that what a wife is good for.... "what the hell are you thinking"). It sure is nice to live without debt. If those people who say: "you need one million $ to retire".... are correct, then I will never retire.

good luck to all
the dog

Come Monday, I will be officially retired from the military. In later July, I took a contract gig overseas and away from the family for a year to help pay off bills and pay for the oldest son to start college. My plan is to find a new career back home after this contract ends. The wife works as well, and if she gets a promotion soon, with what we have paid off while I am away, we will be able to live a lot more comfortably on less. My goal is to invest 15% at my next job, along with the wife bumping her 401K up another 5% as well. Depending on which job I get once I leave here, we may actually bring in more money than I did while on AD. If that's the case, we want to take my AF retirement check and bank it. While there's a lot of "what ifs" at this point, it feels good to be getting out of debt, and being able to look forward to permanently retiring before age 65 for me.

Now I could stay at my current contract for three years and never work again probably, but I also have a son still in high school I would like to be there for as well.

I'm not there, yet. Problem for me is, after close to 48 years, work (doing something productive) is so ingrained its hard to imagine life otherwise. I feel great! Like my thought life is still somewhat that of a much younger person but when I see myself in the mirror, it all comes back to me Career is good, but could be better, same for the financial situation. Not many worries there. If I could decide what I really want to do when I grow up it would be really helpful!

Retirement? What’s that? I’m starting to feel like “retirement” will be like a rotary phone. Something we only get to hear about...

Sconie said:

Retirement? What’s that? I’m starting to feel like “retirement” will be like a rotary phone. Something we only get to hear about...

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If so, you make it that way. You live on the income you have! If you have $300k a year, you will live on it, quite comfortably! If you have $10k a year, you will live on it but probably do a lot of fussing! Retirement is something people should start thinking about in their 20's, not their 50's. I was in my 50's and found I got out of dept and the house paid off or I'd probably still be working today. You learn to live on less if less is what you have or you work the rest of your life, it's a choice we all make and it is a choice! I make right at $20k a year SS and if I got chinchy could put away $4800 a year, I choose not to. Every now and then this cloud floats over me and I consider finding a woman on SS as a live in. At another $800 a month my bills would go up no where near that, but I've tried living with women, never worked out well for me. I could go to work at some part time job but the sound of work turns me off! Relative died this year and inheritance will give me another $400 a month plus for another 20+ yrs! If your having trouble getting by on SS, perhaps you could get one somewhere. Have a lady friend in Texas that is several years younger than me, she get's about $1200 a month. Would have been down under $800 but married a guy with brain cancer and got his SS! So if you know a guy with brain cancer interested in marriage, well just a thought! Keep your mind and put money away while you can still work at your peak. Get out of dept and have a house paid off. Then learn to live off what you have, not that great maybe but certainly possible. Lot of thing's I'd like to do but can't afford but then most my own health would limit anyway! Not that big a deal, learn to accept what you have!

One thing I might add, buy a home and pay it off. If you don't your probably gonna be paying more for rent in retirement than a house payment! Before I paid off the house the payment was something like $450 a month plus tax's and insurance. Today the house of paid off and tax's run me $100 a month and ins $32 a month! No I don't live in a $250k house but I got 10 acre's, a barn, a shop, machine shed, three bird pens a loafing shed and a tack room! My house is probably a POS but the roof doesn't leak!