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Old 06-03-2015, 07:27 AM   #57
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Location: Snowbird - Waterford Mi and Citrus Springs Fl.
Posts: 3,337
At age 55, I had already outlived my dad, and the ex's dad, who I was very close to. These tragedies really tempered the thought you need to get out and have some fun while you have your health and are able to. I was single, with no kids (2 legged), and plans to stay that way. At age 59 I had managed to get myself debt free, with a residence and vacation home paid for, a modest 401k, and a few bucks in the bank.

At age 60, there were issues at work that supplied the motivation I had been working up to/needed, to leave the 9-5 world forever. So that's what happened. I did it! The powers that be at work were taken by complete surprise (for that I have absolutely no remorse - long story), and paid dearly for some "consulting" for a few months afterward - supplying a bonus to the bank account. Then I was free.....

Now at 64, I consider myself very lucky to have escaped into retirement relatively unscathed and in good health. I have no clue regarding my financial situation 20 years from now, and I can live with that, knowing full well I am 1 nasty accident or serious illness away from the poor house - but I think most of us are in that same boat? I think of that concept as the great equalizer when it comes to our financial resources.

Anyway, I'm quite happy living fairly modestly when it comes to expenses. My SS covers most of that, with a very modest withdrawal all I ever need to make to cover my needs when it comes to "mad" money. I met, and enjoy being with a "significant other", who I hope has the patience required to put up with me to the end. She has similar interests, needs, and financial resources, so together we're a great team.

The key to get to/stay in retirement, for me anyway, is to get, and stay, debt free. From there, it's much easier to be pretty efficient in retirement. In my case, I'm not sure I could have made the move to retirement any other way. I'd be too concerned about "bills" and much more likely to playing mental "what iffs" to be able to enjoy myself?

My advice is, if you can, do it. FWIW, -Al

1997 37' HR Endeavor, 275hp Cat, Freightliner
03 CR-V Blue Ox, Ready Brake
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Old 06-03-2015, 07:36 AM   #58
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Damon Owners Club
Workhorse Chassis Owner
Join Date: Mar 2009
Posts: 21,174
I am going to ask you a bunch of questions and I do NOT want you to answer them, not publicly, not privately. DO NOT Type the answers.

1: What was your Gross income last year
2: And the final taxable amount?
3: Your projected Social Security?
4: Any projected pension?
5: How much in savings?

NOW: Find a good Financial Adviser who can help you with this.. It may be possible (you are old enough) to invest in an annuity Some of them (Met-Life for one) (NO I DO NOT SELL THESE PLANS, (Which is why I do not want your answer)). have or had plans that guarantee a return.. Whatever percentage they pay.. It can go up, but not down.

Take the answers to those questions to him.

I did a bit of calculation just last week.

I calculated my personal top wage when I was working. (Since my wife is now deceased I did not include hers)

I compared it to last years tax return..Now I do not have enough savings to include in the tax calculation.

The result.. The two numbers were rather close (Within 10%) So I am as well off just on Pension and SS as I was working (Even driving a motor home I spend less on gas) and in fact perhaps a bit better (No Taxes,Water,Sewer,Wire-Telephone,Electricity,, Just site rental which is about ONE of those costs (Taxes) if I pay full price or a fraction when I get the motor replaced and go back to using membership parks)

But the best thing you can do is get a good (Alas,can not help you there either) financial adviser.

Home is where I park it!
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Old 06-03-2015, 09:27 AM   #59
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Posts: 242
Great thread
If you find yourself with less money than you want, lower your wants. You can't buy time. Once you get past treating it as a vacation the rv lifestyle will be as expensive as you want it to be. Knowing where your at financially, fixing the small stuff yourself, not owing any money, and not being in a hurry go a long way. Buy a super nice low mileage rig for around $50.000. That way if it really p's you off, you can afford to leave it on the side of the road and drive away.
Always keep at least a few dollars in your pocket to buy ice cream!
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If you don't want to get shot by the police, don't be a criminal!
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Old 06-03-2015, 03:05 PM   #60
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Well said, "you can't buy time". And, what's more important than sharing an ice cream cone with your best friend?
Al & Sue w/T-Bone & Rosco
Go Devils Bus, 1994 8.3 Cummins, Spartan Chassis
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Old 06-08-2015, 08:59 AM   #61
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Join Date: Jan 2012
Location: NE Oklahoma
Posts: 421
Don't Wait!!

I worked for 40 years (that's long enough!) and retired when I turned 59 in 2007. I have never regretted retiring and you won't either. I have know many folks that waited until they were 65 or even 70 and died a short period after retirement.

The trick to early retirement is to get and stay debt free. I paid my last mortgage and car payment when I was 40 yrs old and still don't owe a penny. I have never paid a dime in credit card interest. You must live within your means and income regardless of whether you are working or not and regardless of your income.

The biggest worry on early retirement is health care cost. We bought high deductible policies ($5K each/yr) when we retired and it still cost $12K/yr in monthly premiums. We now have Medicare which has reduced the pain, but health care is still expensive.

If there is anything left when it's over, our kids get the money, however I intend to have the last check I write to bounce when I die!!

Rick and Lynda Smith
2004 NEWMAR DSDP M-4011-SPTN 8.9 Liter Cummins
2011 GMC SLT 1500 4WD CREW toad
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