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Old 09-21-2013, 07:33 PM   #15
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well......I want the last check I write to bounce......problem is, figuring out when that is going to be. Seriously, strike a good balance(which it seems you already have) and enjoy life as you go and plan for a time when you will not have to go to work everyday unless you want to.
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Old 09-21-2013, 07:54 PM   #16
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I'm not quite to my retirement date yet (June 2016), but the biggest advice would be like others said " live and play to your means". I have enjoyed playing only because I have played within my budget. I get 6 weeks of vacation and have not stayed home in 20 years. No, I don't have a pusher. I could buy one but would be tapped out. I only buy what I can pay in cash.

I knew in my early teens I wanted to retire by the age of 55. I started my IRA in my early teens and added to my employers 401-k also. Even with my small company pension / sub-standard medical, I plan to retire at age 53. I have about 550 work days left.

Where I work other fellow RVers plan to just keep working till 65 or 70. Being in a job that takes a toll on your body, their health is poor at best. And your going to work 10 or 15 more years for what? A cane to get up the steps of your RV.

Enjoy life now but don't go into the "debt trap". Life is too short. I tell my fellow co-workers. I have plenty of things to do and "work" is not one of them.
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Old 09-22-2013, 08:13 AM   #17
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I think it needs to be about priorities? Each of us need to have them. When it comes to pre-retirement I think they need to be fairly well defined?

The bottom line though, is if this rig is stretching your 'comfort zone', you need to move on that without delay. That's me though. FWIW.
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Old 09-22-2013, 08:46 AM   #18
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I retired at 58 when my youngest got off on his own - I'm married with 5 kids. Here are my basic ideas:
#1 - Fully fund your tax sheltered retirement plan (401K/IRA/etc). Invest it wisely/diversify)
#2 Eliminate debt (all debt = money you spent but haven't earned yet)
Put aside $$ for kids education/emergency fund. For the girls, tell them at a young age that you will pay either for an education or a wedding and you hope they choose the education. If someone wants to go in the military, let them.
#3 Go out and have fun, but live within your means. Time together at state/national parks are just as rewarding as a Disney vacation. Do what you can afford.
#4 Stay married and work together on your plans/goal - why give all you savings to a lawyer?
#5 Learn how to do some of your own house/RV/car maintenance and find honest/fair/skilled/good professionals you can afford for the hard stuff.
There is nothing wrong with working and there is nothing wrong with free time. Work towards a dream, but enjoy the trip. Just don't sit around watching TV all day:>)
P.S. We used a tent, then pop-up for many years to tour the country.
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Old 09-22-2013, 08:47 AM   #19
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I retired t age 47 using this plan

always pay yourself first. (savings)

If you can not pay cash for it you can not afford it!

credit cards are not an option, they are a liability!

all vacations, trips, etc. are paid in full before taking any. I saved for them in advance.

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Old 09-22-2013, 06:37 PM   #20
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A few years before I retired, I had a health scare that suggested I might not make it to retirement. I was sure glad that I had decided early on to spend time RV'ing with the family when the kids were little. A brutal surgery that required a 3 month recovery brought me thru the scare, but it also prompted me to take an early retirement last year and start full-timing now. In your next 20 years, you'll make cherished memories that money can't buy. And unfortunately, you'll also see friends that don't make it to retirement. Plan for the future, but enjoy now.
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Old 09-22-2013, 06:48 PM   #21
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Originally Posted by codgerbill View Post

You can save it and let the kids spend their inheritance.........
I think my son is counting on an inheritance, he already spent what should have been mine!
After my parents died we found some $250,000+ in bank transfers from their account to him. When my parents died they didn't have enough income ($4,400 a month) to pay for their care and no money left in their account to pay the extra.
We plan on willing all we have left to some of the no kill animal shelters!
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Old 09-23-2013, 02:38 PM   #22
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Wow Mr D that's horrible. As much as I would like an extra quarter mil I don't think or expect my parents to leave me anything. On the flip side I don't plan on leaving much of anything behind either. Seems the state and feds think they should be entitled to a cut of that savings that already had taxes paid on it. So I will be sure if at all possible to give away what I can before I go.
I like the idea of the last check bouncing tho.
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Old 09-23-2013, 03:27 PM   #23
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If you can't save it yourself, don't depend on others to provide it. We got a modest 21K from wife's parents. I expect less than that from my parents when they pass. Not nearly enough to retire on.

I put 15% away every week, my wife put some away although it was less than 15%. Each year come income tax time we added a little more to our IRA's, although again not a lot.

The thing is that this all adds up over time. That 15% per week I put away was over about 25 years. Along with these we both get some pension money (mine's about $200 per month, hers about $700 per month). These will be added to my SSD and her SS (when she gets a few years older). Again, these all add up.

The key is to plan early and don't miss any weeks. That's why the 401K works so well.

The next step has been mentioned, live within your means. Nothing goes on our credit card that we do not have the cash to pay. We get cash incentives with the card that makes it beneficial to use the card and pay it off each month. We do have vehicle payments (both car and coach) and some site fees, but that's it.
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Old 09-23-2013, 03:40 PM   #24
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I have tried to encourage my kids to put 20% into savings right off of the top, and if no crisis, don't borrow it back. Daughter was surprised how fast it added up, and got to the $1000 balance where it gets really difficult to borrow it. LOL

Never too late to start.

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Old 09-23-2013, 03:49 PM   #25
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I definitely believe in save well and spend within your means.

I always had the dream to retire early so started saving ~50% of my income from the moment I made my first dollar (cleaning toilets as a teenager). Worked thro' college, never took on debt and kept increasing savings when I got my job. I was lucky enough to meet a guy who had the same approach in life. Never really had much "stuff" and definitely spent a few hungry nights, but sure am happy for it now.
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Old 09-23-2013, 05:30 PM   #26
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Originally Posted by RV735 View Post
Save 15% of you yearly income for retirement. That is the recommendation I was given. I am retired and it has given us the opportunity to travel 5-6 months during the year. Enjoy the family and activities today with your kids and plan for your future.

Safe travels and THE JOY IS IN THE RIDE
I agree with 15%. However don't be content with 15% of a little bit. Go for as much money as you can. I started at the bottom and worked my way to the top. I did this by being a threat to everybody I worked for. Go after the guy making the most. 15% of a little is a little. 15% of a lot is a lot. You will find that being a threat is not what it sounds like. Most likely your boss is on his way up. There will be others competing with you.
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Old 09-23-2013, 05:35 PM   #27
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Originally Posted by Lifemember View Post
I retired t age 47 using this plan

always pay yourself first. (savings)

If you can not pay cash for it you can not afford it!

credit cards are not an option, they are a liability!

all vacations, trips, etc. are paid in full before taking any. I saved for them in advance.

The best advise so far.
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Old 09-23-2013, 06:00 PM   #28
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I didn't know there were so many smart RVers. Greatlakes you have gotten a lot of great advise. What I think was the best advise is "do not borrow". I will take it a bit further and tell you that paying off debt is savings and compounds even faster than the money in your savings account because it earns more. Get out of debt and save the interest you are paying any creditors. That includes you mortgage. I haven't had a mortgage payment for over twenty years and you would not believe how much you can save without one. Need the tax deduction? Check out how much a standard deduction is without paying a thing. Advise from a semi retired CPA and financial planner that managed to put 18,000 miles in a year and half on a Motorhome I picked up last April 16th while still working (kinda).
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