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10-26-2020, 05:26 AM
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#85
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Senior Member
Join Date: Jul 2013
Location: Virginia
Posts: 320
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Yesterday 
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2006 NuWa Discover America Luxury Suite 32 LKTG
2017 Silverado 3500HD LTZ Duramax/Allison
2000 Newmar 38 DSDP
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10-26-2020, 08:53 AM
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#86
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Senior Member
Join Date: Jun 2007
Location: Lake Camanche, CA
Posts: 404
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Some will say, "One more year of working to save more for retirement".
I thought to myself, "When is enough, enough?"
Made sense to me so I retired at 55 yrs old and that was 20 yrs ago. Haven't regretted doing so.
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10-29-2020, 04:52 PM
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#87
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Member
Join Date: Dec 2017
Posts: 60
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1+
Quote:
Originally Posted by edaa53
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1+ 
__________________
I always keep a supply of stimulant handy in case i see a snake ------ which I also keep handy
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10-29-2020, 06:14 PM
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#88
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Senior Member
Join Date: Nov 2006
Location: Western NY
Posts: 6,150
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You nailed the short & easy answer...
As soon as you can afford to and not too late that you don't get to enjoy it.
Now the hard part - the devil is in the details.
Best exercise we went through is to sit down and figure where you spend your $ while working. Don't sweat counting pennies but try to account for where you total gross income goes. This takes some work to search taxes, bills, credit cards, savings and do educated ests for the rest.
Then once comfortable with a close approximation - try to estimate what will stay the same, increase & decrease in retirement (again desired / best est)
With that info most banks, credit unions, investment houses can run several scenarios (often at no / lo cost to you) to show you your retirement options.
Then you & only you can decide which option & how much risk you are comfortable with.
From personal experience and only my opinion - a good option is to continue part time work while you are young / healthy enough that it isn't a burden and actually can be a pleasant way to fill time, extend your retirement benefits and still have flexibility to do other enjoyable things.
IMO waiting until you run out of funds to consider part time work us not a great a alternative... who wants to have to go to work at late 70s or 80s?!
__________________
Don & Marge
'13 Newmar Ventana 3433 - '14 CR-V TOAD
'03 Winnebago Adventurer 31Y - SOLD
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10-30-2020, 06:01 AM
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#89
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Senior Member
Join Date: Jan 2013
Posts: 120
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The happiest retirees i know are those that retire with no debt whatsoever, and don't make any new debt once they retire. "I have enough in the bank to pay (name it) off, but I don't because......" (Heard this a lot and the excuse never makes sense.)
You worked 40 or 50 years and still have debt? Why? After you retire there are a number of bad things that can (and will) happen. You don't need debt then, you need a cash cushion.
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10-30-2020, 10:41 PM
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#90
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Junior Member
Join Date: Feb 2014
Posts: 21
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Quote:
Originally Posted by jimheiner
The happiest retirees i know are those that retire with no debt whatsoever, and don't make any new debt once they retire. "I have enough in the bank to pay (name it) off, but I don't because......" (Heard this a lot and the excuse never makes sense.)
You worked 40 or 50 years and still have debt? Why? After you retire there are a number of bad things that can (and will) happen. You don't need debt then, you need a cash cushion.
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Sure...keeping money in the bank makes sense. I have purchased two new vehicles since I retired. Financed them both. Why shouldn't I take the BELOW market financing and let me make the 1 1/2% on the rest?
I could have paid cash for them both. But THAT wasn't smart.
I have this philosophy-only borrow money you don't need.
I don't have the same philosophy of "that guy on the radio".
__________________
2011 Silverado Crew Cab - 5.3
2012 Eclipse Milan 24LSBHG
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10-30-2020, 10:50 PM
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#91
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Senior Member
Join Date: Nov 2015
Posts: 26,848
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Mom taught me a real life lesson growing up....
On payday, pay yourself something
And never over extend yourself --- ie: live within your means
I never accumulated debt except for mortgage.
Retired before turning 50 cause I had been wise with my income, lived/enjoyed life and was debt free.
17 yrs later I am still debt free and loving retirement
__________________
I took my Medication today. HAVE YOU?
Dodge 3500 w/Tractor Motor
US NAVY---USS Decatur DDG-31
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10-30-2020, 11:35 PM
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#92
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Senior Member
Winnebago Owners Club Workhorse Chassis Owner
Join Date: May 2016
Location: Kamloops, BC, 60 miles from the Center of the Universe according to the Rinpoche, of the SF monks.
Posts: 7,397
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When I got my first regular job ( Farming at home didn't pay much other than food and shelter) my dad told me a couple of things.
I tried to live by that advice the rest of my working life.
He told me to always leave for work giving yourself enough time to change a flat tire, and keep six months wages in the bank in case you need it one day.
Well I kept that advice and kept saving. That's why I could retire at 58. Also, it helps to have an understanding wife with the same principles.
So retire as soon as you can, but don't forget you will need money. It can't buy happiness, but it sure helps. 
__________________
Happy Glamping, Norman & Elna. 2008 Winnebago Adventurer 38J, W24, dozens of small thirsty ponies. Retired after 40 years wrenching on trucks! 2010 Ford Ranger toad with bicycles or KLR 650 in the back. Easy to spot an RVer, they always walk around with a screwdriver or wrench in one hand! 
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10-31-2020, 10:02 AM
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#93
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Senior Member
Rexhall Owners Group
Join Date: Dec 2010
Location: L.A.
Posts: 412
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Quote:
Originally Posted by jimheiner
The happiest retirees i know are those that retire with no debt whatsoever, and don't make any new debt once they retire. "I have enough in the bank to pay (name it) off, but I don't because......" (Heard this a lot and the excuse never makes sense.)
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Loan on a 2016 Jeep. Interest rate 2% for 6 years. At the time, IRA was earning considerably more.
Not an excuse. Just common sense.
__________________
GaryB1st
2005 Pace Arrow 35G
2016 Jeep Wrangler JKU Willys trim
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11-01-2020, 08:20 AM
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#94
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Senior Member
Join Date: Jan 2013
Posts: 120
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Quote:
Originally Posted by Chuck24
Sure...keeping money in the bank makes sense. I have purchased two new vehicles since I retired. Financed them both. Why shouldn't I take the BELOW market financing and let me make the 1 1/2% on the rest?
I could have paid cash for them both. But THAT wasn't smart.
I have this philosophy-only borrow money you don't need.
I don't have the same philosophy of "that guy on the radio".
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Why shouldn't I take the BELOW market financing and let me make the 1 1/2% on the rest?
Risk and taxes
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11-01-2020, 08:29 AM
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#95
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Senior Member
Winnebago Owners Club
Join Date: Mar 2014
Posts: 14,891
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Retire when you are still young enough and physically fit enough to do the things you like.
If you like travel, sight seeing and getting out and about it will be different than if you plan to retire to a chair in front of the television.
__________________
Gordon and Janet
Tour 42QD/InTech Stacker
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11-01-2020, 10:30 PM
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#96
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Junior Member
Join Date: Feb 2014
Posts: 21
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Quote:
Originally Posted by jimheiner
Why shouldn't I take the BELOW market financing and let me make the 1 1/2% on the rest?
Risk and taxes
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There is no risk. I have enough cash to pay for the vehicles many times over. There are no (out of the ordinary) tax consequences.
__________________
2011 Silverado Crew Cab - 5.3
2012 Eclipse Milan 24LSBHG
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11-01-2020, 10:47 PM
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#97
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Senior Member
Join Date: Mar 2019
Location: Lansing MI
Posts: 2,825
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Just one thought on the 0% loans. What was the cash price without the 0% interest. Nobody, and I mean nobody, loans money for free. The contact may say the rate is 0% but if the price is higher the rate is not 0%. Just my 40 or so years of banking and accounting kicking in.
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11-02-2020, 07:55 AM
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#98
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Senior Member
Join Date: Jan 2013
Posts: 120
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Quote:
Originally Posted by arcaguy
Just one thought on the 0% loans. What was the cash price without the 0% interest. Nobody, and I mean nobody, loans money for free. The contact may say the rate is 0% but if the price is higher the rate is not 0%. Just my 40 or so years of banking and accounting kicking in.
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100% agree. The USA was built on debt, and it is no wonder the banks & insurance companies build some of the biggest buildings. We are largely addicted to debt. And "I could have paid cash but borrowed" is a refrain by those without the testicular fortitude to write that ONE BIG CHECK.
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