Retired at age 52

[tabs]

Originally Posted by ckelly78z

At 53, I would love to retire anytime, but will most likely have to wait until 60 when I can pull from the large 401K, and collect my 25 year company pension. My issue has been, and will be health insurance. I have no house or car payments, and have cash in bank accounts, but I have also hit my insurance out of pocket limit almost every year.

I live in a flyover state on a 10 acre homestead farm, and wear Wrangler Jeans with t-shirts, we fix all of our own healthy meals, I pack my lunch to go to work, I drive a $3000 2004 Mustang GT, we go camping for entertainment with friends, and we both wear clothes out rather than buying new seasonal clothes. No reason to buy from thrift stores when you get good mileage out of Costco clothes.

I see so many friends and aquaintances playing the "beat the jonses" game by buying/leasing new cars/trucks/toys/boats/campers at the limit of their income, wearing designer clothes, and going on extravagant vacations/entertainment venues. I just shake my head, and chuckle to myself about their future.

You just gotta suffer the depreciation on new cloths don't you? This year my truck qualifies for the Classic License Plates...no more smogging it..

BTW How does it feel to be driving a new car?

[tabs]

Originally Posted by McLovin

Right. "A penny saved is a penny earned" isn't exactly right. A penny saved is much MORE than a penny earned, because in our modern world you have to earn a penny and a half, pre-tax, to save a penny post tax.

Yes, multiple debt free income properties.

Sounds like a personal problem...

[tabs]

Now my relatives keep on telling me that I am a real spendthrift throwin my money around like it weren't nothin....they said "TABS if you were to get real serious now about savin money you would have 15W light bulbs...and only turn em on when you wanted to read sumthin." Further they say, "Do you know how much you could save TABS by digging around in the dumpsters in the back of Super Markets, why they throw out perfectly good food every day...food that poor people around the world would love to eat." So I says as I hang my head down low in abject shame, "Yeah I know I is the prodigal son who is a wastrel spendthrift of good hard money. I gots no respect"

Well I gots to go now, I gots to go to the grocery store to check what they is throwin in the...ahhh checking out the weekly specials.

[Chocaholic]

Originally Posted by McLovin

My wife works. She has a job she loves, plus she's needs a formal job to stay busy (we're very different that way). Also, she took around 15 years off to be a full time stay at home mom to raise our kids. So she doesn't have near the "workforce mileage" on her that I have. She'll work at least another 7-8 years.

That certainly makes retiring early more feasible! Jeez, if my wife had an income and benefits I could have retired a decade ago. Wish you’d have mentioned that tidbit in your first post. Now I understand. So, are you retired or are you a house husband with no plans to go back to work?

Apologize if I’m harsh. But that little detail changes the entire context.

[wdfifteen]

Congratulations on achieving your dream ahead of time. Good on ya!

[McLovin]

Originally Posted by Chocaholic

That certainly makes retiring early more feasible! Jeez, if my wife had an income and benefits I could have retired a decade ago. Wish you’d have mentioned that tidbit in your first post. Now I understand. So, are you retired or are you a house husband with no plans to go back to work?

Apologize if I’m harsh. But that little detail changes the entire context.

Hey, I have to have dinner on the table every night before she gets home, you don't know what that's like!

"Retirement" is probably an overstatement/dramatization of where I'm at. Basically, my standard was I could quit my normal professional career when I accumulated enough investment assets where those assets provided steady and reliable income that exceeded my "normal career job" income.

I passed that point a few years ago.

But as I said earlier, it isn't purely "passive" income, like income from CDs or something. I actively manage, by myself with no help, a fairly significant income property portfolio that I built up. But it is passive in the sense that it doesn't require daily work (usually). There are days that I spend all day on it, but then can go a week or so doing almost nothing.

That's something I'll likely do the rest of my life. I love doing it, and while I could hire management companies, they don't care about my properties like I do, and could never run them as well.

The wife's income isn't purely necessary, but it helps pay the bills for sure! The benefits are key, too. She's government, union and tenured. Triple whammy, gold plated Cadillac health insurance (laughable copays and deductibles).

So, retired? I guess it depends on your definition. But it's good enough for me!

[Jim Bremner]

Originally Posted by McLovin

My plan was always to retire at 55, but thanks to some breaks (mainly the 2008/09 crash) and good planning, I've come in a few years ahead of schedule.

I'll never be fully "retired" in the Hollywood movie style (sitting on a beach sipping an umbrella drink with nothing to do) because managing my assets will always take a good part of my time/focus. But I enjoy that, and don't count it as "work." I wake up every day when I want, wear what I want, do what I want when I want to, and answer to no one, so that's retired in my book.

I was able to get there without ever really having a yuuuge salary or work income. Certainly better than most, and I never had an unpaid/unemployed day in my working life, but not a 1%-er type working income. Did it through having an excellent understanding of economics, economic systems and the political process. Also being disciplined in knowing when to accumulate cash, and when to deploy capital. Knowing, understanding and accepting objective reality (i.e., knowing what is real and isn't, and acting accordingly). Those are things the vast majority of people are very bad at.

Anyways, it's been a couple of months, but I've somehow stayed very busy. Complaints? Nope! The freedom is amazing.

So,full on envious. I was on track to this. Wife got ill and the crash hit at the worst of time. I will need to work into my 60's

[rattlsnak]

Well, you suck... I'll probably have to be working until the day I die...

[rattlsnak]

But seriously, congrats!

[varmint]

I’m fifty. And could retire tomorrow if I could figure out a health insurance plan. That’s the great uncertainty.

[ckelly78z]

Originally Posted by varmint

I’m fifty. And could retire tomorrow if I could figure out a health insurance plan. That’s the great uncertainty.

I echo this problem, 53....no debt, a large 401K, a company pension, simple lifestyle, but insurance is the problem.

[KFC911]

^^^ Don't want to PARF this thread, but back in '08 (and I lost my corporate gig), this was my huge concern.....I'm over that . I kept the same BCBS coverage via an individual plan...back then. I pay out-of--pocket for care until I hit my fairly high limit each year, am healthy (luck), and this works for me. Under ACA now however....still BCBS coverage but different. Before Sammy calls me a free-loader for ACA....I'll give up my SS benefits instead....so there !

[David]

Congratulations and nice story of how you got there!

Sometimes I wish I saved more so I could retire early but then I think about my dad dying at 43 from a heart attack and realize I'm happy with my plan of retiring at 62 while still owning 3 Porsches, taking a yearly vacation, going out for fine dining ever so often, etc so that I do the things I enjoy every day just in case.

I also sometimes wish I lived in a nicer house, but then realize my modest house allows me to be debt free so I can do the things I enjoy now and still save for retirement.

[onewhippedpuppy]

Originally Posted by David

Congratulations and nice story of how you got there!

Sometimes I wish I saved more so I could retire early but then I think about my dad dying at 43 from a heart attack and realize I'm happy with my plan of retiring at 62 while still owning 3 Porsches, taking a yearly vacation, going out for fine dining ever so often, etc so that I do the things I enjoy every day just in case.

I also sometimes wish I lived in a nicer house, but then realize my modest house allows me to be debt free so I can do the things I enjoy now and still save for retirement.

My grandfather died at 82, still talking about things that he wanted to do but always too "busy" to do them. He had the money to do it all too, but was too committed to the business that he built from nothing. I have never wanted to live my life that way, and will happily work a few more years to afford vacations, dinners out with my wife and friends, and having fun with my kids. When I sold most of my cars and paid off my house, the primary motivation was to free up cash such that we could still have fun and put away money for the future. Life is all about compromise, and if I've learned one thing it's that stuff doesn't make you happy. Stuff can enable experiences with friends and family, which I find are a true source of happiness, but the simple ownership of stuff does not. Nothing can replace our family boat outings, but it's the experience that makes for the memories, not the ownership of the boat.

[BlueWing]

Joined the 52 retirement club ten years ago. Union jobs with 4 pensions 401A plan and will wait till FRA to collect the SS.

My health (not vision) has improved, 40 lbs. lighter blood pressure always at the lower end of the scale, no nothing to be concerned about, no prescriptions.

Still can't find enough time to get it all done. Two houses, five cars, my 54 Harley and one wife to maintain. No time to relax but keeping busy is easy. How did I do all this while working?

All is good and figure work half my life and chill the other half. Why spend my best years getting someone else to where I am?

Terry

[Baz]

Congrats to you McLovin!

Major props on the financial aspect and achievements. As well of those associated with successfully raising and maintaining a family and private life.

It's an interesting thread to hear from other's perspectives too. Much to be learned here.

I mentioned this in my thread about social security, that for me reaching this point in one's life - it's more about the aspect of time than anything else. That's the one thing we cannot manufacture more of. It's the most precious commodity we have.

Regarding health care, I will be eligible for Medicare next June so am fortunate that way. Retired with health care, financial security, good health, & plenty of time to enjoy the next chapter - that's the holy grail...indeed.

Please continue to add to this thread as you sally forth into your next chapter - it's of great interest to me and I'm sure many others here.

Cheers to you, McLovin!

[fintstone]

Seems to me that it would be very hard to know when one has enough money to retire. I want to do things today that I did not at 52. None are cheap.

[Baz]

Originally Posted by fintstone

Seems to me that it would be very hard to know when one has enough money to retire. I want to do things today that I did not at 52. None are cheap.

Most days the things that mean the most to me are free.

Surf, ride my bike, garden, visit my Mom, and tinker with my vintage classics. OK that last one isn't all that free...lol.....

[fintstone]

You must be single.

[Baz]

Originally Posted by fintstone

You must be single.

And happy!