10 Things I've Learned in my 1st Year of Retirement...

Luster said:
9. Every day is Saturday.
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Hmmm, why is this sounding familiar? Those in the know just call it EDIS. :D

Here's some things I'm sure Bill will agree with...

[on soapbox]

A happy, carefree retirement is no accident. You don't need to agonize over every detail but you at least have to have a plan loosely in mind. And although it may seem like a nebulous, far-off dream, it will be here before you know it. Having a get-rich-slow plan in place and a method to keep score is essential as nobody else is going to do it for you. Saving and investing isn't something you just do to buy something, it's a lifetime endeavor and pays big dividends in more ways than one.

I wish I would've figured it out 20 years sooner. For you guys with that long to work time's a wastin'!

[off soapbox]

1 year and 7 months to go. I've been eligible for 2 1/2 years which was my original plan, retirement at 50. :clap: However, those paychecks keep me at the salt mines. I guess that makes me a ho :scared: In the month of my 56th birthday I'll no longer have a choice, they bounce ya right out the door on your ear. Good thing, that way I won't be tempted to keep putting it off.

TL
 
TLMitchell said:
Hmmm, why is this sounding familiar? Those in the know just call it EDIS. :D

Here's some things I'm sure Bill will agree with...

[on soapbox]

A happy, carefree retirement is no accident. You don't need to agonize over every detail but you at least have to have a plan loosely in mind. And although it may seem like a nebulous, far-off dream, it will be here before you know it. Having a get-rich-slow plan in place and a method to keep score is essential as nobody else is going to do it for you. Saving and investing isn't something you just do to buy something, it's a lifetime endeavor and pays big dividends in more ways than one.

I wish I would've figured it out 20 years sooner. For you guys with that long to work time's a wastin'!

[off soapbox]

1 year and 7 months to go. I've been eligible for 2 1/2 years which was my original plan, retirement at 50. :clap: However, those paychecks keep me at the salt mines. I guess that makes me a ho :scared: In the month of my 56th birthday I'll no longer have a choice, they bounce ya right out the door on your ear. Good thing, that way I won't be tempted to keep putting it off.

TL
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Excellent thoughts TL! You're right, it doesn't just HAPPEN!

32 years with the same company. Started at 5:45am, when home at 5:45pm (most days)

Definitely paid my dues.

Advice for the younger guys? If you want to retire with no worries, SAVE 20-22% of your takehome salary and invest wisely. I know that is a painful thought, but you'll be glad you did!

Do the math. If you can live on $50k per year, you'll need $1 million. (based on 5% interest)

If you need $100k per year, it's $2 million.

(Just being realistic):Innocent:

Never too early to start saving!:wink:
 
I figure I got about 50years ahead of me :driving:

Good to see you enjoying this time of your life, make every day be better than the day before!

Hats off to ya;)
 
i retired july 09.6mos out can't find myself yet always think i got to do something then it hits me, I don't have any were to go,never enough money 30.6yrs 51yrs young and loving it. starting my on biz detailing coming out the box ready to do my on thing not having to hit a clock fells good,wk 60,80,100 hrs sometime no more guess what still not enough MONEY......
 
Luster said:
Excellent thoughts TL! You're right, it doesn't just HAPPEN!

32 years with the same company. Started at 5:45am, when home at 5:45pm (most days)

Definitely paid my dues.

Advice for the younger guys? If you want to retire with no worries, SAVE 20-22% of your takehome salary and invest wisely. I know that is a painful thought, but you'll be glad you did!

Do the math. If you can live on $50k per year, you'll need $1 million. (based on 5% interest)

If you need $100k per year, it's $2 million.

(Just being realistic):Innocent:

Never too early to start saving!:wink:
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Your beggining to sound like my advisor :out:
 
Street Dreams said:
I figure I got about 50years ahead of me :driving:

Good to see you enjoying this time of your life, make every day be better than the day before!

Hats off to ya;)
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Thanks David. It was a long haul, but worth every minute! From your pics and write ups, you really enjoy your work.... keep it up!:biggrin:
 
Bill, I retired myself last July and I'm loving it! Started working when I was 14 and got out at 63. Looking back, I think that I was lucky that I was raised by parents who went through the Great Depression. Although it took some time they they drummed into me the value of a dollar and the need to save. I always lived modestly and have everything that I need and most everything that I want. I'm a lucky guy!
 
Bill,

I have about 24 years to go. Unfortunately, the way things are going, there won't be much to retire on. Hopefully the econemy will change and we can start saving again.

Enjoy it Bill, you have earned it.Sleep
 
I am debt free and don't plan on retiring soon. Being self-employed is too enjoyable to retire.

I enjoy getting up early, going to work, being in the company of others, etc.

I don't agree on the amount of money needed to retire. One can live a simple life and be very happy.

I will leave my abundance to my children and grandchildren instead of spending it on me in my old age.

$30k is more than enough if you retire debt free. If not debt free, then retirement is a bad thing to consider. IMO.
 
Blackfire said:
I am debt free and don't plan on retiring soon. Being self-employed is too enjoyable to retire.

I enjoy getting up early, going to work, being in the company of others, etc.

I don't agree on the amount of money needed to retire. One can live a simple life and be very happy.

I will leave my abundance to my children and grandchildren instead of spending it on me in my old age.

$30k is more than enough if you retire debt free. If not debt free, then retirement is a bad thing to consider. IMO.
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Per year? Inquiring minds want to know!
 
Blackfire said:
I am debt free and don't plan on retiring soon. Being self-employed is too enjoyable to retire.

I enjoy getting up early, going to work, being in the company of others, etc.

I don't agree on the amount of money needed to retire. One can live a simple life and be very happy.

I will leave my abundance to my children and grandchildren instead of spending it on me in my old age.

$30k is more than enough if you retire debt free. If not debt free, then retirement is a bad thing to consider. IMO.
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I respect your opinion. I also have no debt. I was just using a couple figures to demonstrate how much would be needed to have a $50k and $100k yearly income (as examples). 5% interest on $1,000,000 would be $50k.

If you can live on $30k, I salute you!:thumbup:

In your case, $600,000 at 5% would yield $30k per year... but don't forget about inflation at 3%-4% per year. People who don't plan for inflation are sometimes broke in 10 years.
 
Even being debt free one must figure on property tax ,income tax, local taxes, insurance (both home ,car , health etc ) , utilities , phone , up-keep on home and car or replacment , groceries . Thats not counting travel and entertainment. Just a few things to keep in mind. Paul S
 
Bill, you've got the right attitude.........:clap:


Finding ways to full up your day with work and pleasure in a positive way is key and your posts here reflect your personality......

I want to work for another 15 or so and hope that I'm as comfortable as you are when that time comes........


Cheers.......!
 
Dave1 said:
Bill, you've got the right attitude.........:clap:


Finding ways to full up your day with work and pleasure in a positive way is key and your posts here reflect your personality......

I want to work for another 15 or so and hope that I'm as comfortable as you are when that time comes........


Cheers.......!
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Thanks Dave!

True I have been blessed with a positive attitude for life!:clap::Dancing Dot: I find the good in almost everything!
 
I've retired 3 times now, ages 42,56 and 63. I started working part time at O'Reilly's Auto parts here in town. 3 days a week and it's a lot of fun. Three times people have come in and said "you just can't stay retired can you".
 
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