Early Retirement

[CNS]

Never going to retire.  Will partially retire, but never fully.  Sounds boring.  Need something to counter balance the down time to keep it something you appreciate.

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[steve dave]

If you make a shitload of money you can retire early without living like shut

[sys]

also if you don't.

[wetwillie]

also if you don't.

You are the only person in this thread that I believe it when they say they are going to retire early.

[ben ji]

I found that blog and https://www.reddit.com/r/financialindependence a couple of years ago, check them a couple of times a month for new ideas and random information. I'm not shooting for a super early retirement but more for "Financial Independence" where I have the ability to pick and choose when/where I want to work.

I've seen my dad and my friends parents get laid off in the 50-60yr old range then struggle to find the same level of employment. I want to have the peace of mind that if that happens to me "Who cares, I've got enough to retire". I've also played around with the idea saving enough money for retirement that I would be able to start a second career earlier than that, maybe become a teacher or work at the library or a non profit, basically make enough to pay the bills while letting compound interest do most of the work for my retirement.

My current savings rate is 32% .....savings(401k/IRA/HSA) / (gross - tax). My goal for 2017 is to bump my contributions up to fully maximize all of my tax sheltered accounts(401K/rIRA/HSA) but I'm not there yet.

Obviously things will change in the next 10/20/30 years (Currently no lil ben ji's runnign around) but the goal is to have the flexibility to be able to take a step back compensation wise if I so chose.

[sys]

also if you don't.

You are the only person in this thread that I believe it when they say they are going to retire early.

that's one of the nicest things anyone has ever posted at me, but a bit of a slap in catastrophe's face.

[catastrophe]

I found that blog and https://www.reddit.com/r/financialindependence a couple of years ago, check them a couple of times a month for new ideas and random information. I'm not shooting for a super early retirement but more for "Financial Independence" where I have the ability to pick and choose when/where I want to work.

I've seen my dad and my friends parents get laid off in the 50-60yr old range then struggle to find the same level of employment. I want to have the peace of mind that if that happens to me "Who cares, I've got enough to retire". I've also played around with the idea saving enough money for retirement that I would be able to start a second career earlier than that, maybe become a teacher or work at the library or a non profit, basically make enough to pay the bills while letting compound interest do most of the work for my retirement.

My current savings rate is 32% .....savings(401k/IRA/HSA) / (gross - tax). My goal for 2017 is to bump my contributions up to fully maximize all of my tax sheltered accounts(401K/rIRA/HSA) but I'm not there yet.

Obviously things will change in the next 10/20/30 years (Currently no lil ben ji's runnign around) but the goal is to have the flexibility to be able to take a step back compensation wise if I so chose.

I forget about HSA sometimes as a retirement benefit, but I do remember reading about it and thinking after a certain age it can almost be the same as a 401k basically.

[catastrophe]

also if you don't.

You are the only person in this thread that I believe it when they say they are going to retire early.

that's one of the nicest things anyone has ever posted at me, but a bit of a slap in catastrophe's face.

To be fair, I have not given anyone much reason to believe I would actually accomplish this.

[bones129]

Too many of my buds have retired early, then they run out of money and star working again. Bad planning, I guess.

Not a great post, I admit, but a factual one.

[KITNfury]

Too many of my buds have retired early, then they run out of money and star working again. Bad planning, I guess.

Not a great post, I admit, but a factual one.

That's why I think saving money for retirement alone is not the best idea.

[star seed 7]

Bones has a bunch of old ass friends

[slobber]

also if you don't.

You are the only person in this thread that I believe it when they say they are going to retire early.

That is just because I hadn't posted yet.

[slobber]

Too many of my buds have retired early, then they run out of money and star working again. Bad planning, I guess.

Not a great post, I admit, but a factual one.

Bad planning/ dumb friends. (No offense)

[slobber]

Ability to retire at 55. That is what I want the direction I am in. I may not retire. I may love the crap out of what I am doing and want to keep working, but if I don't, then it's okay to retire and enjoy life. Go visit my kids in college and volunteer at toddlerdobber' high school or something.


Gonna win 'em all! (using Tapatalk)

[slobber]

Plus, I may be traveling all over watching dobberjr play soccer.


Gonna win 'em all! (using Tapatalk)

[chum1]

What about moving off the grid and hunting/fishing for all of your food. You wouldn't need very much money to do that for the rest of your life, right? A couple thousand per year seems like it could be more than enough.

[CNS]

Until your too decrepit to do it anymore

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[Mrs. Gooch]

What about moving off the grid and hunting/fishing for all of your food. You wouldn't need very much money to do that for the rest of your life, right? A couple thousand per year seems like it could be more than enough.

Where would you live/hunt/fish? On land that you already own? The property taxes would probably be more than $2000.

[wetwillie]

600k  principal is 24k annually at 4% ,  that would probably be the minimum for chums situation. 

[pissclams]

What about moving off the grid and hunting/fishing for all of your food. You wouldn't need very much money to do that for the rest of your life, right? A couple thousand per year seems like it could be more than enough.

i watched an episode of balls deep about a guy who did just that.  he moved to the arctic circle in the northern part of alaska. 
its this- https://www.viceland.com/en_us/video/alaska-natives/56eafb112a662c8102f09dba

looked like a really depressing part of the world to live in

[wetwillie]

also if you don't.

You are the only person in this thread that I believe it when they say they are going to retire early.

That is just because I hadn't posted yet.

Sys is the only one I believe would walk away from paid work when he hits his number.  I think he has more logical viewpoints on money vs time than most.

[KITNfury]

600k  principal is 24k annually at 4% ,  that would probably be the minimum for chums situation.

That's the problem w/ investments like the stock market/401k/etc. You're not guaranteed any type of return, but even if you are, as you pull money out, your returns get smaller. Obviously that's ok if you never have to pull more money out than your returns, but if it's 401k you'll be forced to pull it out. If it's any other type of investment, you're probably going to need to pull money out even when the market is stagnant (or losing).

I'm personally becoming less and less of a fan of the stock market. I don't pretend to be particularly knowledgable about it either. I know people get rich off it, but without putting in significant time by me to learn it better, I doubt I'd ever make a lot.

I'm about to reduce my 401k contributions. I would consider stop contributing altogether, but I'll take the free money my employer matches.

[slobber]

You should double your money faster than every 11 years. I don't know who said 11 years earlier, but that is slow.


Gonna win 'em all! (using Tapatalk)

[catastrophe]

You should double your money faster than every 11 years. I don't know who said 11 years earlier, but that is slow.


Gonna win 'em all! (using Tapatalk)

That's assuming a 7% annual return in the market (which is somewhat conservative but not really). That's exclusive of any additional money you pay in yourself.

[catastrophe]

600k  principal is 24k annually at 4% ,  that would probably be the minimum for chums situation.

That's the problem w/ investments like the stock market/401k/etc. You're not guaranteed any type of return, but even if you are, as you pull money out, your returns get smaller. Obviously that's ok if you never have to pull more money out than your returns, but if it's 401k you'll be forced to pull it out. If it's any other type of investment, you're probably going to need to pull money out even when the market is stagnant (or losing).

I'm personally becoming less and less of a fan of the stock market. I don't pretend to be particularly knowledgable about it either. I know people get rich off it, but without putting in significant time by me to learn it better, I doubt I'd ever make a lot.

I'm about to reduce my 401k contributions. I would consider stop contributing altogether, but I'll take the free money my employer matches.

Mr. Money Moustache has a pretty good article about this. The 4% rule is not guaranteed, but the idea is that you should be able to pull out 4% without affecting the overall sum of money across the course of the year. In other words, once you are capable of living off of 4% of your invested funds, you should be able to do it in perpetuity.

401k / IRAs are slightly different because the tax benefits come with corresponding penalties if you try to pull out the money before a certain age. So tougher to retire early solely on those investments. (But definitely worth maxing out.)