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May I ask about your farm? Is it you family's home place or a farm you bought?Originally posted by Buff View PostI still have another 5 or 6 years to work.
I can't seem to get a understanding of how folks are able to do it.
With what money I have put back and what I could get selling the farm I should have a pretty good nest egg in the bank.
With CDs paying 1% it will only generate a small amount a year.
I know a lot of fellows here have retired but I just cant figure how I can live without a income.
Retiring from my job just to take a lesser job seems kinda silly to me
I dont think I could sell my farm, no matter how bad things are and my family feels the same as I do. We thought about and went to a lawyer and had papers drawn up.
I have seen over the years, families selling off properties and still end up broke in a few years.
My dad retired with 60,000.00 in his 401k at the age of 62. He paid Cobra insurance for a few years till Medicare kicked in. He has never went back to work and does what he pleases. My mom done the same. I think retirement is a state of mind more than anything else. I also think that most folks that hit their late 70's do not travel as much and require less to live on.
I too have a few good years left in me but plan on retiring in 5 more. I have mutual funds at 4% and 5%, SEP IRA, Rollover IRA and money in the bank. I have some royalties, enough for grocery money anyway. My wife and I do not owe on anything, and my business will generate income for a while. I still worry about retirement and our health and the associated costs.
My dad said "you can do it if you want, so retire early as you can, he** you might die tomorrow son". Probably I should take his advice, as he already told me he will kick a mud hole in my a** if I dont retire early.Comment
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By the time I am ready to retire everything I need to live will have been mandated as a "right" so the government will provide it so I'm not worried. I plan on living out my days so that my check to the funeral home that preps me bounces. Can't take it with you and since my kids didn't earn it they don't deserve any of it.
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My problem isn't for me affording retirement as my military retired pay is just fine. The problem is for my wife if I pass first, as my military retirement, VA, and SS all go away. But, I started back in '82 with mutual funds, etc, and I'm comfortable that she will be fine.
As far as how long you'll live---there are actuarial tables that can give you some idea of what to expect.Comment
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that may work but there is a ton of risk in a franchise business and storage units - when in retirement the only thing you can count on for sure being there is cashOriginally posted by BlackoutRam2500 View PostYou gotta have a business that's earning for you when you retire. The old pay everything off and live off a nest egg approach is setting yourself up for disaster IMO. In reality you'll never be free and clear because the tax man cometh. He's never going to stop coming for your income and your property. With interest rates being so low and property values being so up and down it's kinda crazy to sink every dime you have into paying off a piece of land that you don't know what the value will be in 20 years. We've been saving a good portion of our income the last several years and we're going to get into a couple of franchises and build some storage units. I'll always have a job, but hopefully most of my time will be spent cashing checks
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I just got off the phone with my financial planner/buddy that handles all of my crap. He basically told me that I will need 7.3 million to retire at 55 and live the lifestyle I want to live. Guess I better get to work!!! Personally, I am funding IRA and 401k, investing in businesses, etc. since I am self employed. When it comes time to retire, hopefully I'll sell my businesses (invest in others), pull from retirement accounts if needed, etc. If that doesn't fund my habits, I'll get back to work!
Honestly, I do not ever plan to retire completely. However, I do want to get to a point that I can work as little or as much as I want to.
All that to say that I have no clue! I am going to do some of what my financial buddy wants me to do, some of what I want to do, and hope for the best.Comment
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Originally Posted by one66stang View Post
You can retire when " Your money in savings makes as much as you do now in salary"
Winner winner chicken dinner!Comment
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So you are not going to use any of the money you have put away for years. Just curious.Originally posted by RingSteel View PostComment
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My dad is 80 and does a little business at flea markets selling and trading. Cash only and does pretty good at it. He buys himself a new pickup every 6 years and drives it till its worth 50.00. He reloads and shoots, fishes some. So his retirement is a little different than others but he really enjoys his self.Originally posted by TKK View PostComment
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I am going early. At 58. Five more years. That will be 38 years in electrical construction. It will cost me 12% of my pension(6%/yr) going before 60. But keep this in mind.
You can live on less money, you cannot live on less life
Having 100 billion in the bank will not buy you another minute when your time comes.
I have my 401k and annuities to get me through. But time is what no one can buy.Comment
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I am 57 and I cant even think about retiring, I don't know what i would do if i retired, i already pretty much do what i want to do, I am lucky, I have a few businesses and my sons are a big part of them, if this economy holds for another couple years i think I will be ok. If not I guess I will just have to live off the land, old school.Comment
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Passive income is always an option. 10 rent houses that net 1,000$ a month is 10k a month and 120k a year.Comment
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If you have your money in savings invested in rental property that is cash flowing....Originally posted by doghouse View Post
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