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    #46
    I'm going out on a limb and say that retirement would be a bit more enjoyable if you had your finances in order (and some good health). Travel, fishing, golf, hunting, workshop hobbies.

    but if you are stuck at home not running your air conditioner eating ramen and watching the price is right,,,,,well that doesn't sound like fun.

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      #47
      Sounds like poor planning to me. Hope it works out for him.

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        #48
        Originally posted by Radar View Post
        Yep, his wife draws 1200.00 a month.
        So a 63yo thought he and his wife could retire on $2,600 a month?

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          #49
          I'm facing some of this now and I'm only 39. I've been w ups since I was 17. When I hit 47, il have 30yrs in w ups and can retire and draw my pension. My plan is to retire and go to work again doing something in the oilfield industry. That way when I'm 65 or whatever I can retire and have 2 retirements.

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            #50
            I have had a lot of advice to share with my kids over the years. One of the most beat to death pearls of wisdom I have given them now that they are working age is save as much as you can starting from a young age. You can never save enough. I started later than I should have but still plan to retire at 60. It can be done but it won't happen without a plan and commitment to stick to the plan. I really feel for older folks that are struggling. Life circumstances are different for all of us. Some end up there through no fault of their own - others chose to live too well along the way and shouldn't be surprised when they end up there.

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              #51
              Originally posted by glen View Post
              I will be retired at age 51maybe 52. Been planning on it since I was 20 years old. I think I will be making more retired than I am currently paying myself. I probably have put 30% into retirement on average since I started working.

              Ive never bought a new car and have always lived well within my means. I do not regret any of it. Ill be able to go travel and watch my kid play ball if he elects to do so. Ill also be able to go fish some different places and I might hunt a little more often. When I punch out in the next 2 years I will not have a house or car payment of any kind and don't plan on having either.

              I see young folks driving new trucks and I am so happy I never did now.
              I hope you have good insurance as you will need it to fix your broken arm from patting yourself on the back. Ha Just kidding. I am about the same except I buy a new truck every 10 years or more. I also drive it for 10 plus years. House is paid for etc.

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                #52
                This train wreck was visible 30+ years ago. When 401k's came into being, the train was put on the tracks. The first victim was pensions. The 401k gave companies an out on huge expenses and liabilities. Some, like G. W. Bush tried to head this off by pushing for some of SS contributions to become individual savings that they could not get to until retirement age. He was rhetorically tarred and feathered.

                As pointed out on this thread several times, life gets in the way and people have to choose between eating and saving. But we never mentioned that even the poorest among us are already saving 15% every year. It just happens to be going into a really horrible investment called social security.

                It won't help people my age but, we have to make forced individual retirement contributions a requirement. It won't help those of us already 40+ but maybe it will help the younger workers. We would have to be absolute fools to let the government take more out for SS. Those of us nearing retirement made this bed and we have to lie in it. You younger workers have to stop the nonsense and don't let us rob you so that our SS won't be cut.
                Last edited by Rush2Judge; 04-12-2019, 10:15 AM.

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                  #53
                  It is easy to say "no matter your income if you save 10% for your whole working life, you will be set" That is true of course but unrealistic for people who are working but are just above the poverty line. There are millions for whom saving even $100 per month is near impossible. I have less sympathy however for those who make above average incomes but forgo saving so they can drive nicer vehicles and own nicer homes just to keep up appearances. I see in my practice from time to time. Couples in their 50's who have earned $100k+ annually for many years and have saved almost nothing. They get within 10 years of retirement age, reality hits and they panic. Some of them have wealthy parents and assume inheritance will bail them out but that doesn't always work out.

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                    #54
                    Originally posted by Radar View Post
                    Yes sir, I can believe that.

                    I can also tell you that I see so many of my younger customers raid their 401k for the stupidest stuff. I guess if you have hit hard times and you have no choice but to withdraw from your 401k is one thing, but I have seen guys in their 40's raid their 401k for a down payment on a 70k dollar pick up.
                    Yeah, but is it a sweet truck? Because then it's okay.

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                      #55
                      My dad retired at 55. Mom was very sick with MS. He stayed home to take care of her, He was doing great till the fall of Enron . Lost a million and some change . Alot of his nest egg. He is doing good now . Drawing SS now on top of his pension from CPL . He said what helps the most is he still is covered from the insurance from his employer. If it wasn’t for that it would be struggle


                      Sent from my iPad using Tapatalk Pro

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                        #56
                        Originally posted by txpitdog View Post
                        When I hit the eject button at 60, I’m going to make crappy but quaint and rustic looking metal objects, leave them outside to rust, then sell them at felony level prices in shops in Fredericksburg, The Woodlands, and Plano.
                        Hey! Stay away from Plano. that's gonna be my turf.

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                          #57
                          Originally posted by WItoTX View Post
                          Yeah, but is it a sweet truck? Because then it's okay.
                          , I dont know, I never even knew you could withdraw money out of 401k early, evidently they withhold the penalties and taxes out of the money you withdraw before you get the check.

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                            #58
                            Originally posted by txpitdog View Post
                            When I hit the eject button at 60, I’m going to make crappy but quaint and rustic looking metal objects, leave them outside to rust, then sell them at felony level prices in shops in Fredericksburg, The Woodlands, and Plano.
                            See, you have it figured out. You dont have to be a millionaire to retire.

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                              #59
                              Originally posted by JeffJ View Post
                              So a 63yo thought he and his wife could retire on $2,600 a month?
                              Yes sir that's what he told me, 31k a year. Take out Cobra insurance, truck payment, truck insurance, property tax, groceries and utilities. That dont leave much left. It would be tight for sure.

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                                #60
                                Originally posted by Dirtymike View Post
                                See, you have it figured out. You dont have to be a millionaire to retire.
                                Don’t hafta be a millionaire to retire, but after I roll them rich old suburbanites, I’ma be a millionaire fo sho!

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