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Early Retirement

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passiton

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30 mins ago, dena said:

I have seen a lot of folks retire, and not one has said they should have stayed working, in fact, the opposite is true. To a man they say get out at the earliest opportunity. 

 

As long as the wife is on board with it, I say GTFO.

I wish I could retire tomorrow. Become a crossing guard and fish.

I love when we make way past the breakwater at first light and head out, there's nothing better, the whole rest of the world just melts away for me.

(*edited - member formerly known as 'windknot')

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2 hours ago, Belmo said:

I say you quit everything, give away all your stuff, live in a van down by the river, and drop acid and listen to Foghat records all day. :th: 

Just because it works for you belmo doesn't mean it will for everyone.

*

 

Diversity makes us stronger!

 

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6 hours ago, Lagerhead said:

Congrats on being in a position to consider at a younger age. 

 

So your side business becomes your main source of income. 

 

Things to consider....

-Health care for you and family.

-Will you get the supplemental health care insurance from your current job at 65?

- Creating and contributing to a SEP.

- income security

 

If you feel good about your those items, then go for it.

 

Its my current 3 part plan..

401k

SS

Government pension 

 

Im done at 63.

What's SEP stand for?  

NOBODY here has a pass to blow out someone else's candle in order to make theirs shine brighter. TLDig[

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my early retirement plan is to die quickly and cheaply before i'm to old to work, then my wife gets 3/4 mil, in insurance, a thirty year old boy friend and moves to the caribbean 

how lucky am i

to have something that makes saying goodbye so hard


Shooting a coon in a 60ft tree out of a boat in the dark holding a flashlight can be tricky. ..
 

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32 mins ago, Kings over Queens said:

Self employed pension.

 

Hybrid 401k type thing.

Gotcha', figured it was something  like that.  

 

Healthcare would  cost me  between nothing and $450 a month.  I'm fighting to get the chance to buy back some uncredited years of service that would put me back under the healthcare provisions I had when I started working in school, restoring me to no cost bennies.  If I have to pay it's pretty reasonable.  

 

I'm not too worried about the side gig becoming boring or unpleasant.  I see a variety of people for a wide range of issues and haven't gotten bored after 12 years of doing so.  2 years in independent practice has been even better than the ten in an agency.  

 

I'm thinking this is a go, pending a bit more research and the outside possibility I could get offered better terms to stay a bit longer (would bump my pension). I've got some juice locally that brings me a lot of referrals and am turning away business, so I'm pretty confident I can take care of myself and my family.  When I do the math I can work 40 to 45 weeks a year and am very likely to earn 25 to 50 percent more than I am now for about 25% less of a time commitment.

 

NOBODY here has a pass to blow out someone else's candle in order to make theirs shine brighter. TLDig[

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Time becomes so much more important as you get older.  I'm 58 and I'll be all done next year (like you, I have a side gig for income, but at a much lower time commitment).  I'm starting to see a lot of old friends my age, and a little older, dying off.  Cancer, heart conditions, strokes, etc, etc.  Some of these guys kept themselves in pretty good shape too. Life gives no guarantees.  If you can decrease your stress, work a little less, and still be financially sound, by all means do it.  You have done well to put yourself in this position, take advantage of it, you've certainly earned it.  Good luck with your choice, but I know what I'd do.

Edited by MikeM58
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7 mins ago, MikeM58 said:

Time becomes so much more important as you get older.

This might be the truest thing ever posted here. 

I didn't like childhood, and I have no desire to relive it, but one thing about wee ones that I envy is that time to them is not finite, or limited -- they got all the time in the world in front of them. I envy the hell out of that. 

Terri Mae does not approve this message, but screw him.

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12 mins ago, Belmo said:

This might be the truest thing ever posted here. 

I didn't like childhood, and I have no desire to relive it, but one thing about wee ones that I envy is that time to them is not finite, or limited -- they got all the time in the world in front of them. I envy the hell out of that. 

there's a shocker...

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2 hours ago, HugeDinghy said:

I always scratch my head when people list " nobody to play with" as a downside. That would be a selling point to me. 

I like to have my family around, but sure do not need anyone to occupy my time.  I have one older coworker that hangs on so he doesn't start drinking at 7am

Another guy does not want to be home with his wife all day every day...dude, fish, I tell him, golf, something.

 

I don't get it, Once I hit the age, I am gone.

Material abundance without character is the path of destruction.
-Thomas Jefferson
There are two ways to be fooled. One is to believe what isn't true; the other is to refuse to believe what is true.
-Soren Kierkegaard

 

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17 hours ago, passiton said:

Gotcha', figured it was something  like that.  

 

Healthcare would  cost me  between nothing and $450 a month.  I'm fighting to get the chance to buy back some uncredited years of service that would put me back under the healthcare provisions I had when I started working in school, restoring me to no cost bennies.  If I have to pay it's pretty reasonable.  

 

I'm not too worried about the side gig becoming boring or unpleasant.  I see a variety of people for a wide range of issues and haven't gotten bored after 12 years of doing so.  2 years in independent practice has been even better than the ten in an agency.  

 

I'm thinking this is a go, pending a bit more research and the outside possibility I could get offered better terms to stay a bit longer (would bump my pension). I've got some juice locally that brings me a lot of referrals and am turning away business, so I'm pretty confident I can take care of myself and my family.  When I do the math I can work 40 to 45 weeks a year and am very likely to earn 25 to 50 percent more than I am now for about 25% less of a time commitment.

 

If you did the math and that is true you shouldn't be having second thoughts.   If you get too busy and need a partner im available for hire. Lol.  

I'll BE PULLING ON MY ROD - TILL THEY LAY ME IN SOD!!!!!
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