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mobil1syn 07-15-2019 08:23 AM

retirement
 
so random thought from the weekend. instead of killing yourself until 62 then retiring, why not save 10% a year and take a year off every 10. obviously some professions would lend themselves to this lifestyles, better then others.

anyone done anything like this? i know screwzer was all about the sabbatical.

wheelerfreak 07-15-2019 08:36 AM

I know of a couple of "professional" white collar types that do that. Like you said, it seems to fit that lifestyle better than blue collar or service type jobs. That, and most people don't save for retirement and are incapable of saving 10%.

Who says you have to work until 62? I retired from one job after 24 years and am really only working for another 8 years full time until my wife can retire. I did sock away a fuck ton more than 10%, or even 30%.

Roc Doc 07-15-2019 08:45 AM

Most people spend into their income, so even if they're making more, their burn rate goes up. I've done it to an extent, but I'm also putting 21% of my paychecks into investments.

I had the job to do it while in Vegas, but not the income. So that's usually the rub, time but no money, or money but no time. If you can figure that out then props.

GonPostal 07-15-2019 08:45 AM

Job time continuity allowed me to collect the duckets needed to fund my retirement pension and my medical coverage. Without either, I would not have been able to retire at 58 yo, after 35 years with the same company.

In that interim, I also paid off my house and cars, so I went into retirement debt free, other than monthly living expenses.

That and a kick ass 401k that the company matched, allowed me to retire early. I just started collecting Social Security at 62, so I have been flush in cash lately.

Life is good.... :grinpimp:

ky scrambled 07-15-2019 08:49 AM

Why kill yourself?

ky scrambled 07-15-2019 08:50 AM

Quote:

Originally Posted by GonPostal (Post 44521134)
Job time continuity allowed me to collect the duckets needed to fund my retirement pension and my medical coverage. Without either, I would not have been able to retire at 58 yo, after 35 years with the same company.

In that interim, I also paid off my house and cars, so I went into retirement debt free, other than monthly living expenses.

That and a kick ass 401k that the company matched, allowed me to retire early. I just started collecting Social Security at 62, so I have been flush in cash lately.

Life is good.... :grinpimp:

And stamps are .55 cents....

bigun 07-15-2019 08:53 AM

Quote:

Originally Posted by mobil1syn (Post 44521092)
so random thought from the weekend. instead of killing yourself until 62 then retiring, why not save 10% a year and take a year off every 10. obviously some professions would lend themselves to this lifestyles, better then others.

anyone done anything like this? i know screwzer was all about the sabbatical.

You have been reading Travis McGee novels again?

Norm 07-15-2019 09:13 AM

Early in life your usually not making the $$ to save an extra 10%. Until I was in my early 30's I didn't have enough extra to buy a new lawn mower. I'm at 52, have a decent amount saved but I wonder if it's enough. The SS and US debt is going to blow up about the time I should be getting medicare/SS. So you have to plan for that, plus healthcare cost is going to eat my generation up.

My - I'm pretty well fugged math

If I retire early, we need $2500 month healthcare minimum (insurance, meds, co-pays, etc).

Property tax/ insurance/house maintenance $1000
transportation $600 (tires, new car, oil, etc)
Food misc - 1000.
Beer, blow, and a can of alpo prime cuts $1000

So - early retirement is expensive - like ~$6k a month minimum net after taxes. That's having your house and stuff paid for. So it's a good thought but you really need 6-8k a month gross income to do it. And that's a number that needs adjusted for inflation.

SS starts to run dry in 2034, or 15 years. So the real answer is you won't really know if an extra 10% will be enough. Especially with the rise of socialism and communism in this country, they will try and raise taxes to 50%-70% because giving your money to someone else is what they do.


The US federal debt is at $223k per person and rising. We have hit the point of no return. So assuming things will stay as they are now is probably a bad bet.

jeepyj 07-15-2019 09:14 AM

I figure with the state of NY. I can work till 62 without saving a penny, then kill someone else, and have a nice retirement with free room and board. I can even keep my voting rights.

.

waterhorse 07-15-2019 09:29 AM

Quote:

Originally Posted by jeepyj (Post 44521170)
I figure with the state of NY. I can work till 62 without saving a penny, then kill someone else, and have a nice retirement with free room and board. I can even keep my voting rights.

.

Don't forget free medical.

Gtrplyr78 07-15-2019 09:40 AM

Likely will never fully retire, with medical costs being what they are and rising they will push many people to the edge in retirement.

Goal is to approach it with minimal bills, no mortgage or car note and such.
Even at minimum one still needs to account for paying for ever increasing property taxes, higher insurance premiums (home/auto) and all the other increases that follow.

Not counting on SS (41 as of June), even if it is there it will be nothing as it was for the generations before mine.

Its a giant shit sammich, either way we are along for the ride...

Mudinyeri 07-15-2019 09:43 AM

Why not just do something you enjoy so there's no need to "retire"?

Ebs 07-15-2019 12:32 PM

Time, Energy, Money

The goal is to have a satisfying amount of all three. Most people only ever possess a changing combination of two throughout their life.

Pokeman 07-15-2019 12:39 PM

Quote:

Originally Posted by mobil1syn (Post 44521092)
so random thought from the weekend. instead of killing yourself until 62 then retiring, why not save 10% a year and take a year off every 10. obviously some professions would lend themselves to this lifestyles, better then others.

anyone done anything like this? i know screwzer was all about the sabbatical.

Because the first day back knowing you had 9 years and 364 days until your off again would suck so bad it's not worth taking a year off.

Pokeman 07-15-2019 12:42 PM

Become a teacher....

get 3-4 weeks off every school year,
every major and minor holiday off,
get summers off every year,
.gov retirement,
can't get fired,

FJC11 07-15-2019 01:12 PM

Quote:

Originally Posted by jeepyj (Post 44521170)
I figure with the state of NY. I can work till 62 without saving a penny, then kill someone else, and have a nice retirement with free room and board. I can even keep my voting rights.

.

Don't forget the free buttsex. :laughing:

mobil1syn 07-15-2019 01:14 PM

there are things i want to do that need extensive amounts of time. i want to spend a few months driving around the us and canada checking stuff out with my kids. my wife wants to 'see europe' and if we got two weeks that means running around like crazy people instead of taking our time and checking stuff out (we did this in DC and it was miserable). i would much rather walk a few marathons now while im youngish, instead of when im in my 60s and unable to walk. another option would be to position yourself in your profession that would be able to take extended periods of time off.

Quote:

Originally Posted by wheelerfreak (Post 44521118)
I know of a couple of "professional" white collar types that do that. Like you said, it seems to fit that lifestyle better than blue collar or service type jobs. That, and most people don't save for retirement and are incapable of saving 10%.

Who says you have to work until 62? I retired from one job after 24 years and am really only working for another 8 years full time until my wife can retire. I did sock away a fuck ton more than 10%, or even 30%.

going off the general age people toss out there. i am a believer that retirement is a number not an age.

Quote:

Originally Posted by Roc Doc (Post 44521132)
Most people spend into their income, so even if they're making more, their burn rate goes up. I've done it to an extent, but I'm also putting 21% of my paychecks into investments.

I had the job to do it while in Vegas, but not the income. So that's usually the rub, time but no money, or money but no time. If you can figure that out then props.

if we are talking about saving a years worth of income we are making a few basic assumptions that there is excess money to save and are disciplined enough to do it.

Quote:

Originally Posted by bigun (Post 44521146)
You have been reading Travis McGee novels again?

no idea who that is. just a culmination of conversations with friends, reading, podcasts, and a recent sermon at church.

Quote:

Originally Posted by Norm (Post 44521168)
Early in life your usually not making the $$ to save an extra 10%. Until I was in my early 30's I didn't have enough extra to buy a new lawn mower. I'm at 52, have a decent amount saved but I wonder if it's enough. The SS and US debt is going to blow up about the time I should be getting medicare/SS. So you have to plan for that, plus healthcare cost is going to eat my generation up.

My - I'm pretty well fugged math

If I retire early, we need $2500 month healthcare minimum (insurance, meds, co-pays, etc).

Property tax/ insurance/house maintenance $1000
transportation $600 (tires, new car, oil, etc)
Food misc - 1000.
Beer, blow, and a can of alpo prime cuts $1000

So - early retirement is expensive - like ~$6k a month minimum net after taxes. That's having your house and stuff paid for. So it's a good thought but you really need 6-8k a month gross income to do it. And that's a number that needs adjusted for inflation.

SS starts to run dry in 2034, or 15 years. So the real answer is you won't really know if an extra 10% will be enough. Especially with the rise of socialism and communism in this country, they will try and raise taxes to 50%-70% because giving your money to someone else is what they do.


The US federal debt is at $223k per person and rising. We have hit the point of no return. So assuming things will stay as they are now is probably a bad bet.

which would be another reason to take mini retirements along the way, because arguably it will keep you in the work force longer.

Quote:

Originally Posted by Gtrplyr78 (Post 44521210)
Likely will never fully retire, with medical costs being what they are and rising they will push many people to the edge in retirement.

Goal is to approach it with minimal bills, no mortgage or car note and such.
Even at minimum one still needs to account for paying for ever increasing property taxes, higher insurance premiums (home/auto) and all the other increases that follow.

Not counting on SS (41 as of June), even if it is there it will be nothing as it was for the generations before mine.

Its a giant shit sammich, either way we are along for the ride...

healthcare is a huge unknown that will have a large impact on the future of the country. my inlaws are still working to get to the medicare age, even though they have the money to retire. my parents are in a similar situation, not as flush with cash as the inlaws but my dad is pension eligible as teacher.

Quote:

Originally Posted by Mudinyeri (Post 44521214)
Why not just do something you enjoy so there's no need to "retire"?

its the extended periods of time off that would be nice.

Quote:

Originally Posted by Pokeman (Post 44521438)
Become a teacher....

get 3-4 weeks off every school year,
every major and minor holiday off,
get summers off every year,
.gov retirement,
can't get fired,

wife is a teacher, dads a teacher, most of my siblings are teachers. that is not something i would be good at. problem with teachers and vacations is everyone and their mother is taking the same time off because their kids are out of school.

herbycj5 07-15-2019 01:30 PM

Quote:

Originally Posted by GonPostal (Post 44521134)
Job time continuity allowed me to collect the duckets needed to fund my retirement pension and my medical coverage. Without either, I would not have been able to retire at 58 yo, after 35 years with the same company.

In that interim, I also paid off my house and cars, so I went into retirement debt free, other than monthly living expenses.

That and a kick ass 401k that the company matched, allowed me to retire early. I just started collecting Social Security at 62, so I have been flush in cash lately.

Life is good.... :grinpimp:

Good for you! Basically did the same as you. Worked a lot in construction for 32years after my 4 year stint in the Tonkin Gulf Yacht club. Lived in the same house for 38 years. Retired at 57, had my union pension and insurance until I was 62. Started drawing SS and Medicare at that time. Here it is 17 years later and life is good. Variety of lots of toys and no payments! Try to use all of them as much as possible. While working, always had a plan and tried sticking to it. So far has worked out. Only issue I see now is this new group of Socialistic Demos that are wanting to take it all away. Did I mention......I strongly believe in the 2cd Amendment, suggest everyone does the same!

gunracer1 07-15-2019 01:35 PM

i plan on quitting my job at 59, 5 years from now. my house has been paid for for a while and i have purchased other properties since then. so i figure i will just live off the rental income and the wife's ss and pension. hers isn't much but it will keep here out of my money.

ransil 07-15-2019 01:47 PM

Im trying to retire by 55, 52 now.
Starting to sell everything off , fixing up the house to sell.
Kinda hard to quit a good paying job , but im not gonna be that guy that works til 65 and drops dead 2 weeks later.
Saving everything I can, eating rice & beans for lunches.

Sent from my SM-G920V using Tapatalk

gladman 07-15-2019 01:49 PM

I had a friend who did that... at 40 he took a year off just like what you said.

Man, his life unraveled like a sumbitch and when he went back to work, he had a hard time explaining the time off and went back two rungs down and then very discouraged.

The reverberations from that year ended up really changing his arc in life and at 57 he is a long way from retirement much less a sabbatical... he has become a very negative, dark person and hates work more than ever.

If you hate what you do, then get out. Find something that makes you get up and with a reasonably light heart. If every day sucks, you are doing it wrong... I like working and will probably work another 8 years... I am good at it, and I get paid well, I still have kids in school (college) and some still launching... so, I could use the extra money...

I worry that retirement will be like not exercising or doing physical work and I'll waste away...

mobil1syn 07-15-2019 01:57 PM

Quote:

Originally Posted by gladman (Post 44521586)
I had a friend who did that... at 40 he took a year off just like what you said.

Man, his life unraveled like a sumbitch and when he went back to work, he had a hard time explaining the time off and went back two rungs down and then very discouraged.

The reverberations from that year ended up really changing his arc in life and at 57 he is a long way from retirement much less a sabbatical... he has become a very negative, dark person and hates work more than ever.

If you hate what you do, then get out. Find something that makes you get up and with a reasonably light heart. If every day sucks, you are doing it wrong... I like working and will probably work another 8 years... I am good at it, and I get paid well, I still have kids in school (college) and some still launching... so, I could use the extra money...

I worry that retirement will be like not exercising or doing physical work and I'll waste away...

i dont hate what i do, i have had jobs where i disliked every minute i was there. i will do everything i can not to go back to that. when i dont want to get it up, its because im just feeling lazy that day and nothing to do with what is waiting for me when i get to work. the crappy jobs give me perspective for where i am at now.

what did he do? outside looking in was there something he could have done differently to keep it from going the way it did?

Norm 07-15-2019 02:09 PM

Quote:

Originally Posted by ransil (Post 44521578)
Im trying to retire by 55, 52 now.
Starting to sell everything off , fixing up the house to sell.
Kinda hard to quit a good paying job , but im not gonna be that guy that works til 65 and drops dead 2 weeks later.
Saving everything I can, eating rice & beans for lunches.

Sent from my SM-G920V using Tapatalk

I've been thinking about it too, I'm 52 and could downsize my house and buy enough muli-family rentals to say fugg it pretty soon (really any time). But on the other side sometimes my job doesn't suck and I have to have something to do. I think I'll hang if a few more years. Medical is a big pisser. I'm also not sure if want to snow bird in the winter or just move to a more moderate climate. Once I have enough rentals to pay me (~8 doors) I'm done if I want.

Choices.

H8DWINGS 07-15-2019 02:24 PM

Quote:

Originally Posted by mobil1syn (Post 44521092)
so random thought from the weekend. instead of killing yourself until 62 then retiring, why not save 10% a year and take a year off every 10. obviously some professions would lend themselves to this lifestyles, better then others.

anyone done anything like this? i know screwzer was all about the sabbatical.

Simple. People don't want to make more so they can save more. People want to get paid more so they can spend more. You'd have to plan that retirement at 52 years old pretty early to have enough to make it on retirement too. I don't think saving 10% a year for 10 years will be enough to live on while you're retired (like...not working part time somewhere else while you're retired from working) so that could be another reason.

I'm currently required to save about 15% each paycheck to retire in my 50s as a State employee with a pension that currently pays 75% (no benefits or any of the stuff most people think you get with a pension) so 10% seems extremely low to retire on in your 50s.

gladman 07-15-2019 02:29 PM

Quote:

Originally Posted by mobil1syn (Post 44521608)
i dont hate what i do, i have had jobs where i disliked every minute i was there. i will do everything i can not to go back to that. when i dont want to get it up, its because im just feeling lazy that day and nothing to do with what is waiting for me when i get to work. the crappy jobs give me perspective for where i am at now.

what did he do? outside looking in was there something he could have done differently to keep it from going the way it did?

white collar 150K a year gig in some business development shit. The gist is he just didn't see the value in working... and he had a wife, 2 kids, mortgage and his life was more expensive than he thought.... and he didn't realize that when you aren't gone all day, people ask you to do shit, just life things that most people don't think twice about... but, he realized he couldnt just go down to MX and surf, his kid had basketball...

existing money is not usually the fear, it is the unknown money in the future...

I think he fundamentally does not think working is something 'smart' people should do... we drifted as friends because, well, I do. I think we are here to work and to get things done...


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