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Is 50 the new 70?

Discussion in 'The OT' started by Cholly, Jan 17, 2013.

  1. SamC

    SamC Hall Of Fame

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    I turn 50 this year. I work for the government. I have one of those old-fashioned defined benefits plans. I can retire at 55 and make 60% of my salary. My home will be paid off and I could easily "trade down" and be happy, now that I am in the "empty nest" phase of life. I have not bought a car except for cash in many years.

    Now, I am never going to get promoted, or get anything more than a token raise, because any job above me is political and I am not political, and the state is broke and is not giving out raises, and if they did, I wouldn't get one anyway. So why would I not retire at 55?

    If I worked to 65, I could retire at 80% of my pay. But, of course I would not be drawing my pension from 55-65, so I would have to live to be 95 befoe I would have drawn more over a lifetime by retirng at 55 rather than 65.

    So in 5 years my pay goes down 40%, but my free time goes up to all the time. So I need to replace 40% of my pay. Moving to a low tax/low cost jurisdiction is good for 10%. Not having to buy suits and ties (mandatory at work, never worn by me otherwise), not having to buy as much gasoline and replace a car as frequently (I have a very long comute) and not having to pay what amount to union dues and pay for classes to keep my liscenses is good for a little.

    So I am down to needing about 25 to 30% of my income to be even. That's minimum wage. So I can blow this popsickle stand and work a job that is neither intelectually nor physically taxing for a few years.

    Tell me how that is wrong.
     
  2. MysteryMan

    MysteryMan Well-Known Member DBSTalk Club

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    I wisely chose a military career. I served in the Army for 25 years and achieved the rank of Command Sergeant Major. Unlike most civilan occupations my retirement benefits kicked in the day I retired from the Army. I was 42 when I retired from the Army. My wife was and still is a full time school teacher. She continues to work because she loves teaching, not because we need the money. While we could have lived comfortably off my retirement pay and her teaching job I wanted more for us. Investing in income properties would provide that. But before I could start I needed start up money. I achieved that by temporarily working as a OTR truck driver. This type of work provided me with a very good income and a lot of independence. Yes, my wife and I were seperated while I was OTR but we were used to being seperatd from my years of Army service. By doing this type of work I was able to aquire the necessary start up money and scout suitable areas for purchasing income properties. It didn't take long for me to find my first income property. It's rent provided me with enough income to cover the mortgage and taxes plus giving me a profit as well. All I needed to do was repeat the process to build my income property empire. This is how I was able to retire before I was 50. Today I own both commercial and residential income properties. One does not get lucky investing in income properties as some have suggested. It's a matter of finding the right locations and cliental. The bulk of my residential properties are located near major military posts/bases and are rented by military members assigned to those posts/bases. Those residential properties have a waiting list for future renters. My commercial properties are rented by large, long established law firms who have no intent of relocating. While difficult to achieve one can retire before or at age 50 if one makes the right choices and decisions.
     
  3. Rich

    Rich DBSTalk Club DBSTalk Club

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    Don't see anything wrong with that. Sounds damn near perfect to me. I'd go for it. But, that's just me. I thought of work as a way to survive. If I could have retired at 35 I would have. Work just gets in the way of living a good life, I think.

    Rich
     
  4. Matt9876

    Matt9876 Hall Of Fame

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    Thanks to the economy I don't see a snowballs chance in h*ll I'll ever see a normal retirement, Just turned 53 and nothing makes a man feel all warm and fuzzy like a bunch of 20 something year olds with little or no common sense thinking you are getting in the way of their job ambitions.
     
  5. SayWhat?

    SayWhat? Know Nothing

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    I can do it, barely. I live on less than some of you pay for entertainment in a year.

    You learn to make cuts and live simply. My biggest annual expense is car insurance, followed by Dish. That's not counting electric, telephone/internet and LP gas.

    The last tank of gas I bought in one of the cars was probably 3 months ago. One car gets driven maybe 400-500 miles a year, the other maybe 600-700. Yeah, that's hundred, not thousand. Some of you probably drive that in a week.

    I plan my trips, I buy at discounts or sales or in bulk when possible.

    I do my own work on the house. I burn wood from around the property to help with heating costs.

    I almost never travel anymore, more out of lack of interest than anything else. I've been to 40+ states over time. Hawaii would be nice, but that ain't happenin'

    I'm out in the country, so I can get what exercise I want. The house is paid for in full. Property taxes are dirt cheap, even on 7 acres.

    I do what I want, when I want.

    Would I like to be working and have more money? Sometimes. But I've lost the tolerance to put up with the daily crap that goes with it, and I really don't want to end up making national news.
     
  6. Nick

    Nick Retired, part-time PITA DBSTalk Club

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    :thats: Well said, my thrifty friend, well said!
     
  7. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    I was a mid level computer programmer and took early retirement in my late fifties. My employer was offering an early retirement program and as I was looking at a future of nursmaiding subcontractors. I opted to retire and take a "leveled" pension that would provide a constant income until I became eligible for social security. My wife was a dental hygienist who developed a latex allergy after I retired and had to quit her job.
    We had been putting our three kids through college at a time when it was impossible to get student loans at our income level, and quickly depleted our retirement savings. There was no room for investing in income properties, etc. I turned to doing tax preparation and worked for a few years doing custodial work until I had a ladder fall, shattered my left heel and fractured my back, which left me partially disabled. I then took a job in retail electronics sales, working up into my seventies.
    During that time, my wife had a number of serious medical conditions that weren't fully covered by insurance that I had from my retirement. As a result of all this, we went through refinancing of our home a few times, leaving us with a mortgage balance greater than the original cost of our home. She eventually passed away from cancer and after a year, I sold our home and moved South at the invitation of my daughter in-law. We joined forces and purchased a new house that afforded me my own master suite and den. I'm not rich, but am comfortable and happy!

    My case mirrors that of many middle class families, who despite having tried to do a good job of money management have encountered expenses that exceeded their savings. I was fortunate in that my employer made affordable medical insurance available to retirees, a rarity today.
     
  8. phrelin

    phrelin Hall Of Fame DBSTalk Club

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    It is not wrong.

    My wife's sister allowed the Army to talk her into delaying retirement three years by offering her a retroactive promotion to full colonel which represented a substantial increase in her pay plus in her retirement. She died suddenly less than five years after she retired which meant she not only didn't gain anything significant financially, she lost out on three years of skiing, sailing, golfing, bowling, flying (she was pilot), traveling in her 5th wheel, working with the local theater group, meeting with her book club, etc. She was an active retiree.

    Life is short even when it's long.

    Your experience indeed does mirror that of many. We too have had some large unexpected expenses. Still we have looked back at the choice to retire and have no regrets and keep figuring out how to make it work.

    And what I know about you is that despite periods of hardship you're here positively touching the lives of many people as you likely did all your life.;)
     
  9. Rich

    Rich DBSTalk Club DBSTalk Club

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    I'm not sure what you mean by a "normal" retirement, but I can tell you the "Golden Years" is a myth... :lol:

    Rich
     
  10. MysteryMan

    MysteryMan Well-Known Member DBSTalk Club

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    Whoever labled them the "Golden Years" got it ass backwords. Our youth should have been labled the "Golden Years", not our senior years. No matter how well you keep yourself aging takes it's toll. The "Tarnished Years" is a better way to describe our senior years.
     
  11. Rich

    Rich DBSTalk Club DBSTalk Club

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    Yup, you got that right.

    Rich
     
  12. houskamp

    houskamp Active Member

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    I'll be surprized if I make it to 62..
     
  13. phrelin

    phrelin Hall Of Fame DBSTalk Club

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    When my kids started turning 50 I warned them about the slowly developing aches and pains and other Golden Years "side effects" - I offer that warning like one of those ads for a drug....
     
  14. boukengreen

    boukengreen Legend

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    i would have loved to be able to with until i was 50 for the aches and pains to start but i got lucky and it started at 12 lol thank you MS :lol:
     
  15. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    My oldest turns 50 next month. He's obese, eats and drinks too much, salts his food before tasting, has hearing loss, snores loudly, tends to be grumpy and short tempered and I'm sure he has high blood pressure. He hasn't been for a medical checkup since his last one for CDL renewal, but for all his faults is a loving son, father and husband. In other words, a typical 50 year old male. :D
     
  16. MysteryMan

    MysteryMan Well-Known Member DBSTalk Club

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    The three Golden Rules for seniors. Rule #1: Never pass up a restroom. Rule #2: Never waste a hard on. Rule #3: Never trust a fart.
     
  17. Cholly

    Cholly Old Guys Rule! DBSTalk Club

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    Nailed it! I didn't think you were a senior! !rolling
     
  18. SayWhat?

    SayWhat? Know Nothing

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    The rusted and corroded years.
     
  19. Rich

    Rich DBSTalk Club DBSTalk Club

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    He probably doesn't either. I sure don't.

    Rich
     

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