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Participant ○○

Re: Alright retirees, how'd you do it?

 

Keep smiling through:  

https://www.youtube.com/watch?v=T5C4meGkNyc

 

 

"We'll Meet Again" is a 1939 British song made famous by singer Vera Lynn with music and lyrics composed and written by Ross Parker and Hughie Charles. The s...
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Explorer ○○

Re: Alright retirees, how'd you do it?

Very good comment.  I totally agree.  So many people fail to plan (no pension, etc.)  I still remember back in the 90's many of my friends laughing at me for working for less money than they made.  I chose a Federal Government career for the pension benefits and I have no regrets.  Nobody is laughing now.  LOL LOL

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Explorer ○○

Re: Alright retirees, how'd you do it?

My belief and anecdotal experience is to do what you want to do and have faith that the universe will provide.  I mean what you really want to do -- things like building relationships with your family and community, working on what you love, etc.  You can't plan everything out and complete financial security is unattainable.  Life is nonlinear and complex and if you're doing what you love, opportunities will arise that you never expected.  It's a risk, but so is everything in life, including suffering too long in a job before retiring.  Personally I retired at 42 from an engineering job on less than a shoe string and started a small holistic farm.  I expected and accepted I'd probably be living pretty rough but believed it would be a worthy trade-off.  Instead to my surprise, in addition to being happy on the farm, financially things worked out fine as well.  

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Participant ○○

Re: Alright retirees, how'd you do it?


@jon1212 wrote:

My belief and anecdotal experience is to do what you want to do and have faith that the universe will provide.  I mean what you really want to do -- things like building relationships with your family and community, working on what you love, etc.  You can't plan everything out and complete financial security is unattainable.  Life is not nonlinear and complex and if you're doing what you love, opportunities will arise that you never expected.  It's a risk, but so is everything in life, including suffering too long in a job before retiring.  Personally I retired at 42 from an engineering job on less than a shoe string and started a small holistic farm.  I expected and accepted I'd probably be living pretty rough but believed it would be a worthy trade-off.  Instead to my surprise, in addition to being happy on the farm, financially things worked out fine as well.  


Your first sentence might have been a good motto for hippies in the 60s. No plan is perfect, but failure to plan is often a plan for failure. I don't think "doing what you love" is mutually exclusive with planning for success.

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Frequent Contributor

Re: Alright retirees, how'd you do it?


@VA-Tech wrote:

@jon1212 wrote:

My belief and anecdotal experience is to do what you want to do and have faith that the universe will provide.  I mean what you really want to do -- things like building relationships with your family and community, working on what you love, etc.  You can't plan everything out and complete financial security is unattainable.  Life is not nonlinear and complex and if you're doing what you love, opportunities will arise that you never expected.  It's a risk, but so is everything in life, including suffering too long in a job before retiring.  Personally I retired at 42 from an engineering job on less than a shoe string and started a small holistic farm.  I expected and accepted I'd probably be living pretty rough but believed it would be a worthy trade-off.  Instead to my surprise, in addition to being happy on the farm, financially things worked out fine as well.  


Your first sentence might have been a good motto for hippies in the 60s. No plan is perfect, but failure to plan is often a plan for failure. I don't think "doing what you love" is mutually exclusive with planning for success.


I think it's very important to do the things you love: raise a family, climb Kilimanjaro, sail around the world, learn to play the cello, study art, or whatever. You only live once.

But, we don't necessarily have to make our money doing precisely these things. I can follow a professional career and still have time to follow my passions.

All power to you if you can make decent money doing that which you love, but it's important to have a sense of reality too. It's no fun being broke at age 55. The dream might become a nightmare.

N.

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Participant ○○

Re: Alright retirees, how'd you do it?

It was mostly my wife's doing. She got us into rental real estate and her small investment in Walgreens in 1974 had split seven times by 2001, giving us a nice taxable nest egg when I took early retirement at age 53. In hindsight, that was rash. I should have waited til I was 55. Pemsion would have grown a bit, and could have stuffed more money into the matress. 

So I retired on the three legged stool of rental income, investment returns, and a small pension.   We sold the rentals later, and later added the traditional third leg of SS.  In hindsight, I could have doe it better. Should have taken a pension buyout when it was offered, deferred SS and done Roth conversions out of the IRA's. Then I'd be like you smart folks who can turn their income spigot on/off as desired,  and stay in the  zero capital gains bracket.

 

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Re: Alright retirees, how'd you do it?

i retired twenty years ago, having worked as a professor long enough to qualify for a full pension.  When I was working, money was not a great issue and when I began investing it, I did so with several brokers over the years, most of whom, as it turned out, were every bit as bad as I now know is common.  They put me mostly in stocks looking for capital gains, spec stocks, and rarely if ever, in dividend paying boring stocks.  How I wish I had known enough back then to be accumulating blue chip dividend paying stocks! 

The best advice I could offer would be two fold.  Live within your means and buy dividend paying stocks when you can.  So far as I am concerned, these are key moves that make retirement possible, though it doesn't hurt to have a defined income pension plan either on top of social security.  Best of luck.  

 

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Explorer ○

Re: Alright retirees, how'd you do it?

The best things I did prior to retirement were:

  Took a couple of general retirement and Investing in Retirement seminars, offered by my company, by community colleges, etc.

    This will help you compute your retirement income needs, evaluate your income sources/amounts, etc.

    It will also get your thinking going re: investing your nest egg.  Spend some time on M'star and elsewhere and look at      

      approaches - total return, income investing are the two methods discussed most widely here.

   At some point you need to decide if you're going to manage your investments or use financial advisor(s).  That's a big step and  

     if you're considering self-investing, spend all the time you can studying investing.  It's daunting at first but there's a ton of

     help in the forums and on the internet in general.  And one last word of advice, TAKE EVERYTHING YOU READ HERE AND

     ELSEWHERE WITH A CAUTIOUS VIEW - even the experts disagree, and some folks are just poorly informed.

Good Luck as you enter the golden years - retirement should be the best time of our lives - it has been great for me.

Joe

        

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