Re: Early retirement
[Re: ILcooner]
#7266826
05/18/21 10:29 AM
05/18/21 10:29 AM
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Joined: Jun 2010
Posts: 270 West Virginia
WV Danimal
trapper
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trapper
Joined: Jun 2010
Posts: 270
West Virginia
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anybody under say 32 ought to read these posts and think long and hard about their future over the next 30yrs and what you want fo retirement.
Imagine being early 60s and having ~ $2M in 401k and IRAs after years/decades of maxing both out, being able to live off the 4.5% interest it makes annually giving you a $90k salary...without ever touching the principal. A couple year old (paid for in cash of course) truck and a paid for home. If you get tired of working, and want to draw your SS early (assuming it is still around), you say "see ya".. you have the cash to do so.
The hard work and discipline gives you the freedom later to decide.
This is the future I am saving for... This is a close mirror image to my situation, slightly different. I plan on going at 50, certainly not anywhere the 2m$ mark but enough to be plenty comfortable. House and vehicles (vechiles) paid for, cabin and mtn property paid for, rental houses (paying for themselves). I will echo the statement about younger people, even way under 32 get on track early in life. I only wish I would've had more/better guidance earlier on about the great financial plan and the various paths to chose from. You know how it works: man plans/God laughs. Anything can happen and you can only roll with the punches.
Trash your goals and plans for life. Just wing it and you'll never be let down!
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Re: Early retirement
[Re: coonman220]
#7267050
05/18/21 05:17 PM
05/18/21 05:17 PM
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Joined: Mar 2008
Posts: 5,972 n.e, iowa
coonman220
OP
trapper
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OP
trapper
Joined: Mar 2008
Posts: 5,972
n.e, iowa
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Call ss today again an got $$ figgures out an when start earn so much nomore an when ss is tax when work pt an figgure out , good deal aslong as can work pt, like ssy , plan on knee replacement when on ss, if not, bad idea, any govermebt places are say big changes come with stuff an rules laws in future , don't know what , posted on other sites , doomsday
Last edited by coonman220; 05/18/21 05:20 PM.
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Re: Early retirement
[Re: bblwi]
#7267106
05/18/21 06:11 PM
05/18/21 06:11 PM
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Joined: Feb 2015
Posts: 10,783 Iowa
trapdog1
trapper
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trapper
Joined: Feb 2015
Posts: 10,783
Iowa
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Dave I feel the early option with employment would fit you quite well. If you can earn $18,000 per year and not lose any SS benefits and lets say your SS monthly would be $1,000 per month. That would give you 30K per year with one job. You could work a $9 per hour job full time if you wanted to. I would find a firm that would pay you say $12.50-$14 per hour you could work 32 hours per week and have 8 weeks off for trapping etc. Many places don't want to hire full time with paid vacations etc. etc. If you found the right job or jobs and your physical health held up well you could do this for many years if you needed to or chose to.
Bryce Dave - I like what Bryce says here. This may be a good fit for you.
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Re: Early retirement
[Re: coonman220]
#7267113
05/18/21 06:20 PM
05/18/21 06:20 PM
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Joined: Dec 2006
Posts: 21,768 Sandhills Nebraska
Gary Benson
trapper
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trapper
Joined: Dec 2006
Posts: 21,768
Sandhills Nebraska
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From what I understand it don't work that way. They won't allow you to receive more than $1200 per month. If you receive 1000 SS per month you can earn an additional $200 per month but no more. That is until you reach full retirement age, then you can work and earn more. Maybe I misunderstood how it works.
Life ain't supposed to be easy.
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Re: Early retirement
[Re: coonman220]
#7267155
05/18/21 07:21 PM
05/18/21 07:21 PM
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Joined: Jan 2007
Posts: 7,251 Wisconsin
Moosetrot
trapper
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trapper
Joined: Jan 2007
Posts: 7,251
Wisconsin
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My Dad always said about retirement...."Better too early than too late."
I think when I was 65, with a full retirement age of 66, I compared what I would get if I sent on SS then versus when I hit 66. It was about $109 less. That allowed me to take a job at 24 hours per week with the State of Wisconsin, and really have no decrease in our standard of living. Our quality of life increased dramatically as I now only work Monday, Tuesday, and Wednesday, so every weekend is a 4-day weekend. When they hired me I negotiated a great benefit package as well.
At the time I told my Manager, who hired me, they they were stuck with me until no one in the office would change my "Depends".
Moosetrot
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Re: Early retirement
[Re: coonman220]
#7280911
06/06/21 07:10 PM
06/06/21 07:10 PM
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Joined: Mar 2008
Posts: 5,972 n.e, iowa
coonman220
OP
trapper
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OP
trapper
Joined: Mar 2008
Posts: 5,972
n.e, iowa
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I can file the month after on first, so lot could change but if continue, file July 1, quit 1 job the end of second week July an continue work pt, 13 months an 1 week work left an slow down I hope an go fishing lots more next summer, I go have something good say all smart haters that burn u down when not work, they think u should be work 24/7 till dead no matter how old, worst luck I wish all haters
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