So 62 is earliest. Can retire. ? I am 60 an an 4 months plus old, I like retire now an just work part time but not afford to unless soacil security. Starr feel old, I hope I around in couple years. Yet without major health trouble. Health can go quick when older. Look obituaries, at ages. Not something I like talk about, I gonna ask for vacation from 1 job tommorow for few days in first week trapping, if not get. Going be very unhappy.

Our own mortality is something no one wants to dwell on, coonman! Just take care of yourself and you'll be around for awhile yet.

Nobody evah said how many years..were in a life time.

You are not financially ready to retire. I can tell that just by your posts on here. If you want to retire you’re going to have to live on nothing and start saving aggressively In an IRA or 401k for the next five to ten years. And I mean aggressively, the legal maximum the government will allow, which I believe This year is 18,000 a year in a 401k and 7,000 a year in an IRA. I think you can even do a little extra at your age as catch up.

Young people on here, take note. 60 might seem way far away, but you gotta start saving now if you’re ever going to retire. This would be a much different conversation if coonman had saved 15 percent of his income in a 401k for the last 30 years. He would be a millionaire. He wouldn’t have to worry about his truck breaking down, cause he could just go pay cash for a brand new one. He could never work another day in his life if he felt like it.

Coonman, I’m not trying to be down on you. I just want the young folks here to understand that THEY control their future and retirement, not the government or social security.

Truth

Dave, we hope you are around in a couple years too. Hang in there brother.

That’s all fine and dandy until the stock market dips and you lose $80K overnight!!! If you’re retirement is based off SS then you’re pretty much bolted, unless everything is paid for.

I am roughly 18 months from retirement but I have sunk 20% or more into my “401k” for 20+ years, have invested heavily outside of that and have a simple lifestyle. On top of that I plan to work part time for beer and bait money.

Retiring at 62 puts on a longer SS window but a lower annual payment for life and you still have 3 years until Medicare eligibility. When you retire early or before full age you will get deducted $2 of SS for every dollar over a specific amount so working part time is workable but you need to balance SS and work income so you don't lose SS. I don't know your health or financial status but to me I would find a job that pays respectable but more importantly you can physically do for 2-5 years or more so you can build more retirement income for the years when you can not work or work only minimally. Also think about even with Medicare your insurance with a supplemental will probably higher payments than you are figuring a this time.

Bryce

160user, nobody gets hurt on a rollercoaster unless they jump off. Stock market is the same way. This last dip fully recovered in 52 days, so unless you got scared and took your money out you lost zero dollars. If you’re wisely invested you can ride the ups and downs of the market with zero possibility of losing money.

Was told at 62 old, can get $1000 roughly after taxes. Soacil security, not much a month, can work up to $18 k a year without worries deductions, what happens in county home ? They take all your SS money ? Yes life is z gamble. Some guys go be quite old with out run docter. I think i get point about now. Where really got start. Watch Heath close. Something could come up in future. I can rember few younger people go from cancer

Last I read, something like 95% of those over 65 in America are not financially able to do much more than pay basic bills.
No road trips.
No health care options.
Basic subsistence for the remainder of their days.

It's safe to say most people (95%) spend all they have as they go.

Nada!!

Blessings,
Mark

I agree that one should play the long game but I would never say there is "zero possibility of losing money." I'm generally heavily invested (not now because I waited until early September and then went to cash) and anyone who invests should know that you could in fact lose some of it.

If he asked me I would tell Coonman that he needs to keep working and stop spending.

I have a question for all who support retiring early. Once you have collected all the money you and your employer have put into S.S. plus a reasonable amount of interest are you not on public welfare like everyone else who receives money they have not earned? This is a question I have thought about every time someone supports retiring early.

We have argued about this before on T-Man.

Yes. Same goes for SSDI.

Maybe zero possibility of losing money is a bit too far, but certainly very small possibility. If you’ve picked good growth stock mutual funds based on thier track record over the last 20-30 years the chances of losing money is almost zero. Now if you’re playing single stocks, you could lose everything in a hurry.

You and I have the same advice for coonman though. Live on nothing and save aggressively for a while.

I obviously missed that thread, maybe before my time. Thanks

I plan on retiring early, though not on social security. I have two 401ks, the larger one is on track to have $500,000 in it by the time I turn 50, the smaller one only about $100,000, and that’s if I never add anything to them, which I obviously am going to keep contributing. I figure on retiring at around 60 with about 2 million in those accounts, which at a ten percent average rate of return will give me a $200k annual income and the government can keep its poorly run social security program. I’ll live on the 200k and leave the 2 mil to my kids and they won’t have to depend on government retirement either. I also plan on having a paid for home by then, so I won’t have any expenses except healthcare and utilities.

I hope all goes as you have planned. I was referring to individuals who state they are getting S.S. as soon as possible to get that free money. For people who have worked and saved to meet their needs I have nothing but respect. Good for you.

What constitutes a reasonable amount of interest?