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Early Retirement


               
2022 Jun 5, 7:03am   4,684 views  42 comments

by GreaterNYCDude   follow (2)  

I want to be able to retire at 55. Not that I WILL retire l, just want to be in a financial position to do so.

(59.5 is more realistic, as it would avoid early withdrawal penalties from my retirement accounts.)

I'm maxing out a Roth 401(k) evey year. Accounts been whalloped this year, but stilll is worrh about $600k. It has plenty of time to come back. I have almost two decades to go.

House is on track to be paid off in under ten years.

The only thing I don't have is a side investment account. Have thought about it, but yet to act.

For those of you who have retired early, any advice, not only how you were able to do it, but also if your retirement is matching your expectations. Part of me thinks I'd go crazy not working, but I want to work because I choose to, not because I have to.

My cost of living us relatively low. (Although its gone up mostly if fuel costs) I don't drive fancy cars or carry a ton of debt. Biggest splurge is going out to eat once or twice a week.

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34   socal2   @   2023 Jul 3, 3:58pm  

stereotomy says

Later, as I got older, I started eating 2 meals a day, until now I'm OMAD.


I go at least 18-20 hours each day fasting and feel great. I've been doing this fasting routine for about 4 years now and can't imagine going back to 3 meals a day. I still eat a fair amount of carbs though......chips, pretzels, pizza, IPA's.

The weight loss is great, but fasting also provides so many other health and longevity benefits.

I'd like to try a longer 36+ hour fast sometime this year to get some "autophagy" going!
35   SunnyvaleCA   @   2023 Jul 3, 10:41pm  

clambo says

3 million bucks is surely enough for 30-40 years of living off the money, especially assuming social security.
There are funds which pay high dividends so you're not going to deplete your capital.

Dividends suck. If it weren't for dividends I'd qualify for subsidized Obamacare, food stamps, reduced electricity prices, etc. I might even get back 1/10 of what I paid in!
36   Patrick   @   2023 Jul 3, 11:08pm  

Eric Holder says

... or hold stocks until they recover? Nice if you can, nasty if you can't.


"The market can remain irrational longer than you can remain solvent."
37   zzyzzx   @   2023 Jul 11, 8:22am  

https://qz.com/2169395/all-the-reasons-why-so-many-near-retirees-are-going-back-to-work

All the reasons why so many near-retirees are going back to work

Millions of older Americans retired early, before age 65, during the pandemic, but now, to most economists’ surprise, they’ve boomeranged back into the workforce faster than other age groups.

An estimated 1.5 million of those would-be retirees are back to work according to US Bureau of Labor Statistics data. The workforce participation rate for people aged 55 to 64 has returned to its pre-pandemic level. (People age 65 and older have not returned at the same rate.)

Certainly, older workers have responded to the sudden rebound in demand within the labor market—a rebound that came about because of government stimulus efforts, he continues. But in the chart below, the v-shaped labor force recovery for 55-to 64-year-olds obscures the possibility that, if the pandemic hadn’t happened, there would likely be even more older adults working today, says Davis.


Article fails to mention jab mandates and their affect on the labor market.
38   AD   @   2023 Oct 13, 12:21am  

if anything work at home such as gig jobs listed at Rat Race Rebellion website ..its a legit site and its been mentioned by mainstream media...

this helps as far as senior citizens looking to earn at least a few hundred dollars per month .. usually they pay around $7 to $10 an hour...
39   HeadSet   @   2023 Oct 13, 6:33am  

zzyzzx says

Certainly, older workers have responded to the sudden rebound in demand within the labor market—a rebound that came about because of government stimulus efforts, he continues.

Reality - the over 65-year-olds have found they cannot afford to retire now due to high inflation and no more covid payments.

The Spin - the over 65-year-olds are benefiting from a government stimulated economy.
40   zzyzzx   @   2024 Feb 20, 9:36am  

https://www.axios.com/2024/02/19/american-retirement-boom-high-stock-market-returns

Retirements spike again as stock market booms

What's interesting is the obvious early retirement spike right around when the clot shot mandates started.
41   KgK one   @   2024 Feb 20, 11:30am  

Money is major concern , between ss + small pension , n investment incomes should be ok as long as I don't live large.

Only need one car then, n Uber if needed.

What kind of hobbies do you guys do to keep busy?.
Tv , only so much u can watch.
Gardening
Helping kids n grandkids
Exercize, walking
42   AD   @   2024 Feb 20, 12:27pm  

.

One thing the retirees can do is work at home such as take surveys

Legit work from home sites have a lot of those type job listings

Check out Rat Race Rebellion and also Work at Home Job Queen

Can earn about $7 an hour at home, and about $15 a day to help pay for bills

I like the gardening mention as you can grow cherry tomatoes easily in pots... I like the cheap fabric pots sold on Amazon ...

Agree about walking, as it should be at least 5 days a week for 1 hour each walking session

.

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