How to Retire 35 Years Early
jrb451
10 years ago
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joyfulguy
10 years agoRelated Discussions
unexpected early retirement and Social Security
Comments (6)Abby1930, In some pension systems, your contribution toward your pension is a percentage of your annual income and your pension at retirement relates to the amount that all of those years' contributions totalled out to, plus the amount of growth that all of those invested dollars produced throughout the period. I hope that you can find some source of income which will be such that you can continue to enjoy your new home. Lay-offs have become an increasingly common problem in the economy these days, where many companies feel that employees are as disposable as the machines that they use. Should we call such an approach "Kleenex staffing"? They like loyalty on the part of staff - but if it isn't a two-way street, that rather traditional loyalty situation will be eroded. In fact - it is, these days. Few employees feel as loyal to their employer as was true a generation ago. Telecoms have certainly been volatile in recent years - and increasingly so? While talking to my recently laid-off daughter (who had for several years been a counsellor to people being laid-off), she said that she'd like to have two or even three streams of income - so that she wouldn't be up the creek without a paddle if she suffered lay-off, having depended totally on one income. She's a rather independent-minded person. Who was able to carry on her recent work wherever she happened to be - all that she needed was a higher-grade connection to the internet. She used so much bandwidth that one couldn't call her and have the call go through while she was using the line for corporate-related internet work, as one can do with most internet users using high speed connection. Good wishes to you as you work through your situation in the days ahead. joyful guy P.S. to others: If you should find yourself in this situation (say, next week?) - wouldn't it ease your concerns a great deal if you knew that you had enough assets rather easily available to enable you to survive without too much upset should you, having suffered the trauma of lay-off, find yourself unable to find other work for half of or even a whole year? Personal financial advisors for many years have been recommending 3 - 6 mos. emergency fund to enable minimum survival. Such a plan is much more necessary in the employment climate, these days. Don't you think? I remember a song that was popular when I was young, ... "Wishing, will make it so, just keep on wishing, and care will go." "Dreamers tell us dreams come true, it's no mistake and wishes are the dreams we dream while we're awake". Baloney. Visioning has its place. So do dreams - and wishes. The problem is that quite a number of us allow the dreams and wishes to take the place of reality, rather than encouraging and impelling us to implement them - to change them from a figment of our imagination into a real part of our lives. Dream the dream - then make it work. ......See MoreA simple path to financial freedom/early retirement
Comments (2)Hi Ole Joyful! I would love to get a copy of this book, or any help offered. I am in my mid 30s, husband late 40s. Hubby has been 100% disabled for years, therefore, I am the worker. We have a nice house, child, dogs, cars, and want to secure it all for the future. In my job field, there is no 401K, or anything offered, unless you work for a corporation. So, I have a money market savings acct that I add money every so often. I also have a policy, should anything happen to me. This way, I know the house will be paid for, plus extra cost of living. I would LOVE to spend one weekend with retired people who have made it, but only with the same conditions as I am in. I need to know if I'm doing everything right, to protect our future. I think we all need a mentor in our life....See MoreAnybody here retired early, like early 50's?
Comments (12)My husband retired in January at 62, and I retired in April at 55. I am enjoying every day. He says he doesn't feel useful. I took some watercolor classes and am painting and doing crafts. I don't care if I'm useful or not! I stay up as late as I want, and sleep in if I want. Coffee on the back porch watching the birds in the mornings. Shopping when everyone else is at work. Doctor's appts during the day so I don't have to fight evening traffic. Love it. If you don't finish something today, there is always tomorrow. My elderly mother lives with us, so we can't travel unless someone she knows stays here. Luckily we have a neighbor who will stay with her if we need it, but we can't impose too much, so no traveling. But there is so much to do here (Charleston, SC), I really don't care about that. My hub is retired navy, and we each have a supplemental to Tricare through our previous employers. We pay our portion, but it isn't the full amount we would have to pay on our own. I am looking at volunteering with an animal rescue group, as that is also something else I wanted to do when I retired. This winter I'm starting on a cookbook, too. At least, that is the plan right now....See More"forced" early retirement
Comments (9)I'm sorry to hear about your husband's unexpected and involuntary change of plans re employment vs retirement. I have no personal experience in the situation you describe, but I had a long career in business. I'm really not sure what you're expected to hear for responses. You don't explain why you husband has delayed signing the severance agreement. They're typically not negotiable or subject to change. What is typical is that the terminated employee, especially one nearing retirement age, is asked to waive any right to sue, seek damages or compensation, etc., in return for the package that's offered. If you have questions about how any items of payment were calculated, ask the company for detail. Not for a rationale, but for a calculation. After 37 years with the union, I'll guess your husband has some union benefit entitlements too, and you should ask the union directly about those. You should understand that companies take actions like this all the time. Such decisions are usually blindly organizational matters and are only rarely personal. They don't always turn out to be good decisions but they're rarely changed. Once you get whatever information can be supplied, you'll have two choices - decline the offer, hire an attorney and sue them (this is a really bad idea most of the time) or sign and accept what was offered (this seems like the best choice from what you've explained). I recommend you not concern yourself with details about what the company has or hasn't done after moving forward with their decision to terminate your husband. What's done is done. Congratulations to you both on his long and successful career. It's time to move forward and make decisions for the next stage of your lives....See Morejoyfulguy
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