Plan ahead youngsters !!

January was an eye opener budget wise. Insurances,lot rent,etc. all went up and of course SS retirement income was getting too close to budget needs for comfort. I live within my needs and have no debt and I want to stay that way. So reality sent me back to work. It's only part time but it gives me more breathing room.
My son is turning into my reality counselor-"It's a good thing your still healthy and can go back to work. But when the time comes that you can't work anymore your SS will still be about the same and the cost of living will have increased even more".
My plan is to leave the paycheck in the bank and continue my frugal lifestyle but time may not be on my side financially.One thing I may have to face is selling the mobile home I've owned for 28 years but the options after selling are really slim.
Some other older folks here have simply outlived their retirement plans and income and it's sad to see.
So I encourage all you younger guys to invest in your own future and plan accordingly (especially if your single like I am).
AAAH that felt good !!! No whining just reality.

So what would you have done differently?
A house instead of a mobile?

Many live like old Elephants near a drying water hole. When the hole has dried up their too weak to migrate. Some math is needed to figure out the reality of staying in place.

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Originally Posted by Wulf202

So what would you have done differently?
A house instead of a mobile?

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I had a deal I couldn't ignore on this place and living here was a good deal back in 1989. It was a fixer upper the bank didn't want to deal with and lot rent was very affordable back then.

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Originally Posted by earplug

Many live like old Elephants near a drying water hole. When the hole has dried up their too weak to migrate. Some math is needed to figure out the reality of staying in place.

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Words of wisdom right there !!!

Go with the cheap cat food like Friskies instead of the gourmet stuff. You will easily save $3.00 a month and the kidney stones will make you feel alive.

I've got the same retirement plan as everyone else: Work until you die.

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Originally Posted by JohnTRourke

I've got the same retirement plan as everyone else: Work until you die.

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God, ain't that the sad truth.

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Originally Posted by JohnTRourke

I've got the same retirement plan as everyone else: Work until you die.

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My plan is better than that. I only have to work til I'm placed on life support.

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Originally Posted by Bailey Guns

My plan is better than that. I only have to work til I'm placed on life support.

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Not me, there will be no artificial breathing apparatus or other items. The kid's going to find a nice ice flow or something above timberline for me.


On a serious note. I haven't saved a dime, never thought i was going to see past 30. then 40 & 50 came and went. Now that i'm in my golden years i have some Soc Sec to fall back on. Then there's the massive equity in the house if we sell.

I'm counting on zombies, economic collapse, etc before I reach retirement age.

My retirement plan: Stay as healthy and in shape as possible, and work until I die.

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Originally Posted by BPTactical

Go with the cheap cat food like Friskies instead of the gourmet stuff. You will easily save $3.00 a month and the kidney stones will make you feel alive.

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Savage! HAHAHA, can you feel the love! I try to save but sometimes it's just impossible. We do what we can. I honestly didn't think I'd make it past 35 with my health, but things are lookin' up. I have decent life insurance though, so at least I know the wife will be ok for a while.

Yeah, this living long is a crazy concept. According to an online calculator I should live to 89-90 (right). But as a middle aged guy I'm not sure living past a certain point is really living. Hope my outlook changes about that.

Sugarmamas.com

I'm concerned about running out of well paying work for my current and foreseeable skillset before I'm ready to retire.

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Originally Posted by davsel

Sugarmamas.com

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Any experience with that site ??? [ROFL2] May be my last hope !!!

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Originally Posted by StagLefty

Any experience with that site ??? [ROFL2] May be my last hope !!!

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The last one left a bitter taste in my mouth ;)

I like to think I'm heading down the right path to being financially secure and retiring in fifteen years at the ripe old age of sixty.

I can also tell you I am most likely going to move somewhere other than Colorado when that time comes. Cost of living here is more than I'm willing to deal with and there are plenty of other places where my millions will go farther.

Looks like one of the best investments was 22LR.

I'm trying to retire in no more than 10 years from now.

Stay active and moving...you are harder to hit that way.

Its nice to be able to work as many or as few hours as you would like. Too many times have I seen good people wither and become weak when they retire just to do nothing. Don't start your dirt nap early.

Remember back when I was building the brick columns in front of your park. Working all by myself wishing I had some help. It's what 7 years later and I still have no help lol. Ever wanted to be a part time hod carrier?

As long as there is a lottery, I still have hope to retire some day.

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Originally Posted by Big E3

As long as there is a lottery, I still have hope to retire some day.

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Lottery and gambling is the reason a fair number of older persons aren't already retired. Compounding interest is your friend when you are young.

Saving is a never ending battle. I think the biggest thing i wish i would have researched is loans. My parents never had to take out student loans because they never went to college so they weren't there for advice and i was young and didn't worry about paying on them when i was in school. Now that i have been out of college since 2008 and im still paying on student loans its near impossible to save. Student loans, house payment, truck payment, two kids in daycare, and credit card debt...im not sure how some people do it. Im thankful for a wife with a great job and me with a decent job! We make it work. But life is definitely expensive.

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Originally Posted by JohnTRourke

I've got the same retirement plan as everyone else: Work until you die.

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I'll be working right up 'til lunchtime the day of my funeral.....

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Originally Posted by CapLock

Ever wanted to be a part time hod carrier?

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Too many early years of roofing and construction have taken their toll on these bones and joints. I'm lucky I'm able to do what I'm doing at Lowes P/T.
Thanks for the thought though. [Beer]

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Originally Posted by Great-Kazoo

The last one left a bitter taste in my mouth ;)

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You a naughty man. :)

Small world we live in. I'm building columns and this guy who lives there talks to me about the job for a minute out of the blue. Low and behold he's on Coloradoar15forum and his name is staglefty.

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Originally Posted by cstone

Stay active and moving...you are harder to hit that way.

Its nice to be able to work as many or as few hours as you would like. Too many times have I seen good people wither and become weak when they retire just to do nothing. Don't start your dirt nap early.

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I know a guy that didnt call it retiring but "changing lanes". I always liked that.

Retirement planning has gotten wild in the last few years- plan accordingly as I'm not expecting SS to be there when I hit retirement. Hell, it won't be there when I hit 50! My wife works in financial advising and says you should be putting away 20% of your yearly income into savings for retirement... I say 20%, these days! HA! Apparently I married a comedian. :D

20% if you want to work forever and like being a sucker.

Edit: Ronin, I'm just giving you a hard time. Most people can't even imagine saving that much.

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Originally Posted by Irving

20% if you want to work forever and like being a sucker.

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20% is a lot for most people, hell, saving 10% is a lot for most people.

Im biased, but I'd invest in real estate along the way while saving 20% constantly. Re-leveraging when the amount got high enough to invest.



Sent from my iPhone using Tapatalk

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Originally Posted by Firehaus

20% is a lot for most people, hell, saving 10% is a lot for most people.

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My response was a bit tongue in cheek, but not completely. I spend my time researching early retirement and personal finance. I'm trying to save 25% of my income this year. So far it's going okay, but I think I'm making a math error because I've only been saving 25% of my gross (I'm a 1099 contractor). At worst, I'll have saved enough for taxes.

Young guys! Savings rate is MUCH more important when you're young than compound interest. Compound interest is so powerful that it can easily eclipse your income, but only if you have something to compound in the first place.

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Originally Posted by Irving

My response was a bit tongue in cheek, but not completely. I spend my time researching early retirement and personal finance. I'm trying to save 25% of my income this year. So far it's going okay, but I think I'm making a math error because I've only been saving 25% of my gross (I'm a 1099 contractor). At worst, I'll have saved enough for taxes.

Young guys! Savings rate is MUCH more important when you're young than compound interest. Compound interest is so powerful that it can easily eclipse your income, but only if you have something to compound in the first place.

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Depends on your tax bracket, and deductions, but 25% is basically just your tax bill, as a 1099 contractor.

The time value of money is so important. It's better to start early with a little than late with a lot.

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Originally Posted by Gman

The time value of money is so important. It's better to start early with a little than late with a lot.

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In what way do you mean? Compound interest on 1 million dollars is compound interest on a million dollars.

If you're speaking philosophically, then I'm board and in agreement.

I leaned towards real estate when I was a young buck. Kept leveraging and moving it up to property in areas where I had a hunch it might increase in value. Still a gamble but I feel I might have crossed over the hump and the return in rent / lease $$ might pay off in the long run.

Start early and invest into anything that shows some form of profit. Liquor, fast cars and women show a negative return and has been proven time and time again.

What a bunch of crap...ran the numbers every which way...bottom line, I can't afford to retire until I'm 70...14 years from now. Normal retirement for my age = 67 yrs old, but the SS premium for waiting until I'm 70 is 8% per year (24% overall increase in SS payments) is too much to overlook. Not to mention pension plan increases, health ins, life ins, other benefits, and continued paycheck. The whole damned system has me working until 70 providing I don't develop alzheimers by then.