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And someone who loves hard work makes big impacts throughout their life regardless of how much they are being compensated at any given time. Financial independence is a different topic. Financial independence is like the difference between going to out-of-state networking events in either a private plane or a bus. One is clearly better than the other. Which one do you take?

Great article. It helps that I have a defined benefit retirement plan. I run all the numbers all the time and believe that I have more than enough saved, particularly with my pension as my bedrock. But still, the thought of not working and not having an income is pretty scary. Some of the above is valid, but as an actual retirement-age retiree 68, minus 5 weeks I have a different perspective. Significantly, those of us at this age still have the likelihood of Social Security, but I have chosen to live off my retirement portfolio until 70 when I will get the maximum benefit and most likely can pay all my fixed expenses from SS.

Come I could never itemize medical on Schedule A before I retired; now Medicare premiums and other unreimbursed expenses make medical deductions the new norm.

How To Retire Early And Never Have To Work Again

My mortgage is now paid off, I owe nothing on the car, and basically I have no debt at all. And you have to budget yourself regardless. The temptation can easily be to spend too much, what with vacations and dinners and concerts and all. No matter how good your portfolio looks now, it has to last the rest of your life. In my case also I have a cushion, which is that my parents both still alive, 91 and 95 have assured me that I will see a decent inheritance. For age discrimination, I believe it. So, to counteract age discrimination, I just become my own boss and started Financial Samurai!

No more discrimination on race, age, or whatever. Love it!

Social Security: $867/month is more than $1,350!! (Retire at 62)

And regarding SS, even better. And this means, there is even LESS to fear about running out of money in retirement! Thanks for the reply, sorry for my delayed response. Not a pleasant prospect, however, and even my parents, who live in another state, are getting frail and are thinking of moving to an assisted-living facility. The other major issue that anyone in standard retirement age has to consider is taxes.


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I am living right now off my tax-deferred IRA, which I started in I have a small Roth, but I mainly leave that alone. In effect, I pay myself whenever I decide I want to.

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My first year of retirement, I withheld too little for the federal; my second year, I withheld too little for the state. This is one reason I recommend that younger people put money in a Roth rather than a tax-deferred. And then when you retire assuming standard retirement age , you have no tax issues with the Roth. Now that I am about to switch careers and make a higher salary I am focused on maxing out my contributions to both the k and IRA.

The post can contain thoughts on where you disagree with my beliefs and what you think is a better way etc.

3 Things to Do If You're in Your 60s With No Retirement Savings | The Motley Fool

Please consider it! Your comments are always very thoughtful. I can help you edit too for flow and structure. But since I have a Ph. Nice points and very true. Often for people in their 50s trying to retire they are putting big amounts towards investing and big amounts towards their mortgage. Check out these two posts:.

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I still want a deal. I agree that many fears about retirement are overblown. I recently read an article that the reality is most retirees have TOO much money in their accounts during retired because they naturally become conservative. People are not robots and will not just mindlessly spend the same amount of money they always have. That is exactly right. If money is going to be tighter due to some upcoming expense, one naturally adjusts LOWER their spending like a rational person.

We could also work a part time minimum wage job and come close to covering our entire barebones budget if things got really tough. However, reading articles like this help put my mind at ease just a little bit. Since I like my job and the hours are so reasonable, the allure of early retirement has come and gone for now. A few years ago and with a different job, totally different story. I do believe that some of the best things in life are free. Quality post, per usual.

I think I am probably saving too much out of fear of running out of money in retirement. But it is always good to have more money than you can spend. I want to point out that once you retire, you are likely in a lower tax bracket, especially if your main source of income consists of investment income. So tax expenses will be lower when you retire too. Ah yes, good point about lower tax bracket! You are exactly right. Let me add this point to the post.


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  • It actually felt kind of amazing going from a It finally felt like a reasonable amount to pay. Paying a lower tax rate has made me much happier.

    Inexpensive Housing Options for Retirees

    Wow, that sounds promising! The world is smaller, cheaper, and more accessible now. We can leave early and earn money doing what we love to make up for the income gap. I adore my job and voluntarily work hours a week on average paid overtime is a great salve but am still actively drooling over retirement. My basic plan is based off the old s tripod. Own a home, have a pension, and savings fortunately I have a job that still offers a defined benefit and plan on utilizing it!

    Thanks for the reminder, Sam!


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    • Chances are, that enthusiasm will fade over time. I think the key is adaptation. If you can adapt, you will be fine. Early retirees saved a lot and we always keep our eyes open for opportunities. If our retirement fund start to run low, I would work harder for a few years. The main problem is that people expects to maintain exactly the same lifestyle after they retire. Most of us will have to make some changes after we retire. Adaption is key indeed. Some sacrifices do need to be made early on. Your Money or Your Life says the same thing — and lists lots of ways you will spend less in retirement many of which you mention above.

      I took into account many issues like driving less less gas, etc. And the answer is: everywhere. I am not retired yet, but I plan on retiring with perhaps even a little less than I need. I feel the added uncertainty might keep me motivated during retirement. You will also be amazed how little money you need once you retire, assuming you get everything in order. I explored that in detail here: fiscallyfree.

      One final note from someone who works at a car company. Most cars can easily go , , or even miles between oil changes these days, thanks to more precise manufacturing and high-tech synthetic oil. Thank you for sharing your experience with us.