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|Subject: Re: A Key To Early Retirement||Date: 7/18/2002 9:35 AM|
|Author: SeattlePioneer||Number: 70706 of 846920|
<<That is SOOO very true. Most people DO totally glaze over when hearing about living below your means and dismiss as insanity the idea that you'll need a cool million for every $40,000/yr (before tax) needed in retirement. That's why, especially after the bubble popped, most babyboomers will not only not RETIRE EARLY, they won't RETIRE AT ALL until they're too old (disabled) or dead. And for the ones who don't die, it will be a miserable existence, especially when Social Security
can no longer keep up the facade.
Don't give up on the power of fashion to influence when people retire just as it influences how much house they buy and how often they buy new cars. What makes you think people will decide not to retire just because they can't afford it by some objective measure?
I have one good friend who bought a house a couple of years ago on a thirty year mortgage that he could only afford by working. Then he retired a year ago at age 62. He knows that he can't maintain this high cost lifestyle for more than a few years, but he's doing it anyway.
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