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Retirement Discussions / Retire Early CampFIRE
|Subject: Re: Late Start but still want to retire early!||Date: 3/24/2004 9:39 AM|
|Author: workwayless||Number: 158903 of 857627|
Due to many events and circumstances in my life, I find that I am now 51 with barely a start on my retirement planning. I am trying to design a strategy that will allow me to retire in 10 years or less and would like to here any thoughts and suggestions on ways to do so.
I am fairly new to investing and would welcome any thoughts or tips on how others, who started late, have are successfully building for their retirement.
I am making around $90k+/year but at this time I have only $8,000 in my 401k. I just increased monthly additions to about $900/month. $1500 in savings and am paying down my credit card balance of $15k by about $1000 per month.
Sounds like you are off to a good start.
- A rule of thumb is that you can retire when you savings grow to 25 times your expenses.
- One advantage you have over younger people is that you will be eligible for any pensions or SS sooner. So you can take that into account in your planning, if you choose.
- Here's a suggestion that worked for me: after you pay off your CC debt then keep making the "payments" to your savings.
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