Warning long post follows:With the general premise of this board being "Share your plan to help it come true" I think it is time to pay my dues and share my plans.This plan is a work in progress, so let me give you some background.Step one -- Born and raised in the not to far north of Ft. Wayne In. I spend my early years carring papers and saving for collage. My father did me a very great favor of taking to the factories he worked in from time to time. This convinced me that making a living with your head rather than your hands my be a good idea.Step two -- Growing up! This is very different from being "born and raised". I did attend that collage, but let my grades slide and received a letter from the goverement which began "GREETINGS". Spending a year is southeast asia as a somewhat human target will make you GROWUP very fast.Step three -- Making a living. Back in the world and back in school. The grades were up but still no real plan for my life's work when I discovered computers. This looked like fun. The best advice I can give anyone is to find something you like to do and then figure out how to get payed for doing it.Step four -- Discovering that you need to plan for retirement, and you should have started yesterday. When my father retired and his SS checks amounted to general spending money I realized that he had been planning for this day for a long time. (The older I get the smarter my parents get). Just knowing you need a plan is a big step.Step five -- Pay yourself first. After a few failed attemps I found that the best way to save for retirement was to start a systematic plan and stick to it. I began contributing to the company 401k at a rate that would match my contributions to Social Security. The only money you really get paid is what you can save. The rest is just to make ends meet.Step six -- Form a plan. Now that I had the hard part out of the road I began thinking about where I would like tor retire. Ft. Wayne didn't look to good to me (I was getting very tired of the cold winters), so I took a transfer to Florida (sometimes you get lucky). The weather suited just fine and I decided that retirement would be no father north than Tampa Fl. Now thats not much of a plan but its a start. Somewere around here I discovered Jimmy Buffet and the lifestyle that the music is about. This has helped me fleash out my plans and started me looking farther south. (more free adivce -- never cast your plans in concrete, jello is a most useful substance).Step seven -- Work work work work work. Trying to be the best at what I do. It pays better.Step eight -- When I could take early retirement I did. (Take the money and run). I took a lump sum settelemt and rolled it over into investments. The up side is that between the 401k and the lump sum, my basic needs for retirement are covered. The down side is I can't touch any of it (well almost) until 59 1/2 without giving up an extra 10% to Uncle Sam. I tried the road worriar thing for a while, it pays well but gets old very fast. I started with a new company and will be fully vested in their retirement plan just as I reach 59 1/2. What the heck, it keeps me in the south, and a little extra income in retirement is never a bad idea.Step eight -- Working my way into it! Since the first retirement I have moved to an apartment on an island. Its in the middle of Tampa Bay, but its a start. I have also purchased a boat. My first was a 16' bow rider which I wore out after about 10 years. This one is a 26 footer that makes a great weekender + and is great training for a possable liveaboard as a retirement home. I also ahve my pilots license with insterement rating (no longer current). The captins license is next.Well their you have it. The plans are still in the jello vat, but it is beginning to setup. I will be taking several recon. trips over the next couple of years to check out some possable ports of call. The current targets are Belize, Costa Rica, and a small island of Puerto Rico which shall remain nameless.Good luck to all and thank you Jimmy!PS. GekkoII;If you have not read Don't Stop The Carnival by Herman Wouk, please do. You will love it.
SSchey:Fantastic post, I am thrilled for you (and jealous)...By the way, as a semi-enthusiast of boats, please tell me what your 26 footer is. Additionally, I am curious as to why the island of the coast of Puerto Rico is to remain nameless, as you say. Don't you want to share?I have a big exam in a couple of weeks but then I am leaving the cold of New England to head south for a little bit, and its funny, I was looking for a book to read. Thanks for the suggestion!-Gekko II"And late at night I just dream of the ocean,God I wish I was sailing again..." -JB
Gekko IIWell the boat is a 26' 87 Regal. I picked up cheap from a bankrupcy sale. It isn't getting much running time right now because the lower unit impeller is about shot and I haven't had the time to haul it out and replace it. I don't want to broadcast the name of the island until I have had a chance to do somemore research on it, but if you follow the new its next door to island that is up in arms about the Airforce bombing range.If you would like an extra treat before reading the book, pick up a copy of the JB CD by the same name and listen to it first. Then read the book. Then listen to the CD again, It takes on a whole new meaning once you know the story.Good luck on the Bar Exam. I understand that meany people do not pass it on the first try.Well its time to be off, Fingers Taylor is playing tonight at Skippers Smoke House, and then Jimmy is playing at the Ice Palace on 2/22 (Tuesdays, Thursday, Saturday is more than a CD title)Yes I am taking Friday off :0)
SSchey wrote:"Step eight -- When I could take early retirement I did. (Take the money and run). I took a lump sum settelemt and rolled it over into investments. The up side is that between the 401k and the lump sum, my basic needs for retirement are covered. The down side is I can't touch any of it (well almost) until 59 1/2 without giving up an extra 10% to Uncle Sam. I tried the road worriar thing for a while, it pays well but gets old very fast. I started with a new company and will be fully vested in their retirement plan just as I reach 59 1/2. What the heck, it keeps me in the south, and a little extra income in retirement is never a bad idea."Actually, there are several ways to access your IRA before 59 1/2 WITHOUT paying the 10% penalty.Have you visited www.retireearlyhomepage.com? The creator of that website, John Greaney, retired six years ago at age 38 and is accessing his IRA's without penalty.LuckyEngr
SSchey: Well their you have it. The plans are still in the jello vat, but it is beginning to setup. I will be taking several recon. trips over the next couple of years to check out some possable ports of call. The current targets are Belize, Costa Rica, and a small island of Puerto Rico which shall remain nameless.Don't ignore the USVI! St. John is a stunning place to harbor your boat. We did a private charter for a week in the BVIs/St. John and were very impressed at how quickly one got from island to island. Virgin Gorda in the BVIs is lots of fun, as is Norman Island's wacky bar on the boat. St. John is still our favorite. Unfortunately, St. Croix, where it is actually possible to make a living, is a 6 hour sail from the other islands. One of it's few negatives. BTW, bareboat charters are pretty cheap if you want to explore on your own.Good luck,InParadise
Thanks for the tip. I will keep it in mind.
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