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hi all, so for those of you retired, or close to it, how would you suggest getting there? Especially if you want to retire at 65.

jmc, not near 65
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those of you retired, or close to it, how would you suggest getting there? Especially if you want to retire at 65.

It's simple

1) Live below your means
2) Fund your retirement accounts

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Ditto what workwayless said plus "Don't even try to keep up with the Joneses".
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hi all, so for those of you retired, or close to it, how would you suggest getting there? Especially if you want to retire at 65.

jmc, not near 65


If your not near 65 you might be able to retire way before age 65. Save all you can. Pay yourself first. Live frugally. Don't go into debt. Buy used cars. Keep them a long time. Don't go out to eat too often. Take advantage of any tax deferred vehicle offered to you like 401K's, 403B's, IRA's, Roths, etc. Then when you get ready to retire, if you want to take money out of your IRA or 401K before age 59 1/2 you can use the 72(t)SEPP exception. - Art

72(t) SEPP Calculator
http://rehphome.tripod.com/wdraw59.html
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Art, thanks for the suggestions. I'm doing some of these "save all you can, live frugally" but am unable to do the "Don't go into debt" bit as I'm currently accruing student loan debt. I'm not sure if I'll be able to retire early -- I'm a 35 y.o. PhD student who does have a retirement account and an e-fund (both of which continue to grow w/ additional contributions and sound management). So to be realistic, given my student loan debt, I think 65 might *be* retiring early for me. :(

The sooner I finish the PhD, though, the sooner I can earn more than $18,000 a year.

I would also like to settle someplace cheaper than California.

jmc, a displaced Nebraskan (Gosh it was sooooo cheap there and sooooo far from the ocean) ;)
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jmc, a displaced Nebraskan (Gosh it was sooooo cheap there and sooooo far from the ocean) ;)

And there in lies the trap!

I'm a displaced Floridian living in Nebraska. Every winter I hear the siren calls of the palm trees and the beach. But, alas, I have kids in excellent, relatively cheap Catholic schools, and own a 120yr old farmhouse (in the city now) that I adore puttering around in. So each winter when my friends call me to brag about the 80 degree weather they're having during the "big cold front", I have to cure my desires to chuck it all and move back by pulling up the real estate listings. My home (a bit of a fixer-upper) costs me less than $60K when I bought it, and will be worth around $200K (in the current market) when we finish the restoration, but to buy anything even close to equivilent size and construction quality in the area of FL I'd like to live in would cost me anywhere from $500K (Major fixer-upper away from the water) to $2.9Mil (my recent favorite old house pick right on the coast, but not quite equivilent because it's much larger, as are many of the more historic constructions that have survived the architectural holocaust in Florida).

Once I see the cost of real estate (not to mention the availability of a good cheap education for the kids in an area with high values on family activities), I decide the extra sunshine isn't worth the price and when I'm really sick of looking at the snow I can fly down for a week or two and worship the sun.

Always ;-)
Hunzi
Exiled to Nebraska, land of cold winters, and lots of taxes but cheap real estate

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Thats a pretty big swipe of the paint brush you've given Florida - when 90% of the state has excellent housing options well under $150K

C.
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Thats a pretty big swipe of the paint brush you've given Florida - when 90% of the state has excellent housing options well under $150K

I didn't mean to imply that there wasn't any affordable housing in Florida, so apologies to any fellow Floridians that I offended. I just meant that I haven't seen a lot of homes there that could allow me a similar lifestyle to what I have here for a price I can afford.

The house I referenced for 2.9 mil, was as I mentioned far bigger than my current house, but hey if you're dreaming, dream big!

However, if you happen to know of any well built 3000 sqft 100+ yr old homes in the Pinellas county area that have most of their original construction intact and requires only minor renovations, for under $60K, I'd love to hear about them. ;-)

Always ;-)
Hunzi


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