![]() What you'll probably find is that you'll keep working so you're able to fund a better lifestyle in retirement. The pressure you place on yourself will diminish significantly. Work will seem easier in the sense that you don't need it nearly as much you can now survive without working. Once you achieve that goal you'll probably find that your mental attitude changes significantly. I think the main thing you'll want to focus on now is accumulating enough assets to enable you to live even a meager lifestyle without working. We found this to be critical in coming up with a number that was "enough". How do you account for major dental expenses? And so on. You also need to know, for example, how to convert the costs of large appliances (washers, dryers, refrigerators, etc.) to a monthly expense. You need to focus not only on what you actually spend annually, but also factor in many "what if" scenarios. It is very important to have a very good grasp of your expenses. We have found that it is critical (for us) to live somewhere that has plenty to do AND natural beauty. So this may be something to consider if your work has you living somewhere without much going for it. When you're retired you spend a lot more time in your home, so we went all out and we're glad we did. ![]() We sold our home in a small rural town and bought a larger more upscale home that cost three times as much in a community with lots of free things to do. We did this deliberately so we would have access to all kinds of great things to do. We moved to a community with higher housing costs. Now that we have more time we are much more into cooking. It tastes better, and in some cases it is healthier. We have switched to mostly organic grown food. all that space!įood expenses have increased somewhat. And I love having one car in a two-car garage. Again, this will vary depending on lifestyle, but going to one car cuts expenses and hassle. We had two cars, but one just sat in the garage. I found that we could easily go to one car after we retired. I didn't sign up this year due to all of the chaos, but when the dust settles I'll reassess. The ACA promises to be a great thing for early retirees if it survives without being ruined by repeated amendments. But this will vary tremendously from person-to-person. This includes premiums and out-of-pocket. IOW, a very good plan that I was able to keep after retiring. My costs have been roughly $15,000 per year (family plan) with hard limits on any out-of-pocket beyond that. So I'd suggest avoiding any plan based on a very meager existence. ![]() ![]() A very meager lifestyle of backpacking and freight-train-hopping might work for someone in their 30s, but you will eventually get old. When you're coming up with an amount, you need to consider that at some point you will be in your 70s and 80s, and there's a reasonable chance your health (or your wife's health) won't be good. If you own your home free and clear, you can live quite comfortably today on roughly $50,000 per year (give or take) in the mid-west. These are just a few observations from someone who has been there: I retired early, and have been retired for quite some time. You've had many responses, but none from actual retirees. Here, please treat others with respect, stay on-topic, and avoid self-promotion.Īlways do your own research before acting on any information or advice that you read on Reddit. Get your financial house in order, learn how to better manage your money, and invest for your future. Banking Megathread: FDIC, NCUA, and your cash.Private communication is not safe on Reddit. Scam alert: Ignore any private messages or chat requests. ![]()
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