Posted by 2underage on October 17, 2014 at 07:10:15 from (64.19.81.2):
In Reply to: Retire or not posted by LAA on October 16, 2014 at 18:55:45:
You will need a lot of income and savings in order to retire and live well. I retired at age fifty-seven over twenty years ago. I have two pensions plus SS. I have prospered over the years and my income now is greater than when I worked out. I hobby farm over 300 acres . Have some beefers and hay and crop farm corn and soybeans. Now here is the kicker...I have received over $1,400,000 in pension income since I retired and several hundred thousand dollars in business generated income also. I am not a rich man, just a working man who spends his money wisely.
When I decided to remove myself from the workforce I did not have any debt but I am not against borrowing when it makes economic sense, such as adding land to a farm or making a large purchase that would deplete your cash balance as long as your income will allow it.
Advice to the younger crowd of workers..Start saving and investing now. Even if only a small amount. Pay down all debt before you tell the boss where he can stick the job. Know where you are going to live and if moving to a retirement state buy or lease your retirement home years before you need it. Have a great retirement.
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