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Tag Archives: early retirement

Is Early Retirement a Pipe Dream?

Is Early Retirement a Pipe Dream?

No matter what your age, most people plan to eventually retire. However, not everyone has planned well for retirement. Some Gen Xers, for example, have either not saved anything for retirement or not saved enough. This may make retirement difficult for them. But what about people who wish to retire early? Is early retirement a pipe dream? 1. It Depends on Your Lifestyle One of the factors that may determine whether early retirement is a pipe dream for you or not is lifestyle. How do you plan to spend money during your retirement? If traveling and eating out frequently are part of your retirement expectations, your monthly budget during retirement will likely be higher than it currently is. For some people that means early retirement could be out of the question because they need to continue working in order to afford those retirement goals. But if instead you plan to live more frugally during your golden years, you may be able to get by with less money each month. This could make the difference between early retirement and late retirement. 2. Preparation is Important In the past, retirement was thought of as the time when people get to finally kick ...

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Where Is The Best Place To Retire?

Delicate Arch in Moab, UT

A few years ago, we were in so much debt that the thought of retirement was as far away as Siberia. We drank the Kool Aid, worked really hard to keep up with our payments, and had distant hope that we’d eventually get to quit the work force, maybe by age 65 if we were lucky. Well, the philosophy that society holds as normal is just bunk. There are many ways to retire early. They all involve what some might call sacrifice, but if living below your means, purposeful spending, and doing without all the latest and greatest is sacrifice, then I’m in 100%. Now that we can see retirement on the horizon, I’m wondering, where is the best place to retire? Our Retirement When I say retirement, I don’t necessarily mean not working. I will consider us retirement eligible when our rental and passive income can cover our monthly expenses. That should happen in about 5-7 years, depending on how fast we decide to pay off our house. At that point, we’ll probably continue to work, at least until our daughter graduates from high school in another 11 years. After that, we can choose to stay put or move ...

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Pros And Cons of Obamacare-Part II

Last week I shared my thoughts on some of the cons of the Affordable Care Act know more commonly as Obamacare. Today I want to discuss some of the good points of Obamacare. As many of my commenters pointed out, any change in a major system is met with criticism in the beginning. I guess time will tell if Obamacare will become a major game changer like Social Security or Medicare.  Pros of Obamacare   Improved Affordability for Many-If you read my post last week, you know I have a huge concern with the large Medicaid expansion for people who don’t work and have no desire to. That being said, for those who do work really hard but don’t make much money or don’t have an employer sponsored health plan, Obamacare rocks. If you make under the subsidy level (about $78,000 for a family of three) you get help paying your insurance premiums. I know I have many readers, self included, who do not qualify for a subsidy. They are not happy about insurance premiums going up. However, after years of working in health care for a lower socioeconomic area, I have seen good people who are trying really hard ...

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Making Early Retirement a Possibility

On Monday, we talked about how to never retire early. Now that you know what not to do, I’d like to talk about what can get you out of the daily grind. As I’ve mentioned many times, I used to work crazy hours and drove all over to help the eyeballs of Southwest Colorado. While that might have been good for the eyeballs, it made me want to poke bamboo skewers into mine. I was becoming my worst fear, a burnout. Luckily we made some major changes to our financial lives and careers, and I don’t have to work full time anymore. However, this past week I did have to work five of seven days, and I was beginning to sharpen the skewers. It made me realize that we HAVE to become financially independent so I never have to go back to working full time again. If you are in the same boat and want to “retire” early, here are some ways to accomplish that. Make More Money   Delegate– For years, I made the mistake of trying to do everything by myself. I thought it would save money if I worked harder rather than paying someone else. I could ...

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Top Five Ways To Make Sure You Never Retire Early

    Although I used to work like a fiend at my day job, I switched to part time hours a little over a year ago. This past week, I found myself working five of seven days in the office. By Wednesday, I was already begging for Friday, and I felt like I was just phoning it home those last couple of days. I can’t wait until the day when I can pick and choose when I work because we have no debt and living expenses are low. Heck, I might even retire completely and open up a taco stand. I haven’t always had such ambitious dreams. I used to be the authority on money moronism because I have made every mistake on the list. Here are five sure fire ways to make sure you will never retire early.  Don’t Max Out Your Retirement Plan When I got my first real job, it was after working as a resident for $25,000 a year. I felt pretty posh on my $25K because I had minimal expenses. If I had continued to live on $25K per year or even if I’d increased my living expenses but maxed out my retirement plan, I ...

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