Anyone here retire early?

[luvwinnie]

After vacationing in Florida 2 weeks ago (in our RV) DH and I realized we REALLY REALLY want to get a plan in place to retire around 55. Not having kids makes this more realistic for us (no college costs etc. like so many face at that age)...we'll only have 7 years left on our mortgage (thus a lot of equity to live off if we sold the house, plus savings). We have retirement accounts, but wouldn't want to touch them until later on. I think the biggest obstacle would be health insurance for me since I have psoriatic arthritis. Just wondering if anyone could share their early retirement success stories.

 

[Tuffcookie]

luvwinnie, I don't know if you call it early...I'll be 53 this year and I will probably retire at 63. My house has been paid for for about 12 years. Health insurance is one of the main issues. My youngeset DS has 4 more years before completing HS. Hopefully, he will go to college because I want to keep him on my health insurance as long as possible. Then I will retire.
Once that happens I want to pursue my dream of traveling!

TC

 

[shoes99]

DH retired at 53 and I retired two years later at 54. We have no children, worked hard all our lives, so when we were offered packages from our employers we took them. It wasn't much, but we are good planners, we don't overspend, our house is paid for, and we love being home together.
Right now I am 60 and DH is 61 and we are doing OK.

 

[DVC Sadie]

We were very lucky and I (51) am retired from the Air Force and my dh (44) is semi retired. My dh and I saved and saved some more. Our only child died so we now we just live for ourselves. If you plan and save you too can retire early.

 

[LindaG4458]

DH retired at 55; I was 51 and had to go, too

In his case the company was bought out by another and all his stock was bought for cash at a premium; it helped out a lot! It gave us enough cash to make it until Social Security kicks in at 62 for him and until we want to start to withdraw from the 401Ks. Luckily we are both born before 1950, the date mentioned for future changes to the SS system. That, and having health insurance fully paid by the company (32 years, a percentage of the premium for each year) made it possible. We also had no children so no college expenses or boomerang children.

We are now 60 and 57 and never regretted it for a minute. It can be done; go for it!

 

[Micca]

Go ahead, twist my arm

 

[Taylor]

My manager would say that I have retired....

 

[horseshowmom]

My parents retired to FL when my dad was 59. They already had their place in FL ready (had been bought several years before they retired since they went down there often), so it was just a case of moving.

They've been very happy and are very active (tennis, biking, etc.). They have an RV, so they still travel to other places (just like they always have - we grew up traveling) in FL and other states.

Good luck!

 

[luvwinnie]

Thank you all for sharing! I have hope!

 

[Chicago526]

My parents retired early, I think my dad was 59 or 60, mom was 52 or 53. They had three kids but only helped my oldest brother with college, and they only paid for half AND it was an in-state school to boot (why my other brother and I did not receive help is a long story). Anyway, they worked hard, saved hard, lived below their means and got lucky with real estate and some stock options my father got from work (which he sold at the the company's all time high stock price, another piece of luck). They now live in a very nice home outside of Phoenix, traveling on big trips every 2 to 3 years, with little weekend driving trips durring the "off years". They still live realatively cheaply, always looking for a deal. They still have nice things (Dad is thinking of getting a Lexus in fact) but they never pay full price for anything.

So, if you work hard and save, save, save (and invest wisely) then I don't see why you couldn't retire early, especially if your cost of living post-retirement isn't extravegant.

 

[Jimbo]

Interesting timing on this question. I'll be 54 in two months, and DW is 55. This weekend we went to a coffee shop with wi-fi access, and filled in some retirement worksheets at a couple different sites. To our surprise, we'll be able to comfortably retire next June when I turn 55! In fact, we've got enough right now, but in order to get full benefits I'm going to hang in there for 14 more months.

Our house has been paid off for a few years, and we really have no bills to speak of (except for DVC dues). We both worked our whole lives, and put the maximum into our 401(k) plans. We also never touched that money. The key is to start early if you can, and let time take its course. Just play around with a spreadsheet a little; it's surprising how savings can compound.

Our situtation was a little unusual in some ways. We had a kid at 18, and another two years later. So they've both been out on their own for a long time. The woman in the office next to me is 53, with kids that are 13, 16 and 18. Her situation is a lot different, and I like ours better. Heck, my oldest granddaughter is the same age as her son.

If you want to try to "what if" your situation, we found the calculators at Yahoo Finance and SmartMoney Magazine to be the most helpful.

 

[Bob Slydell]

DW and I are only 34 right now, but our current plan is to be retired (or at least semi-retired) by 51 (the year our youngest will start college).

 

[MdmMim]

I retired at 43. (The company I worked for made me, and many others, an offer we couldn't refuse!) After a few years of just chillin', I worked a few temp jobs--one of them became a fulltime position--but after 1.5 years, I had had enough. No more!!

DH still has not retired, but plans to do so in a few years.

I have never regretted retiring early.

 

[luvwinnie]

Interesting timing on this question. I'll be 54 in two months, and DW is 55. This weekend we went to a coffee shop with wi-fi access, and filled in some retirement worksheets at a couple different sites. To our surprise, we'll be able to comfortably retire next June when I turn 55! In fact, we've got enough right now, but in order to get full benefits I'm going to hang in there for 14 more months.

Our house has been paid off for a few years, and we really have no bills to speak of (except for DVC dues). We both worked our whole lives, and put the maximum into our 401(k) plans. We also never touched that money. The key is to start early if you can, and let time take it's course. Just play around with a spreadsheet a little; it's surprising how savings can compound.

Our situtation was a little unusual in some ways. We had a kid at 18, and another two years later. So they've both been out on their own for a long time. The woman in the office next to me is 53, with kids that are 13, 16 and 18. Her situation is a lot different, and I like ours better. Heck, my oldest granddaughter is the same age as her son.

If you want to try to "what if" your situation, we found the calculators at Yahoo Finance and SmartMoney Magazine to be the most helpful.

Thanks for the links!

 

[dadto1]

The wife and I were on track to retire at 55. We're only 30 now but since we decided for her to become a SAHM, it has thrown a crimp in the plan. I'm interviewing CFP's right now until I find one that I'm comfortable with. Need to call in ones in the know to see if I can still do it with DW planning to only work PT as the DD goes to school?

 

[arminnie]

I think health insurance is the biggest issue with early retirement.

At my company you could take early retirement with 10 years of service at age 50 and get health insurance (at a reduced cost) until age 65. Virtually every employee could tell you when that magic date was.

I retired early at 55. I orginally left for a very extended medical leave and ended up never going back.

I love every minute of it (at least after I got better). I was an international expert in my field and did a lot of public speaking worldwide. I thought I might miss that personal feedback and satisfaction, but I don't at all. Been there done that.

 

[luvwinnie]

I think health insurance is the biggest issue with early retirement.

At my company you could take early retirement with 10 years of service at age 50 and get health insurance (at a reduced cost) until age 65. Virtually every employee could tell you when that magic date was.

I retired early at 55. I orginally left for a very extended medical leave and ended up never going back.

I love every minute of it (at least after I got better). I was an international expert in my field and did a lot of public speaking worldwide. I thought I might miss that personal feedback and satisfaction, but I don't at all. Been there done that.

I just found out a man with the same disease as me was quoted $3,100 monthly for private health insurance. There goes my dream!

 

[DVC Sadie]

The wife and I were on track to retire at 55. We're only 30 now but since we decided for her to become a SAHM, it has thrown a crimp in the plan. I'm interviewing CFP's right now until I find one that I'm comfortable with. Need to call in ones in the know to see if I can still do it with DW planning to only work PT as the DD goes to school?

You are very smart to seek out a Certified Financial Planner who is not affiliated with a Brokerage house. It is the best money ever spent IMO. Everyone we know that has retired early has used the advice of a CFP, us included. Since each family has different financial needs for retirement a CFP can custom fit if you will a plan/strategy to help make those goals happen with the least amount of problems.

 

[arminnie]

I just found out a man with the same disease as me was quoted $3,100 monthly for private health insurance. There goes my dream!

Oh my gosh!! I almost fainted at that number so I can imagine how you feel.

I don't know anything about psoriatic arthritis, but it sounds awful. If it does become disabling you could become eligible for early Medicare benefits. This is not Medicaid (which is based on need).

If you become disabled and have enough earned quarters in social security you may qualify for social security disability. If you get that you automatically become eligible for Medicare (not dependent on your assets at all). Then you are also eligible for a Medicare supplement.

That wouldn't help with your husband's insurance cost, but it could really save you. But of course I hope for your sake that you do not become that disabled.

 

[sammi]

DH retired last August at the age of 53 with a full pension from the steel company he worked for. He couldn't get anymore money as he was maxed out with his pension so he got out!