I'm not there yet, but I'm surprised more people are not doing it. I'm wondering why.
14 replies (most recent on top)
we have all become addicted to the that 6 figure income and spent accordingly. I retired at 60, but I sold my house, my kids are grown, got Obama-care coverage and have very little cc debt, two inexpensive cars for me and my wife. We both get SS in two years, and have a small 401K to draw from in case of emergency, plus we can get side jobs. Have a plan, in case you get stuck on the street where no one wants to hire us old-timers to make that big money anymore.
I have about ten years until retirement and I don't think I will be ready then.
I'll hate to lose the income and also having a job.
I assume I will have to make new friends, too.
I don't think I would like it at first, but would learn yo adjust. Retirement also means you're getting closer to the grave.
Just did retire - but it sure wasn't early. Turning 70 this year. Why didn't I do it before? Two reasons:
- Spouse is younger than me and would still need health insurance. Seemed to make sense working until we both were eligible
- COVID-19. What was the point in retiring when everything was closed? Couldn't do anything or go anywhere fun. Citi gave me my paycheck during that time AND something to do all day from the comfort of my home.
Besides the financial concerns, retirement is quite an adjustment. You usually have to come up with new friends - somehow your work friends are just not that interested anymore. Still figuring that out as well as a new daily routine.
Do not listen to Suze Orman. I was watching her on a late night show, pawning her book. She gave 100% guaranteed predictions outlined in her book about where the market would be in 2018. It was an old infomercial as the current year at that time was 2020. Her 2918 predictions did NOT come true.
https://finance.yahoo.com/news/suze-orman-minimum-retire-early-110112158.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADra2s2bhAFd_l8XqRZDo2-woRkjl_QLJ1Ye4WAXTnFdwRB7mNq6Kwds63WTWzRqt0F-RWSeNGCPDAXDK8V5Gi9rkNkEhxbcJnty6VT95Lbno1iIUxfQL-xvB-FKC-2s_F6liypKgvdaTlBFpNcyMtn4mvGtfgi0rSSuUfeVgGzo
How much should we have in our 401k?
I’m have 1.1mm. I’m an svp here for 15 years
The "$hittybank" guy is the troll and Not even an employee. You'd think with all that time on his hands he could mix it up a bit with some new material... zzzzzz...
I just saw an email of an MD choosing to retire in December. If they had stayed one more month then they would have got their bonus.
People are bad with money. Even worst, working at a Bank and bad with money. I know people making over $130k and still complaining about money and they will need to work until 70
@bj+1jh0ppsvk There is ACA. Why not sign up for that? So much YouTube videos on people retiring early.
The biggest drawback is health insurance. I was let go from Citi back in March. I was 22 months short of Medicare, Cobra insurance is only for 18 months. Since I am a cancer survivor, I NEED medical insurance so I went with Citi Retirement health to guarantee the 22 months of coverage. I am paying $1100 per month for myself to insure. Cobra was about $850 per month but wouldn’t take me to 65. Fortunately I have saved dor years in case of an early forced retirement, so I am not as concerned with the income as I am with the health insurance.
Post ID: @a7+1jh0ppsvk Diminished intellect ??? There is Nothing there to diminish to begin with !
$hittybank can only hire Half-Wits, Real Banks' Rejects, and Low Caliber employees.
The OP may also just be a troll and Not even an employee.
Top two reasons:
Health Insurance. If retiring early, may not have access to other private insurance or be eligible for Medicare
Income. May not be eligible for Social Security or would be getting reduced benefit. Are there enough personal assets to maintain the desired lifestyle for the anticipated life expectancy? For context: $1,000,000 cash = $100,000/year for 10 years. Most people are bad at budgeting. What annual dollar amount is need to maintain the desired lifestyle for the anticipated life expectancy?
Really. You cant imagine why people don't retire early? This goes to the diminished intellect of many Citi employees,