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Tim Frazier

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As a financial adviser, i see this all the time, and deal with it all the time.

The difference i see, having to work or wanting to work!

Financial independence is met when your unearned income meets or exceeds your earned income, then you work because you want to, not because you have to!

SO save enough so you have the choice, then it will not matter!  You may try something you never imagined!

I think we have disagreed on this before :D , but my experience has been that you do not need near as much as you think.

I have been retired since '08 and am comfortable on considerably less than I was earning in my working days. If I had worked until I equaled my take home pay I would probably have worked till I was 80 or beyond.

I guess everyone's idea of "enough" is different.

Everyone has a different "number"

It also matters on talking about needs vs wants.  I assume you lived well below your wants, and saved for your needs, which is rare and commendable!  My suggestions are just a measure to assist or a goal, not a set in stone rule.

Congrats to you on successful retirement.

I'll add to this that no matter where you are in your working career you need to sit down with a good financial planner. It's never to early or to late to get some professional guidance, but the earlier in your career the better.

I was lucky, and found the right guy just in time, he really made a difference!

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I'll add to this that no matter where you are in your working career you need to sit down with a good financial planner. It's never to early or to late to get some professional guidance, but the earlier in your career the better.

I was lucky, and found the right guy just in time, he really made a difference!

A M E N

At age 33, my boss at the time asked me "John, what are you and Jeanne doing for yourselves?"

My answer was not to his liking and he set me up with a Financial Planner he knew.

Eileen showed us how we could easily fore go the extra income from an imminent pay raise both my wife and i were about to receive from promotions.

The rest is history.  

We continued to live on what we had been earning for the next twelve years and when we retired from the Navy had accumulated a reasonable nest egg which allowed us to go into business for ourselves.

The visit with the planner was/is free!  Executiong the plan requires discipline.

The fruits of the exercise are well worth the minor pain incurred along the way.

I can't think of any other way I could have retired at 53.

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I'll add to this that no matter where you are in your working career you need to sit down with a good financial planner. It's never to early or to late to get some professional guidance, but the earlier in your career the better.

I was lucky, and found the right guy just in time, he really made a difference!

A M E N

At age 33, my boss at the time asked me "John, what are you and Jeanne doing for yourselves?"

My answer was not to his liking and he set me up with a Financial Planner he knew.

Eileen showed us how we could easily fore go the extra income from an imminent pay raise both my wife and i were about to receive from promotions.

The rest is history.  

We continued to live on what we had been earning for the next twelve years and when we retired from the Navy had accumulated a reasonable nest egg which allowed us to go into business for ourselves.

The visit with the planner was/is free!  Executiong the plan requires discipline.

The fruits of the exercise are well worth the minor pain incurred along the way.

I can't think of any other way I could have retired at 53.

is it safe to assume you had enough years to qualify for naval pension?

Huge advantage vs normal person without a Defined benefit pension.  One ofthe true perks of your service.

If so, good for you.  You earned it, and deserve it!

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is it safe to assume you had enough years to qualify for naval pension?

Huge advantage vs normal person without a Defined benefit pension.  One of the true perks of your service.

If so, good for you.  You earned it, and deserve it!

Fuess, yes, wife and i both retired with 20 years service.

But, the real benefit that I had no appreciation of at the time we retired was the health care.  My health care only costs me $3-4,000 per year for a supplemental policy that covers everything the government doesn't.

We essentially live on the Military pensions and play on the investment income.

Have deferred taking SS for now, will probably wait until at least age 67.

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delahunter834

Tim,in 8 yrs I'll be 67 .I will need a driver for my new Winnebago Travato going to hunting and fishing spots around the North America .    

But you'll probably be taking care of bunch of grand kids

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I could see going back to my summer job during college; charter captain.  Worst case scenario you fish for free and come away with pocket money.  My other old summer job, bartender, ain't a bad gig assuming you don't mind spending time on your feet and can find a place that wants an old man behind the bar.  Gun/fly shop clerk would be good.  If pay isn't your first priority then location can be.

Small time slum lord can offer a good ROI from both a time and money perspective.

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.... flying a Cessna 172...

Say what?  

Shouldn't someone that goes by FlyChamps pilot an Aeronca?

I did fly a 1946 Aeronca Champ for almost 15 years and that is where my screen name came from.  I flew it from Columbia SC to Oshkosh WI twice, including landing at Meigs Field on the Chicago lakefront before Mayor Daley ripped it up.  I also flew it 5 or 6 times to the Aeronca fly in at Middletown OH where they were built.

Unfortunately about 5 years ago one of my partners totaled it (only his pride was hurt) and when it came time to buy a share of another airplane my wife wanted one where she could sit beside rather than behind me and had a functional heater.  I must confess that I like the electric starter also - after hand propping an airplane more than 600 times one begins to appreciate modern conveniences like electric starters.

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is it safe to assume you had enough years to qualify for naval pension?

Huge advantage vs normal person without a Defined benefit pension.  One of the true perks of your service.

If so, good for you.  You earned it, and deserve it!

Fuess, yes, wife and i both retired with 20 years service.

But, the real benefit that I had no appreciation of at the time we retired was the health care.  My health care only costs me $3-4,000 per year for a supplemental policy that covers everything the government doesn't.

We essentially live on the Military pensions and play on the investment income.

Have deferred taking SS for now, will probably wait until at least age 67.

So true!  Invaluable really!  Most dont realize the value of trying to recreate on their own.

I tell everyone to take the value of the DB income and divide it by 3.5%.  That would be the lump sum required to recreate the income stream.  

Congrats to you!

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I plan on doing what I have always done but on a different schedule.  7 days a week 12 hours a day for a month or 2 all at once
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I started writing outdoor articles in 1977.  Did that while teaching full time in college, but as a temporary/adjunct type.  At the same time, I was an officer in the Army Reserve.  1980 (when I was 35) the college ran out of money for temp/adjuncts.  Took a part time HS teaching job to go along with the Army Reserve and the writing.  1985, got adventuresome and decided I could get by on writing and Army money.  1988, I was offered a full time college teaching job, again temporary.  Took that for 5 years, fairly quickly arranging my schedule so that my day ended at noon.  (Lots of good local hunting!)  Then the college said you could only be a temp for 5 years . . . although they fairly quickly revised that to it being OK if you weren't full time.  So I became part time.  Eventually, my wife was making enough money that I told the department I only wanted to work spring semester.  That was very good!  Income from the Army and writing continued until 1998, when my Reserve unit was inactivated--although I got a halfway decent "golden parachute" for 5 years that almost carried me to the time I could start drawing my military pension.  (You can retire from the Reserves with 20 "good" years, but no pension until you turn 60.)  Hit 60, started taking social security at 62, still writing but not as much as in the past.  Wife's income has continued to increase.  

Secret to making all those part-time jobs work out:  Marry someone a lot younger with good earning potential.  I tell people I married my IRA. :)  But in retrospect, the best thing I ever did was to stick with the Army Reserve for 30 years.  Excellent retirement for what was mostly a part-time job, along with very good health benefits.  

My friends tell me--with a certain degree of envy--that I never had a real job.  Well, I did--for a total of about 15 years.  But most of them didn't know me back then.

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Military service is a crap shoot.

In my case, 20 years, no shots fired in anger, a few mines avoided in the Persian Gulf escorting Tankers during the Iran Iraq war.  A few tense confrontations with the Soviets in the North Pacific at the end of the Cold War.

Pay was not great but pension and Medical have been better than I could have imagined.

15 years at sea, out of 20 years service, away from home about 65% of the Sea Duty.  6-9 month deployments.

Ask a Sergant in the Army or Marines that has served his 20 years in the recent past with 5-7 trips to the sandbox, probably at least an exposure to an IED and the story might not be the same.  They have truly earned their benefits!

God bless them!

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That's a good point, Big John.  My service was mostly Cold War era.  The first big Reserve callup was for the Gulf War.  Missed that because I was commanding a unit that was working on Latin America.  We were alerted when Clinton sent the military into Bosnia because we were supporting EUCOM.  However, even if we'd gone--which we didn't--we would have likely ended up in the UK (where EUCOM had its big intelligence center) rather than Bosnia.  All of that has certainly changed since 9/11, and particularly since we invaded Iraq in 03.  Things look to be calming down now as far as the Reserves are concerned, but I would not bet on it.  Post-Vietnam, the Pentagon decided that we would never again go to war without the Reserves.  The problem is, we've reduced the Active force to the point that they couldn't even handle Bosnia--which was a relatively small commitment in terms of boots on the ground--without the Reserves.

My pension is quite generous because I was in for so long, did quite a lot of active duty (virtually all voluntary), and was a COL when I retired.  When I first served in a Military Intelligence Detachment, I was an NCO--and would have laughed in anyone's face who told me I'd end up a COL, commanding MI units.  Luck, being in the right place at the right time, played a huge role in a lot of things that have happened in my professional life--both military and civilian.

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At age 62, I'm could pretty much hand it up and retire now. But I've decided to keep working (dentist), as I still very much enjoy what I do.

I work 9 hour days on Mon, Tuesday, Thursday, and a 7 hour day on Friday. My house is paid for, as is my office building. I quite taking insurance plans that don't allow me to do top quality work.  I've learned to turn away patients that develope into PIAs.

During duck season, I work a 7 hour day on Tuesdays and Fridays, and leave for my duck club at 2:00 pm.  I have hunted every Wednesday and Saturday of this duck season. When that's over, I'll be shooting sporting clays or fishing  almost every Wednesday, Saturday, and Sunday.

So, I have come accustom to altering my practice a bit in order for me to have more time off, and it's work really well. I'm able to do just about the same amount of outdoor activity as I would if I were retired.

And, with my youngest daughter just getting accepeted to University of California Davis Veterinary School (which is the best in the country), the income will be helpful.

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Maybe I'll plow a little snow in the winter and do some sugaring in early spring. Once the house is paid off, the cost to support my simple needs and wants won't be too great and I'll want to keep just busy enough to keep from going stir crazy. I'll cut my firewood in summer as long as I'm able, fish when I want and hunt in the fall. With all that "free" fish and game, I'll lower my costs even further!  :laugh:
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I already have the best retirement job. Work for the city at our regional airport ARFF and maintenance. MY  schedule is 19 hours every Sat & Sun full pay and bens. I also work ten holidays but that's all overtime.

My mistake was I bought a 1,200 sq. ft. house on a huge lot in a nice neighborhood and it's now a 4,000 sq. ft. w/1,400 attached garage and I still have 4-5 yrs to go finishing the second flr. I've been the only hands on the house.

If I'd have known of this job opportunity earlier, I would have stayed in my little brick 1,400 and been hunting and fishing 5 days a week at age 50.

Everyone I know is bored after retiring so this might just be the best for pre and post retirement.

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