Also don’t forget that if you’re retiring early, you’ll need more than somebody who retires at the regular age of 60s, and that you won’t be able to touch your 401K until 59.5. That’s yet another reason to have an extra cushion on top of the usual 20% contingency.
Well said. The question is why aren't they teaching this kind of economics in schools? We have a situation where all old men wanna call back yesterday but it's far too late.👍🏽
Go Go years until 70, after then spending should drop off, unless your super active. I retired early at 55, Im not working 40 years only to find Ive got 5-8 quality years in retirement...
I am done with full time work and calling it quits around age 48 or 49 (very soon). We have access to a 457(no penalty) that we need to drain to zero before age 59 then the 401k(s) after that. And my wife enjoys her healthcare field career so thats another steady income.
Hi Johnny, I’m tempted to get a car finally at the age of 28. Thinking of a bmw to civic sports hybrid. I feel like I need a fancy car as a necessity to attract mates. Unfortunately, a regular Toyota is not gonna cut it. Ideally, I’d like to save and invest .
@@byron9630 hey you gotta spend some money. As long you’re saving a nice amount for retirement, you should spend a certain portion of your salary to make yourself happy :) And if it attracts the girls, even better! 😃
@@byron9630 I’d go for a bmw of course. It’s a totally different feel from a civic. It’ll be more expensive to buy and to maintain though. But you already know that. What’s your budget? I bought a 2007 335i in 2008 for about 1/3 off its MSRP! And a 3-5 year old bmw is typically about 1/2 of MSRP. They generally depreciate faster. So it’s a good bang for the buck when buying used ;)
@@byron9630 my next car is actually a toss up between the bmw 650i or 850. Depends on if I can find a mid 2010s 650i. If I can’t then I may have to pay more $$ and get a 2020 850. Much more money. But will be in great shape
@@byron9630 I don’t know what your financial situation is. But I’ve found slightly used cars to be just as good as new cars. Nobody can tell the difference between a new and a 3-5 year old unless they’re car buffs. And you’ll save half your money ;)
@@brc2567 I’m can’t give specific recommendations but there are those who will give you consultations for a fee. You may have to google and then call individual firms.
Also don’t forget that if you’re retiring early, you’ll need more than somebody who retires at the regular age of 60s, and that you won’t be able to touch your 401K until 59.5. That’s yet another reason to have an extra cushion on top of the usual 20% contingency.
Well said. The question is why aren't they teaching this kind of economics in schools? We have a situation where all old men wanna call back yesterday but it's far too late.👍🏽
good talk.
@@HelloWorld-hb7yt thanks for dropping by;)
Go Go years until 70, after then spending should drop off, unless your super active. I retired early at 55, Im not working 40 years only to find Ive got 5-8 quality years in retirement...
I am done with full time work and calling it quits around age 48 or 49 (very soon). We have access to a 457(no penalty) that we need to drain to zero before age 59 then the 401k(s) after that. And my wife enjoys her healthcare field career so thats another steady income.
@@NewGuy2024 sounds like a plan!
Hi Johnny, I’m tempted to get a car finally at the age of 28. Thinking of a bmw to civic sports hybrid. I feel like I need a fancy car as a necessity to attract mates. Unfortunately, a regular Toyota is not gonna cut it. Ideally, I’d like to save and invest .
@@byron9630 hey you gotta spend some money. As long you’re saving a nice amount for retirement, you should spend a certain portion of your salary to make yourself happy :)
And if it attracts the girls, even better! 😃
@@byron9630 I’d go for a bmw of course. It’s a totally different feel from a civic.
It’ll be more expensive to buy and to maintain though. But you already know that. What’s your budget?
I bought a 2007 335i in 2008 for about 1/3 off its MSRP! And a 3-5 year old bmw is typically about 1/2 of MSRP. They generally depreciate faster. So it’s a good bang for the buck when buying used ;)
@@byron9630 my next car is actually a toss up between the bmw 650i or 850. Depends on if I can find a mid 2010s 650i. If I can’t then I may have to pay more $$ and get a 2020 850. Much more money. But will be in great shape
@@RetireearlyNYC thank you for encouragement! I’m kinda wary of used cars due to unforeseen issues and maintenance
@@byron9630 I don’t know what your financial situation is. But I’ve found slightly used cars to be just as good as new cars. Nobody can tell the difference between a new and a 3-5 year old unless they’re car buffs. And you’ll save half your money ;)
Nice to retire young and early...that's what life is all about. DO you receive cola on your pension?
@@fcan222 on the first $18k. And I’m sure it doesn’t track inflation. So, I don’t depend on it;)
Certified Financial Planner typically ask for percentage of asset under management - how do I find ones that charge by the hour?
@@brc2567 I’m can’t give specific recommendations but there are those who will give you consultations for a fee. You may have to google and then call individual firms.
Even if mortgage is paid off, how can one+spouse live off from 40k when health insurance is high?
@@sidchen5928 these are just sample numbers. You have to work our your own numbers
just curious, what is the job you're doing now?
@@benperiod I sit in front of a mansion and play games, watch YT, read. Etc.
Security guard lol