If you're over 50, do you have a plan, if any, about setting up for retirement, if you can?

Currently I don't, and expect I will have to work until I'm at least 70 or longer. I'm 53 now.

Mostly this is connected to having no feasible way to get out of renting and into owning a property that I can build equity into (by paying it off, or buying it mostly outright).

The 'fire' thing (financial independent retire early) idea is lost on me. When I get to to about 60 onwards I'll be able to, if I want to, stop working and access my super (like 401k) to do something with that.

My priority at the moment is my 4 y/o daughter so in a lot of ways I put myself second to her needs.

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JesseInTX · 51-55, M

I can retire in about 4 1/2 years comfortably. That’ll put me at 56. Then from there I’ll see what if any opportunities are available. People are already trying to convince me of consulting options. We shall see.

zonavar68 · 51-55, M

@JesseInTX My saving grace is I basically have no debt except a small credit limit on a CC that I'm working on getting rid of. But rent and child support chew up a huge portion of my take home pay. I don't have any means (or interest) for investing. I stress that at any time my rent can be increased in line with hiked up property prices and the big demand for rentals.

Roadsterrider · 56-60, M

My original plan was to retire from the military, the last round of BRAC under Clinton cut manpower and I was caught in the RIF that followed. When I started working in the civilian world, the company had a 401 program they matched 1 to 1 up to 6% of my salary, and I started contributing. Twenty years later, I have about 500K and in 5 or 6 more years at 62 I will have almost 1M. According to their retirement calculator, it should last till I am 90. I would like to say that I was smart and planned for my retirement, but I pretty much just fell into what I have today. I just did what I thought was right at the time. The only thing I have done is try to pay things off so that when I retire, I won't have a house payment or a car payment. I should have full medical coverage from the VA but haven't established yet. I live relatively cheaply; my hobbies revolve around motorcycle trips and camping/hunting/fishing and tinkering with old cars.

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zonavar68 · 51-55, M

@Roadsterrider I want a bush property with very little and I'll be very happy in retirement. But have to be able to afford to get there first.

Roadsterrider · 56-60, M

@zonavar68 Good luck. I want to be out of town myself. I would prefer not to be able to see a neighbor.

zonavar68 · 51-55, M

@Roadsterrider That's the right kind of social distancing!

Southernbelle131 · 36-40, F

I’m not over 50…about 10 years shy but i have a plan

RocktheHouse · M

@Southernbelle131 Yeah, you're moving to Costa Rica with me, right?

Southernbelle131 · 36-40, F

Hahaha we would be set for life down ther w@RocktheHouse

AthrillatheHunt · 51-55, M

You’re doing what’s right. For her sake take care of yourself so you can work till old age .

zonavar68 · 51-55, M

@AthrillatheHunt Yes that's part of the reason why I changed my job contract from permanent part time with constantly variable days off to permanent part time with fixed days off. Still shiftwork, but less chaotic. It's a fair drop in pay but money isn't important to me.

LadyBronte · 56-60, F

I do have a plan in place. But as the future is unpredictable, I can't be assured that it is a perfect plan or it will enough theough the years.

InstructHer · 56-60, M

I am mostly retired at 58.

uncalled4 · 56-60, M

I'm 54. I don't know how much I'd need to retire on. I think I'd probably move out of the NY/NJ/CT area because it's eye-gougingly expensive to live here. Having worked for a big company for 20 years gave me a hefty 401k and a good severance as I left, but I can't see living with no money coming in and at least doing something part time.

RocktheHouse · M

American capitalism

Yes, I have property in a few countries outside the United States and I am planning on moving to a country where I can survive without having to work until I die.

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