Thinking of Retirement

[Gardnr]

We did too - it took real effort to downsizle from three cars, 6 credit cards, and the immediate grafitication lifestyle we had - 3 years worth of effort - but we found new ways to have fun on the cheap.

We found that if we saved for things instead of buying them when we first wanted them we weeded out a lot of impulse buys that we later would have regretted; and focused our actual purchases on fewer, better thought out items, of better quality. Learning to discern the differences between "wants" and "needs" is critical...and NOT easy. Sometimes you don't like the differences much, either, but you adapt.

As far as travel, there are ways to do so on the cheap. Senior citizens often are privy to discounts that rival the student discounts that many traveled on in their earlier years. I'd rather spend the money in a new place down in the market rubbing elbows with real folks and staying in a hostel with students, instead of in a fancy hotel where all you meet are obsequious staffers (with their hands out, no less). First class travel is nice, but other seats still get you there. Potluck gatherings are so much more interesting than catered dinners. Classic clothes from the resale shop cover you as well as 600 dollar suits & dresses. A KIA gets you down the road the same as a Lexus. Time to re-focus.

Part of the downsizing is learning ways to enjoy life on less, and lowering your standards to an affordable level. Yes, it took us 3 years, but we were glad we did it. Life is a journey, enjoy the challenges!

Given the above description of your prior life, I totally understand why you can live on 60% of that. Our lifestyle has been "right sized" since we turned 49 and paid off mortgages.

[dmc]

I was a little nervous about retiring. I gave notice just before I turned 50, May 2007. I have no pension, just a 401k and after tax savings/investments. The next few years were definatly a bit of a concern due to the recession, but by then I had no desire to go back to work.

The last 12 years have been great, I could have continued working for a few more years and added quit a bit to my investments, but I’m still glad I did. I’m definatly not bored.