Financially speaking, could you retire now if you wanted to? If not at what age will you be able to retire and maintain your current living conditions?
145
7 lbs of bacon huh?
I don't think retirement is likely much of a concern if that's your diet.
I'm 34 now. My goal is 55 and at the rate I'm going, should work out. The house, farm, equipment all paid for and kids out of college for 10 years. If I choose to work past that, it will be at my pace.
> 7 lbs of bacon huh?
>
> I don't think retirement is likely much of a concern if that's your diet.
..now that thar is funny
Realistically, I don't see it on the horizon for at least 15 yrs. I just hope my body holds up and my brain can handle all this technology they keep throwing at us.
Better yet....or until I meet that rich widow who wants to sweep me off my feet.
Could I fully retire now? No.
Hopefully when I'm 55 (40 now)
Ummmm..., what is this "Retirement" you speak of?
> Ummmm..., what is this "Retirement" you speak of?
That's when you take the truck to Les Schwab because the old tires wore out. You tell them "I need this thing re-tired".
As far as no longer relying on surveying for my primary income? I hope to be there by the time I'm 70. That's the year the house will be paid off, and if the kids all go to college right out of HS, it give me about 8 years to have caught up from that expense.
Kris, we're all good with numbers but I have a question about yours. You're 34 and your kids out of college for 10 years,,, theres got to be a misprint there. I think you may have been older than 24 when your kid graduated from college. 🙂 But if thats the way it is - good for you!!! Good job!
Dave
Honest Answer
I really don't see myself retiring unless I'm unable to survey.
I've been a working stiff my whole life. I can't speak for others, but getting up early and staying busy are a way of life. I don't think it's something that you can just "one day" put down. I've known colleagues that 'retired' and wound up taking the dirt nap not long after.
Monetarily I'm fine. I'm so close to sixty that I can smell it. I would hope most people that are closing in on 'old age' have a couple of fruit jars of bank buried somewhere. I'm far from wealthy' but Money Penny and I are thrifty. I guess I could probably 'retire' tomorrow....but surveying is so much fun!
I'd rather be diggin' corners up than wearin' the blue smock at Wally-World!
Honest Answer
" I'm so close to sixty that I can smell it. "
I smelled it when I flew by and, you know what? It really doesn't smell that bad if you're ready for it.:-)
It's not easy, though, coming to the realization that you're old. Sigh.
Don
> Financially speaking, could you retire now if you wanted to? If not at what age will you be able to retire and maintain your current living conditions?
Oh - Hell no!
As a matter of fact, my 'retirement' is worse off than it was 10 years ago.
As another matter of FACT;
I know two surveyors that has gone bankrupt staying in this trade these last few years, when they should have gotten out.
I know another that got divorced & wife took everything and the business went under
I know another that died from a heart attack, probably from the stress of running a business in today's economy.
I know another that has almost depleted his entire retirement fund of $1.2M (as of 2005) to keep his firm alive. He had over 100 employees in 2003 and was cashing in retirement money to cover payroll. He downsized and is now around 35 employees. -- At one point he told me in 2007 that "it takes a lot to feed the beast" - thus costing him & his wife their retirement.
I never will retire. I love this career. I've had the opportunity to work with my grandfather and father, three brothers and my wife. Is that great or what? Working outside, meeting diverse clients,a new challenge everyday and a genuine sense of self-worth. If I had a tail I'd be waggin' it!
Dave
No, at 55 my daughter will have been out of college for 10 years and my son will have been out for nearly 15 years.
I got started early, just not as early as you may have thought. 🙂
Honest Answer
> I really don't see myself retiring unless I'm unable to survey.
That's about where I am. I think I'm inside the 10-year window to being able to retire. I'm 58 now, but my son is only 13, so if he goes to a 4-year college I'll have to keep working through his college years.
I think the big question is going to be my health. I'm in good shape, but an injury I could have worked through 30 years ago could easily sideline me for weeks now. Something like a bad hip or knee could end my field days for good. I don't think there's enough work out there for an office-only consultant, and I don't think anyone's going to hire a 60-year-old who's been self-employed for 20 years.
I figure I can weather any economic downturn short of a worldwide depression (not an entirely unrealistic scenario), but a major health problem could easily put an end to my career before I'm ready to quit.
That is not in my plans.
> That is not in my plans.
If this was an exam question a few of you fellers would miss it due to not reading and answerin the actual question...not judgin just sayin 🙂
> > That is not in my plans.
>
> If this was an exam question a few of you fellers would miss it due to not reading and answerin the actual question...not judgin just sayin 🙂
Read the question. The answer you are looking for is not in my plans. I do not plan to retire. I answered, but the question was irrelevant to me.
Dave
Having children early is the way to go.
I had mine at 25 and 28. One is two years out of college and the other graduates this year.
As for me, technically I can retire at 50 on a pittance but in reality it will be at least 10 years.
> > > That is not in my plans.
> >
> > If this was an exam question a few of you fellers would miss it due to not reading and answerin the actual question...not judgin just sayin 🙂
>
> Read the question. The answer you are looking for is not in my plans. I do not plan to retire. I answered, but the question was irrelevant to me.
lol, read it, heck I wrote it!
Financially speaking, could you retire now if you wanted to?
operative part "if you wanted to"