Thank you for doing this Wendy. I moved to a small town in anticipation of retirement in roughly 10 years and am moving as fast as I can to pay off debt and save. I needed this
Impressive results with just starting in 2022. You dont have to answer but, how much have you invested vs the total amount in the account? I watch Prepper Princess here on YT, she caught on early, started investing at 18? now very comfortable at around 42 yrs old. She said she invests in index funds. Not sure if your aware, if we retire early, we are "penalized", If we choose to continue to work, we can only earn a certain amount before Uncle Sam kicks in and takes from SS benefits. In my case, I am 61, If I retire at 62, continue to work as I am now, based on their guidelines, I will make less money per year or get penalized. I do have a bit put away for retirement but, who knows how long I will live? I do have children and would like to leave at least a small amount to one if not 2. Thank you for sharing this and the spreadsheet, it is very helpful. Looking forward to your travels as we come along via YT
Thank you! If I do the math on invested versus total amounts - around 10k gain, so not too bad considering I don't really know too much about investing! Yes, I do index funds as well, basically all investments I have pay dividends, so index funds, ETF's. Yes, if you take SS and work, it just has to be under a certain yearly amount. A lot of people do that too, sometimes because they need the money, other times it is to have something to do. Thank you so much for sharing and hugs to you!!
Hope you have a great time! I hope to retire at 62 but not take SS until 65. I have 6 years to save a cash nest egg to live off of those 3 years. My house is paid off already. I am already working part time at this point.I also don't need a big monthly budget.
This is exactly what I did. I saved up a big nest egg, quit working at 62 and lived on savings until full retirement. My house is paid for, no car. I live on very little. Ironically, I wasn't actually planning to retire. I thought I'd just go to part time as I got older but things happened and I changed my mind. Do be sure to check exactly what your full retirement age will be. It won't be at 65. Mine was at 66 and four months. Yours will be older than that.
@@lisalamphier1410 yes i know it will be 67 but I probably won't wait until then unless I somehow have more money than i think I will. We will see.I think I'll need my Medicare by then too.
Hey Wendy, I'm so happy for you and I pray that your investments work out well in your favor. This is something I should have looked into myself and at 65 no time is better than now considering I'm getting that severance pay. I hope to find something part time that I will be happy with but enough to pay my rent and car note. Than I can consider investing the rest. Looking forward to you Spain updates! I'm so excited for you. I really have nothing to share myself; just living to survive for now but hope to plan a trip! Sending Luv always my sweet sista ❤🧳✈🙏
Hey Wendy, thanks so much for sharing this! I am kinda freaking out right now, bc I am 46, alone, and just now starting to save a bit of money. I have a Wealthfront account for my savings and a little Acorns account. I guess I need to see a financial advisor so I can start doing this dividends stuff......I really want to learn...Will the YT channels you mentioned explain how start?.....Thanks!!
Yes, they will help, another great one to look up that I follow is: Investing Simplified - Professor G. Be careful of financial advisors - I personally don't use one as I am not going to pay one to do something I can do myself. Good luck!!
I’m 59 and single paying all the bills on my own. If I were to retire @ 62 I would only get under $2,000. I want to retire but how can I make it with that? I also live in New Jersey where it’s super expensive!
It would be hard in that part of the country. Unless you live in a more rural area or small town, it is getting more difficult to live in the U.S. - which is why a lot of retirees leave.
I have found myself in a similar situation. I don't expect to retire before 7o years old. Not a good feeling knowing that I don't have a "choice" about it....just a fact.
Don't know what that term you bring up 'options' are; maybe in the future u can focus on that as educational for us..... I also began saving for retirement very late--in my 50's--sooo that means I must keep employed I estimate into my late 70's. This necessity is causing me to take care of my own physical health to be able to do that....not too happy about staying employed, but I notice I'm more ambitious and hard-working than I used to be when I didn't like my job too much (when I was younger~more immature). Up-side is that I've gained quite alot of wisdom over the decades; I can put that to work I guess. Take good care!!
Thank you for doing this Wendy. I moved to a small town in anticipation of retirement in roughly 10 years and am moving as fast as I can to pay off debt and save. I needed this
You're welcome!
Impressive results with just starting in 2022. You dont have to answer but, how much have you invested vs the total amount in the account?
I watch Prepper Princess here on YT, she caught on early, started investing at 18? now very comfortable at around 42 yrs old. She said she invests in index funds.
Not sure if your aware, if we retire early, we are "penalized", If we choose to continue to work, we can only earn a certain amount before Uncle Sam kicks in and takes from SS benefits. In my case, I am 61, If I retire at 62, continue to work as I am now, based on their guidelines, I will make less money per year or get penalized. I do have a bit put away for retirement but, who knows how long I will live? I do have children and would like to leave at least a small amount to one if not 2. Thank you for sharing this and the spreadsheet, it is very helpful. Looking forward to your travels as we come along via YT
Thank you! If I do the math on invested versus total amounts - around 10k gain, so not too bad considering I don't really know too much about investing! Yes, I do index funds as well, basically all investments I have pay dividends, so index funds, ETF's. Yes, if you take SS and work, it just has to be under a certain yearly amount. A lot of people do that too, sometimes because they need the money, other times it is to have something to do. Thank you so much for sharing and hugs to you!!
Hope you have a great time! I hope to retire at 62 but not take SS until 65. I have 6 years to save a cash nest egg to live off of those 3 years. My house is paid off already. I am already working part time at this point.I also don't need a big monthly budget.
This is exactly what I did. I saved up a big nest egg, quit working at 62 and lived on savings until full retirement. My house is paid for, no car. I live on very little. Ironically, I wasn't actually planning to retire. I thought I'd just go to part time as I got older but things happened and I changed my mind. Do be sure to check exactly what your full retirement age will be. It won't be at 65. Mine was at 66 and four months. Yours will be older than that.
@@lisalamphier1410 yes i know it will be 67 but I probably won't wait until then unless I somehow have more money than i think I will. We will see.I think I'll need my Medicare by then too.
Thank you and excellent plan on your part! Hugs!
Hey Wendy, I'm so happy for you and I pray that your investments work out well in your favor. This is something I should have looked into myself and at 65 no time is better than now considering I'm getting that severance pay. I hope to find something part time that I will be happy with but enough to pay my rent and car note. Than I can consider investing the rest. Looking forward to you Spain updates! I'm so excited for you. I really have nothing to share myself; just living to survive for now but hope to plan a trip! Sending Luv always my sweet sista ❤🧳✈🙏
Thank you and yes! You are never to old to start and you got to start somewhere! Big hugs and much love to you dear lady!!
Do you have anything unexpected you've experienced so far in your Gap Year??
Hi Kelley! I am not in my gap year yet, hopefully will start that in October!
Hey Wendy, thanks so much for sharing this! I am kinda freaking out right now, bc I am 46, alone, and just now starting to save a bit of money. I have a Wealthfront account for my savings and a little Acorns account. I guess I need to see a financial advisor so I can start doing this dividends stuff......I really want to learn...Will the YT channels you mentioned explain how start?.....Thanks!!
Yes, they will help, another great one to look up that I follow is: Investing Simplified - Professor G. Be careful of financial advisors - I personally don't use one as I am not going to pay one to do something I can do myself. Good luck!!
@@halstonandharleys Gotcha. Thanks!👍
I’m 59 and single paying all the bills on my own. If I were to retire @ 62 I would only get under $2,000. I want to retire but how can I make it with that? I also live in New Jersey where it’s super expensive!
It would be hard in that part of the country. Unless you live in a more rural area or small town, it is getting more difficult to live in the U.S. - which is why a lot of retirees leave.
I have found myself in a similar situation. I don't expect to retire before 7o years old. Not a good feeling knowing that I don't have a "choice" about it....just a fact.
You can live in Thailand on $2000/mo
Don't know what that term you bring up 'options' are; maybe in the future u can focus on that as educational for us.....
I also began saving for retirement very late--in my 50's--sooo that means I must keep employed I estimate into my late 70's. This necessity is causing me to take care of my own physical health to be able to do that....not too happy about staying employed, but I notice I'm more ambitious and hard-working than I used to be when I didn't like my job too much (when I was younger~more immature). Up-side is that I've gained quite alot of wisdom over the decades; I can put that to work I guess. Take good care!!
Thank you and good luck to you!!