My Hazy Retirement Goals
In my last post -Part 1– I wrote about my back and forth struggle between allocating money toward debt payoff vs retirement savings. Hmm. What are my retirement goals? I’ll have to dedicate a separate post to this another time, because I haven’t thought it through yet. I only have hazy visions.
I’d like to marry rich and retire instantly. Ha. Wouldn’t we all, right? Short of a miracle like that, I’d like to plan to keep working for another 10 years in my industry at maximum salary and maximum savings. Around the age of 50 (or whenever I get laid off and can’t find more work or get burned out beyond repair), I’d like to go into ‘working retirement’ (financial freedom) for another 10 years until 60 or so.
This will be work that I want to do and think is enjoyable regardless of salary. It would have MUCH lower stress and likely much lower pay, but would be enough to pay for all the extras and fun things. This may be part time work or contract work where I can work 6 months on/ 6 months off and travel or rest for half the year. Or maybe run a small side business. Who knows. It will be fun to imagine the possibilities.
I don’t expect I’ll travel much after 60. I’ll likely be ready to nest somewhere. C @ theSingleDollar has also started thinking about retirement living options for singletons. I would love to find a cool retirement community, maybe like the one shown above.
In this vision, seniors in the community participate in gardening and growing their own vegetables, getting exercise and socializing while generating income. In its current incarnation, the design for Home Farm has the capability to grow 35 tons of green leafy vegetables every year, and those produce could potentially generate up to $6 million dollars (USD) in sales for the for-profit venture. The vegetables would be grown through vertical aquaponic farming and rooftop soil plantings. (Seedstock.com)
It’s just in the concept phase, but sounds cool. and looks gorgeous. Why can’t we build retirement communities in the US that look like that!?
What I’m Doing about It
My income has not changed. My new plan is simply to better structure the extra money I have left over after making the minimum payment on my student loans. Instead of making haphazard extra payments of varying sizes, I’ve decided to allocate more of that money to retirement savings. This is just a start, of course. Here is a great article to learn more: What to Do When You’re 40 and Have Nothing Saved for Retirement (Lifehacker.com)
I know it’s not much compared to the 75%+ that we’re supposed to save in order to FIRE, but it’s a start. Because I’m taxed so heavily, the increase didn’t affect my net pay as much as I thought it would. Any pay raises or cost of living adjustments that I get will go toward increasing retirement savings. Once my student loan debt is paid off I will have a better shot at saving half my income (or more)!
I’ve been reluctant to pursue this because of health concerns, but I will take a look at what I can do. It will have to be just the right job. I don’t have a strong constitution in my current state. I’m already stressed out and have all the chronic health issues to show for it (high blood pressure, high cholesterol, headaches, migraines, neck and back pain).
Of course, anything I come up with will only be a first estimate, but even a ballpark figure will be helpful.