Early retirement;)

[mrsmojorisin]

Does your job have retirement benefits or are you just saving for retirement?

 

My knee doctor said I would probably be in a wheelchair around my early 60s.. making it impossible to work. This is making me want to go into a physical therapy program because I could work in a wheelchair as a PT.

[rcdavis]

Without knowing your history and how many total knees you have gone through, or how (Un) aggressive your rheumatologist has been, my first response is a strong suggestion tat you consider getting a different knee doctor.

Very very few 60 years old folks are wheelchair bound these days, unless they are terribly aggressive rheumatologic disease.

 

To answer your question, as soon as possible start savings, as much as 30%of your income. The sooner the better. Even the young guns should be able to save 20%... Yes, even with education debt, mortgages, kids, etc. if you are making 75-90 k ( which everyone seems to assume us their due), and the median national salary is around 50k ( with same bills and debt as you), put 25-30kaway.. Each year. Pay yourself first, then live off the rest... In the long run, when you are in your 50s to early 60s, you suddenly have a pit of gold big enough that you and work or not.. And are no longer an economic slave...

If I can do it.. Anyone can.

 

It means maybe a smaller or no boat, maybe a less luxurious car, less vacations.. But if you want to retire.. Sacrificing young to reap a great lifestyle old is the way to go.

 

Further.. Fewer and fewer employers are offering a 401k, and few still with a match. If they do, MAXIMIZE your contributions... Is free money.

 

I am guesstimating, but I would say that the PERCENTAGE Of employers which gave a defined contribution plan is shrinking yearly, and probably represents less than 40% of The total. Most everyone else is saving.

 

I hope to heck you are eligible and can get new knees