Quote from: Gertrude on March 27, 2018, 06:31:29 PM
I've been there. Sometimes I wish I still was, but at 56, if I work another 6 years where I am, I can retire and get some pension. If it wasn't for that and the tuition break for my kids, I'd be doing something else.
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Gertrude: Well, the Tuition Break for your kids is a big benefit for sure.... and retiring when you are 62 is a wonderful thing... many folks can not ever retire comfortably, so your pension will be a nice addition to Social Security... and frankly, if you run the numbers (I have run the numbers many times for my clients), retiring early at 62 makes more financial sense for many folks than waiting until 66 or later. But that is a personal decision based on a lot of factors.
You know then, if one is self-employed that a self-provided pension and/or retirement savings plan is an absolute must. Social Security from the government is not enough to live on comfortably. I have been contributing more to my own retirement savings than the company I worked for ever did.
At the rate that I am providing my own "retirement and pension" I will be more than comfortable retiring long before I could at any company I worked for.
I am a workaholic about my business, much longer work hours than I ever did before but I enjoy setting my own schedule and enjoy the work and enjoy the clients that I have developed.... and it is will well worth the hard work.
Plus, I have an incentive to work harder because my financial outcome is entirely in my hands barring some unforeseen economic event which would affect all of us.
All of this, of course, requires self-discipline, budgeting, business common sense, and determination to provide for myself.
Thanks for your post...and hang on for another 6 years!!!!!
Best Wishes,
Danielle