“My experience as a forty plus yr investor is I have never seen an annuity plan I could not beat by a simple investment plan.”
I didn’t buy one. Really wasn’t even tempted. I felt they were a bad deal from the start.
I retired three years ago at 56. What allowed me to do that were a few things:
1. Not being a SUCKER for ‘get rich quick’ schemes (LOL!)
2. Little or no debt, other than a mortgage - ever
3. 17 years in the Army, so I had a lot of pay with low expenses and now have medical care thru the VA (had to leave early; had a kid with special needs)
4. Always lived below my means and drove used cars
5. Invested in (physical, NOT paper!) PMs 15 years ago; smartest thing I ever did
6. Sold my paid-for farm & can easily live on that $ until I get my SS at 62 (or 65...still playing with ALL the numbers)
7. Always took advantage of a 401K via an employer & have had my own IRA for-ever
It CAN be done, but you need to be disciplined and also the example of my Dad & Grandpa retiring in their late 50’s made me want to beat them at their own game. ;)
You know one of the things I am wondering about is whether to take SS at age 65 w/reduced benefits or wait until 70....Get more at 70, but I wonder if our elected “representatives” will change it, means test it etc...Seems whenever there is a discussion of the debt/deficit, Social Security is front and center...
Perhaps should take the money at 65 while can...
You had a plan and stuck with it and that is great!!
My feelings on SS is take it as soon as you can unless you some really sound proof as to your lifespan. Even if you don’t need it you can take it an invest it for your heirs.
And remember, if you get a part time job you can still text a retirement plan to the max while paying zero taxes on not your salary, at least up to the max allowed amount deposited in your 401 or IRA.
“the example of my Dad & Grandpa retiring in their late 50’s made me want to beat them at their own game”
Nice! Nothing like a little healthy inter-generational competition!