Retire Debt Free: Interview With A Retiree
This is an interview with a recent retiree who retired at age fifty-six (fifty-seven technically) from a major corporation. She was able to retire through strategic planning. It is not everyday that you encounter a woman -- or man who has taken care of herself and a child that is able to afford to retire in sound financial shape. Find out how she did it, and learn from her experience in this live interview.
You are a single woman and recently retired from a major corporation, how did you pull this off?
Retiree: Planning.....Careful and strategic planning and timing. Timing – You have to be the right age or have worked a sufficient number of years to retire today from the workforce.
What financial plan do you have in place when you retire?See results without voting
How many years did you work?
Retiree: 36 years.
What industry did you retire from?
Retiree: Health Care
Did you know you would retire after thirty-six years?
Retiree: My plan was to retire at age fifty-five.... I planned it out to retire at age fifty-five.
Let’s switch the subject to Planning and Saving for Retirement - Tell me in your words; what is essential to be able to retire financially fit?
Retiree: You have to have a solid financial foundation. You have to have a method of which to execute it such as: a 401K; a Pension Plan or something comparable.
Tell me a little bit more about that?
Retiree: You have to have a debt elimination plan in place too. You have to look at your debt and devise a means of eliminating debt. Here is an example:
Ten years ago, I had four credit cards, and I looked at the debt ratio spread over all four years, then I set a plan in place to pay off all four cards. I set a target of ten years – but instead, payed them off in five years. Basically, look at all of your debt: car, student loan, whatever your debt is, you look at it and the money you make and devise a plan to pay it off within a certain frame of time.
Retiree: Here is how I did it:
I took my lunch everyday. I did not buy unnecessary things. I did not spend my money on frivolous things.
Did you get any professional assistance or financial consultation?
Retiree: No professional assistance. I wrote it down myself. every time I paid off a credit card, I increased my contribution to my 401K plan – I paid myself.
This is fantastic information that will help our readers and it will be very useful. Is there one last piece of advice you would give to someone planning retirement?
Retiree: Do not lend any amount of money unless you can afford to give that amount away! A lot of people will take their savings to loan to others – do not do this. My paycheck was my liquid money, and I always allocated some to savings and checking and never changed this over the years. – I stuck with this. I never even lent money to myself from the long-term money I was saving. I did not spend money just because I got paid – getting paid was my treat.
Retire: My Motto is: “Learn to Practice Delayed Gratification.”
How are you so disciplined with your finances?
Retiree: Having a need to be responsible and of service to others. I used to think: If I can’t help myself, then there is no room to help others. In essence, you want to be in a position to help someone else.
Thank you for your time, I hope the readers will take advantage of this opportunity to gain valuable knowledge on Planning for Retirement and take action today.
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