Would you delay retirement for 6 months to purchase dream car? |
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10-04-2024, 09:19 PM | #45 |
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For those of you who don’t want to retire because you are going to be bored, think very hard and try to figure out how you are going to make that change in the future. Getting older won’t make your life less boring unless you take action and fix it yourself.
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10-05-2024, 12:35 AM | #46 |
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I retired at the beginning of the year. Have not had enough free time yet to be bored. Too much to do. It’s more of the things I want to do. Maybe it is neglected things and I will catch up and then get bored.
Could have bought my dream car, a 911 Turbo (991.2 or 992), for what I have spent traveling. The memories and experiences are priceless. I have no regrets and will eventually also get that dream car or maybe it will be some EV. |
10-06-2024, 04:15 PM | #47 |
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If you love your job and it's lucrative it can be tough to leave. I'd probably work for 6 more months if I felt like I could have my dream and not impact my retirement finances. On the flip side I think we all have to start the wind down process at some point. Just make sure the car doesn't get in the way.
But 100%. Work the extra 6mo if you're healthy, active, and mobile.
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10-06-2024, 08:09 PM | #48 | |
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I’m not making assumptions about you, but this book helped me enjoy life a little more now, and feel comfortable with my future planning, and the unknown. This book might make you feel like you have all the permission you need to enjoy the wealth you built.
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10-06-2024, 10:49 PM | #49 | |
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10-07-2024, 04:28 PM | #50 |
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Will never understand this mentality.
I am 47 and could just about retire now if I sold my house and moved to the country, and honestly it is really tempting. I will never understand how one could get bored with no job to go to. The system may have taken your soul. |
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10-07-2024, 05:09 PM | #51 |
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I had a job where they eliminated the position, gave me a good severance and I didn't look for another job. Eventually about 9 months in a former colleague called and offered me a job (no longer there as he turned out to be a jerk, found another job). For about 6 of the 9 months I had plenty to do, eventually things ran out, my wife still works. I have hobbies, exercise, other things. I like to travel, it's difficult to do that 6 months a year as it gets really expensive. I probably have enough money to retire now but not sure I want to completely retire at my age. I think more likely would be to find I job I like more than my current job, do it part time. Whatever it pays would go to me able to spend extra.
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10-07-2024, 05:57 PM | #52 |
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If you don’t have enough to do, then working part time as suggested above, preferably at something you enjoy or at least tolerate, is a great idea. Brings in some income as well. If you are counting on Social Security, beware that collecting before your SSA retirement age results in a clawback if you earn more than about $20k at your job while collecting SS. After your SSA retirement age, this does not apply.
I have no worries about running out of things to do. My wife has 3 small businesses spread across 4 locations, 2 of which we own. There are always things to do — we have a part time maintenance guy but there is enough additional work to occupy me indefinitely. We have 2 houses that I can tinker around. I have 2 cars to restore. We have traveled a couple of months each if the last 2 years and hope to continue doing so. Also have extended family to spend time with and help. If I was single, I would have kept working. |
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10-11-2024, 09:49 AM | #57 |
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10-11-2024, 09:55 AM | #58 |
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10-11-2024, 11:15 AM | #59 |
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The older (dream) car that I want is the one that I have: a 2008 GT500. It is like a 1960's car in its simplicity, but very reliable, has the ABS, A/C and airbags and is faster/more powerful than anything from the 1960's. Plus, still easy to work on.
I have improved ride height, suspension, wheels/tires, power, clutch and cooling. Then added a head unit with backup camera and CarPlay - done! No frills, scary fast and still comfortable and reliable. I consider it best of both worlds. The newer car that I covet is also in my garage - the 2022 M550i.
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10-11-2024, 03:23 PM | #60 | |
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10-11-2024, 04:46 PM | #61 |
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If it were me, I would work the 4 to 6 months and buy myself the retirement present I deserve.
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10-11-2024, 07:03 PM | #62 |
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10-12-2024, 09:18 AM | #63 |
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No brainer, work 4 more months, work 6 more, quit now and eat ramen the rest of your life. You only live once. Seriously, worst case you sell it later and likely get what you paid, maybe more. |
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10-16-2024, 02:43 PM | #65 |
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I have seen a lot of posts regarding this and what or what not to do. Ultimately it is the OPS decision, but I did not see one post in regards to what the OP said about his retirement situation with his CEO. It sounds like you have a great working relationship with your CEO and you want to retire at the same time. if working the extra 4-6 months will get you into your dream car should you do it? ABSOLUTELY! 4-6 extra months is nothing. It sounds like the OP has no debt, meaning everything is all paid off already so you would just have this car payment and other ancillary taxes that you have to pay. Let's imagine this car has a $225k price tag. Now please do not beat me up on these numbers. The national avg. rate from Autotrader is 6.89% APR. That would be roughly $3,840 per month. Assuming you have no house payment or car payments would this be doable? All signs point to yes for me. As long as you can afford it and there is little impact to your retirement, why not?
I also didn't take into consideration the OP would probably just be paying for the car out of his retirement and would not have a monthly payment, but I didn't want to assume.
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