Retire early to hunt more?

[wyoelkfan15]

I lucked out with a very savvy set of parents teaching me about money early in life. Been putting into an IRA since I got my first job at 14, anything extra goes into a brokerage account with growth funds. At age 33 now, I should have my house paid off in seven years and be able to retire early at 45 if I so wish. Just remember to pay yourself first but put aside some to enjoy life now. Best of luck to your plans!

 

[peterk1234]

Wife and I retired as 04/1/21. 54 years young. Putting lipstick on the house right now so we can sell it in about two months. Then off to our little townhouse in montana. Î am excited and a bit freaked out at the same time. If I did the math right and the government does not tank the country and the market, life should be pretty good.

 

[LostinOregon1]

I am a consultant and get to pick when I am available. I made a deal that I won't be working during those months. It works for both of us as I didn't want to start a new career or work when it is hunting season. Just very fortunate to pull it off to be honest.

Rich

 

[Beanland_fan]

I’m in somewhat same boat as the OP, 55 and I have two in high school, one graduates next month and the other in two years. If you plan on your kids going to college you could consider a 529 plan or some other type of savings for college.

 

[Deerhunter6250]

I retired from LE at 58 paying for insurance with an account I had saved. Working construction and do prairie burning when I cant hunt, fish, or go to my sons games to make hunting money. Started college funds 529 plan when they when all 3 of my children where born. Also a stock fund for there weddings in each of there names. Only drive salvaged vehicles. Built my own home. Hunted last year Dall sheep in alaska, elk in Wyoming, 5 deer in Iowa, Elk in Colorado, a mule deer in Colorado and many pheasants in the fall. Ice fished some, ran my first marathon and now I'm looking forward to this fall. Retirement is awesome. Trying to stay in shape for as long as I can but it is getting harder. My wife says she is a hunting widow. I don't have high end taste or needs.

Good luck

 

[Trap]

This has been a good read. Helps me think through my plans. I’m 53 but probably won’t retire until 67 or later. I have invested quite a bit since I started my current job at 24 so I feel I have a healthy retirement plan and could retire early. I have a job I really enjoy but like hunting and fishing more I work for a company but run my own office so I can set my own schedule. I hunt and trap almost year around already. I fish quite a bit in the summer. I prefer to work where I make a good income and not worry about pinching pennies on my trips or gear etc. My work schedule can be driven some by the market so sometimes I would like to be retired early just to not have to think about work at all. But I enjoy my job and have taken off lots of time for hunting and other things for decades. I just prefer to have the extra disposable income as long as I am enjoying my career. I have done most of the things I have wanted so far and can take lots of time off

 

[1100RemingtonMan]

What I noticed here is what I want to know how much money should one have saved to retire ?
My wife and I have been debt free for a long time and have always been putting money into IRA and 401k.
I'm about to turn 60 in a few weeks and have good health as does my wife. She has been talking more about retirement more than me.
I have always felt I get paid to have fun at work as a Company Pilot.
I just want to be able do what I want to do when I retire and not just get by.
I have also though if I keep working It would be easer to to hunts is Alaska and Canada for like Moose and Grizzly which are kind of nuts in prices these days.
If I could shoot just one of each I would be a happy Man.

 

[Deleted member 28227]

What I noticed here is what I want to know how much money should one have saved to retire ?
My wife and I have been debt free for a long time and have always been putting money into IRA and 401k.
I'm about to turn 60 in a few weeks and have good health as does my wife. She has been talking more about retirement more than me.
I have always felt I get paid to have fun at work as a Company Pilot.
I just want to be able do what I want to do when I retire and not just get by.
I have also though if I keep working It would be easer to to hunts is Alaska and Canada for like Moose and Grizzly which are kind of nuts in prices these days.
If I could shoot just one of each I would be a happy Man.

Probably depends on what you want to do during retirement.

When I’m not working I like to do things, I wouldn’t want to retire to be stuck on a super limited budget that would keep me from getting out.

I see that as the biggest pitfall of the retire young scheme.

 

[Bob-WY]

What I noticed here is what I want to know how much money should one have saved to retire ?
My wife and I have been debt free for a long time and have always been putting money into IRA and 401k.
I'm about to turn 60 in a few weeks and have good health as does my wife. She has been talking more about retirement more than me.
I have always felt I get paid to have fun at work as a Company Pilot.
I just want to be able do what I want to do when I retire and not just get by.
I have also though if I keep working It would be easer to to hunts is Alaska and Canada for like Moose and Grizzly which are kind of nuts in prices these days.
If I could shoot just one of each I would be a happy Man.

Build a budget, simple as that. Once you have a budget, including EVERYTHING you want, normal money, fun money, vacation money, emergency money. From that you get how much/month you need (don't forget taxes, health insurance). Then start doing the math, there's a few ways to look at this:

- Guess at your length of life (say retire at 60, want to live to 100, so 40 years). Do 40*your budget. You need that much. This one is risky as it assumes you don't live longer, don't loose money and also you get zero interest. It's not a bad starting point.

- Figure on 3% (or some safe number) growth per year, then use your budget.

Easiest: Setup an appointment with a financial advisor (not a life insurance salesman). teh first intro meeting should be free, to start ideas, then work with them. You mention 401K, does your company have a rep you can talk to? Your needs will change over time as you age, eventually SS kicks on as does medicare, all should be accounted for.

 

[Beanland_fan]

I actually love what I do, and will keep working even part time to keep health insurance as long as I can.

 

[AlaskaHunter]

Probably depends on what you want to do during retirement.

When I’m not working I like to do things, I wouldn’t want to retire to be stuck on a super limited budget that would keep me from getting out.

I see that as the biggest pitfall of the retire young scheme.

I retired at 62 two years ago and so far we are spending far less than when I was working.
But we are home bodies and spend many days working around home and all of my hunting is in Alaska.

 

[RAZ]

68, good relative shape and still working full time because I owe a business that gives me a very good income. Working more hours then usual due to CCP virus as office help is now part time due to having to teach their kids via zoom 3 days a week here in Kommieofrnia which means I have to spend more time in the office then usual. Before the CCP virus, I worked about 4-5 hours daily, 4 days a week. That will return come fall when Kommiefornia reopens schools fully. Started social security at full retirement age, 66. Medicare at 65. Medicare saves my business about $1000 a month after medicare and supplement costs for both myself and wife. Without medicare we would be paying about 2k for health insurance. Wish I didn't start S.S. at 66 as it just makes my income higher and medicare costs more as it's based on income. Taxes take a hit with the extra income, but I thought I was going to retire at age 68 and move to Texas as I really have issues with our state govt. That was nixed on the final visit of 4 visits to check it out. Found too many other Kommiefornian's had moved there and that the state is on the verge of turning blue, not to mention the God awful weather, plus just do not want to be that far from grand kids. We see them 4-5 days a week and have since their birth. Kommiefornia does have the best weather hands down and the beaches, and mountaint. It has it all and it's a shame it is being destroyed by a dicktator. I wouldn't advise living here if you have other options, but I started this biz in 1980 when things were still good in the state. I live in a bubble of sorts and do not have to deal with the ugliness homeless camps are causing. High crime, etc. as I live in a decent smaller city near the coast. So, decided to stay and keep the business. Keep feeding the retirement fund to the max annually so that just keeps growing when I eventually do retire. I may be one of those guys that just keeps the business and hires someone to do the day to day managing, but find it hard to let go. It's not a business you just close and walk away from. It is one I can sell if I decide to one day, but the sticking point is I want my existing employees guaranteed employment via a contract minimum 3 years.

I didn't start saving until I was 36. My biz wasn't as good then as it has become over the years. Very blessed to have no debt whatsoever and plenty of income. Doing an Alaska Griz hunt in 3 weeks. Probably wouldn't if I was retired. Going to do a lot more in the next year as well. Time to spend some cash on myself and will start taking grand kids with me on near future hunt/fish trips. Life is good in spite of living in one of the worst govt controlled states.

 

[elkhnter]

Retired from Illinois DNR 2 years ago after 31 years. Lucky that my insurance is paid and wife’s is $172 a month. Cost of insurance is what stops most guys around here from retiring.
Wife became a travel agent and I started doing home inspections. Partly for something to do and for more spending money.
My advice would be, whatever you plan on spending on travel and hunting, double it or triple. We’re spending way more than we planned to. Wife gets cheap trips that we “have” to go on. Not complaining.
You WILL spend more money, because you’re not working.

 

[roravetz]

Hunt More Now and Retire Later

I think it's interesting to think about your question in reverse. I'm 35 and really enjoy spending time with my kid, the outdoors, etc. As my career progresses and seems to require more hours and stress, I think is it worth trying to work less now or not be as gung-ho with trying to get promotions etc. so that I can spend more timing hunting/fishing now, with the assumption that I may not be able to retire until later in life? The thought being that I can sit at a desk at age 70 the same as I could at age 35, unlike my grandpa who couldn't work at the coal mine or Ford plant at 70 the same as he could at 35.

With families, things might come up later in life like needing to take care of parents or a spouse that gets sick that may require you to be home more then you would expect and not allow you to enjoy the outdoors as much as you had hoped.

This isn't very realistic and I don't know if I have the cajones to actually try this but thought I'd post it.

 

[BirdManMike]

Hunt More Now and Retire Later

I think it's interesting to think about your question in reverse. I'm 35 and really enjoy spending time with my kid, the outdoors, etc. As my career progresses and seems to require more hours and stress, I think is it worth trying to work less now or not be as gung-ho with trying to get promotions etc. so that I can spend more timing hunting/fishing now, with the assumption that I may not be able to retire until later in life? The thought being that I can sit at a desk at age 70 the same as I could at age 35, unlike my grandpa who couldn't work at the coal mine or Ford plant at 70 the same as he could at 35.

With families, things might come up later in life like needing to take care of parents or a spouse that gets sick that may require you to be home more then you would expect and not allow you to enjoy the outdoors as much as you had hoped.

This isn't very realistic and I don't know if I have the cajones to actually try this but thought I'd post it.

This is a good post.

Relevant to me - I have worked hard to have the flexibility (flexibility being the goal) in my career where I have essentially been able to hunt every day of the week, Sept-Mar, even in the depths of winter when daylight is scarce, for the past 10ish years (for all intents and purposes - things happen - weather, work issues, family, etc, and it is rarely every day but close enough). Ill be 40 years old in a couple months, and while I do have a savings, 401k, and IRA going in preparation for retirement, it isnt near a state where I am thinking about retiring early - and, there is no way I would trade unlimited free time 15 years from now in an early retirement for the somewhat-limited free time I have had the past 10 years and a retirement at standard retirement age (68? dont remember).

Everyone has different priorities - family, kids, hunting, travel, career, etc. Whatever it may be, the hunting right now, right this instant, is as good as it will ever be again. Working hard for another 10 years - or however long - forgoing some hunting opportunities sounds wonderful, but questioning whether those opportunities will still exist when you come back to them should be in the back of ones mind. It is certainly in mine.

Good luck, all!

 

[brymoore]

Hunt More Now and Retire Later

I think it's interesting to think about your question in reverse. I'm 35 and really enjoy spending time with my kid, the outdoors, etc. As my career progresses and seems to require more hours and stress, I think is it worth trying to work less now or not be as gung-ho with trying to get promotions etc. so that I can spend more timing hunting/fishing now, with the assumption that I may not be able to retire until later in life? The thought being that I can sit at a desk at age 70 the same as I could at age 35, unlike my grandpa who couldn't work at the coal mine or Ford plant at 70 the same as he could at 35.

With families, things might come up later in life like needing to take care of parents or a spouse that gets sick that may require you to be home more then you would expect and not allow you to enjoy the outdoors as much as you had hoped.

This isn't very realistic and I don't know if I have the cajones to actually try this but thought I'd post it.

Why can’t you do both?

 

[idahohuntr]

I think it is important to recognize physical ability/health/fitness is going to be a limiting factor in a lot of western hunting scenarios...so we have to consider that 'resource' just as much as time and money. I don't think I'm in a position of wanting to delay retirement to fit in more hunting now, but I certainly don't let career progression and work dictate my hunting. Even when I was in grad school I remember prioritizing an elk hunt (for a very limited draw tag) over a really unique career/professional development opportunity. My major prof was livid, but when I look back now I cringe at the thought I was seriously considering skipping a great elk hunt with my dad and friends for a career opportunity...as I sit here today I can't imagine the regret if I'd skipped that hunt.

 

[Sam Colt]

A financial company did a study a few years ago and found that almost 20% of retirees had to leave their job due to their health or to care for a sick relative. Factor the unexpected into your calculations.

 

[Trap]

Hunt More Now and Retire Later

I think it's interesting to think about your question in reverse. I'm 35 and really enjoy spending time with my kid, the outdoors, etc. As my career progresses and seems to require more hours and stress, I think is it worth trying to work less now or not be as gung-ho with trying to get promotions etc. so that I can spend more timing hunting/fishing now, with the assumption that I may not be able to retire until later in life? The thought being that I can sit at a desk at age 70 the same as I could at age 35, unlike my grandpa who couldn't work at the coal mine or Ford plant at 70 the same as he could at 35.

With families, things might come up later in life like needing to take care of parents or a spouse that gets sick that may require you to be home more then you would expect and not allow you to enjoy the outdoors as much as you had hoped.

This isn't very realistic and I don't know if I have the cajones to actually try this but thought I'd post it.

that is how I have tried to do it. I worked my but off where I had a really good income for first 10 years then coasted for 20 years. I could have kept working really hard and probably be retired already but I have spent a lot of time hunting and created some great memories with my son in the woods. I would rather keep working since I have lots of flexibility and I like to live high on the hog ! Ha ha. Not really but I don’t pinch pennies and I enjoy my income today. not that I haven’t put a good amount towards retirement. I just didn’t prioritize retirement to the point I couldn’t enjoy the last 30 years of my career. I also can work at my desk till around 70 if I feel like it. I’m thinking 67 but will see what happens. I’m pretty sure I could retire at 62 but I would be on a budget and I don’t want to do that. I actually like my job and if I didn’t have to go to town every once in a while I would probably go feral

 

[Mule3006Elk]

I think I'll always work some. I get bored too easily. Unless I move to property which requires a lot of maintenance. With telemedicine I can work from home as well which is nice. Not to mention I can move wherever I want. My youngest has 6 years before he graduates high school. At that time I will have put in 25 years full time. I think after that I may drop to 2 days a week from my current 3 shifts. Have close to a mil between house and 401 not to mention SSN when that kicks in. My wife and I should be ok. I saved for cars for both kids. College they are on their own. I paid my way and I found a lot of value in that.