Can you live off half your current salary?

[I stink at bass]

I am approaching 20 years at my current job, which means that I can retire. Only problem is that I will only get 50% of my current salary. I am single with no kids, and a girlfriend who makes just as much, if not more, than I do. If I stay, I can make as much as 76%, but i have to stay 33 years for that. It just doesn't seem worth it to me. I also have my part-time personal training/coaching thing which brings in some additional income, but not enough to make up that 50%. What would you do?

[Poltergeist]

i dont think its worth it... no kids, etc.... but if you wanna have kids... i'd keep on working

[Phantasm]

I could do it easily now, but in the future I'd want to be sure I had a band going to supplement my income.

[I stink at bass]

i dont think its worth it... no kids, etc.... but if you wanna have kids... i'd keep on working

Kids are definitely out of the question for me. I have been fixed, and my girlfriend had an accident a few years ago, which left her unable to have kids.

[tylytle]

I just got a divorce, yeah, I now live on 1/2 of what used to be brought in. the band helps. Funny thing is, I now have more money....

[LanEvo]

 

I am approaching 20 years at my current job, which means that I can retire...What would you do?

If you love your job, then might as well stick around. Not just for the money, but what else are you going to do to fill your days?

 

If you're dissatisfied with your job, then just grab your 50% and GTFO of there. You'll have enough money coming in that you can pursue other career goals, even if they don't pay all that well.

 

Emre

[james on bass]

I certainly couldn't.

[I stink at bass]

If you love your job, then might as well stick around. Not just for the money, but what else are you going to do to fill your days? If you're dissatisfied with your job, then just grab your 50% and GTFO of there. You'll have enough money coming in that you can pursue other career goals, even if they don't pay all that well. Emre

Actually, I love my job as a firefighter. Only 9 days a month, but the older I get, the more chance of seriously injuring myself. I would like to be able to enjoy the retired life HEALTHY. For those of you who do not know, the AVERAGE lifespan of a retired firefighter is only 5.9 years.

[T. Alan Smith]

If you enjoy what you do, keep at it. Otherwise, you need to look at your cost of living and see if you could realistically cut back to where you'd still feel comfortable at half that. What would you do with your time after 'retirement?' How would it effect your living expenses? For example, you'd still have some source of income, but along with that comes commuting & other expenses to do that.

[t3ch]

I can, and did for many years... but it was tight and cause for a lot of stress.

 

Do you like your job? If so, sure, stay. If not, would it be possible for you to quit, get pension, then go work somewhere else for what you were making before (if not more)?

 

Then you'd be making 150%, SX's for everybody!

[Thunderbroom]

I could downsize my life and cut back on things and make it. We (my family and I) did just that when I started my current job 10 years ago. I took a 50% paycut to take the job at the time. Since that time, my income has gone up ~2.5x.

[jonathan_matos5]

No but im currently jobless.

 

if any of you guys wanna try living on half your current wages you can send the other half to me:D

[Poltergeist]

No but im currently jobless. if any of you guys wanna try living on half your current wages you can send the other half to me:D

 

good idea, think of poor Marlon here as well!

[Super Bass]

I guess I probably could at the moment, but any luxuries or new basses or equipment would be out. I live at home with my parents now, I did move out but moved back in March so I could change jobs easily, I'm there 6 months now so its time to look for somewhere to rent. I definitely couldn't rent on half my salary.

[xdamagexx]

 

Actually, I love my job as a firefighter. Only 9 days a month, the AVERAGE lifespan of a retired firefighter is only 5.9 years.

 

 

 

so u only really work a third of the year. Thats awsome. i would stick it out another ten or so years, that extra .26% could mean way less worries. why not stick it out until u can't stand it or you know its the right time. my 2cents.

 

to make that lifespan quote more interesting, i wonder what the AVERAGE retire age is for those firefighters?

[bholder]

I could get by on half my current salary, mostly because the house is paid off.

[bleepo]

I could IF my house were paid off.

 

My house will be paid off by 40.

[Onkel Bob]

I could. But it wouldn't be much fun.

[Bass8987]

I make only $8.35 an hour/12 hours a week. I go to college full time (it is an on-campus job). So obviously, I could not live off half of that salary.

[Bluescout]

Half my salary? I can't live off the whole thing!!!

[Fiery Furnace]

I only make 11K a year, so no I couldn't.

 

But once I start making 20 or 30K a year, then yeah, I could live on half.

[Gruntollio Bass]

I could do it if I moved where my rent was heaps cheaper, but I'd have to saccrifice the luxury of never having a GAS attack ever again. I don't think I'd be able to save much if I only had half of what I earn.

[y-o-y]

Only if I relocated to some place with a significantly lower cost of living.

[78pbass]

Dogman needs to chime in. he's a firefighter that may be able to lend some insight from a similar perspective.

[Captain Fathead]

I live pay check to pay check as it is.... Divide my pay in half and I'm boned, especially in NYC.