I stopped contributing to my 401k earlier this year when I maxed it out, but I don’t plan on making a contribution to the plan ever. Not a cent. I don’t even know what the formula is for accessing that money. Don’t you have to be a septuagenarian or close to it so as not to be penalized? And by the time we middle-agers reach that age, we should count on the rules changing and working until we’re octogenarians. It’s retirement Catch 22.
That’s supposed to be the American dream? Maxing out our 401ks and living off of that while we whittle away playing bingo at the old folks’ home. No way.
Here’s my genius plan. By the time I’m 50, my mortgage will be paid off. Once that’s paid off, I’ll continue to rent it and use that rental income to pay for the ex-pat life I plan to lead in San Miguel de Allende, Mexico. The location is up for debate, but I won’t be in this hell-in-a-hand-basket country, that’s for sure. I had lunch with a friend who said he is scouting out foreign real estate to buy. That’s a smart guy right there.
Anyone else have non-mainstream retirement plans or purchased real estate outside of the U.S.? Let’s hear from you.