If your only an LCO

Discussion in 'Lawn Mowing' started by olderthandirt, Aug 29, 2006.

  1. olderthandirt

    olderthandirt LawnSite Platinum Member
    from here
    Posts: 4,900

    If your only an LCO and don't have any other retirement income except what you invested, at what age can you walk away and not have to work again?
    And continue to live the life style you become accustomed to.
     
  2. firefightergw

    firefightergw LawnSite Gold Member
    from Texas
    Posts: 3,340

    Is this a trick question? Olderthandirt...You usually have some insightful posts but what kind of question is this? You of all people should know that that depends on how much you are able to save and what living comfortable means to you. Some of the gross incomes on here are what others pay in quarterly sales tax alone. Either this is a trick question, you have a point that you are going to share later, or you fell off your hog.
     
  3. MMLawn

    MMLawn LawnSite Gold Member
    Posts: 3,569


    I just figured I borrow some from you Mac when I get ready to walk off into the sunset.. :waving:
     
  4. ChadsLawn

    ChadsLawn LawnSite Bronze Member
    Posts: 1,110

    When you start your LCO, start saving
     
  5. olderthandirt

    olderthandirt LawnSite Platinum Member
    from here
    Posts: 4,900

    No its not a trick question, I just wanted to know how many prepare for the day they can wash there hands of all work as far as a business goes.
    You can make millions but if you don't think far enough ahead it won't matter or be there when that special time comes. You may be able to do the paper work at 70 but you won't be in the field at that age. So I just want to know what people think is the age they will/can retire
     
  6. 1MajorTom

    1MajorTom Senior Moderator
    Posts: 6,074

    Fortunately for us, we walked into some inheritance money that is going to make things pretty easy. However, that doesn't mean we still don't save.
    To answer your question, it's tough to say. All I know is everyone should be saving as much as they can. Some like to live a high lifestyle, others are content with the simple life. We want to travel as the years go on, and we aint gonna wait till we are in our 70's.. lol
     
  7. firefightergw

    firefightergw LawnSite Gold Member
    from Texas
    Posts: 3,340

    Well, I've got another 16 years at the FD and plan on getting out of the FD and LCO at that time. I'll be 55 years old. I'm really not in the field now as a LCO. I've got two full-time guys that go out 5 days a week. Some days I may help with a big project but that is rare. My plan is to add 1 to 2 crews a year until that time.
     
  8. olderthandirt

    olderthandirt LawnSite Platinum Member
    from here
    Posts: 4,900

    The high life you mentioned was some what my point. If you live the high life while business is good will you be able to continue that lifestyle after you retire. If your life style depends on 1/2 mil a yr then you need to save approx. 8 mil in investments to carry you and your spouse over for 20 yrs if either of you live to be 80 and retire at 60.
    Basically you need to save almost as much as you spend each yr minus SS [if its still available]
    So how many actually save, invest the correct amount of money to retire when you want to and at what age will that be?
    BTW-- don't like to play shuffle board with the geezers? :laugh: :laugh:
     
  9. Frontier-Lawn

    Frontier-Lawn LawnSite Silver Member
    Posts: 2,949

    i plan on leting my duaghter take over when i want to retire and split the profts with her.
     
  10. Jpocket

    Jpocket LawnSite Silver Member
    Posts: 2,278

    If your solo I would emagine that you work till you die...even if it' s just a few days a week to pay for your hobbies/habits.

    My plan is to Build a business (not just a Lawn company) to the point where my my son ( who doesn't exist yet) can take over. I will work when i want, if not the company continues to grow, and I still get a pay check.
     

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