By now, you have probably learned that I am going to retire early at the age of 64. Now that may not be early to some folks but it is two years before my full retirement age. The average American worker retires at 63. Because of my plans I have been doing a lot of learning on how to cut costs in retirement and I am having some great success.
I say all of that because today I had an appointment that gave me the inspiration for this blog post subject. I took my car into the KIA dealership to have the oil changed, brake pads installed and front end aligned. Needless to say I walked out with less money than I arrived with.
It caused me to think about the enormous cost of operating a vehicle. I did some checking and according to AAA it costs $9,112.00 a year to own and operate a car, that is 60.2 cents a mile!
I believe that a person who is looking for a way to retire should consider living with just one car. I have been doing that for nearly 20 years. If you and your spouse are both retiring then there is really no reason, other than convenience, to own two cars (or three!).
Eliminating one car will add an additional $9,112.00 to your cash flow and represents another huge puzzle piece to your retirement goal.
I have said it repeatedly that retirement is going to be mostly about changes in your perception. We have been programmed all of our lives to believe that there is no way you can survive with one car. That is simply not true.
In fact, the town that I live in has three different bus lines running at all hours of the day and night. I could manage life with no car but I'm not willing to go that extreme just yet.
The long term ramifications of this one strategic move are enormous. If you maintained a one car household for the next 20 years you would save nearly $190,000.00! Do you realize that it would have the same effect as saving nearly $200,000.00 in a retirement fund?
If you are wanting to retire but don't think you can afford but you still have two or three cars what is keeping you from making this adjustment? How bad do you want retirement?
According to Experian the average family has two cars and a whopping 35% of American households own three! Americans are sinking a huge amount of their incomes into cars and it's why a lot of Americans are delaying or forgoing their retirement altogether.
You might now have thought about cars as a way to prepare for retirement but it's high time you did!
I say all of that because today I had an appointment that gave me the inspiration for this blog post subject. I took my car into the KIA dealership to have the oil changed, brake pads installed and front end aligned. Needless to say I walked out with less money than I arrived with.
It caused me to think about the enormous cost of operating a vehicle. I did some checking and according to AAA it costs $9,112.00 a year to own and operate a car, that is 60.2 cents a mile!
I believe that a person who is looking for a way to retire should consider living with just one car. I have been doing that for nearly 20 years. If you and your spouse are both retiring then there is really no reason, other than convenience, to own two cars (or three!).
Eliminating one car will add an additional $9,112.00 to your cash flow and represents another huge puzzle piece to your retirement goal.
I have said it repeatedly that retirement is going to be mostly about changes in your perception. We have been programmed all of our lives to believe that there is no way you can survive with one car. That is simply not true.
In fact, the town that I live in has three different bus lines running at all hours of the day and night. I could manage life with no car but I'm not willing to go that extreme just yet.
The long term ramifications of this one strategic move are enormous. If you maintained a one car household for the next 20 years you would save nearly $190,000.00! Do you realize that it would have the same effect as saving nearly $200,000.00 in a retirement fund?
If you are wanting to retire but don't think you can afford but you still have two or three cars what is keeping you from making this adjustment? How bad do you want retirement?
According to Experian the average family has two cars and a whopping 35% of American households own three! Americans are sinking a huge amount of their incomes into cars and it's why a lot of Americans are delaying or forgoing their retirement altogether.
You might now have thought about cars as a way to prepare for retirement but it's high time you did!
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