did have bumps and potholes along the way but nonetheless, I always kept an eye on the destination. Now, my philosophy has changed… the “destination” (retirement) is really just a fork in the road and journey continues but on my terms. While I have made many mistakes (and hopefully learned from them), I will share a few things that have had a positive impact in the overall scheme of things:

1) Paid myself first. No matter how little I was earning, I always made it a habit to put a few dollars in my savings each payday. This was part of my monthly budget. I didn’t touch this money unless I had a dire emergency (but it was there when I needed it);

2) Began to plan for my retirement at a very early age. I started my first IRA when I was 22, later added a Roth IRA, a 403b, and a 457 plan. Now, at the end stage of my formal working career, I am able to deposit the maximum allowed into these accounts;

3) Asked is this a want or a need? Years ago, as the single mother of two young daughters, resources were limited, so I researched big purchases (e.g., new car, TV, computer), lived frugally, and managed the family budget carefully. I looked for bargains and sales whenever possible (still do) and always asked, “Is this a need or a want? Do I love it? Do I need it now or can it wait?” Delayed gratification builds will power and helps cut impulse buying (most of the time).

4) Taught my daughters to be financially responsible. They always received a small allowance to help them learn money management and I required 25% to go into their savings. They had many chores and responsibilities at home, but these were not connected to receiving an allowance. It was how they contributed as members of the family… chores were done whether they received an allowance or not. Now, as adults, they are financially solid, one is an ICU nurse, the other a biologist, and both, along with their DHs are well on their way to financial freedom with their own retirement and savings accounts. I will not have to worry about supporting or subsidizing adult children in my retirement years.

Well, there is more but I will save it for another day as this post is long enough! I much appreciate the supportive comments and know that I am in good company here.

I have been following this blog since January '08 and am very excited to be joining this interesting group of like-minded frugalites. After almost 30 years in education, I decided to retire... three years short of the "optimum" time. The decision came after much reflection that focused on questions such as: How long can I survive all this stress? How much $$ do I really need to live a decent life in retirement? What other options do I have? THIS BLOG helped me to make one of the most important decisions of my life: I will be officially retired in August of 2008. My hope is that through this forum, I can learn and share tips to maximize resources in retirement. One thing I'd like to share today is a very good book I recently read: Don't Retire, Rewire! by Jeri Sedlar and Rick Miners. It is a must read for anyone seriously considering retiring soon but is looking to stay connected to work about which you are passionate.