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[quote=Anonymous][quote=Anonymous][quote=Anonymous]When I was laid off at 40 I was already considered an "older worker" - I don't remember the exact process but there was extra paperwork related to age discrimination. I had a new job before my severance ran out, but that shook me and I saved like mad for the next 5 years, then launched a side business while still working full-time that eventually became my sole job at 49. I'm now 55 and financially independent, so starting to wind down my business (I still enjoy it but I am TIRED).

I did an ok job of saving/investing before the layoff, but that was the wakeup call I needed to go into overdrive and maneuver myself out of a 9-5. Huge blessing in disguise.[/quote]

I’m curious how people suddenly ramp up their savings? Our biggest expenses are our mortgage and education (college savings). We do have a decent travel budget since we value that highly and kids will leave the nest soon, but even allocating that annual $10k isn’t going to let me retire at 50. We make $300k, $60k after goes into mortgage. Are there people making $600k blowing it on eating out or something that is easy to cut back?  [/quote]

PP here - I was making about $150K at the time as a solo (widowed) parent and there was more fat in my budget than I realized once I started tracking expenses. I was spending a lot on convenience eating, clothes I didn't really need, vacations that could have been done less expensively, etc. So I cut all that out and put it into VTSAX instead. I probably saved an extra $15-20K a year but the real game changer was increasing income, especially because I was a more financially disciplined person and invested it vs. inflating lifestyle.[/quote]

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