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Old 11-14-2007, 03:24 PM
 
Location: Home is where the heart is
15,400 posts, read 25,832,670 times
Reputation: 18992

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Beautifully stated! My sentiments, indeed.
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Old 11-14-2007, 08:53 PM
 
7,099 posts, read 24,507,586 times
Reputation: 7302
Ask yourself if the home you now have is what you want to live in for the rest of your life. Is it big with lots of house work, gardens to take care of? One story or two? could you take care of it if you were elderly and in poor health?

My guess is that you might want to think about whether or not it is suitable for you. If it isn't, think about something smaller. Make plans on where you want to live first. When you have that taken care of, then it will be easier to decide when you should retire. Keep as much income as possible as long as possible.

From my own personal story, I will tell you that we thought we had enough to live on. The cost of living has risen, and even though we don't owe a thing, if our home were not paid for, we would be in big trouble.
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Old 11-15-2007, 08:58 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,587,636 times
Reputation: 5692
I think the old "work until you drop" approach to retirement may be the only way to go. We are not counting on receiving any SS.
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Old 04-08-2008, 10:24 PM
 
Location: Full time RV"er
2,403 posts, read 5,792,298 times
Reputation: 1472
Smile i need advice?

Yes there may be some dangerous people here . But then there are those of us here that say , "what are you waiting for" From the figures you have stated in this posting retire , sell you home or at least get one smaller ,and do the traveling that you say you would like to do.sounds like you will have aprox $5,000 monthly to live on. let me say this.I retired 4 1/2 yrs ago at 62 yrs old . sold small home ,got $229,000 out of it.The wife and I get aprox. $2100. a mo. S.S. I sued the city that we lived in and won! Got $159,000 settelment. Bought 40 ft used 5th wheel trailer 2004. Bought 2006 ford truck to pull it.still have $86,000 left. Plus the $229,00. Now you may ask what is the importance of these facts?. It is that we are after wintering in Az. all winter getting ready to head east and then thru Canada ending up back here in early October and we figure that we should be able to do this with fuel at the price it is for about $500.00 a mo. over the amount we get from S.S. So with excess of $5000.00 a mo. All I can say is what are you waiting for! Wish we had done it earlier . lot's of great people out there doing the same ,from all walks of life . And living the great life.
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Old 04-09-2008, 03:44 AM
 
16,437 posts, read 19,147,848 times
Reputation: 9518
Quote:
Originally Posted by forest beekeeper View Post
I say: put $250k in tax-free municipal bonds.
I'd avoid municipals. A lot of city bonds are shakey right now.
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Old 04-09-2008, 04:18 AM
 
3,753 posts, read 9,609,400 times
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It would be different if we knew what your expenses are. We will have around the same pension income with full medical. From tracking our expenses for over 24 years, we know fully exactly how much we want to spend each year to support our lifestyle and travel needs. That is the part missing from your equation. What is your lifestyle and what projections do you have based on health, needs, wants, etc.

I have no problem downsizing significantly with our next house. In fact am looking forward to it. A lot of retirees have reasons why they do not want to downsize and buy even bigger more expensive houses. You need to know what you want to do as a couple and discussions of the various possibilities are valuable in fact essential.

No one on the internet can give you an analysis of your wants and needs. Even a financial planner would start there and with an analysis of your spending. Then they would look at how you are situated with wills, pensions, health directives, debt, etc. Then and only then would they look at positioning you for the future based on the past and current information. Financial planning should be just that, planning.
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Old 04-19-2008, 09:40 PM
 
Location: Gilbert, Arizona
7 posts, read 14,490 times
Reputation: 17
Default Listen to you

It looks like you have received a lot of great advice thus far. As I was looking over your post I felt impressed to send you a brief response.

It has been my experience in working with people in your similar situation that the most important person you need to trust and listen to is Yourself. Only you and your husband know what is best for you, no one else. The best advice in the world can still lead you down the wrong road if you lose yourself in trying to figure out what everyone else thinks is right for you.

Above and beyond even the financial aspect of your retirement, is finding a place where you feel the greatest sense of purpose and contribution to those around you. You can make the finances work just about anywhere in this country if you are willing to be flexible. I would be more concerned about making sure you make the right move, to the right location the first time. This alone can save you tens of thousands of dollars in having to pull up stakes and do it all over again.

I wish you the best in your exciting journey ahead.
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Old 04-22-2008, 12:38 PM
 
Location: Boca Raton, FL
5,177 posts, read 8,701,447 times
Reputation: 6199
Smile Nice to know...

It is nice to know that others are out there with the same concerns! My husband and I will not have pensions and will not take social security until age 70.

After reading these forums, it gives us ideas and things we never thought about. For that, I am grateful and I don't feel so alone.

It's also interesting to hear from people who have already taken the leap; makes me less fearful. I know it's not anytime soon for me but makes me less fearful about it.
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Old 04-24-2008, 01:46 PM
 
Location: Atlanta
738 posts, read 644,586 times
Reputation: 279
Quote:
Originally Posted by ogplife View Post
Are ex cons dangerous on retirement forums too? That was an extremely shallow statement.
I would say they are. Unless they are the white collar criminals who embezzeled millions, they have already established a track record of poor personal decision making. And not to say that the white collar criminals didn't make bad decisions, but they probably know more about money!
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