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Old 04-27-2014, 04:53 AM
 
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One of the survey results is that the 65 plus age group is the least worried about finances overall and the least worried about retirement income. Reinforces some of the points posters have made about once you hit Medicare and FRA things fall into place for most.
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Old 04-27-2014, 04:58 AM
 
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i would agree , once you are in the battle you know where you stand. you adjust to whats going on, your expenses , your budget and move on in real time .

the problem is guessing at the unknown before you know what battlefield conditions will be like which is the planning stages. until you have the real time intel you don't know what resources to bring to the fight.

the worry and guesstimating are all about forming that force to fight the battle you know nothing about yet, but the pressure is you have to get it all together in advance of the intel...
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Old 04-27-2014, 05:42 AM
 
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It is only logical that that retirement requires long term focus. Like financing your kids education for the most part when the time comes you either have or haven't. Perhaps a pot of gold lands at our feet but not probably. The nature of retirement is that we substitute a short term known like a job for what younger folks consider a long time away. A job has risk and rewards with income, for many retirement realized not as many risks and perhaps not the rewards of promotions and bonuses etc. Pensions, annuities and SS have more security than most jobs. Investments in tax sheltered options by age 65 are usually fully accessible and the path forward more defined. As ER medical coverage kicks in with Medicare.
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Old 04-27-2014, 05:47 AM
 
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as well as you know where you stand going in at FRA since the battle up to 65 has already been fought and behind you . you went from starting out planning possibly in your twentys and now covered 40 years of time which is behind you at this point.

the only thing foggy for me is what happens after 61 which is my current age . when i started i was twenty years old wondering what was going to happen from 21 on.

whan i was in my twenties i was unemployed in high unemployment , had vietnam , high inflation, high taxes and gas lines . things couldn't have sucked more looking forward.
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Old 04-27-2014, 06:01 AM
 
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Quote:
Originally Posted by mathjak107 View Post
as well as you know where you stand going in at FRA since the battle up to 65 has already been fought and behind you . you went from starting out planning possibly in your twentys and now covered 40 years of time which is behind you at this point.

the only thing foggy for me is what happens after 61 which is my current age . when i started i was twenty years old wondering what was going to happen from 21 on.

whan i was in my twenties i was unemployed in high unemployment , had vietnam , high inflation, high taxes and gas lines . things couldn't have sucked more looking forward.
For you 61-70 still has a few unknowns with SS, Medicare, RMDs and annuities still to kick in. The fun part is being comfortably retired still having them to kick in.
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Old 04-27-2014, 06:02 AM
 
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still lots of unkown but at least the resources part i will have going in is behind me.
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Old 04-27-2014, 06:29 AM
 
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Quote:
Originally Posted by mathjak107 View Post
still lots of unkown but at least the resources part i will have going in is behind me.
Dude, you have such a margin of error to work with. Kick back and chill, just imagine if you weren't in NYC or San Fran how well off you would be. Your issues are reaching and maintaining your goals and not surviving with a nice retirement. Your drawdown rate is not influenced as much as having your money last but having seven figures to pass on. And not the minimum seven figures. Does not your model when plugged into FireCalc show your assets increasing over time? You are not bringing all of your weapons to the retirement table. People talk pass each other and some are talking about retiring and some about ER. It is in the ER plan that having 300K for medical is very important as you need to reach the Medicare stage without having been bankrupted by medical problems. Once there it is just more money in the bank probably not previously factored in for living. Sure for you and Marilyn your retirement spending will peak early on and then level out. Hmmmm peak, level as fixed income is going up!
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Old 04-27-2014, 07:13 AM
 
Location: SW MO
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Default Retirement Remains Americans' Top Financial Worry

Not mine. If it's yours, sorry about that. I have no sympathy for the "Gloom and Doom Brigade."
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Old 04-27-2014, 07:44 AM
 
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Originally Posted by Curmudgeon View Post
Not mine. If it's yours, sorry about that. I have no sympathy for the "Gloom and Doom Brigade."
You along with many are over the top and are in the majority of those over 65 and not worried. Congrats and do some relaxing barbq today.
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Old 04-27-2014, 08:05 AM
 
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Originally Posted by TuborgP View Post
Dude, you have such a margin of error to work with. Kick back and chill, just imagine if you weren't in NYC or San Fran how well off you would be. Your issues are reaching and maintaining your goals and not surviving with a nice retirement. Your drawdown rate is not influenced as much as having your money last but having seven figures to pass on. And not the minimum seven figures. Does not your model when plugged into FireCalc show your assets increasing over time? You are not bringing all of your weapons to the retirement table. People talk pass each other and some are talking about retiring and some about ER. It is in the ER plan that having 300K for medical is very important as you need to reach the Medicare stage without having been bankrupted by medical problems. Once there it is just more money in the bank probably not previously factored in for living. Sure for you and Marilyn your retirement spending will peak early on and then level out. Hmmmm peak, level as fixed income is going up!
i am not worried about surviving as much as i am about living the lifestyle we want and doing the things we would like.

what makes me nervous is i do agree with the university of texas's findings and that could put a dent in some of the things we would like to do.

the cost of living in nyc can be as high or as low as you want it to be. 200k a year aftere taxes may not be enough if you like to go to shows and fine restaurantes. our budget is no where near that number so it does involve cutting back on the shows and alot of what the city does offer.

i hate living within a budget and since the kids have been on their own we basically do and buy what we like so giving up 6 figures in pay checks is a cut back enoiugh as it is .

if we lived almost anywhere else i wouldn't sweat it but nyc can be a budget breaker if you want to take constant advantage of things here.
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