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Old 06-23-2014, 09:00 PM
 
26,589 posts, read 52,286,267 times
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In my teens I worked in a specialty custom auto shop... met lots of people that seemed to be living the good life... had time for toys and trips, etc.

Many owned their own businesses... some had professions like airline pilot or county judge, doctor etc.

Most had invested in property.

I was told 5 rental homes could fund my retirement and by the end of my 20's I was looking for my 5th...

I don't know if this is my plan A or B... since plan A working for someone seems to be hit or miss these days... thought I had it all figured out until 7 years ago when the 401k match and profit sharing etal disappeared permanently or so it appears.
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Old 06-24-2014, 04:41 AM
 
Location: in the miseries
3,302 posts, read 3,579,301 times
Reputation: 3810
We retired with no plan.
Just live until our money is gone
The government will take care of you after a fashion.
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Old 06-24-2014, 07:44 AM
 
Location: Tennessee
23,579 posts, read 17,561,360 times
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So much ink is spilled in the popular press about retirement planning - but think of it like this:

You have a 30-40 year career. Let's say 25-55 to 25-65. Retiring at 55 is not all that uncommon.

Silents today have typically lived longer, on average, than the generation prior to them. While many boomers didn't take care of their health and may not live as long as their silent or greatest generation parents, we don't know how this will really play out. Advances in medical care may keep many "limping along" for quite awhile. A 25 year retirement will be fairly common (someone retiring at 60 making it to 55), with 30+ year retirements not unheard of.

Even with a portfolio of $1 million excluding the primary home, debt-free, and a conservative 3%-4% drawdown, many people are going to have difficulty sustaining EOL medical expenses over a 25-30 year retirement, especially if a long term care facility is required. People are going to be retired for nearly as long as they were working. SS and traditional pension systems were not designed with such long retirements in mind, nor will most people be able to fund it privately.
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Old 06-24-2014, 09:17 AM
 
Location: Central Massachusetts
4,800 posts, read 4,846,832 times
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Plan A is the "If everything goes right" plan and all the what ifs then proceed to whitle away on that original plan. As most have said here health is the main reason a change in the plan is needed most often. If you do a good plan A taking into account as many what ifs you have the makings of a good plan b to zz.

All the best laid plans of "mice and men".
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Old 06-24-2014, 11:10 AM
 
Location: State of Being
35,885 posts, read 67,160,016 times
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We had Plan A and Plan B.

As things evolved, we realized neither of those plans were going to work. So we devised Plan C. Then it became obvious that wasn't going to work, either.

We are now on Plan D and implementing it. As it turns out, we both feel that Plan D was the best of the plans and we are glad that A, B, and C didn't work out.

Health issues were the engine pulling our train, but we thought financial issues were. Funny how one's perspective changes when health is involved!

The key to our being able to shift priorities, make changes and go different routes has been flexibility in thinking as well as thinking outside the box. When push comes to shove, sometimes being open to yet unthought of possibilities -- and being open to options otherwise unconsidered -- can bring better solutions.

The anxiety of trying to plan and deal with unknowns took a tremendous toll on us for about five years. Now, decisions are made and we are moving forward with our "new life" and as it turns out - we are very pleased with solutions we simply had never considered in the past.
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Old 06-24-2014, 12:15 PM
 
Location: Near a river
16,042 posts, read 18,973,893 times
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Quote:
Originally Posted by anifani821 View Post
We had Plan A and Plan B.

As things evolved, we realized neither of those plans were going to work. So we devised Plan C. Then it became obvious that wasn't going to work, either.

We are now on Plan D and implementing it. As it turns out, we both feel that Plan D was the best of the plans and we are glad that A, B, and C didn't work out.

Health issues were the engine pulling our train, but we thought financial issues were. Funny how one's perspective changes when health is involved!

The key to our being able to shift priorities, make changes and go different routes has been flexibility in thinking as well as thinking outside the box. When push comes to shove, sometimes being open to yet unthought of possibilities -- and being open to options otherwise unconsidered -- can bring better solutions.

The anxiety of trying to plan and deal with unknowns took a tremendous toll on us for about five years. Now, decisions are made and we are moving forward with our "new life" and as it turns out - we are very pleased with solutions we simply had never considered in the past.
I think the most creative people in the world devise plans in response to dramatic or unexpected turns of events, and I applaud your ability to develop a plan C let alone a plan D. And as you say, sometimes it's the backup-backup plan, or the plan we're forced to come up with, that turns out to be for the best. Brava!
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Old 06-24-2014, 02:00 PM
 
29,779 posts, read 34,863,854 times
Reputation: 11705
As Stephen Hawkins said" Intelligence is the ability to adapt to change".
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Old 06-24-2014, 05:21 PM
 
Location: SoCal desert
8,093 posts, read 13,231,206 times
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Quote:
Originally Posted by newenglandgirl View Post
Do most folks have a Plan B, and even a Plan C? Or fully confident in Plan A?
Humans plan, and the gods laugh.
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Old 06-24-2014, 05:44 PM
 
13,319 posts, read 25,558,234 times
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My back up plan (back up to working four more years, getting my old-fashioned defined pension and then a year later, Soc. Sec.) is to sell my dream house and move into a mobile home in the same town, assuming I want to stay here and can handle the other expenses of this area. In all circumstances, I am planning to have enough money to hire help of some sort or another. If need be due to frailty and advanced older age, I'd sell the house and move to an Erickson community north of here and be in the continuing care world. If I had some disaster in the next four years, I'd go bankrupt on my debts (should be paid off in about 2 years or so) and disability, savings and old-fashioned pension would pay for mortgage and daily life.

Assuming my health holds up, I might continue to work part-time (every weekend and get paid time-and-a-half for those two shifts) while taking my pension and Soc. Sec. I don't have any major plans to be away for months or years or start another career or anything. I frankly have done virtually all of the things I might have left for retirement (going back to school three times, changing careers, leaving the state, leaving the country, joining Peace Corps, studying music, working in a trade, etc. etc.) I have left quite a trail and and would just like some stability and peace at this point.
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Old 06-24-2014, 06:37 PM
 
Location: Near a river
16,042 posts, read 18,973,893 times
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Quote:
Originally Posted by Gandalara View Post
Humans plan, and the gods laugh.
Sure, but more often than not, having a plan in mind is better than winging it. They sometimes get formulated in a crisis, as that's when survival is at stake. Being able to think clearly wins out over being muddled and indecisive and 'woe is me.'
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