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So much goes into retirement planning including dreams of what we'll do and where we'll live. I wonder, after reading some stories here, how well we adjust (or don't) to the unexpected that "cannot be planned for" (re: Curmudgeon's recent post). I'm a what-if person (probably due to a former stint at the American Red Cross) and like to have backup plans. Do most folks have a Plan B, and even a Plan C? Or fully confident in Plan A?
Plan B,C and probably D . Prepared for a 25 percent reduction in pension and SS . Could handle more . Prepared for long term health care and major medical cost including Medicare reform etc. I think a lot more people are prepared than others realize. Big questions are probably how much under your income are you spending. How much of that spending is discretionary and are you drawing down lower than your safe withdraw rate, bottom
Line perhaps is the rate of growth or decline in your assets .
While I can say we had alternative plans, they changed as life went on. Financially they changed to or advantage in that our investments increased and as per the plan, we have not had to use our investments. This means as we age things have gotten financially better. That said, life could change things.
While I can say we had alternative plans, they changed as life went on. Financially they changed to or advantage in that our investments increased and as per the plan, we have not had to use our investments. This means as we age things have gotten financially better. That said, life could change things.
Many others in a number of threads over the years have said similar. Congrats
Many others in a number of threads over the years have said similar. Congrats
The one thing I realize is that many different things could have happened and really screwed us up. While there was a plan and we worked for it (not just wished for it), I have seen others who worked/planned well but got bitten by health, economy, family issues, etc.
Were I not an Atheist, I would say if not for the grace of god, there goes me.......LOL
Most of us can think of the obvious flies in the ointment but Mr. Murphy can visit at any time with something you never thought to prepare for.
I try for a loose, adjustable A & B and try to keep the doors locked on old Murphy and his damned law.
I think we all realize that whatever can occur to the extreme. We plan as best we can and live our lives focused on our blessings and not dwell on the alternatives not yet on the horizon. Having retired on jan 1 2008 we could have chosen fear about our future but didn't and are far better off now because of that.
I have multiple plans depending upon the situation. However, I know that (1) I cannot plan for all situations, (2) when I am in a situation that I planned for, my plan may not actually work, (3) money does not solve all problems, (4) solutions arise that I never would have thought of.
We don't have specific back-up plans but we try to keep the risks down in the usual ways - good medical insurance, good house insurance, don't put all our eggs in one basket, diversified investments, etc. But this thread reminds me that I need to change the batteries in our smoke detectors.
I am all about backup plans.. I usually do that at work now and working on plan B for my retirement. I have the main idea figured out but the details are not in place yet.. thinking .. thinking .. thinking
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