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Old 12-22-2007, 06:38 PM
NCN
 
Location: NC/SC Border Patrol
21,135 posts, read 21,881,518 times
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There is no way to predict how these things will go. Good health is the most important thing. Getting sick is very costly. Just have faith and everything will work out all right. I started trying to figure out how long our money would last and it was driving me nuts. I am just living simply and enjoying life. I think there are cheaper foods than dog food. lol
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Old 12-22-2007, 06:42 PM
 
Location: Forests of Maine
30,680 posts, read 49,437,227 times
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Quote:
Originally Posted by North Carolina Native View Post
There is no way to predict how these things will go. Good health is the most important thing. Getting sick is very costly. Just have faith and everything will work out all right. I started trying to figure out how long our money would last and it was driving me nuts. I am just living simply and enjoying life. I think there are cheaper foods than dog food. lol
Are you truly saying that during your retirement, your portfolio is shrinking? and may not 'last'?
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Old 12-23-2007, 04:44 AM
 
3,752 posts, read 9,601,974 times
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If you live off the capital investment and not just the earnings, yes, your portfolio will shrink.
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Old 12-23-2007, 08:24 AM
 
Location: Forests of Maine
30,680 posts, read 49,437,227 times
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I see. I had not really thought much about investment portfolios that would shrink as they supported a person.

Our primary MFR property tends to gain Net Worth at about 16% each year. Things do change a bit from year to year, so it does vary, but over all it does tend to hover around that level.

We re-financed that MFR immediately after I retired when my pension checks started.

We used that cash to buy our retirement home [a farm house in a rural low-cost area]. and now that MFR is once again buying down it's principle and re-building it's equity.

Our Net Worth has not shrunk in this process, rather it has only continued to grow. I do love our current economy
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Old 12-23-2007, 10:05 PM
NCN
 
Location: NC/SC Border Patrol
21,135 posts, read 21,881,518 times
Reputation: 23217
Quote:
Originally Posted by forest beekeeper View Post
Are you truly saying that during your retirement, your portfolio is shrinking? and may not 'last'?
I just retired and do not have a problem at this time, but I see people 10 and 20 years down the road that start having things like inflation cause problems for them. Nobody knows what tomorrow will bring. Some of my ancestors have lived to be close to 100 years old. You know how the Irish are. My other ancestors are American Indian and they don't live so long. I was joking about the dog food. I just have faith in God and take life one day at a time.
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Old 12-28-2007, 12:25 PM
 
Location: Minnesota
3 posts, read 10,111 times
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Lots of good advice on eating well, not smoking and determinimg if there are 'long life' genes in the family.

As to your question of retiring early with less or later with more, three comments:

1) My mother in law retired 19 years ago at 62 without a pension or savings (her husband had died years before). Her only income is from Social Security, and she lives in a subsidized apartment, paying a percentage of her income. She eats adequetly, including lunch out 1-2 times per week. Most of her shopping is at Wal Mart, but she does know where the deals are at other stores. She manages her money well and is able to send small but meaningful gifts for birthdays and holidays. She has no car and relys on a daughter and senior transportation to get where she needs to go. She does not eat at expensive restaurants nor travel, unless one of her kids is treating.

2) I work for a large corporation that has been consistently cutting jobs in the US. I have former co-workers my age (mid fifties) that were given up to 40 weeks severance and a reduced pension (younger workers get none) and shown the door. I try to keep in contact with many of them. Some found jobs that paid similar salaries, most are paid less or work part time if at all. To a person they are all happier. They are doing things they enjoy while maintaining a standard of living. Some have had to give up the dreams of first class world travel, or realize they never will own a Lexus, but none are looking back. A couple have relocated to less expensive places to live and have maintained the standard of living the enjoyed in Minnesota (a high cost of living state).

3) Financially, if you spend less than you make, pay off your house over time, and contribute enough to a 401(k) to get the maximum match from your employer, you should be able to retire at 65-67 and be fine. You'll have a place to live and money to enjoy life. And if you run out at 90, would that be the worst thing in the world? Between Medicare and Social Security you will survive just fine. Besides, when I hit 90, I'm pretty sure I will not be planning treks down the Amazon.

Enjoy your life, its the only one you will have.
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