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Old 02-19-2016, 06:19 PM
 
Location: Columbia SC
9,032 posts, read 7,791,206 times
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I tried a similar type discussion on here and it went no where but let me try and take this in a different direction.

What retirement plans/decision did you make, or others you know of made, that got kicked in the a$$ as time went on?

Examples:

Taking a retirement package with survivor benefits but you outlived the survivor.

Buying a Long Term Health Care plan and not needing it.

Buying a lifetime fixed income annuity and not collecting on in long before death.

Waiting to retire at an older age (for whatever benefits) and not living long enough to enjoy it.

Building a financial retirement "package" around a spouse and out living the spouse.

Relocated to follow the kids/grands/family and they relocated leaving you where you did not like.

Maybe much is hindsight, but so be it. There could be some lessons to be learned.
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Old 02-19-2016, 07:16 PM
 
1,734 posts, read 1,954,117 times
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Quote:
Originally Posted by johngolf View Post
Buying a lifetime fixed income annuity and not collecting on in long before death.

Waiting to retire at an older age (for whatever benefits) and not living long enough to enjoy it.
Respectfully, if the principal (the subject of the question) has figured out a way to answer these specific questions, I am ALL EARS, lol! Otherwise, we are in "anecdotal evidence" and "hearsay" territory.


I am all ears regardless, lol!


Best, Jane
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Old 02-20-2016, 03:12 AM
 
3,757 posts, read 9,620,514 times
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Every choice shown is a gamble. All of these decisions are based on what the future might be and none of us know it.
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Old 02-20-2016, 07:15 AM
 
Location: Near a river
16,042 posts, read 19,014,482 times
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There's only one in the list that seems to have a moral, and foresight, to it:

"Relocate to follow the kids/grands/family and they relocated leaving you where you did not like."

Moral: never relocate to a place b/c of kids and grandkids if you wouldn't love living there without them.
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Old 02-20-2016, 07:29 AM
 
Location: Northern Wisconsin
8,861 posts, read 7,744,265 times
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Good post OP. Yes, plans often don't pan out. Someone gets sick or suddenly dies, and everything has to change and adjust. That's why any plan must be seen as only a plan, but then into the plan must be built, what if......s. I try to plan for worst case scenarios. That's why I'm careful about picking locations, since factors like medical care, crime, poor economy, weather, must be taken into account. Otherwise a dream retirement could turn into a nightmare. For example, I was recently told that most people who move to Hawaii from mainland USA, return to the mainland in just a few years. I've also heard many stories of people who moved to AZ or Florida, hated it but then could not afford to move back home.
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Old 02-20-2016, 08:14 AM
 
Location: Central IL
15,250 posts, read 8,581,033 times
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Quote:
Originally Posted by augiedogie View Post
Good post OP. Yes, plans often don't pan out. Someone gets sick or suddenly dies, and everything has to change and adjust. That's why any plan must be seen as only a plan, but then into the plan must be built, what if......s. I try to plan for worst case scenarios. That's why I'm careful about picking locations, since factors like medical care, crime, poor economy, weather, must be taken into account. Otherwise a dream retirement could turn into a nightmare. For example, I was recently told that most people who move to Hawaii from mainland USA, return to the mainland in just a few years. I've also heard many stories of people who moved to AZ or Florida, hated it but then could not afford to move back home.
Yes - wherever possible, have an exit strategy. And better yet, rather than do endless research on something, whenever possible have a TRIAL period where you actually experience whatever it is rather than having to predict.

For example, don't just test drive that expensive car - rent it for week. Don't just buy a home after a 2 week summer vacation in that location - rent a home for a month in each of the major seasons. Yes, it will cost you more - but how much will a bad decision cost you?

To make an analogy - online dating is great because you get to see how they look "on paper" up front - but you don't marry them on that basis! You still need to meet them and see if there's chemistry and day-to-day compatibility.
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Old 02-20-2016, 08:17 AM
 
6,353 posts, read 3,603,053 times
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I think this inability to know the future is what keeps me working on something I do have a modicum of control over - myself. I can gather all the information possible, use my best rational abilities, seek others opinions, make the best choices I can manage and still am subject to a world around me that shifts with unpredictability.


But one thing I have learned while living is it matters less what happens to me and more how I react to what happens to me that makes the difference between personal satisfaction and unhappiness. The simplistic thinking that gets me there is actually difficult in practice but it goes like this: if it's going to rain on my parade the parade will still go on. So I can have a parade in the rain and learn to adjust to the rain and still enjoy the parade. Or I can let the rain "ruin" my parade and be miserable. I can't control the rain but I can control my attitude. The goal isn't having things work my way but rather life satisfaction in spite of circumstances. I can choose how I frame my experiences.


Because of this I doggedly pursue the bane of the elderly - flexibility. To avoid feelings of defeat plan plans, not outcomes. Others say, "One day at a time."


I'm chuckling at the example of moving to be with the grands. I have a relative who excitedly shared with me that they had purchased a vacation condo next to the one of their son and his wife.


"They're going to be so surprised!"


They certainly were. And immediately sold their own condo. Oops.


Doesn't hurt to learn how to take other people's needs and feelings into consideration when making plans either. A good-sized dose of "It's not all about me" helps to put my own life into healthy perspective.
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Old 02-20-2016, 08:31 AM
 
Location: Loudon, TN
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Unless one knows he date of their future death, I don't see how #2, 3, or 4 are avoidable.

I think everyone has a friend or relative who worked long and then passed away too early to enjoy their retirement. Nothing real unusual or revealing to be learned from that.

I think that the only lesson to be learned is that we can't predict the future. Hope for the best, make contingency plans for the worst, and expect something in between.
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Old 02-20-2016, 08:31 AM
 
Location: Wasilla, AK
7,327 posts, read 4,189,369 times
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Quote:
Originally Posted by augiedogie View Post
Good post OP. Yes, plans often don't pan out. Someone gets sick or suddenly dies, and everything has to change and adjust. That's why any plan must be seen as only a plan, but then into the plan must be built, what if......s. I try to plan for worst case scenarios. That's why I'm careful about picking locations, since factors like medical care, crime, poor economy, weather, must be taken into account. Otherwise a dream retirement could turn into a nightmare. For example, I was recently told that most people who move to Hawaii from mainland USA, return to the mainland in just a few years. I've also heard many stories of people who moved to AZ or Florida, hated it but then could not afford to move back home.

We retired to Arizona to give it a try. I didn't like the summer heat and the wife went back to Alaska every few months to see the kids and grandkids. Our solution was to move back to Alaska and keep the Arizona house for winters. Now we have the best of both worlds...Alaska summers and Arizona winters.
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Old 02-20-2016, 09:46 AM
 
5,403 posts, read 6,555,791 times
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one best laid plan that didn't pan out for me was friends post retirement.


I was transferred to Orlando and have lived here for years before I retired. I expected to retain the same friends more or less. Or I didn't know how hard it would be to make new friends.




Not so. While I still do things with a couple I find that (1) upon retirement everyone has their own lives especially if they are a couple. Since I am a single female it doesn't seem to work out often that we do things together. (2) work friends are acquaintances basically. We might have been best of buddies in the work environment - including work social environment- but in the real world we were not actually real friends.


I just didn't expect that but am learning as I go perhaps. So my one or two lady friends from work get together and occasionally we will have a women's lunch which includes other professional women still in the workforce.


So that is my best laid plan gone awry.
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