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Old 03-09-2016, 10:54 AM
 
Location: Chicago area
14,364 posts, read 7,911,249 times
Reputation: 53461

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[quote=V8 Vega;43296047]

I also have been very thrifty all my life and now my financial adviser says I should spend more, and I just can't.


I totally understand this concept. When you develop good habits and live way below your means for decades, those habits are hard to break. I always got the most enjoyment out of the money by watching it grow and the fix of the next big paycheck. It's like eating that piece of chocolate that sends you on a bender and you have to eat the whole bag.

I retired at 58 after a serious breast cancer scare. Looking at your own mortality has a way of giving you a whole new perspective on the meaning of your life.

Why would I want to spend the rest of my life chasing that high when we didn't need the money????

There it is in a nut shell. I retired two months after I found out that I was okay. Social security is just lunch money to us at this point and it doesn't matter when I collect it.

I feel like a whole new person being away from that high stress, physically demanding, depressing, dangerous job. (I'm still doing battle with a super bug I caught from one of my patients over ten years ago.) I am totally focused on being healthy in mind and body. Money comes and money goes. We only get one chance on this planet to do it right.

Retire as soon as you can OP. That tired old cliche of you never regret not spending more time at work is true. I'm just glad I was able to change my self destructive habits before it was too late.

We just got back from skiing in the UP of Michigan and I'm already planning a trip to San Antonio to visit a nurse friend soon. Time to live instead of just exist.
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Old 03-09-2016, 10:57 AM
 
7,790 posts, read 4,378,976 times
Reputation: 11568
"I also have been very thrifty all my life and now my financial adviser says I should spend more, and I just can't."


This is going to be my problem, as well!


Then, too, you could always drop dead or be hit by a bus... Then won't you be sorry you didn't start collecting SS at age 62? And you'll wish you'd eaten all you wanted, too. At some point (retirement would be a good time), it's time to indulge.
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Old 03-09-2016, 10:59 AM
 
Location: Mount Airy, Maryland
10,457 posts, read 5,917,794 times
Reputation: 16141
[quote=animalcrazy;43296868]
Quote:
Originally Posted by V8 Vega View Post

I also have been very thrifty all my life and now my financial adviser says I should spend more, and I just can't.


I totally understand this concept. When you develop good habits and live way below your means for decades, those habits are hard to break. I always got the most enjoyment out of the money by watching it grow and the fix of the next big paycheck. It's like eating that piece of chocolate that sends you on a bender and you have to eat the whole bag.

I retired at 58 after a serious breast cancer scare. Looking at your own mortality has a way of giving you a whole new perspective on the meaning of your life.

Why would I want to spend the rest of my life chasing that high when we didn't need the money????

There it is in a nut shell. I retired two months after I found out that I was okay. Social security is just lunch money to us at this point and it doesn't matter when I collect it.

I feel like a whole new person being away from that high stress, physically demanding, depressing, dangerous job. (I'm still doing battle with a super bug I caught from one of my patients over ten years ago.) I am totally focused on being healthy in mind and body. Money comes and money goes. We only get one chance on this planet to do it right.

Retire as soon as you can OP. That tired old cliche of you never regret not spending more time at work is true. I'm just glad I was able to change my self destructive habits before it was too late.

We just got back from skiing in the UP of Michigan and I'm already planning a trip to San Antonio to visit a nurse friend soon. Time to live instead of just exist.
First off congratulation on your battle with this horrible horrible disease. I do find your post very interesting. If you were happy being thrifty well that's your choice and nobody can argue it. Now you are suggesting others lean a bit the other way, suggesting others enjoy life while it's still an option. Good for you for doing such an about face but I have to wonder if you would have done this had you not faced your own mortality.

Last edited by DaveinMtAiry; 03-09-2016 at 11:08 AM..
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Old 03-09-2016, 03:12 PM
 
593 posts, read 857,425 times
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When the market is going up your 401k balance could still be growing even as you are taking distributions from the plan. That is pretty much the scenario of my first 6 years of retirement.
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Old 03-09-2016, 07:51 PM
 
2,630 posts, read 1,932,559 times
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Quote:
Originally Posted by eastcoastguyz View Post
My wife and I have been doing retirement planning. She talks about wanting to retire before we are eligible to receive full benefits. Which means living off our retirement savings and holding out until age 70 to get the max benefit from Social Security.

All my life I have saved money and invested. I'm thinking about it, and I think it is going to feel strange having our entire savings decline until we start taking Social Security benefits.

Have any of you actually done this? Did it bother you psychologically to see your savings statement become less and less over the years even though you had enough money to live on? How did you feel when you finally started taking the max social security? Was it a relief or it wasn't a big deal for you?

Having done this plan, how do you feel about it? Did you feel you still have enough money past age 70? Any regrets in this type of plan?



Of course you can. Why wait until you're so debilitated you couldn't care less...or dead! We've buried 8 people, close relatives, close friends/neighbors/co-workers between 56 and 64 in the past three years. In almost all cases there was no way you'd predict. Planning to wait to 70 is silly.


You just have to make sure you saved enough. And the answer to what is "enough?" Never enough.


I retired at 55. Had several hundred thousand dollars sitting in the bank, doing nothing, and several $98K CD's when they were drawing 7%. That ended abruptly and unexpectedly. (see what I mean? "never enough") Started drawing down my IRA money at 60. I keep close tabs on my expenditures, but no sweat so far. Will collect SS at 66 and 10 months. That'll essentially be my "beer money."


Meantime, Mr "Fit" "Looks 42" HWP, total cholesterol never over 145 for 30 years, HDL 64; never sick... has had two strokes and a heart attack and severe arthritis that has me all but bedridden, all came on between age 62 and 64. I'm telling you, you can't predict this stuff. I say, if work isn't your bag, bail out as fast as you can. If getting up and going to work day after day, week after week is just OK with you, them fine work to 70. . But remember...save 25% more than you predict or calculate you'll need. It's a time honored rule - told to me 35 years ago. No truer words were ever spoke.

Last edited by TwinbrookNine; 03-09-2016 at 08:17 PM..
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Old 03-10-2016, 02:22 AM
 
71,463 posts, read 71,629,249 times
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with all your doom and gloom the chances of someone who is part of a 65 year old couple, seeing 85 is 73% . those are pretty high odds of it being us . you may want to plan accordingly as most of us will go on . in fact it isn't until 90 that a couples chances are reduced from a coin toss when the chances of someone in a couple are reduced to 47% .

that is almost a 50% chance one in a couple will still be here at 90 .

what if i die isn't the problem . the bigger problem is what if i live .

for those living off ss and their own investments they either have to bet on markets and interest rates more , or bet on their own longevity more . the way the last 15 years have been i rather bet on our own longevity by delaying and being less dependent . with average life expectancy extending out 1 year more every 4 years now that seems to be the surer bet .

you can call delaying silly if you want but if you follow any of the polls on forums one of the highest regrets folks have is taking ss to early when they found they really are still alive at 70 . as they say deciding to take ss later is a decision you will never live to regret .

there are lots of reasons for taking ss early but about the weakest reason is usually what if i die.

feeding the numbers into firecalc delaying ss adds an additional 3 to 5% to the success rate depending on draw rate . it actually adds more to the success rate then an annuity would .

Last edited by mathjak107; 03-10-2016 at 03:28 AM..
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Old 03-10-2016, 05:49 AM
 
Location: USA
271 posts, read 314,373 times
Reputation: 153
Do you guys us the social security retirement estimator which accounts for all your earnings?
Any experience as to the accuracy of this calculator if your over 60 and had no earnings last year and no plans of having any in the future.
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Old 03-10-2016, 06:09 AM
 
761 posts, read 637,263 times
Reputation: 2229
Quote:
Originally Posted by mathjak107 View Post
we are doing it now . lots of folks are but you need to make sure you have the funds to stop working and delay . if you don't comfortably have lots left over then either you can't afford to stop yet or you can't afford to delay . you do not want to spend down to much as life is filled with emergency's and unexpected expenses .
Yes, and I was forced into retirement.
But, I had gone to my FA last year to make sure I was positioned to retire and had funds to last into my 90's.
It was all laid out, including the MRD process and I am able to draw down on investments until age 66 (FRA).

It was made clear to me by more than one person that delaying until FRA pretty much guarantees a payout from Social Security that is akin to an annuity. So, I don't need it right now and have chosen to delay.

Some people may need their SS ahead of FRA and there is no one size fits all here.
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Old 03-10-2016, 06:09 AM
 
Location: Colorado Springs
4,830 posts, read 4,940,887 times
Reputation: 17284
If you have been frugal for your whole life, it's hard to change the habit.

When I retired, I realized that I actually don't need to withdraw anything from my savings.

Here's a billionaire who still buys his clothes in a thrift store:

Billionaire Ikea owner Ingvar Kamprad saves money by buying second hand clothes - Business Insider

"I donít think Iím wearing anything that wasnít bought at a flea market,Ē the 89-year-old said in a documentary to be aired on Sweden's TV4. "I want to set a good example."
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Old 03-10-2016, 07:10 AM
 
Location: Close to an earthquake
890 posts, read 676,459 times
Reputation: 2390
Quote:
Originally Posted by mathjak107 View Post

what if i die isn't the problem . the bigger problem is what if i live .
What a great statement you made that is definitely food for thought for many who read here. Thanks for your wisdom.
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