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Well, it's a tricky question. If you say some inflated figure, they might think they can hit you up for a loan sometime, (and probably without the intention of ever paying it back, even though they say they will). If you give a ridiculously low figure, they'll think you are destitute, crazy, or something else.
When asked, (rarely), I say, "I don't have as much as I should or could have had, but I have enough. I won't have a lavish retirement, but it will probably be a comfortable one. I'll be 'all right'".
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Dead on -- you've nailed the loan thing, and these people already have a history of that sort of thing. Not too worried though.
My plan at the moment is to play it just as you suggest. "We can do it, but just barely." And, that's not even [much of] a lie, but like anything in finance, it's how you approach it.
I agree it's a rude question, and I would deflect it.
I'd say that the trick is to figure out what you need to live, then figure out whether what you already have and what you'll be receiving will cover that.
If it will, you're good. If it won't, keep working.
Just retired here at age 60, and I've run into a few friends (in-laws and work acquaintances) who are a little insistent on information about how it's done. In general, these are well-meaning folks my age or older with a long history of bad financial decisions. Their first question is usually: "How much money do you HAVE?" I hate that question for a lot of reasons.
Just wondering if anyone has a good way of dealing with some of the post-retirement questions along these lines. I have no desire to offend anyone, but at the same time it seems prudent to avoid the more pointed questions.
Any interesting ways of handling this semi-delicate situation?
TIA.
I've never been asked how much money I have. But I've been asked, sort of, how I managed to retire a little early.
I tell them that I was just a workin' gal, that I worked a lot of overtime, lived frugally, never went anywhere on vacations, and saved....and that I didn't retire wealthy, by any means. I then tell them that I don't advise that anyone else do that, because it requires a lot of sacrifice and means that my life before retirement was one-sided and not as joyful as I would have liked it to be. But I did what was necessary, which was sometimes unpleasant.
I try not to be critical about others' lifestyles and choices, when answering questions about it. Some people would prefer a European vacation occasionally, instead of retiring a little early. I didn't feel I had a choice.
(But it's true that some people I knew never cared to save for their senior years, which amazed me. They'd buy expensive things, go on expensive vacations, eat out all the time, etc. So...for me, all that money went into my retirement accounts. I wish I'd made enough money so that I could save AND spend more money on fun things, but I didn't.)
The correct question is not how much money I have, but how much money my wife will let me spend. I figured the difference in income to me was not much either way...so I retired.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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I wouldn't tell them the amount, just that I have a pension, SS, 401K and a few other investments The actual amount is none of their business, and I wouldn't want them to be tempted to ask for a loan. BTW, $5,000/month retirem not income becomes a million if one manages to live just under 17 years after retiring.
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