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Old 10-03-2016, 07:24 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,702 posts, read 40,093,605 times
Reputation: 23860

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Quote:
Originally Posted by dirtydan57 View Post
The idea interests me because we are getting paralyzed trying to figure out what to do with the rest of our lifes. 5 year plans are easier to digest

... Jeez, this is hard.
Take a year to do something that is 'out of plan but on bucket list'. Our RTW yr was very cheap. Now is the time to head to NZ! Summer is just around the corner. Time on the beach or mtns might make planning ezr. 24x7 in a campervan for a few months certain gives you time to talk and think.
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Old 10-03-2016, 09:02 AM
 
530 posts, read 540,155 times
Reputation: 959
Quote:
Originally Posted by RiverBird View Post
I don't believe "plans" have to be rigid. In writing and other projects, I often suggest and create limited-time "plans" that are more like roadmaps that can be adjusted or changed at any time. Lots of unexpected things can develop within five years in a person's life, including some real doozy curveballs. Some time back I created a thread here called something like "Five years ago I could never have imagined..." and got some eye-opening responses.

But say you're 65 or 70 years old and want to experiment with new projects or living situations and are too fearful to risk trying any of them. With a 4- or 5-year limit some are much more likely to give it a go. I'd be inclined toward the 3-year plan at my age/situation, however.
^^^^ ... This! ...

DW and I have been talking about "next phases", not having the benefit of experience in actually being retired, quite yet. For my part, at least, having an informal (read: "not rigid") "plan" in place can help us decide a number of things: Relocation, Vehicle Replacement Timeframe, Sell or Rent our home, Hobbies, Education, Travel, etc ... Should any of those turn-out to not be "all that and a bag of chips", we can plan differently for extricating ourselves from the current dilemma, dissatisfaction, or possibly-even an emergency.

I think it's always good to "plan" ... What's that old saying? "Man Plans - God Laughs"? ... We can "plan" all we want ... But, what "life" we have left will always produce something that will surprise us! I'm convinced of that.
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Old 10-03-2016, 09:43 AM
 
29,866 posts, read 34,936,573 times
Reputation: 11788
Quote:
Originally Posted by dirtydan57 View Post
dothetwist brought up in the Stages of Retirement thread the the concept of retiring in a series of plans each lasting 5 years. I find that idea interesting perhaps that philosophy would help us make a decision. I'd like to read thoughts and ideas on it. Thanks.
Bada Bing, strongly subscribe to a continuing series of five year plans and have been doing it for 10 years. Also do mid term checks and if warranted adjust for any possible significant changes. Multiple things are checked and reviewed including but not limited to:

Health
Long term goals
shorter term goals
Medical costs/insurance
Income changes
Investments
Net worth
Recreational interest
Eating and weekly lifestyle habits
Longer term life style interests and possible changes
Spending patterns
Family situation
Grand Kids
Emergency funds

These are all things that changes in can impact other considerations. One of the outcomes of doing this is I have become sorta anal about our overall future and wanting to have things in place for the next five-ten year cycle. We are assuming certain things by age 80 and have begun to plan to transition to that point during our 70's which is about 1 1/2 years away. I will be getting my age 70 SS benefits then so we have had a plan how to deploy that money to accomplish future goals. I have my annual physical this week so anything significant would impact many of the other areas beyond simply health. Son just ended a nasty child custody case which he won and we bankrolled which wasn't cheap. Well worth it and easily incorporated in our current plan because there were contingencies for significant unplanned for costs.
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Old 10-03-2016, 09:48 AM
 
29,866 posts, read 34,936,573 times
Reputation: 11788
Quote:
Originally Posted by dirtydan57 View Post
The idea interests me because we are getting paralyzed trying to figure out what to do with the rest of our lifes. 5 year plans are easier to digest because we're not trying to come up with a 'final solution' for us. We can do something for 5 years which entails figuring out what to do for the subsequent 5. That just doesn't seem so overwhelming to me.

Of course, this is just the latest, greatest idea. Jeez, this is hard.
Not latest and odd at all. Many people have been planning their future life's since beginning their marriage/careers. For many not all it included things like when and how many children to have. How to pay for the various stages of their lives and our lives. Including the end of our working years and how we were progressing etc etc etc.

If nothing else it is an intellectual process that some enjoy and others have disdain for. It is what it is and for some it is a practical way to approach life and for others it isn't. Some will and some won't. If you are wired in such a way it makes sense then obviously you should seriously consider. If not then you won't.

I remember MathJak's comments about suddenly needing money for dental work concurrent with also learning he was diabetic. Each required considerable expenditures and changes in eating habits and costs. He had a contingency fund for changes in expensive's and did that along with paying for weddings without missing a beat. I believe he had a plan to replace those funds for future unexpected costs while maintaining his newly discovered retirement lifestyle. While not great the current investment market has been good enough for many of us to see continued improvement without cutting expenses even with unexpected ones. Had ROI been different this year many of us might be adjusting future plans. We already know the next car we want to buy and the anticipated year to buy it in. That effects how we use our current cars and balance mileage on them.

Last edited by TuborgP; 10-03-2016 at 09:56 AM..
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Old 10-04-2016, 06:00 AM
Status: "Finally Retired" (set 23 days ago)
 
Location: Tucson, AZ
362 posts, read 336,022 times
Reputation: 632
Quote:
Originally Posted by dothetwist View Post
While the 5 year plan won't work for everyone, I highly recommend it for those who retire early and have a sense of adventure. And also for those who are a bit 'lost' as to where (or if) they want to settle down.
That's pretty much us. We'll be 59 and 60 next year which may explain why it's tough deciding what to do with the rest of our lives now.

Quote:
Originally Posted by tomchard View Post
^^^^ ... This! ...

DW and I have been talking about "next phases", not having the benefit of experience in actually being retired, quite yet. For my part, at least, having an informal (read: "not rigid") "plan" in place can help us decide a number of things: Relocation, Vehicle Replacement Timeframe, Sell or Rent our home, Hobbies, Education, Travel, etc ... Should any of those turn-out to not be "all that and a bag of chips", we can plan differently for extricating ourselves from the current dilemma, dissatisfaction, or possibly-even an emergency.

I think it's always good to "plan" ... What's that old saying? "Man Plans - God Laughs"? ... We can "plan" all we want ... But, what "life" we have left will always produce something that will surprise us! I'm convinced of that.
Like you, I was also thinking this. Life happens and plans change.

Quote:
Originally Posted by TuborgP View Post
Bada Bing, strongly subscribe to a continuing series of five year plans and have been doing it for 10 years. Also do mid term checks and if warranted adjust for any possible significant changes. Multiple things are checked and reviewed including but not limited to:

Health
Long term goals
shorter term goals
Medical costs/insurance
Income changes
Investments
Net worth
Recreational interest
Eating and weekly lifestyle habits
Longer term life style interests and possible changes
Spending patterns
Family situation
Grand Kids
Emergency funds

These are all things that changes in can impact other considerations. One of the outcomes of doing this is I have become sorta anal about our overall future and wanting to have things in place for the next five-ten year cycle. We are assuming certain things by age 80 and have begun to plan to transition to that point during our 70's which is about 1 1/2 years away. I will be getting my age 70 SS benefits then so we have had a plan how to deploy that money to accomplish future goals. I have my annual physical this week so anything significant would impact many of the other areas beyond simply health. Son just ended a nasty child custody case which he won and we bankrolled which wasn't cheap. Well worth it and easily incorporated in our current plan because there were contingencies for significant unplanned for costs.
Thanks for the input. It's nice reading the 5 yr. plans works for you.
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Old 10-04-2016, 06:06 AM
Status: "Finally Retired" (set 23 days ago)
 
Location: Tucson, AZ
362 posts, read 336,022 times
Reputation: 632
Quote:
Originally Posted by Escort Rider View Post
Too rigid. What is it about the five-year time interval which suits it for any given "plan"? Just doesn't make any sense to me. I might engage in a given activity for two or three years or for seven or eight years, or for any other number of years.
For me, it's just easier to think of the next (hopefully) 20-25 years in segments than trying to make a decision now that is for the rest of our lives.

Also changing things up a few times is appealing. I get bored doing the same thing after a while. It had been mentioned, living in the desert, on the beach, in the mountains, traveling in an RV all sound great. Why not try and do it all? This would work for our situation 'I think'. We have no kids and as we're pretty introverted have only a small circle of friends. Nothing keeps us here.
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Old 10-04-2016, 06:08 AM
Status: "Finally Retired" (set 23 days ago)
 
Location: Tucson, AZ
362 posts, read 336,022 times
Reputation: 632
Quote:
Originally Posted by StealthRabbit View Post
Take a year to do something that is 'out of plan but on bucket list'. Our RTW yr was very cheap. Now is the time to head to NZ! Summer is just around the corner. Time on the beach or mtns might make planning ezr. 24x7 in a campervan for a few months certain gives you time to talk and think.
Traveling in an RV is an option under consideration. However, first we may live in Tucson for a year to try that out. We love it there.
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Old 10-04-2016, 10:15 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,702 posts, read 40,093,605 times
Reputation: 23860
Quote:
Originally Posted by dirtydan57 View Post
That's pretty much us. We'll be 59 and 60 next year which may explain why it's tough deciding what to do with the rest of our lives now.
....
By age 59 we had already been retired for over 10 yrs (with no 'significant' plan, apart from establishing a more solid income stream, (No pension, No HC)) Both property taxes and HC had increased a LOT since we had retired, through no choice / planning / insight of our own, so we needed to augment income significantly. There was never a minute when we wondered "what to do next" and we were able to dabble in some very interesting volunteer and educational opportunities. We have always traveled a lot, taking 6 - 12 week homeschool field trips. We stepped that up a bit. 'retirement' Plans have changed a bit and often, but generally on track and dealing with LARGE increased expenses ($44/day taxes, and $60/ day HC). up from $3/day taxes and $10/day HC - neither were predictable or avoidable. (same home as 28 yrs ago, no improvements, just 'older', no HC changes except US Gov removing affordable options)

Quote:
Originally Posted by dirtydan57 View Post
Traveling in an RV is an option under consideration. However, first we may live in Tucson for a year to try that out. We love it there.
Tucson is great for us, because it has VERY cheap covered airport parking ($3/ day with coupon). Our 20 mpg Class C RV is quite small and fits nicely into a std parking spot. We will fly elsewhere from Tucson, or make a flight home to feed the farm dog and handle mail (once / month or so)
We have several friends there or nearby (cochise mtns)and each have extra guesthomes / RV parking for us. However it is on my list of "better to visit than to live" as is Colorado and WY.

Our RV is NOT large enough for FT, but we usually stay in $10 / night hospitality homes / farms who have indoor or outdoor options for overnight. My rule is One Exit door per occupant! I sometimes take a motorcycle or econo car, that eases the pressure of being together 24x7. We often RV and travel separately or with friends or family. Libraries, bookstores, community and hot spring pools are good places to 'work on your 5 yr plan' an a rainy day. We have met many couples who volunteer at National and State parks in exchange for free RV spots. When I grow up, I want to be a pianist at a Yellowstone / Teton lodge over the winter!

For your RV plans, look to Escapees.com. they even host RV Bootcamp to help your decide on rigs, and how to operate the one you have. Many FT RV'rs use income tax free SD for domicile (one overnight per lifetime for domicile requirement), and MT LLC owns and registers their rig (sales tax free and no inspections + lifetime plates). Of course you need to comply with local rules (such as not spend too many days / yr in CA !)
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Old 10-04-2016, 10:38 AM
 
12,825 posts, read 20,183,733 times
Reputation: 10910
We have 20, 15 and 5 year planning horizons.

Our current 20 includes me being fully retired and our relo done, and, my wife's planning all done.

Our current 15 includes all planning for my full retirement done and a good chunk of relo planning done.

Our current 5 includes focus on "still working" goals such as ongoing max of 401Ks and IRAs to the extent of the law, plus several other financial management goals.
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Old 10-06-2016, 04:16 AM
 
Location: Central Massachusetts
4,800 posts, read 4,862,845 times
Reputation: 6379
Actually my retirement and most of my adult life was a series of 5 year plans. It isn't about sticking to a set goal without adjusting along the way. What it is about is making your plans with direction you want to go to that looks 5 years out. My current 5 year plan has us putting this house on the market for sale with the goal to become travelers in retirement. How we get there is over the next few years a series of steps take shape. Clearing clutter and repairing or upgrading parts of the house. All the while continuing to provide for family and also enjoying all that life has. I have though about what happens after but those are so far away it is very difficult to actually make plans for them.
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