U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 12-13-2016, 03:46 PM
 
1,133 posts, read 1,274,930 times
Reputation: 1036

Advertisements

Take a year off and see if you like it. You might get bored and return to work, so don't burn any bridges.

But I think you have enough given good investing strategy of say 50% stocks and 50% bonds. Don't take out more than 4% per year. Of course, that might not last you 50 years, just 20-25 years. Might be a bit early, actually.
Reply With Quote Quick reply to this message

 
Old 12-13-2016, 08:05 PM
 
1,593 posts, read 1,830,327 times
Reputation: 3353
Retire.

If things go pear shaped turn to life of crime.
Reply With Quote Quick reply to this message
 
Old 12-13-2016, 08:07 PM
 
12,825 posts, read 20,151,461 times
Reputation: 10910
Quote:
Originally Posted by FREE866 View Post
I think my working days might be over, but wanted to throw this out there

I have more than 300x my monthly expenses and over 25x my yearly expenses in investments

FIRECALC retirement calculator has me at a 98% success rate and the Fidelity calculator has me with money left over assuming "below average" market returns

any thoughts?

thank you
What did you plug in for life expectancy?
Reply With Quote Quick reply to this message
 
Old 12-13-2016, 08:09 PM
 
12,825 posts, read 20,151,461 times
Reputation: 10910
Quote:
Originally Posted by FREE866 View Post
I'm 50.
My plan has baked in me taking SS when I'm 70.
Are you planning to take a lethal cocktail at 75.0 years of age?

If not, you will end up poor.
Reply With Quote Quick reply to this message
 
Old 12-13-2016, 09:42 PM
 
3,460 posts, read 2,202,288 times
Reputation: 6131
Quote:
Originally Posted by FeelinLow View Post
I have no savings, no retirement anything, lost all during the recession. I work a part-time job and just filed for early SS. We get by.
What are you worrying about? No offense meant, but how much money does a person really need to survive and be happy?
If I had a bunch of money, which I don't obviously, I'd be giving it away to help a lot of hungry people. That's MHO.
You said you just filled for Social Security. Come back in a year after living on it and let us know how you are doing. I hope you have a positive report and a comfortable retirement. But right now, all the retirement planning points towards needing money to take care of your health, comfort and enjoying life.
Reply With Quote Quick reply to this message
 
Old 12-13-2016, 09:48 PM
 
3,460 posts, read 2,202,288 times
Reputation: 6131
Quote:
Originally Posted by FREE866 View Post
I live in a rent stabilized building and based on my research I am protected and that won't go away.

Starting January 1st I am going on her plan as her domestic partner for health coverage.
We have been together over 11 years and have a pretty good relationship. I don't foresee us breaking up.

I have not included "large unexpected costs" in my plan. I have insurance, but I don't think a 10-20K hit would knock me out. No need for new appliances and then we do they are provided for by the management company.

I have planned my expenses to be the same as when I was working which includes 2 vacations per year.

I apologize if this came off as a "brag" as someone remarked. I didn't mean it that way at all. Honestly, I'm just incredibly excited and wanted to bounce this off the board to see if I missed anything.

In terms of what I will do with my time. I plan to do more volunteer with animal protection groups in addition to projects for NY Cares, take a class at Hunter college, meditation groups, exercise, etc
I don't know how you have done your plan, or what field of business you are in, but a couple of my friends who have recently retired told me they met with a CPA to figure out expenses. They both don't plan to take Social Security until age 70, but have stopped working at age 64 and 65.
Reply With Quote Quick reply to this message
 
Old 12-14-2016, 06:17 AM
 
Location: Copenhagen, Denmark
10,522 posts, read 8,770,706 times
Reputation: 12215
Quote:
Originally Posted by FREE866 View Post
I think my working days might be over, but wanted to throw this out there

I have more than 300x my monthly expenses and over 25x my yearly expenses in investments

FIRECALC retirement calculator has me at a 98% success rate and the Fidelity calculator has me with money left over assuming "below average" market returns

any thoughts?

thank you
300/12 = 25.

What are you doing about "extreme events" that require you to pay. It's the maximums (peaks) that cause the most trouble, even if they are rare events. How will you being doing financially at 75+ in this regard?
Reply With Quote Quick reply to this message
 
Old 12-14-2016, 06:53 AM
 
Location: Central IL
15,251 posts, read 8,543,297 times
Reputation: 35677
I hope this wasn't a Freudian slip!

When you said "pull the plug" I thought you were going off life support...maybe "pull the cord" (as in a ripcord on a parachute)?
Reply With Quote Quick reply to this message
 
Old 12-14-2016, 07:07 AM
 
1,041 posts, read 485,994 times
Reputation: 1435
Quote:
Originally Posted by Frihed89 View Post
300/12 = 25.

What are you doing about "extreme events" that require you to pay. It's the maximums (peaks) that cause the most trouble, even if they are rare events. How will you being doing financially at 75+ in this regard?
that's the great unknown...I also could die at 74 and in hindsight should have retired at 45!
the markets might do better than the past too....
as I said my plan short term is to explore my passions...I'm very happy to be in this position...
Reply With Quote Quick reply to this message
 
Old 12-14-2016, 07:08 AM
 
1,041 posts, read 485,994 times
Reputation: 1435
Quote:
Originally Posted by reneeh63 View Post
I hope this wasn't a Freudian slip!

When you said "pull the plug" I thought you were going off life support...maybe "pull the cord" (as in a ripcord on a parachute)?
hahahahaha
that was good!
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top