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Old 12-16-2016, 07:13 PM
 
1,040 posts, read 484,865 times
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Have you ran the numbers through the FIRECALC retirement calculator?
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Old 12-16-2016, 07:52 PM
 
Location: Albuquerque NM
1,659 posts, read 1,522,722 times
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Quote:
Originally Posted by brava4 View Post
I always wonder when posters list all kinds of info, financial, and ask... "am I ready"? Are you looking for approval? How much will it matter that strangers may tell you to wait, see above, or do this or try that.
Quote:
Originally Posted by MI-Roger View Post
I understand the apprehension that accompanies your eager anticipation. My kids keep saying "You have all kinds of money, why aren't your retired?"
Which is why I prefer to ask strangers rather than loved ones if I am ready to retire. Especially strangers who are knowledgeable about financial matters and have gone through the retirement process. If I followed my family and friend's advice, I'd be retired five years ago but couldn't afford to travel or do anything and still afford assisted living in my old age.
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Old 12-16-2016, 08:58 PM
 
Location: Silicon Valley
3,612 posts, read 1,626,860 times
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Quote:
Originally Posted by nicet4 View Post
We sold our home here last week so the only thing keeping us here right now is 1)lack of a home up there and 2)I refuse to move in the winter snow and cold.
Even if you don't move in the snow, you may want to consider buying in it. In this local market, December is the best time to buy and $/sf does a constant zig zag, picking up smartly in the early of the following year. People are spending money on gifts and awaiting bonuses and tax returns in the following months. It's a great month to buy and a terrible month to sell in...plus you'll be able to feel if a place is drafty and see how good the windows are.

Just a thought.
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Old 12-16-2016, 08:58 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,556 posts, read 39,934,465 times
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$ wise I think I got it all covered.

That is a good and essential step.

Nothing will be perfect, may are READY to 'retire', but many obstacles crop up, so...

Retire Early - Retire often!

Perfect to do while you are homeschooling your kids!, or really ANYTIME is a great time to retire (if you are able).
I worked nights and farmed while homeschooling, but I 'retired' to go back to college while kids went to college.

For those who may NEVER be able to retire...(and there are plenty), take some LONG breaks and enjoy them, AND enjoy work! For many work may be all their life, and that is not a bad thing either. (Helps if you are grateful for your time off, AND enjoy (and are grateful for) your work).
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Old 12-16-2016, 09:08 PM
 
Location: Florida -
8,763 posts, read 10,837,755 times
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Quote:
Originally Posted by nicet4 View Post
We have been practicing for better than a year but our retirement will take us out of our current home planting us 800 miles north in snow country but nearer the children and grandchildren. That is where grandma wants to be and if grandma is happy then I am happy.

We sold our home here last week so the only thing keeping us here right now is 1)lack of a home up there and 2)I refuse to move in the winter snow and cold.

We haven't purchased the condo yet but we know exactly where we want to purchase and between now and May 1st there will be something coming up that fits us. We just never lived in a condo before so that part is new to us. We do know what taxes and HOA fees are so that we have buttoned down.
Congratulations! Sounds like you have mentally already retired and the actual move is only a formality. We did the same 8-years ago, although waited 3-4 years to move north near the grandkids in the "cold and almost snowy" Florida panhandle. It's really cold here in mid-winter (as compared to Central Florida, where we lived for the previous 40+ years. We likewise moved to the condos in 2002 and have no interest in moving back to a SFH.

As MI-Roger pointed-out, there are very few do-over options once one pulls the plug, but doing so is amazingly liberating.
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Old 12-17-2016, 12:46 AM
 
6,616 posts, read 3,744,488 times
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Quote:
Originally Posted by nicet4 View Post
All the sudden you go from 53 years of constant work to retirement forced to live on retirement income alone.

I think I have it covered.

After all medical insurance, to include dental insurance, homeowners taxes, homeowners insurance, HOA fees, utilities (I went generous on this one), cable/internet, cell phones, church giving, auto insurance, $75 gasoline (I really don't see us driving much) and $200/month pharmacy we have $1,350 left over for food, travel, entertainment, clothes and hobbies. Right now our pharmacy spending is <$100 but things change so I budgeted $200.

For utilities I'm at $450 but with the condo the only things we pay for are gas and electric... I don't ever see it being that high except maybe January.

At first glance it appeared to be a little low for me but after thinking about it a bit I don't think we will use near that much.

We do eat very healthy... my wife insures that so we do spend a little more on average for food (organic) but I am thinking $175/week will take care of that along with things like detergent, laundry soap, paper products and the like.

At 32 mpg we can travel 1,000 miles at today's gas price. We'd be 7 miles from the grandkids and church, shopping, restaurants and 75% of family is within 20 miles so I don't see that many miles.

For travel I have $300 set aside and I just don't see us traveling all that much.

Entertainment is $200 and we are not high fliers. Our idea of a meal out is a Zaxby's chicken where we always split a meal spending maybe $12 for both of us. Maybe twice a month we will join friends for breakfast or maybe dinner but again we always split the meal so even if it steak we might spend $40 tops.

We have $100 for hobbies.... my wife likes Hobby Lobby but mostly it is yarn for crochet so $20 there is a big purchase.

For exercise our Plan G supplements provide for Silver and Fit so off to Anytime Fitness we go for free.

Condo... the association takes care of everything outside including roof replacement if we need one.

I think we are ready... I think, for our lifestyle, we're ready to be retired and comfortable.
Great that you have everything budgeted out! Your expenses are on the low side....I think your food bill is very reasonable for two.

I didn't realize there's a free fitness plan, so I'm going to check into that. I don't get Medicare yet.
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Old 12-17-2016, 01:42 AM
 
4,649 posts, read 6,480,471 times
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Here's what you need to know. What is your guaranteed monthly income going to be for the rest of your networking years? Know that and you will know your limitations.
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Old 12-17-2016, 03:10 AM
 
Location: R.I.
976 posts, read 604,389 times
Reputation: 4227
Quote:
Originally Posted by nicet4 View Post
All the sudden you go from 53 years of constant work to retirement forced to live on retirement income alone.

I think I have it covered.

I think we are ready... I think, for our lifestyle, we're ready to be retired and comfortable.
If I recall from your previous posts you are already or close to age 70. My older sister is your age and she still maintains close friendships with 5 women that have been friends since kindergarten. My sister was the first to loose her husband, another of these friends lost hers last year, and another's husband is quite ill and it is just a matter of time that he too won't be here. Unfortunately all the money in the world can't buy us additional time with our spouses and other loved ones, and at your age working an additional year or two is probably not going to significantly impact your retirement income but it may impact your health and not in a positive way.

Although you and your wife may be in great health today sadly there are more years behind you than ahead of you. That fact along with an income that covers all your needs and a few extras should be incentive enough to retire and enjoy the next chapter of your lives while you both still have your health.
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Old 12-17-2016, 05:18 AM
 
7,798 posts, read 4,385,889 times
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"53 years of constant work"? How old are you and when did you go to work full-time??? Yeah, I'd say it's long past retirement time! Don't be afraid...
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Old 12-17-2016, 07:53 AM
 
Location: Grove City, Ohio
10,133 posts, read 12,381,010 times
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Quote:
Originally Posted by FREE866 View Post
Have you ran the numbers through the FIRECALC retirement calculator?
It doesn't work for me because we have very little in the way of savings but don't anyone here go feeling sorry for me.

Life is a journey and while we all end up at the same place everyone has their very own individual path and I don't have a single regret about the path I took. If I had it all to do over again I would do it darn near the exact way again.

I always had a good job and the money I earned wasn't huge but from the time I was 27 it was always a bit above average and I did like spending it.

I started out as a commercial pilot/flight instructor and for a while I worked as a ferry pilot delivering new small planes for Piper our of Vero Beach to everywhere north of central America. Didn't earn much money, about half of what my friends working normal jobs earned, but I was single and loved it. I also got the travel bug out of my system.... no desire to travel.

Then I got married and had to get a real job but I always stayed in aviation... airplanes make boats look cheap but I did what I wanted to do. I spent my extra money on airplanes so nothing went into the retirement budget but I always earned a bit above average in wages which were all subject to social security.

I am putting off collecting social security until age 70 which is a little over a year now. Don't go feeling sorry for me because, according to the Social Security Administration, the average retired couple receives $2,212 per month in 2016 when I do collect my wife and I will receive right at double the $2,212. Add to this a couple small defined retirement pensions (my wife's) and we will be right at $5,000/month. How do I stick that into FireCalc?

I am really fortunate that I always loved my job and while I do not have it in the budget I will continue to work after I "retire" simply because I enjoy it. To me it is fun and a challenge so why not? If I can work one or two days a week earning a few hundred extra bucks why not as long as i don't feel I "need to"? That said I do not want to factor this into our retirement budget. I want our budget to be strictly based on non working income.

Working longer made up for my sin of not saving but flying but I am glad i did it when I did because getting a medical to fly is going to start to be a problem.

I've always had the toys I wanted and going into retirement I just don't want to have to cut back. Still want the toys. The only difference between men and boys is the cost of their toys.

My wife and I both have Cigna Plan G supplements and as part of that we have "Silver and Fit" plans which gives us free membership to Anytime Fitness. If we had to pay for it it would run us $70/month so we really like our plan and use it three to five times a week.

Silver and Fit or Silver Sneakers... two plans... check if your supplement provides it and you don't know about it... could get you free membership!
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