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Old 12-17-2016, 10:14 AM
 
Location: Close to an earthquake
890 posts, read 676,459 times
Reputation: 2390

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So who here is in a similar boat to me?

Planned on retiring this year; selling business; didn't happen; so 2017 will be still in the "rat race". I know I'm not the only "mule in the barn" here on this one. Doesn't have to be a business owner but employed and planned on pulling the plug and it didn't happen.

I'm at peace with this outcome for I can always try again and I don't despise what I do. I must admit, the reading here have had a strong reflective impact on me and the pondering/decisions to be made in the inevitable entry one day into retirement-land.
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Old 12-17-2016, 10:15 AM
 
Location: Close to an earthquake
890 posts, read 676,459 times
Reputation: 2390
Default Didn't happen this year

Moved.
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Old 12-17-2016, 11:04 AM
 
Location: Albuquerque NM
1,655 posts, read 1,521,066 times
Reputation: 3627
Quote:
Originally Posted by Nightengale212 View Post

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.
Agree that at near 70, the OP should strongly consider retirement. But I would also consider the budget impact and options if the OP's spouse became widowed and the Social Security spousal benefit went away (e.g., $1500 decrease in income). Married couples need to plan for this contingency.
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Old 12-17-2016, 11:26 AM
 
Location: SoCal
13,189 posts, read 6,301,958 times
Reputation: 9808
At 70, I would say, the hell with planning. Let's live for today.
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Old 12-17-2016, 11:59 AM
 
Location: RVA
2,164 posts, read 1,264,175 times
Reputation: 4451
Seriously agree. And for me, there is no doubt that reading this forum has had a huge impact on my decisions. I am very thankful for all the insights and scenarios that I surely would never have though of on my own. This forum makes me want to retire earlier, as does the continued march of people dying that are my age or slightly older, including celebrities and musicians.

My wife has a teacher friend that is close friends with another teacher from her old district that retired less than a year ago. She just found out that the back pains she has had the last few months were not a sprained muscle as all her Drs to date had told her, but Stage 4 lung cancer that has metastasized in to her spine. She was a runner and health food eater, always took supplements and never was overweight or smoked. Clean living woman that was dealt a truly crappy hand. She has 6-9 months to live. She is 61.

Go for it and enjoy.
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Old 12-17-2016, 12:06 PM
 
Location: Lake Norman, NC
7,185 posts, read 11,223,599 times
Reputation: 30752
NiceT4...

I've enjoyed lurking and reading your posts over the past couple of years in this forum. You seem to have a good working knowledge of the retirement issues. Sounds like you've got it under control.

Best of luck to you and the wife in your retirement!
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Old 12-17-2016, 12:13 PM
 
2,630 posts, read 1,932,559 times
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You've worked it out down to the dime. Bravo! But be prepared! I had more $'s than I could possibly spend in my remaining lifetime in 2007. I retired as a result at 56. Guess what. Food went up 40%, Health insurance tripled, my house lost 1/3 of its real estate value. interest on my savings and CD's went to zero - within 3 years. I would have never predicted that, and I didn't. But it happened - and in no way did it have anything to do with anything I did. BTW, that was all banked money (at that time getting 5 - 6% interest). I pulled out of the stock market 6 months before the crash - lost $0.00 there.


I suspect the first thing you'll drop is the organic food thing. The hobbies and travel will go next. But I presume you're on medicare so hopefully that cost won't change - but don't bet on it. In any event be prepared for the COL to go up. It always does, and exponentially the last 8 years. You'll get no warning. They'll think of something to gouge you with. The possibilities are endless. Your monetary resources are fixed. Act appropriately.


My rule still holds. Calculate what your costs will be than double it. That's a pretty accurate estimate of what you'll need if you retire at 65. In 2007 I'd a never dreamed a 59 cent box of Jello would go up to $1.79. But it did. Fortunately for me, the "enough" amount left a lot of room for adjustment. That's not the case for many of my neighbors.
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Old 12-17-2016, 06:51 PM
ogg
 
19 posts, read 14,119 times
Reputation: 72
Going through the same routine myself...checking the numbers, rechecking the numbers, from worst case outcome to best case outcome...reading encouraging posts and then reading discouraging posts. I could live to be a 100 yrs old and totally broke - or die 10 years into retirement like my dad.

Sometimes you just have to go with it and give it your best shot. Jump off that cliff and build your wings on the way down. Blessed is the angel that knits the veil that separates us from the future.
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Old 12-18-2016, 06:15 AM
 
Location: RVA
2,164 posts, read 1,264,175 times
Reputation: 4451
Quote:
Originally Posted by TwinbrookNine View Post
......... I had more $'s than I (thought I) could possibly spend in my remaining lifetime in 2007. I retired as a result at 56. Guess what. Food went up 40%, Health insurance tripled, my house lost 1/3 of its real estate value. interest on my savings and CD's went to zero - within 3 years. I would have never predicted that, and I didn't. But it happened - and in no way did it have anything to do with anything I did. BTW, that was all banked money (at that time getting 5 - 6% interest). I pulled out of the stock market 6 months before the crash - lost $0.00 there.......

My rule still holds. Calculate what your costs will be than double it. That's a pretty accurate estimate of what you'll need if you retire at 65. In 2007 I'd a never dreamed a 59 cent box of Jello would go up to $1.79. But it did. Fortunately for me, the "enough" amount left a lot of room for adjustment. That's not the case for many of my neighbors.
A rep for a telling post that I have echoed many times for early retirees. (I added the (I thought)..I think that is what you meant) . I fear that all these people saying "I retired at 52 or 56, & I've been retired for 7 years and I will be just fine when I collect my SS at 62 and add the $5000 a year from savings I have left". are going to be in a world of hurt as the COL marches on and leaves them behind, especially if they inconveniently live to their 90s.

Regardless of how low inflation seems to have been, and seemingly no way it could skyrocket, do not bet on it with your life, so when you are an age where there literally is nothing you can do about it, you have no choices. You have to leave plenty of room for options to downsize. I would MUCH rather regret dying with leaving too much behind, then live with not enough to comfortably support myself and my wife in old age. There is NO right answer, only degrees of preparedness. Don't be scared to retire, ESPECIALLY at 70! But go in with eyes wide open, with the math done, and contingent plans. Personally, while "double what you think you need" is a bit extreme on the safe side, if you do the math and predict an average annual 3% COL increase, over a 30 year period, you will be dang close to needing double. The upside to retiring at 70, is that you will not likely need 30 years of funds.

Adding to the confusion, is that people that retired, say 25 years ago, are having their final years in a low COL state of affairs, having had some banner interest rates and market appreciation while they were retired. This makes it seem to many.."See...it's not that hard". Sequence of events can alter that reality seriously. The ones that retired in 1966, and died broke because of that unfortunate sequence are long dead, so we cant hear their warnings. Maybe their grandkids are around to remind everyone.

So many of my relatives live by the "It will work out because it has to" theory of retirement, that I shudder to think about it.

Congrats on reaching it!

Last edited by Perryinva; 12-18-2016 at 06:31 AM..
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Old 12-18-2016, 07:41 AM
 
Location: Grove City, Ohio
10,128 posts, read 12,373,396 times
Reputation: 13936
Quote:
Originally Posted by ABQ2015 View Post
Agree that at near 70, the OP should strongly consider retirement. But I would also consider the budget impact and options if the OP's spouse became widowed and the Social Security spousal benefit went away (e.g., $1500 decrease in income). Married couples need to plan for this contingency.
There are actually three budgets that I keep; hers, ours and mine. Hers comes first on the list for a reason and I have given as much thought to her retirement budget as I have to ours. She is he reason I delayed benefits.

There is a reason I don't include any of our IRA savings into our budget because all that we do have, not a lot there but there is some, will be hers if something happens to me but even that isn't calculated into her budget.

In a financial sense my wife will be as well off without me as she is with me. I made sure of this.
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