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Old 08-16-2017, 09:11 AM
 
Location: Western Colorado
11,087 posts, read 12,470,641 times
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I survived long enough to retire. That was my goal.
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Old 08-16-2017, 09:12 AM
 
Location: Florida
4,365 posts, read 3,698,498 times
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Good age to be asking this question.
Go to some of the online mutual funds and brokers and read their retirement sections.
Determine if your savings are on track. 5 years out from retirement start to adjust your investment so if the market crashes (and it will at some point) you will have "cash" to meet your expenses for a few years.
Thinking of moving etc is a long way off if you are working to 65 or 70, but mixing some vacation time to looking for a retirement location can start now. Get serious about 5 years before your move. Move could be across the street to a one story home.
If you are not sure of your abilities to plan consider hiring a financial planner on an hourly basis to review your plan (retirement budget and investments). Your workplace may offer this service if they have a 401k or similar plan.
Be sure your will,power of attorney, health directive is up to date.
Start making a list of everything you are reading so as retirement gets closer you can review and determine if the item is of importance.
Try and figure out what your retirement life will be like. Probably not at all what you are doing now. The surprise is you might find life is a lot more expensive. You could pick up a hobby at a couple of thousand dollars a year or world travel. Who knows? That's the problem.
Look at a ROTH as part of your retirement investing. I think a lot of people miss this.
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Old 08-16-2017, 09:16 AM
 
13,903 posts, read 7,400,560 times
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Quote:
Originally Posted by SpatsLaMoore View Post
I am 56 yo and the concept of retirement is coming into focus. I would be really interested to know from those either in the same situation or already there:


1. What are your top 3 objectives in retirement?
2. What are your top 3 challenges in achieving those objectives?
3. What are you doing about the challenges?


Any input gratefully received!
I think you're not wording this correctly. Your goals and objectives at age 56 are centered on arranging your finances and lifestyle so you can retire eventually without any perceived "hardship". We all define "hardship" differently so my goals & objectives are going to be different from yours.

With that said, I took a very hard look at my personal finances at age 50 and created a plan where I adjusted my lifestyle and wealth creation so I could retire eventually without particularly changing my lifestyle.

So I only had one objective:
Adopt a lifestyle at age 50 that would be sustainable from age 65-onwards and create the wealth to fund that lifestyle.

The challenge:
You can't be in denial about the numbers. You're 56. You have to do a hard "you are here" with your finances and immediately adjust your lifestyle so you can accumulate the wealth to retire at your adjusted lifestyle. If you've been creating wealth your whole adult life, you might not have much to do. For most of us, it's a big change in mindset.

Execution:
I formulated a plan at 50. I'm 59 now. I have a lifestyle that is sustainable as long as I keep working until 65 with similar income. My personal challenge is maintaining the income stream. The older I get, the tougher it is to have stable employment in my area of expertise. I'm doing things now that I never would have dreamed of doing for employment 20 years ago. With 6 years left, the income stream matters far more than anything related to job satisfaction. I was recently unemployed for 10 months. In theory, I didn't have to work again but I'd have to give up all the lifestyle things that I've had my entire life and want to continue enjoying.
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Old 08-16-2017, 09:20 AM
 
14 posts, read 8,248 times
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Very interesting comments, thank you!


Thinking about mine:
1. Live an active life while we still have our health and mobility - explore places
2. Have enough income not to worry about stuff
3. Do one tour with a band (playing bass), just to scratch an itch I've had for years




Challenges:
1. Putting enough in the pension pot and managing it well enough between now and when I need the income
2. Finding interesting work I could do if I need to top up my pension income - something that fits with my lifestyle aspirations
3. Persuading my wife that touring with a band is a good idea......


What I am doing about it:
1. Getting some professional advice on the pension side of things (I am a bit rubbish when it comes to finance stuff)
2. Actively working on my retirement lifestyle plan and researching potential ways to augment my pension income
3. Exploiting my wife's desire to explore more places in the UK - "a UK wide tour is something I really doing for you my darling......"
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Old 08-16-2017, 09:24 AM
 
14 posts, read 8,248 times
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Quote:
Originally Posted by Vision67 View Post
Goal: Keep breathing. Stay away from open graves.

But is that fulfilling enough? ;-)
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Old 08-16-2017, 09:29 AM
 
Location: Sierra Nevada Land, CA
8,395 posts, read 9,141,441 times
Reputation: 13031
Quote:
Originally Posted by GeoffD View Post
I think you're not wording this correctly. Your goals and objectives at age 56 are centered on arranging your finances and lifestyle so you can retire eventually without any perceived "hardship". We all define "hardship" differently so my goals & objectives are going to be different from yours.

With that said, I took a very hard look at my personal finances at age 50 and created a plan where I adjusted my lifestyle and wealth creation so I could retire eventually without particularly changing my lifestyle.

So I only had one objective:
Adopt a lifestyle at age 50 that would be sustainable from age 65-onwards and create the wealth to fund that lifestyle.

.
Money is only part of the picture. One needs to figure out what you are going to do with yourself with all that free time.
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Old 08-16-2017, 09:33 AM
 
14 posts, read 8,248 times
Reputation: 16
Quote:
Originally Posted by GeoffD View Post


- I took a very hard look at my personal finances at age 50 and created a plan where I adjusted my lifestyle and wealth creation so I could retire eventually without particularly changing my lifestyle.



- Adopt a lifestyle at age 50 that would be sustainable from age 65-onwards and create the wealth to fund that lifestyle.



- You can't be in denial about the numbers. You're 56. You have to do a hard "you are here" with your finances

- With 6 years left, the income stream matters far more than anything related to job satisfaction..
Very good answers Geoff.


I am working on the lifestyle thing - trying to balance out what I can do now given that I have my day job income e.g. nice family holidays - creating memories, spending time with our daughters (18 & 20) before we lose them to the outside world. But, also trying to save enough to make a difference later.


I think I've got a lot to learn about adopting a 'retirement cost base' if may call it that.


And like you, I've adopted the income stream as a priority for the remaining regular working years. I am fortunate that for the most part I enjoy what I do and it pays well if I do well personally.
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Old 08-16-2017, 09:34 AM
 
Location: SoCal
13,226 posts, read 6,326,744 times
Reputation: 9839
My goals are very simple.

1) Stay healthy and that means do reasonable amount of exercise
2) So that I can travel, travelling also keeps me neatly, lots of walking
3) The longer I live the more money I generate while I'm healthy
4) Rinse and repeat number 1)
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Old 08-16-2017, 09:35 AM
 
1,769 posts, read 2,442,342 times
Reputation: 5159
No goals. Thankfully, that sort of thing is over and done with.
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Old 08-16-2017, 09:39 AM
 
Location: Florida -
8,764 posts, read 10,840,630 times
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Good timing! It seems like people often look at their retirement goals - at retirement time, when it is too late to do anything to change one's preparation. We established a pretty good set of financial and lifestyle goals and made sure we had the resources available to balance our income, savings and investments to achieve those goals.

Then, prior to retirement, we paid off the mortgage and tested out our goals by living on the amount of money we expected to have in retirement. We also set-up a plan and provisions to accommodate probable future inflation and long term care needs (annuity and LTC insurance).

With everything in place, we retired (early), but, continued to revisit and update our plan annually. After 10-years in retirement, we are now implementing plans to help with college for the 5-grandkids and manage taxes with RMD's kicking-in.

We had planned to stay where we were in retirement, but, after a couple of years, decided to move North to the Florida Panhandle (from Central Fl. beaches), to be closer to the kids and grandkids.

Overall, we've been able to travel extensively, live comfortably within our means (without scrimping); help the kids/grandkids, give generously and confidently look toward the future.
None of this "just happened" without planning and discipline.
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