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Old 08-16-2017, 10:37 AM
 
Location: Central IL
15,201 posts, read 8,513,923 times
Reputation: 35600

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Quote:
Originally Posted by SpatsLaMoore View Post
I like the concept of testing out the goals by living on the money you expected to have in retirement - that seems like a very smart thing to do!
I like the idea too...my concern is if I do this with only 8 years left and I've been too optimistic in estimating what I can live on, my options are probably limited to
a.) "suck it up" and live on less than what I'd hoped to live on, or
b.) work longer and at least be able to maintain over time than have to change my lifestyle for the worse later because I'm not surprised.

I probably won't have too much time to increase my savings rate enough to make a difference as most gains that close to retirement come from whatever rates of return you have from investments/savings. Of course you could change your asset allocation but that may not appeal to many.

So I guess it's more about adjusting your expectations base on what your new reality will be financially once you retire or buckling down and working for a few more years to up your lifestyle a notch or two.
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Old 08-16-2017, 10:47 AM
 
4,431 posts, read 2,606,853 times
Reputation: 10299
Quote:
Originally Posted by SpatsLaMoore View Post
What is ROTH? (I am a bit lacking in my financial education, trying to rectify that!)
A ROTH IRA is available in USA.

It requires money be taxed NOW and put in.

Then LATER the interest and principal are withdrawn TAX FREE in retirement.

Google Roth IRA or go to vanguard.com and look at a comparison of traditional IRA and aROTH IRA.

It's a good one to have.

Also after some time, you can remove the principal you put in, but Not the interest if you need it for something else.

Check it out! See if it applies to you
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Old 08-16-2017, 11:10 AM
 
Location: Philadelphia/South Jersey area
2,870 posts, read 1,400,541 times
Reputation: 10071
Quote:
Originally Posted by SpatsLaMoore View Post
Do you think you will need to work at all to supplement your retirement income? If so, what are you considering?
No, I don't plan on working to supplement my income. I will probably do some type of p/t work to keep the old juices flowing, lol. don't want to get stagnant.

I'm pretty lucky in a few regards financially. a big one is that I am one of the remaining few that still gets a pension. So between my pension, my personal savings and later on ss I'll be fine. the big factor will be bridging the time between 58 and 65 for medical cost.

Right now I have about 450K in equity in my house (it's the one we raised our kids in so don't need the space) my goal is to sell it, downsize to something in the 300K range, pay cash for it and use the 150-200 k to help fund the beach house.

NOW all of them are depending on a lot of moving parts so this plan is definitely subject to change.
let's hope the housing market stays strong for two years.
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Old 08-16-2017, 11:12 AM
 
Location: Loudon, TN
5,767 posts, read 4,827,803 times
Reputation: 19395
Goals

1. Live a long time in the best health that I can manage

2. Have as much fun as possible, as often as possible

3. Don't do anything just because it's expected of me (or a person my age)

Challenges

Only challenges I have right now is my DH is going through a mysterious health issue that is preventing much travel, and I still have problems accomplishing the weight loss I would like to achieve to accomplish goal #1.

What I'm doing to face those challenges

Just keep plugging along and trying to find the answers.
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Old 08-16-2017, 11:15 AM
 
Location: Philadelphia/South Jersey area
2,870 posts, read 1,400,541 times
Reputation: 10071
Quote:
Originally Posted by reneeh63 View Post
I like the idea too...my concern is if I do this with only 8 years left and I've been too optimistic in estimating what I can live on, my options are probably limited to
a.) "suck it up" and live on less than what I'd hoped to live on, or
b.) work longer and at least be able to maintain over time than have to change my lifestyle for the worse later because I'm not surprised.

I probably won't have too much time to increase my savings rate enough to make a difference as most gains that close to retirement come from whatever rates of return you have from investments/savings. Of course you could change your asset allocation but that may not appeal to many.

So I guess it's more about adjusting your expectations base on what your new reality will be financially once you retire or buckling down and working for a few more years to up your lifestyle a notch or two.
you probably haven't been. LOL most of us when ask about retirement have all these illusions of grandeur but truthfully what researchers are finding out is that, the way you live now is pretty much how you'll live when you retire.

Yes, you'll take a few more trips at first but very few people start traveling every other month. My experience with my friends kinda supports that.

they retired and went a bit crazy the first year or two but now they pretty much do the same things that they did before. they go on two or three vacations a year, have more time with grandkids. that sort of stuff.

YMMV
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Old 08-16-2017, 11:49 AM
 
Location: Chicago area
14,370 posts, read 7,916,313 times
Reputation: 53471
I had one financial goal in mind before I would consider retiring. I met that goal before I was 58. I retired when it stopped being fun being at work at 58. My only goal right now is to lose weight and stay healthy.
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Old 08-16-2017, 12:06 PM
 
Location: New Mexico
6,550 posts, read 3,656,219 times
Reputation: 12307
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?


Thinking about fishing. Actually fishing. Catching fish.


2. What are your top 3 challenges in achieving those objectives?


Fish not biting. Fish hiding under logs and in snags. Overhanging tree branches.


3. What are you doing about the challenges?


Considering dynamite...or therapy.


Any input gratefully received!
That's about it.
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Old 08-16-2017, 12:16 PM
 
609 posts, read 366,390 times
Reputation: 1999
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!


Before retiring, my wife and I talked about our expectations. We came up with this plan, and we tell it to each other often.


(Question) What do you want to do today?
(Answer) Go were we want to go and do what we want to do.


Don't sit around the house.


This:

https://www.youtube.com/watch?v=5lRWXHomzF0


And also, we decided to exercise regularly so we can continue to be able to go where we want to go and do what we want to do.


So our plan is to have an attitude.
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Old 08-16-2017, 12:45 PM
 
14 posts, read 8,247 times
Reputation: 16
Quote:
Originally Posted by Thulsa View Post
Before retiring, my wife and I talked about our expectations. We came up with this plan, and we tell it to each other often.


(Question) What do you want to do today?
(Answer) Go were we want to go and do what we want to do.


Don't sit around the house.


This:

https://www.youtube.com/watch?v=5lRWXHomzF0


.

Great philosophy - from the original summer of love!


When I think of all the worries
People seem to find
And how they're in a hurry
To complicate their minds


By chasing after money
And dreams that can't come true
I'm glad that we are different
We've better things to do


May others plan their future
I'm busy loving you
(One, two, three, four!)


Sha la la la la la live for today
Sha la la la la la live for today
And don't worry 'bout tomorrow, hey
Sha la la la la la live for today (live for today)


We were never meant to worry
The way that people do
And I don't mean to hurry
As long as I'm with you


We'll take it nice and easy
And use my simple plan
You'll be my lovin' woman
I'll be your lovin' man


We'll take the most from living
Have pleasure while we can
(Two, three, four!)



One thing I would say though - if you've got a plan for tmrw and know where you are going, it takes the stress away and it's easier to live for today
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Old 08-16-2017, 12:46 PM
 
2,032 posts, read 859,539 times
Reputation: 5027
Already there, been retired 10 years.

Top three objectives before retiring.
1. Be able to live on my retirement income.
2. Being debt free, including paying off my house and ripping up all my credit cards.
3. Downsize and relocate out of the city.

4 top challenges.
1. Tracked our monthly and annual expenses and income on a spreadsheet for a couple of years prior to retirement, and reduced my take home pay to what it would be in retirement and put the rest in my 401K. A monthly fixed budget is not practical because expenses are variable month to month. But a yearly fixed budget is very accurate. When the spreadsheet said it was doable, I retired.
2. Fear of the unknown. I said to myself, If I'm scared now, I'll be terrified in a few more years, so I pulled the plug.
3. My wife continued to work after I retired. I didn't like becoming the house husband, doing the chores, being a chauffeur, etc. A year after I retired I went back to working for an additional 2 years. I retired for good about 9 months after she did.
4. We looked for a smaller, single story house about 50 miles south of where we lived, in the town our daughter lived in. It took a couple of years to find something we liked. Our house had been paid off so we put a mortgage on it and bought the smaller house for cash, and put our house on the market. It took about 6 months to sell and we spent that time doing upgrades on the new house. When we sold our house we paid off the mortgage.
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