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Since my husband and I will be on a fixed income, he has SS, private sector stable pension, and I will have SS, Federal Pension and military retirement, our income won't change much.
Actually I figured we would be bringing in just about the same money after I retire, than now when I have 47 more work days. My pension is based on earnings (high 3) and not on my present income level.
I also think I will sub when I retire. Our school doesn't call you, it is all computer based. You log and see the list of available positions and sign up for that slot. It comes out by 3:00 the day before. I realize there are last minute call ins but at least you aren't waiting for a call every morning.
I'm planning or retiring in 2019 so a lot of what you did, I'm in the process of doing. I ran firecalc and other programs and pretty much I'm good right now. 100% ok up until age 95. One thing I've embraced is that once you have hit the financial independence stage a lot of options open up. You and your wife actually have the hard part done, you've saved and gotten rid of debt.
That's actually the hard part!! The majority of my friends are retired and what they say is that is a "work in progress". My very best friend had a year where expenses were high because they improved on their home, so that year they adapted and cut back on travel.
One of my girlfriends actually took a part time job. not because she needed the money but because she now had the opportunity to do something she loved (interior design)
I think most people stay true to their "pre retirement" style of living except for a few changes. If you are use to living below your means that will probably stick with you. lol. I don't know many folks who retired and then went to Vegas and blew it all.
I read this article with a funny exercise. folks near retirement were asked to write down all the stuff they imagine themselves doing in retirement. from the ridiculous to the "hey that might be fun". then figure out ways to make it happen. lol, it actually helped with the spending mentality. I put down own a apartment in Paris, now there is no way I could afford that but other stuff let me say "hey that could be doable".
I also think I will sub when I retire. Our school doesn't call you, it is all computer based. You log and see the list of available positions and sign up for that slot. It comes out by 3:00 the day before. I realize there are last minute call ins but at least you aren't waiting for a call every morning.
I just accepted my second sub job. My first one was last week. I enjoyed it. Doing a full day - first one was just half day. Went by really fast.
Ours is also computer based unless you let them know that you are available for early morning calls. Someone might have an emergency and can't make it that day.
Once you determine you will have enough income and savings/investments, you retire. To stop the worry, ask yourself: "what is the worst that could happen?" In my case, I figured that I might have to go be a greeter at Walmart to earn extra dollars. For you, the worst might be something different.
I have been retired 7 years. Very lucky to have caught the stock market wave with my IRA accounts, so I have more in my investment accounts than when I retired. Never expected that.
Sounds like OP has life planned and budgeted to the penny, That was NEVER me and I've been on my own for 40 yrs after divorce long ago. There were times I felt "fear" but it all worked out for me. I own nothing and nothing owns me. I'm selling my auto as I don't want to drive anymore and my knee issue keeps me from walking good.
Once you determine you will have enough income and savings/investments, you retire. To stop the worry, ask yourself: "what is the worst that could happen?" In my case, I figured that I might have to go be a greeter at Walmart to earn extra dollars. For you, the worst might be something different.
I have been retired 7 years. Very lucky to have caught the stock market wave with my IRA accounts, so I have more in my investment accounts than when I retired. Never expected that.
I appreciate what you're saying, but...people jokingly say they'll stoop to being a greeter but in reality there are certainly very few Walmart greeters needed and I'm not completely sure that they don't rotate with other job responsibilities that might not be as easy. I'm only half joking but you should also consider expanding into the role of those that hand out samples. But seriously, the worst that can happen is that you can't find ANY job that will take you - that even happens to 50 year-olds.
Sounds like you know what you are doing so this will be short.
Figure out what you are going to do with your time.
Set up a cash bucket of about 5 years for living expenses that are coming from your investments incase the market crashes - you want to avoid selling stock until the market recovers. Since you are postponing SS you could go with less than 5 yers for now. By cash I mean short term investments. This can also double as your emergency fund.
Now that living expenses are covered come up with a safe withdrawal rate - get help if you need it. Then take about 1/12 of this out of your investment accounts each month and move to an account for expenses. Work on spending all the money in this account. You can let it build up for a big trip etc. The idea is no worry about spending. If the market does well take a little extra out of your savings and move to the spending account.
Been retired 5 years now. To tell the truth I have not really been able to relax about money. Every time I begin to feel a bit relaxed about it, I suddenly feel a sense of worry and anxiety that hits me like a wave. Even though our savings increase every year. That seems to be no help. I just worry, worry and worry some more.
I think about getting a job all the time, but, never ever actually try to get one.
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