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Old 01-12-2018, 08:48 AM
 
656 posts, read 309,979 times
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If you don't work now how can you "retire" from anything?
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Old 01-12-2018, 08:59 AM
 
Location: Central IL
15,233 posts, read 8,527,906 times
Reputation: 35647
Quote:
Originally Posted by TuborgP View Post
https://www.thebalance.com/stock-mar...ection-3305863

A correction is a 10 percent decline from the 52 week high. Once a year?
Yup

https://halpernfinancial.com/views/h...-in-a-lifetime
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Old 01-12-2018, 09:08 AM
 
Location: The Triad (NC)
28,496 posts, read 62,167,040 times
Reputation: 32177
Quote:
Originally Posted by kelly237 View Post
My financial planner thinks I need to work PT and bring in 2-3K / month until 67, but I am not convinced.
500 K in investments
2000/month budget is enough to include taxes, vacations and extras.
2000 x 12 (+20% taxes) = $28,800 gross vs the $500,000 invested = 5.76%
Has that all been dividends? Or are you draining down principal as you go?

In short: The FP looks at your $500K portfolio and knows it isn't really enough
and especially not as we enter a new less bullish market period.

Quote:
Own 230K Home with no Mortgage.
I may move but that would be same price house & cost of living.
Take in a housemate but still expect to move to a smaller property.

Quote:
60 year old single
Take in a rent paying lover.
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Old 01-12-2018, 10:44 AM
 
Location: Spring, Texas
136 posts, read 65,411 times
Reputation: 272
Kelly,
I think you are close.

I suggest you use some of the planning tools out there, e.g. Firecalc

https://www.firecalc.com

I did run your numbers thru Firecalc using $30K per year expenses - this is includes taxes, and using your Social Security starting in 2025
Basis was 25 years, i.e., life expectancy of 85 yrs old

Got a 100% success answer based on that criteria
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Old 01-12-2018, 11:31 AM
 
8,080 posts, read 13,462,215 times
Reputation: 10322
Thanks for the input, I will try to answer a few questions.

Yes 2k monthly budget includes heath insurance. I live a simple life, enjoy the simple pleasures, own my home.

As to those that say I am already retired..Not in my mind. I am not working but the break was to
tend to a few other projects (one was renovating & selling a house, moving) I had planned to work full or part time from 60 until I felt I was where I could fully retire. I am a Speech Pathologist and it's a short supply area right now. I could pick up PRN hours, do full time or do 13 week travel therapy jobs.

BucFan- I am about 60 % in stocks.
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Old 01-12-2018, 11:37 AM
 
8,080 posts, read 13,462,215 times
Reputation: 10322
Quote:
Originally Posted by ihatetodust View Post
If you don't work now how can you "retire" from anything?


"Should I work the next 5 years" same thing, different wording.
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Old 01-12-2018, 11:46 AM
 
8,080 posts, read 13,462,215 times
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Quote:
Originally Posted by StealthRabbit View Post
Congrats, you did very well!!!


only a 'suggestion'... (To help preserve the assets)
PT work that includes HC... (and is VERY flexible with Time off!) and... most importantly you enjoy / is a benefit to you!



options:
1) in USA... If in excellent health (foreseeable future) can participate in HC cost sharing network ~$150 / month solo. A comparison of the Major HealthCare Sharing Ministries - MedicalCostShare.com

2) join the 15m doing Medivacations.. https://patientsbeyondborders.com/

3)Move overseas till medicare eligible (Unfortunately that age will likely change before we get there!)

sad... but HC is the potential torpedo (I hope not), has happened to many, has NOT happened to MORE.

Another option... Work hard and PLAY hard! (do 'special projects' / tasked based high pay gigs, then have long times OFF!) That works well for me (especially when paid to travel). Checks of (multiple) objectives... Free travel, paid meals, and adventures galore.
I can always count on you for some interesting, out of the box ideas !!
A 3 month trip to Thailand may be in my plans. Amazing how inexpensively that can be done.
My oldest kid just spent 6 months there and wants me to go back with him next year.
There is an ethical elephant rescue there I want to help with which would be a great adventure.
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Old 01-12-2018, 12:15 PM
 
8,080 posts, read 13,462,215 times
Reputation: 10322
Quote:
Originally Posted by Nightengale212 View Post
Since you have not worked in the last few years and really don't plan to return you are already essentially retired.
My plan was to work at least PT from 60 to 65, but I am now evaluating if I need to.
I do see your point, but in my mind I am not retired until I no longer plan to work some.


Quote:
Originally Posted by Nightengale212 View Post
...That being said, what income have you been living on since you stopped working? Providing that information in addition to what have you been or will be planning to do for health insurance is pretty important information to share if you are seeking retirement financial advise from others.
If you tell me why it matters I will answer your question of what I have been living on.
Heath Insurance is included in my 2K/Month budget.
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Old 01-12-2018, 12:23 PM
 
8,080 posts, read 13,462,215 times
Reputation: 10322
Quote:
Originally Posted by gamboolman View Post
Kelly,
I think you are close.

I suggest you use some of the planning tools out there, e.g. Firecalc

https://www.firecalc.com

I did run your numbers thru Firecalc using $30K per year expenses - this is includes taxes, and using your Social Security starting in 2025
Basis was 25 years, i.e., life expectancy of 85 yrs old

Got a 100% success answer based on that criteria
Thanks for the link. I love that stuff and will take a look at it tonight.
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Old 01-12-2018, 12:47 PM
 
8,080 posts, read 13,462,215 times
Reputation: 10322
Quote:
Originally Posted by MrRational View Post
2000 x 12 (+20% taxes) = $28,800 gross vs the $500,000 invested = 5.76%
Has that all been dividends? Or are you draining down principal as you go?

In short: The FP looks at your $500K portfolio and knows it isn't really enough
and especially not as we enter a new less bullish market period.

Take in a housemate but still expect to move to a smaller property.

Take in a rent paying lover.
Is that 5.76 % accounting for 1700/month Social Security income at 67 years old ??


Quote:
Originally Posted by MrRational View Post

Take in a rent paying lover.
LOL
Problem is that I absolutely love living alone.
If I get into a relationship he will need his own house.
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