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Old 02-02-2018, 06:33 PM
 
Location: Paranoid State
13,047 posts, read 10,476,607 times
Reputation: 15684

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Quote:
Originally Posted by karen_in_nh_2012 View Post
And not to get overly personal, but I cannot imagine being married to someone who complained that a 4,000-square-foot vacation house was "too small for entertaining."
We like to host charity fundraising events where we might have 50 to 100 people in attendance. Target charities have included the National Ability Center, The ARC (formerly the Association for Retarded Citizens), and The Organization for Autism Research.

Quote:
Originally Posted by karen_in_nh_2012 View Post
Clearly, my working-class roots are showing.
I grew up on the wrong side of the railroad tracks. There were 660 in my high school graduating class; 12 of us went on to college or junior college (2nd worst in the state that year).

My dad lied about his age to join the Navy the day after Pearl Harbor, and never pursued an education. Years later he died unexpectedly in his 40s, leaving behind an unsophisticated widow (mom quite literally grew up on a rural farm with neither indoor plumbing nor electricity), my older high functioning autistic brother, my younger severely mentally retarded sister, and me. And a pile of debt with no assets to speak of. My sister died 6 months later. I hustled as a pre-teen and teenager, and did achieve some level of financial success, and I've always semi-supported my mom & brother. Mom's 90, and my brother is 64, and I bought them a nice home in a 50+ age restricted community near me. I've donated to our alma maters; I've funded endowed chairs and student scholarships. I've even funded a full ride scholarship to any graduate of the high school I attended who is accepted at the college I went to for undergrad. And my wife is from humble beginnings as well; her father was a retail salesman in a department store his entire life.

The reason I write the above is because you reference your working-class roots. I've worked & hustled since the summer after my dad died when we lost the modest home my parent's owned.

In retirement I always think about giving back. It's not just money; I am a volunteer math tutor in local schools; I target 8th grade math, as that is about the age where kids make a left-turn and say "math sux and I hate it" or they make a right turn and say "solving problems is kinda neat." My hope is to get a few incremental kids each year to make a right turn.

I hope I've made my blue-collar bonafides clear. Perhaps then you might understand my post in this context.
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Old 02-02-2018, 07:22 PM
 
Location: DFW - Coppell / Las Colinas
32,105 posts, read 36,739,390 times
Reputation: 38799
Quote:
Originally Posted by SportyandMisty View Post
I hope I've made my blue-collar bonafides clear. Perhaps then you might understand my post in this context.
Wish I could Rep you again. Congrats on doing so well in your life and sharing with others.

Many of come from working low end families. It's one of the things that's made me successful and appreciative. Folks like us learn to communicate with all levels and backgrounds of people. Good skills to have in this world.
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Old 02-02-2018, 07:27 PM
 
Location: Florida -
8,772 posts, read 10,876,703 times
Reputation: 16669
Retired 10-years and still comfortably on target - but, then, haven't had to worry much about budgeted spending.
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Old 02-02-2018, 07:56 PM
 
Location: Metro Seattle Area - Born and Raised
722 posts, read 296,615 times
Reputation: 1788
I retired at 52, "technically retired" for 3 years now. Only to go back to work full-time... By choice. Took a year off and spent too much money on "doing things." Kind of got bored and reentered the workforce in the same career field, but a different employer that offered an outstanding benefit package, which if can stay focused for the next 3 years, I will earn another pension... a small one, but I'm mainly there for their 401k plan, a Roth IRA and a company savings plan. I'm currently saving 22% of that income and will raise it another 3% next year since I'm averaging a 3% raise each year I've been there.

I retired with a very decent pension from my main career, which equaled roughly 70% of my monthly take home pay. I'm also a retired Army Reservist, but will not see any of that pay till I'm 60 y/o. Plus, I haven't touched my 401k plan at this point and hoping to let it grow for the next 5 years and combine it with my current plan BEFORE I start drawing from it after turning 60.

When I do fully retire and if things go as planned, I'll make more retired than working and adjusted to the current levels of inflation. Since I live in a high cost of living area, that's helped me since I do plan on moving to a lower cost of living location somewhere in the U.S. around 2022/2023.

When all said and done, I'm hoping to save 10% of my yearly retired income and I really don't think I'll be changing my lifestyle either... I'm not a big time spender or a very fancy person, but I like my toys and hobbies!!
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Old 02-02-2018, 09:40 PM
 
3,354 posts, read 3,062,612 times
Reputation: 4885
Quote:
Originally Posted by karen_in_nh_2012 View Post
Sorry, again, even as I'm writing this I realize I am probably coming across as mean or jealous.
Yes you are.
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Old 02-03-2018, 06:46 AM
 
Location: Southern New Hampshire
7,263 posts, read 12,715,450 times
Reputation: 22129
Quote:
Originally Posted by N.Cal View Post
Yes you are.
Um, OK, but seriously, THAT LINE is the only thing you took from my post? Besides taking that line out of context, it means that you apparently missed the point of the whole post. (And given all the rep comments I got for that post -- unexpected but interesting, especially the comments -- I don't think most people saw that line or my post the way you did.)

I DID appreciate the poster coming back and saying more about his situation, but that's all I'll say about that.

Quote:
Originally Posted by PartIrish View Post
karen_in_nh_2012, my sentiments echo yours. Whatever floats your boat, I guess, but over the past few years I have become far less interested in acquisitions, and actually look forward to simplifying life with fewer possessions and less house. The home waiting for us is about 2000 sq. ft. on a relatively small lot, and I'm interested to see how that works for two people who have been living on 3 acres in a much larger house for more than 20 years.
My house is a bit too big for me but I bought it mostly for the lot, which I absolutely love (about 1-1/3 acre but still city water and sewer -- VERY unusual where I live!). It's beautiful and peaceful. My SO will probably move in after retirement (if I can deal with it) -- the house will be paid off by then so all we'd have is property taxes and maintenance. I expect to do a lot of "major stuff" (e.g. add a 3rd heat source, add a small mud room, add a big front porch, re-do the kitchen, update the bathrooms, new roof) over the next 1-10 years or so, so I think the house should be in really good shape by the time we retire. I love the neighborhood (very established, very stable, really wonderful) and would love to stay for that too.

OTOH, we may just move to a smaller house, although I would still want a decent-sized lot (neighbor noise is a pet peeve -- I have basically NONE where I am now!). My SO will have a pension and SS, and I will have my 403(b), some other small retirement accounts, the sale of a rental house (if I keep it that long), and SS, so we would be OK. (Or I will be OK by myself if we break up in old age! )

Quote:
Originally Posted by PartIrish View Post
The people on this board are typically not the average case, but it has been informative to see the range of responses about managing retirement assets. We are fortunate in that we have sufficient resources for retirement (I think!), and I look to the experiences of others who have taken the plunge to reassure myself that if others can do it, so can we.
It IS a very interesting thread, and I'm glad you started it! When I look at my finances I feel like I am totally on track for retirement, but then I think, "What about health care? What about taxes?" and I start second-guessing myself!
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Old 02-03-2018, 08:34 AM
 
Location: equator
3,519 posts, read 1,557,318 times
Reputation: 8711
Well, we moved down here to the equator to make our retirement pencil out. We are doing well on very modest SS and no pensions. I never used to budget, just kept it in my head, but have been keeping track of expenses here and we're coming in below our targeted $1,500.


When we sold some property, we took a percentage of it for dental work and a cruise to Italy for 6 weeks. Other than that....doing fine.


Of course "socialized medicine" and $40 annual property taxes helps a lot! Oh yeah, no cars either.
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Old 02-03-2018, 09:00 AM
 
Location: Yavapai County
749 posts, read 486,793 times
Reputation: 928
Quote:
Originally Posted by karen_in_nh_2012 View Post
It IS a very interesting thread, and I'm glad you started it!
It is interesting and I'm glad the OP started this thread too! It helps to see that others have retired and their plan is actually working!

Quote:
Originally Posted by karen_in_nh_2012 View Post
When I look at my finances I feel like I am totally on track for retirement, but then I think, "What about health care? What about taxes?" and I start second-guessing myself!
I have been doing a lot of this lately as I get close to actually leaving my job. My DH is more calm about the whole thing. We have always had modest incomes and retirement will be no different. I think we have enough to make it, but no one knows what the future will bring. If I waited until I felt totally confident, I don't know if I'd ever retire.

We are only in our upper 50s, so we are retiring early. I figure if we don't have enough to make it until we can start getting SS, one or both of us can get part time work. Health care is the biggest unknown at this point, since employer coverage ends when I leave. We will use the ACA as long as it stays in existence.

DH is already retired and I am going to be done in April. My Dad died young and I don't want to work until I drop, so I'm going to do this. I do have those nights where I wake up in a bit of a panic, but I think once we go a few months and are actually able to pay the bills, I'll relax.

I hope to hear from more of you who have been retired a few years and are managing fine. Was anyone here super nervous about retiring and now you see that it is all working out ok?
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Old 02-03-2018, 10:36 AM
 
102 posts, read 45,411 times
Reputation: 141
Since I've been retired my net worth has actually gone up mainly due to the stock market. My retirement cash flow is more than plenty that the stock market has no impact in regards to my current lifestyle. I have the wonderful problem of needing to spend more. Finding new hobbies has been quite the challenge and fun at the same time. I want to do more traveling. This morning I was actually considering buying a box Arturo Fuentes cigars and I rarely smoke
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Old 02-03-2018, 11:01 AM
 
Location: SC
8,794 posts, read 5,682,944 times
Reputation: 12805
I decided when I retired 4 years ago that I would keep to a very low monthly spending plan until I at least got to 59.5 (still a year and a half away). I wanted to do this because I would be living out of my savings account and my calculations showed that if the market has a few bad years, it was possible that my saving would be drained before I could get to my ROTH account (thus 59.5).

At first I tried to keep spending under $1800. a month. For the most part, I was able to keep to this plan except for one month when one of my cars was having a bad month and I had to spend more than I wanted to get it sorted out.

Since about two years into retirement, I found that my savings account was not being drained, but instead was growing at a slightly more than my projected spending rate, so I relaxed a little and let my spending float higher to the current $23K a year I spend now. At this time and rate of spending, my saving account is still growing at a little faster than replacement rate and banning a few terrible years will last for about another decade before being drained.

So, overall, I find that I have been underspending my retirement planning. But I think I will keep to my current spending rate until I can access my ROTH savings. At that time my spending can double and I would still be on a growth plan.
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