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Old 09-24-2019, 09:45 AM
 
1,733 posts, read 396,309 times
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Quote:
Originally Posted by Johanna25 View Post
I worry about these move out to the country, self sufficiency, plans. I doubt they hold up long-term as elders get older and frailer, unless you enlist younger folks to keep them going. You are likely a long way from family, friends, doctors, hospitals and other support. What happens when you can no longer drive? What happens when the man dies and his wife is left alone to manage? What happens to all your work and investments? Retirement plans need to take the end games into account.
Wouldn't an urban or small town location be more practical. Where shops and offices are within the reach of walking/public transport/senior services. Where you can find friends and social support? Your social connectedness is what promotes longevity.
I retired at 55 and "went country" with a 55 acre ranch and started a small cow/calf operation.
I gave myself 5 years of playing in the dirt. At 60 I decided to go another year. At 61 I decided to sell because I felt myself slowing down and I was ready for a change.

Now, at 62, I'm in a condo by the beach in another state. My next great adventure awaits !
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Old 09-24-2019, 09:57 AM
 
Location: equator
4,093 posts, read 1,775,819 times
Reputation: 10136
Quote:
Originally Posted by GeoffD View Post
That's how I have always lived my life. I wouldn't trade those 35+ years of life experiences during my working years for anything. The whole "I'll travel when I retire" thing. I've always traveled. My adult average is probably 50 to 60 ski days per winter. I've always had a boat. I'm still just fine living on less than half the cash flow of my adult working years.
Yes, I don't regret learning to fly in my 20s & 30s, even though those Cessna payments could have been sitting in a savings account, LOL. (all $150 a month of them!) I would not have done it in later years.

Some of my best times were traveling during the off-season of my working years.
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Old 09-24-2019, 12:32 PM
 
Location: Kountze, Texas
349 posts, read 54,410 times
Reputation: 296
Gee - now that I am 1 year away from being eligible to retire with full benefits (age 56 and 30+ years) - I really wish I could retire after my next birthday. It really isn't feasible - as so many years were spent in lower paying positions. After getting out of the USAF in 1992 - I started at 31,000/yr - and it slowly crept up to 44K by the time I had to resign because of following my spouse. With this transfer back in 6/2018 I finally began making just over $50K. If I retired in a year I would only bring an annuity of about 25K. I will get a supplement (a % of what I would get at 62 in SS) - but that won't be more than 11K a year . I promised DH that I would stay until 62 as I have the opportunity to get one more promotion by then - which will help my high 3 salary. I've done the math - at at 56 I would be getting approx $35,440 at 58 approx $39, 220 and at 62 with the 10% added to the calculator it would be about what I was making when I got this promotion. So I guess I can quit wishing to retire next year.

DH has been retired for 6+ years (early retirement with Fed Law Enforcement) - He is spending more time in AZ now then with me in TX - I'm guessing that's why I'm feeling the urge to retire myself. This will get a little better by Christmas I guess - but he won't be here full time until either his mother moves into assisted living or she passes. His plan after this Christimas is 6 weeks with me, 2 with her and back and forth . If that actually happens, I will probably calm down - He was here for most of the month of August - but I miss him.
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Old 09-25-2019, 07:38 AM
 
14,863 posts, read 7,996,163 times
Reputation: 27104
Quote:
Originally Posted by Sand&Salt View Post
Yes, I don't regret learning to fly in my 20s & 30s, even though those Cessna payments could have been sitting in a savings account, LOL. (all $150 a month of them!) I would not have done it in later years.

Some of my best times were traveling during the off-season of my working years.
I did that, too. A couple hundred hours in Skyhawks and Cherokee 180s. I had to pick two between skiing, sailing, and airplanes. Airplanes lost. I just put the sailboat on the market to downsize to a smaller one that doesn’t have the big boatyard bills.
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Old 09-25-2019, 07:39 AM
 
Location: the Gorge
176 posts, read 232,916 times
Reputation: 165
Quote:
Originally Posted by SaraR. View Post
The town we are moving to we visited and have friends. The key is to plan ahead assuming you will get old and unable to get around much or at all. The majority of the full time residents are in their 70's- late 80's. There are also a few vacation homes.

Mail is 3x per week so there are always 3 extra spots in the mailman's jeep to obtain rides to shop at the grocery store. Granted you have about 20 min to shop but it allows for the necessities. On the way back, rider will hand the mail into the mailboxes on one side of the road which makes mailmans trip back much faster. Around age 70, people stop wanting to drive the road into the nearest town since it's quite dangerous. And it takes about 3x longer to get to the one other town the opposite direction

One fellow planned it out well. He rides an electric bike half the yr when the weather permits with a trailer on the back. He rides the other direction, which takes about 1.5-2 hrs to get to on the bike. He schedules his Doctor visit there, does his grocery shopping, eats out at Subway, checks items out from the library, and goes to church. He is back around sundown.

Two middle aged women assist, the are quite poor. Giving elderly folks rides. Without this source of income, not sure how they would survive themselves.

Many just keel over and die due to not visiting a Doctor or getting there in time which is a benefit. Less pain if you go fast.

The social connectedness in this town is strong. One single restaurant people hang out at. No need to buy anything. Just sit outside and talk. It's where the Xmas & Thanksgiving dinner take place. One lady has a Taco Night once a week at her house-a potluck kind of deal. She is almost 80 so that may cease.

Everyone meets at the restaurant/store when the Bookmobile comes up 1x a month. Anyone not there who lives alone is checked on since it's more of a social gathering where people pay to eat lunch and socialize with the library employee. He works for about 1 hr then sits for another hour with the crowd eating and smoking his cigarettes.

The food bank comes up 1x a month for the poorer folks who cannot get out. Those who are poor who do not show are brought food.

From what I see, people are closer in this town. They help one another out. Those that are doing well financially to the poor ones, they are all fairly bonded.We plan to can alot of our food to get thru winter (I hate driving) BUT the day we cannot ride an electric bike a few hours each way into the town, is the day we move. Moving is easier when you saved up not spending as much being self sufficient. At that time in life, you just buy a cheap condo or apartment in town yet here in Calif, that isn't as easy. So some move to lower COLA areas near family

I love this post!

there are a lot of variables in where we live but I don't think we can over-estimate the importance of community, and it doesn't matter if the network exists in the country, the suburbs, or the city what matters is that people have connections and take care of each other.
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Old 09-25-2019, 08:20 AM
 
Location: Florida -
8,968 posts, read 11,161,612 times
Reputation: 17506
Quote:
Originally Posted by eternalsands View Post
Folks who are thinking about retiring in 5 to 7 years and feel that they would not have enough to sustain them through the rest of life how would you plan ahead.

I am sure there are many who simply had life events or started saving late or did not save enough for any reason and are now figuring out using all the online retirement calculators that they might not have enough.

What is your approach to tackling this momentous life-altering issue?

I know the obvious ones.. move to lower cost of living area... move out of USA.. curtail your spending.

I would welcome it if anyone can share their real-life experiences.

There seems to be a contradiction in the underlying premise between "thinking about retiring in 5-7-years" and "how would you plan ahead?" -- If one is only beginning to 'feel' they will not have enough to sustain them through retirement, one has likely already waited too long to get ahead of this "momentous, life-altering issue." Likewise, the "obvious solutions" express a reactionary mindset rather than a pro-active one.

Nevertheless, as people draw nearer to retirement, there are several steps we and others have taken:

1) Realize that one cannot always fully recover from previous lifestyle choices. Set realistic goals.
2) Seriously start maximizing retirement savings, cutting costs and reducing mortgage and other debt.
3) Develop a real 'Retirement action plan' for dealing with: inflation, rising taxes, health, lifestyle, etc issues
4) Start living on your anticipated retirement budget now; find the problems before it's too late to change
5) Seriously work to 'plug' major holes: relocation, later retirement, post retirement work, refinance, etc.
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Old 09-25-2019, 09:18 AM
 
Location: equator
4,093 posts, read 1,775,819 times
Reputation: 10136
Quote:
Originally Posted by GeoffD View Post
I did that, too. A couple hundred hours in Skyhawks and Cherokee 180s. I had to pick two between skiing, sailing, and airplanes. Airplanes lost. I just put the sailboat on the market to downsize to a smaller one that doesn’t have the big boatyard bills.
After the Cessna, we had a Cherokee 180. I remember flying to Catalina for the "$100 burger", LOL. And trying to fit our 100-lb. Russian Wolfhound in the back seat. We also gave up on airplanes after 3 close calls.

Hard to pick what sport to waste that pre-retirement money on!
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Old 09-25-2019, 10:18 AM
 
936 posts, read 313,583 times
Reputation: 2527
Chris, I wouldn’t work 7 more years while your husband is retired. You can never get that time back. I have lost 3 friends between the ages of 59-67. Retire in a year and enjoy.
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Old 09-25-2019, 01:49 PM
 
9,280 posts, read 5,371,007 times
Reputation: 10584
Quote:
Originally Posted by GrandmaChris View Post
Gee - now that I am 1 year away from being eligible to retire with full benefits (age 56 and 30+ years) - I really wish I could retire after my next birthday. It really isn't feasible - as so many years were spent in lower paying positions. After getting out of the USAF in 1992 - I started at 31,000/yr - and it slowly crept up to 44K by the time I had to resign because of following my spouse. With this transfer back in 6/2018 I finally began making just over $50K. If I retired in a year I would only bring an annuity of about 25K. I will get a supplement (a % of what I would get at 62 in SS) - but that won't be more than 11K a year . I promised DH that I would stay until 62 as I have the opportunity to get one more promotion by then - which will help my high 3 salary. I've done the math - at at 56 I would be getting approx $35,440 at 58 approx $39, 220 and at 62 with the 10% added to the calculator it would be about what I was making when I got this promotion. So I guess I can quit wishing to retire next year.

DH has been retired for 6+ years (early retirement with Fed Law Enforcement) - He is spending more time in AZ now then with me in TX - I'm guessing that's why I'm feeling the urge to retire myself. This will get a little better by Christmas I guess - but he won't be here full time until either his mother moves into assisted living or she passes. His plan after this Christimas is 6 weeks with me, 2 with her and back and forth . If that actually happens, I will probably calm down - He was here for most of the month of August - but I miss him.
35k per year, plus a supplement of 11k per year, plus your husband's pension. That isn't enough? You really need to work another 7 years?
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Old 09-25-2019, 02:13 PM
 
Location: Kountze, Texas
349 posts, read 54,410 times
Reputation: 296
^^^^ He has been volunteering for a Church Camp, and he is now a Realtor and working hard too - He may re-think it if I get another promotion but I had promised to stay until that 10% kicks in - But I am interviewing for that next promotion on Friday and IF I happen to get the position that will jump my annual salary $10K higher than now - Then I will probably just retire 3 years after that.
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