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View Poll Results: How the economy has affected my retirement
Yes, It has severly affected me 4 12.12%
Yes, but only a few years 6 18.18%
Not really, I will retire on time, but it may affect mye lifestyle. 12 36.36%
No, I am right on track. 11 33.33%
Voters: 33. You may not vote on this poll

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Old 04-29-2008, 12:14 AM
 
Location: Atlanta suburb
4,728 posts, read 9,095,590 times
Reputation: 3463

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My husband retired 8 months ago. We had hoped to have our current over-sized home sold by this time and moved to a new smaller home.

The housing market has delayed that quite a bit. We are not even on the market right now. Whereas, we had hoped to retire with no mortgage, we now continue to pay a smallish mortgage payment on the not-for-us house!

We have been adjusting our life style over the last 5 yrs. or so to adapt to retirement more easily. That is probably the best thing that we have done for ourselves.

It was a bit of a challenge at first, trying to cut out the things that we spent money on, but really didn't have to. Now, it is quite easy, very satisfying to think of the $$ we have saved by skipping this or that, which we really don't need or want all that much in the first place.

Instead of a new car, we replaced our out-of warranty car this spring with a 2 yr. old pre-owned with 11,000 miles on it, got the full 5 yr. factory warranty and saved about 35% over the new one we would have bought before. That felt good and the car is just as great as a brand new one.

We will tighten a little more than we intended until we sell our house, but basically are in the financial spot that we had planned on.

I hope that everyone who is still working with a few years to go until retirement will consider starting the life-style unwind a bit to accustom themselves to doing with less, but not doing without. It will be a boon to you when you do retire.
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Old 04-29-2008, 07:37 AM
 
1,861 posts, read 3,026,784 times
Reputation: 559
Quote:
Originally Posted by gemkeeper View Post
My husband retired 8 months ago. We had hoped to have our current over-sized home sold by this time and moved to a new smaller home.

The housing market has delayed that quite a bit. We are not even on the market right now. Whereas, we had hoped to retire with no mortgage, we now continue to pay a smallish mortgage payment on the not-for-us house!

We have been adjusting our life style over the last 5 yrs. or so to adapt to retirement more easily. That is probably the best thing that we have done for ourselves.

It was a bit of a challenge at first, trying to cut out the things that we spent money on, but really didn't have to. Now, it is quite easy, very satisfying to think of the $$ we have saved by skipping this or that, which we really don't need or want all that much in the first place.

Instead of a new car, we replaced our out-of warranty car this spring with a 2 yr. old pre-owned with 11,000 miles on it, got the full 5 yr. factory warranty and saved about 35% over the new one we would have bought before. That felt good and the car is just as great as a brand new one.

We will tighten a little more than we intended until we sell our house, but basically are in the financial spot that we had planned on.

I hope that everyone who is still working with a few years to go until retirement will consider starting the life-style unwind a bit to accustom themselves to doing with less, but not doing without. It will be a boon to you when you do retire.
I think a lot of people cannot do with less because all of what they're paying for is mortgage or rent, utilities, car insurance, food, etc. They have nothing left over.

I'm lucky because I can put a little away, and still go to the movies!
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Old 04-29-2008, 11:25 AM
 
Location: Oxygen Ln. AZ
9,321 posts, read 16,599,960 times
Reputation: 5692
Watching our investments and savings earn less has had an impact on us. We will continue to stuff the coffee can even more. I am so depressed over the menality today of walking away from your house because you owe more than it is worth. Some of these knuckleheads can make the payments, they just don't want to. It is sinking a lot of boats out there.
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Old 04-29-2008, 12:00 PM
 
Location: Londonderry, NH
41,492 posts, read 51,456,256 times
Reputation: 24613
I figure on retiring in four more years. How much I will have to earn after that is dependant on too many things to be able to estimate. One of the things is my desire to snowbird during the northern winter. Another is what my wife wants to do.
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Old 04-30-2008, 11:48 AM
 
16,092 posts, read 36,611,994 times
Reputation: 6277
I just turned 50 and had thought I would retire now -- I have more than a dozen rental homes and they will be paid off in the next 1 to 3 1/2 years. Even though the RE market in East Dallas is wonderful (prices up and up - even now) I think it would be prudent for me to work to 55. I hope I don't want to change my mind again at that point!

Right now I am maxing out the 401K because stocks are cheap and I can contribute more after 50. So I am hoping this 5 extra years will really pay off. I see it as an opportunity too good to pass up.
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Old 04-30-2008, 08:28 PM
 
48,516 posts, read 84,056,192 times
Reputation: 18051
My wife retired a year early because her retirement account will not make as much this year as in previous years. Since it is like mine a garanteed annuity with COL it didn't make alot of sense to wait the year.We are lucky that in our area the housing valuation are going up still and housing is short because of industrial expension projects lasting the next ten years.We will be moving as planned in about a year unless something drastic happens.
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