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Old 12-12-2009, 06:48 PM
Location: Chapel Hill, N.C.
36,485 posts, read 43,853,288 times
Reputation: 47263


We are a couple 70 and 63 with two seven year old daughters-adopted-not that it makes any difference. We decided to adopt after getting our first kids in college and after DH said he would probably never want to retire. He loves his job, is good at it, makes good money, has no real hobbies or interests so it makes sense to us. He will probably die with his boots on.

But how do we figure our retirement needs just in case he changes his mind or if one of us has serious health issues and he has to stay home. We are in hopefully our last house-at least as long as we have kids and love this community but it is expensive in cost of living and property tax. We have good savings and investment income and as we age our spending has dropped sharply in terms of clothes, entertainment, etc.

Still I'm wondering how to compute our future needs. Our situation is so unique. I can't find any help online. I guess we could be lumped in with grandparents raising grandchildren for financial purposes.
Anybody have any direction for us?
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Old 12-12-2009, 08:21 PM
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,696 posts, read 40,074,231 times
Reputation: 23849
Sure we all have advice!! and it is worth what you pay for it!

Be prepared for the unexpected.
  • Working spouse should carry adequate life insurance to care for dependents through age 18, and spouse till death. (I don't believe in the 'pay-your-kids-college' plan)
  • You can 'self fund' your lifestyle via many formulas, but generally 3-4% withdrawals from your nest egg will cover it if invested smart. Thus if you need $50k / yr, you need $1.5M in NET assets. (and available, I.e. can't eat your house, unless it is a gingerbread house)
  • be smart and realistic about your future ability to work AND parent (hint: have a well specified trust / plan)
  • Be prepared for the unexpected (stroke, disease, death) Just do everyone a favor and have your plans in place and available for implementation (this is easier for you to do than those who try to follow you)
have a blast, smell the roses, I sure would be a better parent at this age than when I was 25.
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