Retired: Five-year plan at this point, anyone? (80+, communities, social security)
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For those who are planning oriented no reason to not review and revise as we do after many changes in life
I am a planner but only for relatively short term and not in great details. I do have a spreadsheet of our financial information which I review few times a year and adjust the asset allocation as needed.
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It doesn't hurt that I have always been data driven and love targets.
I love data too but don't set my financial goals or targets. I do enjoy doing the maths at year end to see how each 'bucket' of savings had performed. There were some nice surprises and some small disappointments but overall I think I had managed our finance relatively well in spite of never had any long term financial or short term budget plans! Our asset grew 10x in the last 20 years & most importantly, we paid for our daughter's education. At her vet school graduation, we were surprised to learn that she was the only one among her classmate friends who did not have any student loans. Others had ~100K to 150K of college & vet school loans.
I am a planner but only for relatively short term and not in great details. I do have a spreadsheet of our financial information which I review few times a year and adjust the asset allocation as needed.
I love data too but don't set my financial goals or targets. I do enjoy doing the maths at year end to see how each 'bucket' of savings had performed. There were some nice surprises and some small disappointments but overall I think I had managed our finance relatively well in spite of never had any long term financial or short term budget plans! Our asset grew 10x in the last 20 years & most importantly, we paid for our daughter's education. At her vet school graduation, we were surprised to learn that she was the only one among her classmate friends who did not have any student loans. Others had ~100K to 150K of college & vet school loans.
Our plans are very loosey-goosey. We retired end of 2010, at ages 51 and 56. We have moved/downsized already (2 years ago) and are very happy where we are right now. Our plans are to live here at least ten years. After that we will see how we feel. We have plans regarding our finances, and we have contingencies for the possibility of illness or death of one of us in that time. After 10-15 years we will downsize again and will probably rent at that time for maximum flexibility.
Five year plans? Sounds like Soviet economic policy. Why five years? What's there to plan for? Either we have enough of an income stream to live on or we don't. Or maybe we have to squeeze our expenses to fit the income. But the plan would have to envisage more than five years to make any sense, unless we are convinced we will be dead by then.
I did not have, and continue not to have, any specific plan whatsoever. I just spend less than I take in, a life-long habit, and it works great.
I really like the way Escort Rider expressed it because it fits us too: "spend less than [we] make, a life-long habit, and it works great." I have no objections to the planning discussed here, but, in our case, living below our means has allowed us to always have enough to travel, give to others, live where we want, etc.
We have been blessed/lucky but living below our income just means that our nest egg just keeps growing; as a "plan," it's simplicity itself. There's no reason that we can't eventually "go to our rest" and leave a good amount of money for our kids' eventual retirement.
Were we big-time earners? No . . . just like Escort Rider, just a plain high school teacher.
I really like the way Escort Rider expressed it because it fits us too: "spend less than [we] make, a life-long habit, and it works great." I have no objections to the planning discussed here, but, in our case, living below our means has allowed us to always have enough to travel, give to others, live where we want, etc.
We have been blessed/lucky but living below our income just means that our nest egg just keeps growing; as a "plan," it's simplicity itself. There's no reason that we can't eventually "go to our rest" and leave a good amount of money for our kids' eventual retirement.
Were we big-time earners? No . . . just like Escort Rider, just a plain high school teacher.
Money Magazine use to feature personal success stories many who were teachers or govt employees. Very eye opening and motivating. MathJak was in but his circumstances were very different.
People have "retirement groups." I'd never heard of that before, but it sounds like a good idea. I think I'll check out "Meetup" and see if I can find one.
People have "Five Year Plans" that they seem to follow. I have a five year plan too, but plan to review and alter it every year on my retirement anniversary. Others probably do the same, but the way it is worded sound like people generally make a plan and try to stick to it.
People have "retirement groups." I'd never heard of that before, but it sounds like a good idea. I think I'll check out "Meetup" and see if I can find one.
People have "Five Year Plans" that they seem to follow. I have a five year plan too, but plan to review and alter it every year on my retirement anniversary. Others probably do the same, but the way it is worded sound like people generally make a plan and try to stick to it.
Timely adaptation is often key to the success of any plan. Continuous review and improvement in this case can take little monthly time
We've talked finally and projected a workable plan for about 5 years down the road, as to where and how we want to live (and prepare for that) in our 70s (we're 67 and 68 now). My retirement group has also been talking a bit about this kind of thing.
I already know: man plans and God laughs, and life can turn on a dime and all that, no need to repeat it.
Just wondering if anyone else here has a projected living plan, and how you came to the decisions you did, even knowing that you may well have to be flexible due to health, unexpected changes, etc.
I had a 5 year plan when I was 30 then that turned into a second 5-year plan that turned into a 3rd 5 year plan that became a 4th 5 year plan and now finally the 5th 5 year plan is working out well. At this point, whatever happens is fine. I tell the next generation you can't plan, you just work and save/invest and mind your own business and see what happens.
^^^ That's me. I had a few goals I wanted to meet regarding finances (pay things off, invest in 401 and IRA) that I got done.
Then the bottom dropped out when my mom's DH passed and it's been a mad scramble to downsize and move closer to her. That was the plan anyway before he passed.
Add to that a major health problem that makes our current house a problem. Fortunately we have the resources to relocate and regroup.
The next five years? Realize things can change on a dime and be prepared. Treasure every day.
Initially and still we wanted to continue our little tractor parts business like we are doing. Live out our days happy on the ranch with the animals and closer to family. Same plan for a long time, just a different ranch.
I had a 5 year plan when I was 30 then that turned into a second 5-year plan that turned into a 3rd 5 year plan that became a 4th 5 year plan and now finally the 5th 5 year plan is working out well. At this point, whatever happens is fine. I tell the next generation you can't plan, you just work and save/invest and mind your own business and see what happens.
I was never a planner in terms of where I'd want to live and what I'd want to do at this stage. Just so very busy raising kids, working, and dealing with aging parents. Not a moment to think of the future. It's kind of heady to have the time to contemplate the coming five to ten years. Of course no one knows what could possibly throw them off track or introduce totally unexpected events. In a thread I created a while back ("Five years ago I never could have imagined"), I and others told stories of how our lives became so different after surprises over five years. So those who say you cannot really plan have something there.
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