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I couldn't agree more. That's why I'm always reluctant to ask financial questions here and usually avoid doing so. Some people do turn what could be a simple answer to a simple question into something much more difficult than it needs to be.
It was very refreshing to see a simple question about what to do with $100,000, not 2.7 million and shockingly no one even said to work longer and harder until you drop dead, LOL.
If I have to hear the name FIRECALC .... ONE MORE TIME!!!
We should keep this thread going for the retirees who are neither jillionaires nor living on very tight budgets. I am like the OP. Retired, with a sufficient income, but interested in saving and investing some it of it.
Just did not have this opportunity earlier in life.
We should keep this thread going for the retirees who are neither jillionaires nor living on very tight budgets. I am like the OP. Retired, with a sufficient income, but interested in saving and investing some it of it.
Just did not have this opportunity earlier in life.
Yes. OP here, and my situation is like yours.
We seemed to be struggling financially, or at best just getting by with no comfort margin, for most of our pre-retirement life. Yes, we made some quality-of-life choices that certainly did not maximize our income or allow for any real savings. I stayed home with the kids and homeschooled them until they were young teens. My husband pursued a creative career instead of something sensible and reliable. Fortunately he worked enough in his field to support us when I wasn't working and he belonged to a union. (Thank heavens for that!!!) And we loved our free, creative, less structured life. I would not do it differently if I had to do it over again.
We always lived within our means, found fun and adventure that was free or close to it, made sure the kids were academically and otherwise accomplished enough to finish college without debt, and got lucky by buying an old tiny fixer upper in a town that later saw house prices go completely bonkers. When we retired we sold it and moved to a lower cost of living area where we bought the new house (a much nicer house) for cash.
So surprisingly to us, when we retired fairly recently we found ourselves in much better and more comfortable financial shape than we were before. And we've been able to actually save money while not really cutting back on anything at all and even indulging in a little pay-for fun like theater tickets and weekend trips. Maybe it's because we're so conditioned to living simply that we just don't have that much unmet desire that requires a lot of dough. LOL. Anyway, it's very nice now to not be under the same financial pressure we'd lived with for so long.
We do have, though, that sweet little ball of not-a-lot of money and I am learning, through the helpful advice of people on this forum, some of the wiser things I can do with it rather than just let it sit in a savings account, especially since we still are able to continue adding to it with little dollops each month from our retirement income.
I agree. When I was asking, I got the usual responses with a lot of terminology and blah blah blah that was way above what I needed to know as a beginner. They didn't want to help me but rather just couldn't resist showing off what such financial wizards they are. Apparently they don't know much about communication and applicability, though. It may just be that they are so deep into the investing world that they don't even realize that they make no sense or what they are saying is useless to a beginner.
But I also had great people on this forum give me advice about helpful websites and what not to even bother looking at as a beginning investor at this stage of life. You don't want to waste a lot of time researching information that you will never use and that is best left to those financial wizards.
I am glad you asked the question again because now I know about I Bonds, and that is useful to me.
MQ, I have found that the mid-day NYPL virtual webinars/classes can be a treasure trove for beginner investors. Sometimes, it gets complicated, especially when viewers ask questions, but if you stick to the "beginner" type of topics you can be steered into the right direction. This is where I learned about IBonds, which are apparently better than the old EE bonds that we used to give as gifts. For now, all of the classes are offered online and you don't need a NYPL card to register. They will probably start their spring series of classes soon. Check out the websites for FINRA, NAPFA and Investopedia which offer their own beginner courses.
MQ, I have found that the mid-day NYPL virtual webinars/classes can be a treasure trove for beginner investors. Sometimes, it gets complicated, especially when viewers ask questions, but if you stick to the "beginner" type of topics you can be steered into the right direction. This is where I learned about IBonds, which are apparently better than the old EE bonds that we used to give as gifts. For now, all of the classes are offered online and you don't need a NYPL card to register. They will probably start their spring series of classes soon. Check out the websites for FINRA, NAPFA and Investopedia which offer their own beginner courses.
If I have to hear the name FIRECALC .... ONE MORE TIME!!!
There is a reason it is the most popular retirement planning tool and a reason planners use the math and logic behind it even in their own proprietary software…
It is based on accepted retirement standard practices by bill bengen and also the trinity study but uses the Schiller data set that goes back to 1871 instead of starting at 1926
Get used to it , when retirement planning is discussed it is wise to understand why you will always see it referenced .
Last edited by mathjak107; 01-29-2022 at 03:51 AM..
There is a reason it is the most popular retirement planning tool and a reason planners use the math and logic behind it even in their own proprietary software…
It is based on accepted retirement standard practices by bill bengen and also the trinity study but uses the Schiller data set that goes back to 1871 instead of starting at 1926
Get used to it , when retirement planning is discussed it is wise to understand why you will always see it referenced .
That sounds like some of the regulars in my R&S forum niggling over finer points of theological differences.
Most people's eyes glaze over and they move on to the next thread, just like here!
That sounds like some of the regulars in my R&S forum niggling over finer points of theological differences.
Most people's eyes glaze over and they move on to the next thread, just like here!
Not surprising .
Most people put more effort in to buying a refrigerator, a car , researching a restaurant, then they do in learning about something as important as their finances.
Then when they lag or don’t meet their goals or needs it’s everything and everyone else’s fault.
Those who have an interest or want to learn will do so and research things that are discussed if they don’t follow along , the rest will glaze over and just never bother to learn, especially if it is financially related.
I know when I see something posted I don’t understand which seems like it’s important I will try to research it elsewhere and see if it is important to me
Last edited by mathjak107; 01-29-2022 at 06:58 AM..
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