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Old 09-27-2022, 10:28 PM
 
64 posts, read 29,140 times
Reputation: 272

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Quote:
Originally Posted by whateverblahblahblah View Post
I was planning on retiring in 5 years or so, but now it looks like it will be more like 10 years since inflation has shot up and the stock market has gone down the toilet. From what I've read, it looks like things will suck for at least the next couple of years, possibly longer, especially if the economy craters. About a year ago, I penciled in 2027 for my retirement year but that just isn't happening unless a miracle occurs.

I've hated working for decades. I hate waking up at an ungodly hour, fighting traffic for 3 hours a day round trip, staring at boring things that I don't care about on a monitor for 8 hours a day, and wearing a fake smile around bosses and coworkers who I don't particularly like and would rather not deal with.

I've been in a bad mood lately, but I figure it's beyond my control, so why worry about it?
whateverblahblahblah
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Old 09-28-2022, 12:30 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
31,621 posts, read 52,074,517 times
Reputation: 40383
Quote:
Originally Posted by Serious Conversation View Post
At 36 with "below the curve" retirement savings, ...
I'm doing better than most, as it is. At six figures in a low COL area, no kids, with a very low house payment, and no debt other than the house/car payment, I'm doing better than probably at least 90% of people my age that I know. With any luck, the car will be paid off in about two years.

I'm likely too old to get the investment returns needed to have a comfortable retirement. ....
based on six figures in a low COL area, no kids;
1) Remind us again of your budget and monthly spend. IIRC, you spend about 10x more on food alone what I do / did for feeding my entire family.

2) Car payments? on six figure income? I had car payments once for about 16 months. I was making $1.50/hr, that was the LAST time I had car payments. (for good reason)

3) Age 36 too late? At age 39, we took ALL our wealth / equity investments and donated them into a family trust for lifetime perpetual gifting. Then we STARTED OVER saving for retirement on a single earner income that never saw north of $60k (raising a family, caring for disabled parents,). We made it to 'retirement' savings goals and departed wage income before age 50, again, on a single hourly wage income (And using some investment and savings diligence and sense)

We still spent very little on expenses (by choice) so we can give more away. But we travel 50% + of the time (our enjoyment and volunteer contributions).

Life is SO easy for us!
And we are very grateful.
With 6 figures, x2, we would have been DONE working by age 35, and still met our objectives to give more away than to keep for ourselves.

No kids!!! wow, a cake walk. (maybe more like walking on the CLOUDS!)

BTW, there is NO NEED to save for retirement. Just replace your income with an inflation adjusted income source. Poof... done working! Age 12, or age 36. Don't wait, you could be dead tomorrow. Invent something, design a productive app, buy a business, find a lucrative investment, be a principle for a start-up that is gonna sell for $xxm, find a rich uncle, move overseas. Huge opportunities these days.
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Old 09-28-2022, 12:18 PM
 
3,911 posts, read 3,398,163 times
Reputation: 9981
Quote:
Originally Posted by Serious Conversation View Post
At 36 with "below the curve" retirement savings, my best bet seems to be to try to find a state job in a blue state, a federal job, or any other state job with pension benefits, probably in that order. I've basically given up on being able to retire off of defined contribution plans.

I'm doing better than most, as it is. At six figures in a low COL area, no kids, with a very low house payment, and no debt other than the house/car payment, I'm doing better than probably at least 90% of people my age that I know. With any luck, the car will be paid off in about two years.

I'm likely too old to get the investment returns needed to have a comfortable retirement. I've lost a lot of money. I wasn't able to save much until I was 30. 36 is way different than 22, but I couldn't find meaningful, stable work until I was basically 30. I had my first "career-track" job at 27, but people were cycling through left and right.

The issue is that, if anything outside of the "ideal scenario" happens, you're really struggling.

These losses, and some other things, are also causing my previously right-wing politics to shift a bit left on some issues. I can't see myself voting for Biden over DeSantis, but I could maybe hold my nose and vote for Biden over Trump at this point.
You are 36 and think it is too late to save for a comfortable retirement? Nonsense, you have 25-30 years to invest. Plenty of time to secure a solid retirement income.
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Old 09-28-2022, 12:56 PM
 
14,178 posts, read 12,886,463 times
Reputation: 22672
No delays, no depression.
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Old 09-28-2022, 01:16 PM
 
Location: Omaha, Nebraska
10,073 posts, read 6,975,856 times
Reputation: 26788
Quote:
Originally Posted by jasperhobbs View Post
You are 36 and think it is too late to save for a comfortable retirement? Nonsense, you have 25-30 years to invest. Plenty of time to secure a solid retirement income.
Serious Conversation is in danger of psyching himself out of a decent retirement by paying too much attention to market swings. He needs to put the economic news on ignore and keep contributing to his retirement plans!
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Old 09-28-2022, 02:21 PM
 
9,990 posts, read 10,739,468 times
Reputation: 15361
Not thrilled with my portfolio being down. But it doesn't change my retirement timeline of anywhere from this coming Feb 2023 or until Dec 2023.
1) I'll make what I have work.
2) I actually am interested in seasonal work, anyway. So plan to do some part-time work.

My main question is whether and how far to draw down my money to delay Sec Sec. Or take Soc Sec early at age 63 or 64. FRA is 67. And I know for true -- as Louisiana cook Justin Wilson used to say -- that' I'm not working until 65, let alone 67.
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Old 09-28-2022, 02:42 PM
 
Location: The High Desert
14,608 posts, read 8,555,570 times
Reputation: 28296
Quote:
Originally Posted by Aredhel View Post
Serious Conversation is in danger of psyching himself out of a decent retirement by paying too much attention to market swings. He needs to put the economic news on ignore and keep contributing to his retirement plans!
There are good days and bad days and you will drive yourself nuts hanging on each swing. Set long term goals and stick with it. Get a reputable financial advisor if you need to and let them watch the swings.
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Old 09-28-2022, 09:36 PM
 
Location: TX
27 posts, read 14,673 times
Reputation: 95
Quote:
Originally Posted by elnrgby View Post
Yes exactly, they are deferred fixed annuities. I bought more and more annuities from my savings (as I earned thise savings), so my annuities are kind of a patchwork. Oh dear... I have told the story so many times here that it getting difficult to keep repeating ... anyway, I am a single woman without kids, do not need to leave inheritance, and I think that is the optimal situation for annuities. You also need fairly solid savings, because annuities are not cheap..

I did know the basics of your story from prior posts, but not all the details of how you have the annuities set up. I appreciate you taking the time to share those details, I think the way you have it set up is great. I personally would rather have that type of income stream, instead of worrying about market returns and account balances and withdrawal percentages when I'm older.
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Old 09-28-2022, 10:34 PM
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
11,657 posts, read 5,798,480 times
Reputation: 8598
Quote:
Originally Posted by jbgusa View Post
It's not my wish at all. Just reality.
Quote:
Originally Posted by matisse12 View Post
So many people who post in Retirement forum think they will live into their 90's.

A good number even think it is the norm to live into one's 90's.

rampant wishful thinking.
For wife and I, it is a reasonable assumption to live 90+. We may not like it but it is prudent to assume 90+.

current age 72/75
Father died nearly 4 years ago, @99.5yr. Veteran.
Mother died 8 years ago, @97.5
FIL @90, veteran.
MIL @95.
Both sides are longlived families.

Bought deferred annuities at 59/62, 2008. More annuities upto 2018.
All parents then +88.
Our deferred annuities optimized theoretically at 10years (GLWB Variable with guaranteed stepups)(no longer available in that form). Theoretically, our annuities' cashvalue depletes at ~14-17 years or ~85-88, from first withdrawal (these are hybrid annuities and we 'withdraw' and not annuitize).
We also have a set of deferred Fixed-index GLWB annuities that theoretically run to $0 at ~10years, age 80.
If we live past live past the theoretical mortality dates, we will be money ahead, non inflated money...
Regardless of the Market.

As one poster said, "too complicated" and "would never buy one" and "would never recommend them to anyone. "

YMMV
YAMV
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Old 09-28-2022, 11:20 PM
 
64 posts, read 29,140 times
Reputation: 272
Quote:
Originally Posted by whateverblahblahblah View Post
I was planning on retiring in 5 years or so, but now it looks like it will be more like 10 years since inflation has shot up and the stock market has gone down the toilet. From what I've read, it looks like things will suck for at least the next couple of years, possibly longer, especially if the economy craters. About a year ago, I penciled in 2027 for my retirement year but that just isn't happening unless a miracle occurs.

I've hated working for decades. I hate waking up at an ungodly hour, fighting traffic for 3 hours a day round trip, staring at boring things that I don't care about on a monitor for 8 hours a day, and wearing a fake smile around bosses and coworkers who I don't particularly like and would rather not deal with.

I've been in a bad mood lately, but I figure it's beyond my control, so why worry about it?
why hate life? feel grateful to have a job to go to, lucky to have coworkers and bosses, and enjoy the driving. after all, you are the one that is responsible for this for you
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