Retirement plan status
10-06-2017, 06:35 AM
#121
Having been retired 16 years, I'll add my 2 cents.
Workaholics will not enjoy retirement. They will be bored to death. People with lots of outside interests and hobbies 'while' working will make an easy transition. Those who only dream about doing something they never find the time for while working may be in for a surprise; they may find they don't really have all the motivation or time. What no time? Grandkids are a factor that really take up a lot of time for several of my retired friends - and factored into changing their dream.
When both parties are fortunate to have good health retirement is joy no matter where you go or what you do. People who want to travel non-stop around the country and the world better have a big nest egg.
Many people can't wait to move when they retire; hopefully they have moved a few times before because not everyone easily adapts at starting over in new surroundings - there's a big difference from enjoying a few weeks in a new location to actually living there. We have retired friends who moved out of state only to later return. In fact, having lots of friends and family nearby is a very good reason to stay in the same area even if you downsize.
Everyone worries about having enough money to retire no matter how much income/savings you have. We know dozens and dozens of retired couples from income brackets that span from not much to way-too-much. Out of that entire group I am only aware of one person who went back to work because they could not make ends meet.
I strongly believe entering retirement pretty much debt free is a key. We had zero debt when I retired - the house and all the cars were paid for. We eat out and travel way more then we ever did when we were working. We have made major improvements to the house as I soon discovered when you are home every day you find things to improve upon like landscaping, remodeling, etc., provided you can afford it.
Personally, I have never had a single second where I doubted making the decision to retire. Hopefully, when you do, you will feel the same way.
Workaholics will not enjoy retirement. They will be bored to death. People with lots of outside interests and hobbies 'while' working will make an easy transition. Those who only dream about doing something they never find the time for while working may be in for a surprise; they may find they don't really have all the motivation or time. What no time? Grandkids are a factor that really take up a lot of time for several of my retired friends - and factored into changing their dream.
When both parties are fortunate to have good health retirement is joy no matter where you go or what you do. People who want to travel non-stop around the country and the world better have a big nest egg.
Many people can't wait to move when they retire; hopefully they have moved a few times before because not everyone easily adapts at starting over in new surroundings - there's a big difference from enjoying a few weeks in a new location to actually living there. We have retired friends who moved out of state only to later return. In fact, having lots of friends and family nearby is a very good reason to stay in the same area even if you downsize.
Everyone worries about having enough money to retire no matter how much income/savings you have. We know dozens and dozens of retired couples from income brackets that span from not much to way-too-much. Out of that entire group I am only aware of one person who went back to work because they could not make ends meet.
I strongly believe entering retirement pretty much debt free is a key. We had zero debt when I retired - the house and all the cars were paid for. We eat out and travel way more then we ever did when we were working. We have made major improvements to the house as I soon discovered when you are home every day you find things to improve upon like landscaping, remodeling, etc., provided you can afford it.
Personally, I have never had a single second where I doubted making the decision to retire. Hopefully, when you do, you will feel the same way.
10-08-2017, 05:35 PM
#122
13 years away. This has been the worst school year since moving to Idaho. Actually thinking of moving backwards in my career and back to the classroom. Unappreciated and don't want to go to work any longer. Anyone care to give me the winning lottery numbers for this month?
10-09-2017, 06:52 AM
#123
13 years away. This has been the worst school year since moving to Idaho. Actually thinking of moving backwards in my career and back to the classroom. Unappreciated and don't want to go to work any longer. Anyone care to give me the winning lottery numbers for this month?
10-24-2017, 07:18 AM
#125
Thread Starter
I spoke with my accountant yesterday. I laid out my spending expectations in retirement and all of my assets. He said I can retire right now if I want to. My biggest problems are updating my estate plan, which he wants me to do this year, and drawing money in a way that minimizes my tax liability.
10-24-2017, 07:37 AM
#126
I spoke with my accountant yesterday. I laid out my spending expectations in retirement and all of my assets. He said I can retire right now if I want to. My biggest problems are updating my estate plan, which he wants me to do this year, and drawing money in a way that minimizes my tax liability.
I hope to hear the same news as I approach that time. I'd like to have the choice on my schedule.
10-24-2017, 07:38 AM
#127
Since I had a major change in my life this year (divorce), my current financal advisor does not want to do any crazy changes. My TSP (Federal 401K - government employee) is looking really nice, seeinf that I only started it 7 years ago. My ouside retirement accounts, that my current advisor is managing, have enjoyed the uptick in the market we've seen this year.
With a planned exit from the workforce in 13-15 years, it looks like I'm on track to be debt free (house and car too!), so I can travel like I want to!
With a planned exit from the workforce in 13-15 years, it looks like I'm on track to be debt free (house and car too!), so I can travel like I want to!
10-24-2017, 07:39 AM
#128
Thread Starter
Still not sure when it will happen...
10-24-2017, 07:50 AM
#129
I spoke with my accountant yesterday. I laid out my spending expectations in retirement and all of my assets. He said I can retire right now if I want to. My biggest problems are updating my estate plan, which he wants me to do this year, and drawing money in a way that minimizes my tax liability.
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S1997 (10-24-2017)
10-24-2017, 08:15 AM
#130
I see you folks, mentioning advisors, are you speaking of personal financial advisors/planners who review your $ and advise what your next step should be? Are you speaking of a financial advisor, who also manages your money? Or are you speaking of an advisor with a brokerage firm you may use who might advise as to how to keep your $ diversified and perhaps a better balance of funds/stock, bonds, with less risk as you get older?
I think Dave/dlq mentioned he looked into that (financial advisor/planner) and didn't go that route. Our advisor at the company that has our 401/IRA offered to do some financial planning for us, but I tossed those forms when I saw them. There were just too many variables that are unknown to be able to answer those questions and get an accurate idea of what to expect down the line. We've also been offered one kind of account which would manage the money in the retirement accounts with no trading fees, but an annual percentage based on our account balance. No thanks on that too.
We know what we own, and what we owe (we don't owe much). We have a good idea of our living expenses, and what it costs to stay in our home, taxes, utilities, insurance. We have always lived within our means. We will continue to do so and work at keeping our hard earned money well balanced to minimize risk. Right now, we don't plan on paying a financial planner or allowing anyone to manage our money, We'll see if that changes in the future. My Dad always advised me to "never say never."
I think Dave/dlq mentioned he looked into that (financial advisor/planner) and didn't go that route. Our advisor at the company that has our 401/IRA offered to do some financial planning for us, but I tossed those forms when I saw them. There were just too many variables that are unknown to be able to answer those questions and get an accurate idea of what to expect down the line. We've also been offered one kind of account which would manage the money in the retirement accounts with no trading fees, but an annual percentage based on our account balance. No thanks on that too.
We know what we own, and what we owe (we don't owe much). We have a good idea of our living expenses, and what it costs to stay in our home, taxes, utilities, insurance. We have always lived within our means. We will continue to do so and work at keeping our hard earned money well balanced to minimize risk. Right now, we don't plan on paying a financial planner or allowing anyone to manage our money, We'll see if that changes in the future. My Dad always advised me to "never say never."