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Old 04-21-2015, 10:37 AM   #29
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Let me add what we did, I was 'forced' to retire from the military when I reached the 'ripe old age of 60'. It seems that they figured that at 60 we were too wore out to play any more. The wife retired two years after I did. While we did manage to save some money and invested wisely, we do not have unlimited income. Our income is now about 60% of what we used to make. House S&B is paid for and we will never get rid of it, it is nice to travel a little. Living in Alaska, it takes a little planning for our trips to the lower 48 States. We plan our trips for every other year, with several trips in Alaska the rest of the time. The wife likes to travel so she flies to different locations, so she travels more then I do. While there is plenty to keep me busy around our S&B, I also spend a 'fair amount' of time at our local indoor shooting range. While this 'kind' of' keeps me out of trouble, I do spend more time shooting, which is fun.
We draw some money out of our investments each month, but not enough the effect the base amount.
Retire when you can, spend wisely, enjoy life while you and always look forward!
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Old 04-21-2015, 10:43 AM   #30
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I retired at 60 and have never looked back. If you have the assets, go for it. You simply cannot bring the time back if you waste it now. Retire with a plan of what you're going to do, and do it.

You'll also find out is that you can live cheaper retired than working. No need for work clothing, travel to and from, union or assn dues, ect. Also taxes go down.
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Old 04-21-2015, 02:45 PM   #31
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I have heard from numerous retired folk living modestly with no debt $40,000 per year for 2 people is plenty. Any thoughts from all you retire's ?
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Old 04-21-2015, 03:33 PM   #32
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My DW and I retired last year. We live in the country and our house is paid for. As soon as we retired we both realized we spend less on gas, eating out (lunch at work), work clothes, etc. Not to mention no payroll taxes. I have a pension and my wife has a RRSP, similar to your 401k. I have free medical care in Canada plus I pay into a private health care plan that covers drugs, dental care and some things our universal healthcare doesn't provide for. I pay less taxes because my income is less and I can split my pension with my DW at tax time so we always get a refund. Are we rich, nope, but we're comfortable. We have a small Class C and use it as much as possible. The freedom is great. I purchased a small piece of land on a river years ago and I pick away at that when we aren't camping or doing something else. Would I go back to work? Maybe, but I am enjoying life with my wife and occasionally with ours kids when they visit. Be smart, stay within your budget and out of debt. We are all scared s***less at first but you'll get the hang of it. Good luck and safe travels.
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Old 04-21-2015, 08:39 PM   #33
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I'm 55 and counting the time we can retire, DW is 57 and will have lifetime medical through work until Medicare, so as soon as we can (hopefully within 3-5 years) we are going to retire. I hope she retires first and I will maintain my business remotely while we are traveling unless I feel the rate of return on selling my business offsets the rate of return I currently get from my income as a percentage of gross revenue.

We also have Long Term Care insurance, each have a pension although mine will be lower than hers, 401k each, and IRA's each.

We use an advisor from a World Wide firm, I did have a really poor advisor from a large US based firm, but I didn't listen to my gut and make the change as quickly as I should have. We pay a management fee (.6%) and feel it is worthwhile for the return and the advice we receive. I appreciate his guidance even on our 401k's which he gets nothing for his advice.

I would be interested in what percentage of preretirement income people are actually living on in retirement (realizing it will be different for everyone)? I figure I will want 85-100% of mine.
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Old 04-22-2015, 09:48 AM   #34
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Old 04-22-2015, 11:09 AM   #35
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I imagine there are a heap of retirement calculators available on-line that are set up for US conditions. Can be interesting to plug in some numbers and play what if and see when your money runs out.

BTW May be good for the kids' bank balances when you die, but it doesn't make a lot of sense to not draw down at least part of your principal over your expected lifetime.
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Old 04-22-2015, 09:22 PM   #36
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How long ones money will last depends on how much you have and how you are spending it. What are your fixed cost and what cost are going up over time. Your estimate is only as good as your true inputs.
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Old 04-23-2015, 01:51 AM   #37
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Stephen, I retired early but the wife being 9 years younger has a few years to go before her early retirement. I have always saved from a very young age and after all the years of delayed gratification it is hard to change old habits. Due to living modestly but enjoying life, I never had to worry about money. The serenity of not having to live in fear of being out on the street if I lost my job was worth more than any material possession in my mind. The more I saved the more secure the feeling and now it is very hard to get my head around spending any of my principal.
The wife was not like me in this regard but after 15 years of being together she slowly transformed into a saver.
We have an old mh that I had before I met my wife, which suits me fine and would probably just keep and maintain forever. Chris said no to that with the statement, "It is the one thing we spend money on and enjoy doing so you can forget about not getting a new motorhome. We are getting a new one for retirement, so you better start shopping now or you will see me drive home with a new one".
My dad was a saver and I followed his early guidance, but he did say retire as soon as you are able and enjoy life. He was afraid to retire, but after he did wished he had done it sooner and in retirement wondered how he ever made time for his job. His retirement motto became "If I can't eat it, sleep on it or ride in it, I don't want it". He disposed of his uneeded possessions and enjoyed his retirement.
So we will head off into retirement in I guess a new rv, but will otherwise still live very modestly with enough left in savings to live off the interest, so as not to terrorize me. We will also be disposing of a lot of uneeded possessions, because they become burdens. We will keep our home and do not plan to become full timers.
So like you I have the same problem and probably cannot change my ways to any great degree. Will be replacing the roof on our house this summer all the while thinking how much mh gas I can buy with do it yourself savings. Replaced my brothers roof last summer, but it keeps me busy and off the couch.

Kevin
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Old 04-23-2015, 07:53 AM   #38
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Interesting thread to read through. Thanks StephenW for starting and thanks to all those that responded with input. It made for some good reading, soul searching and now time to take some actions.

The wife and I are both 53 and if you had asked me 10 years ago I would have told you that I would be retired at 50. Of course the market crash dashed all those hopes. After losing 50% of the 401k, I shifted those investments to conservative funds because I couldn't stand the beating any longer. The worse part after taking the beating I was to nervous to jump back in and did not re-invest in more agressive funds until last year so I missed the rebound. I'm fortunate enough to have been in my IT job for 30 years (come August). I have both a pension & 401k and some company stocks. My wife is in sales and has job bounced throughout her career, she has multiple and much 401ks.

I would love to retire today but have too much debt, but I don't want to continue to work into my 60s. We plan to sell our home and buy somewhere we can use the equity in our current home to buy debt free. Not only will this allow us to reduce our mortgage expense but it will get us hopefully out of the expensive Northern VA area.

My dad retired at 50 making 1/4th what I make and nowhere near the retirement savings that I have. He did continue to do manage a piece of property for close to 20'years afterwards where he worked at his own pace and outdoors doing what he loved to do. He's now 82 and I still get him out in the woods hunting when he's up to it and isn't too cold for him.

We bought our first 5er in 2012, took me 14 years to convince the wife. We bought used not wanting to make a huge investment not knowing whether we would enjoy it or not. We did enjoy it. We had some issues with the unit and had to invest $3k or so in it then I noticed the roof was in really bad shape and needed replacing. Not wanting to spend more money on is aging unit we purchased a new 5er last year and we're loving it even more.

I just want to retire and enjoy life before I can't. I've seen too many coworkers leave this world way too soon before or shortly after retirement. I don't want that to be me.

Sorry guess I got sidetracked. Again this was a good thread to read and see the responses from everyone. I need to get off my backside and find a good financial planner to help guide me through all of this.
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Old 04-23-2015, 08:23 AM   #39
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Interesting thread to read through. Thanks StephenW for starting and thanks to all those that responded with input. It made for some good reading, soul searching and now time to take some actions.

The wife and I are both 53 and if you had asked me 10 years ago I would have told you that I would be retired at 50. Of course the market crash dashed all those hopes. After losing 50% of the 401k, I shifted those investments to conservative funds because I couldn't stand the beating any longer. The worse part after taking the beating I was to nervous to jump back in and did not re-invest in more agressive funds until last year so I missed the rebound. I'm fortunate enough to have been in my IT job for 30 years (come August). I have both a pension & 401k and some company stocks. My wife is in sales and has job bounced throughout her career, she has multiple and much 401ks.

I would love to retire today but have too much debt, but I don't want to continue to work into my 60s. We plan to sell our home and buy somewhere we can use the equity in our current home to buy debt free. Not only will this allow us to reduce our mortgage expense but it will get us hopefully out of the expensive Northern VA area.

My dad retired at 50 making 1/4th what I make and nowhere near the retirement savings that I have. He did continue to do manage a piece of property for close to 20'years afterwards where he worked at his own pace and outdoors doing what he loved to do. He's now 82 and I still get him out in the woods hunting when he's up to it and isn't too cold for him.

We bought our first 5er in 2012, took me 14 years to convince the wife. We bought used not wanting to make a huge investment not knowing whether we would enjoy it or not. We did enjoy it. We had some issues with the unit and had to invest $3k or so in it then I noticed the roof was in really bad shape and needed replacing. Not wanting to spend more money on is aging unit we purchased a new 5er last year and we're loving it even more.

I just want to retire and enjoy life before I can't. I've seen too many coworkers leave this world way too soon before or shortly after retirement. I don't want that to be me.

Sorry guess I got sidetracked. Again this was a good thread to read and see the responses from everyone. I need to get off my backside and find a good financial planner to help guide me through all of this.
All valid points and many of us have endured the same tragedys in the financial market. My 401 k is basically funded by me and the market is still scary and undependable. I stopped putting in last year and probably won't put any more in. The money I would put in I will use to pay down debt where it is actually generating more than the investments would. The government has it all figured out and we are not going to get anything out of this. So what, they give you a 15-25% discount on your taxes when you put it in, guess what when you take it out it will probably be more than that by the time you add your other income together. Don't forget SS is taxable. I have 4 years before I could do early retirement but the wife can file next year. I would rather kill my debt and know where my money went that watch it flitter away by some fund that is improperly managed or poorly invested.
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Old 04-23-2015, 04:40 PM   #40
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Not sure why "sorry" needs to be in there


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Our estate lawyer gave us some good advice when preparing our wills. He said the last 5 words of the will should be: "SORRY I SPENT IT ALL"
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Old 04-23-2015, 08:35 PM   #41
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Our estate lawyer gave us some good advice when preparing our wills. He said the last 5 words of the will should be: "SORRY I SPENT IT ALL"

I have told my kids that my will will consist of 10 words: "Being of sound mind and body, I spent it all."
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Old 04-24-2015, 02:15 AM   #42
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Yup! I, too, lost 50% of my 401k during the mortgage meltdown. Now I have farm income and better (conservative) investments.
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