IFish.net banner

61 - 80 of 104 Posts

·
Registered
Joined
·
7,688 Posts
Just a tidbit of data from when I retired the 1st time in 2000. The retirement system then showed the average payout term was 61 payments before death. That my friends is saying the average person when they pull the plug is DEAD in 5 years. I'm working at setting a new long term standard and pulled my 2nd retirement plug in 2013. I see too many people unhappy at their job or career but they don't know what else to do so they keep doing what they don't like. I'm one of those that like what I did, and also like the freedom of being retired. When I went into my second career I told my boss if I have three bad days in a row doing this my letter of resignation will be on your desk the 4th day.
 

·
Registered
Joined
·
9,069 Posts
the biggest thing to retirement is having good health and that can start right now. no sense in dreaming about retirement while having bad living habits as you are not likely going to be able to enjoy it even if you live to see it.


for most waiting until 66 is best to take s.s. as you lose too many of its benefits by taking it at 62 and by waiting your benefits go up by 8% a year you wait. most are not capable to make that much safely without risk.
 

·
Registered
Joined
·
1,628 Posts
Most people in my line of work, construction, are dead within 5 years after they retire. Body got too beat up over the last 40 years to enjoy life after work was done. Choose your careers wisely.
 

·
Registered
Joined
·
9,025 Posts
Invest in a daily walk if able. Keeps the blood pressure in check.
 

·
Registered
Joined
·
13,539 Posts
I've known more than a couple of people in my life who lived "beneath" their means, working their azzez off, scrimping and saving, and died withing 5-10 years of retirement. My dad never even made it to retirement.





Sent from my SM-G975U using Tapatalk
 

·
Premium Member
Joined
·
16,688 Posts
I've known more than a couple of people in my life who lived "beneath" their means, working their azzez off, scrimping and saving, and died withing 5-10 years of retirement. My dad never even made it to retirement.


Sent from my SM-G975U using Tapatalk
Which is worse: sacrificing a bit in order to build a nest egg or blowing every dime and struggling in retirement to survive? Most people don't know their sell by date. So do you make a plan or risk fate?

Hard physical labor wears your body out early as already mentioned. Soft office type work typically leads to poor physical condition and obesity. Both result in shorter life spans.
 

·
Registered
Joined
·
1,033 Posts
Thanks to all who are contributing on this thread. I’m 55 and trying to decide how many of the next five years to work before retiring. Not all of them I hope.
Get your self a good financial person. My in-laws got screwed in the beginning, then switched to a good advisor, via word of mouth recommendation. And last 20 years he has done good for them and grandma. 46yrs. old and I just set up a meeting with him to talk about retirement planning. Get some Roth's started, and see if 55 goal is realistic. It cost me big time not getting something started 10 years ago. He can't manage my 401k for me yet till I retire and convert it to an IRA, but general investment advice from him 10 years ago would have been very beneficial for me and him.
I really like watching the wise money show on you-tube. I find it's been helpful.
 

·
Registered
Joined
·
444 Posts
I've been retired for 2 weeks now, I'm 55 and my wife and I have been working to a plan for 23 years to get to this point.
We have a very firm grasp of our expenses and spending habits so our retirement income needs are based on this. Others have mentioned this and it's the most critical bit of information you need. There's no set amount of money that fits everyone or a withdrawal rate either.
The next bit is about knowing where your income and expenses will be in the future. I'm overly analytical and used a simulator called Flexible Retirement Planner that allows me to model many different scenarios and run Monte Carlo analysis of every scenario I could come up with. I was shooting for 95% or better likelihood of not running out of money to age 95. Or in other words, it's highly likely we will have money left over at the end.
The only scenario I ran into that we ran out was a long term stay in a nursing home (not assisted living) as they are very expensive. Investment strategies, inflation, SSI, and even changes in spending had small impacts to our plan given how conservative our approach was.
If you're not interested in doing the analysis yourself, understand your budget and work with your brokerage to discuss retirement plans and needs. All of them that I know of will do this for you and you'll need a brokerage at some point to roll over a 401(k) or other plan. It's never too soon to look into it. And it can be complicated based on your situation, but it's better to know where the problems could be than to go in on some rule of thumb.
 

·
Registered
Joined
·
9,025 Posts
I've been retired for 2 weeks now, I'm 55 and my wife and I have been working to a plan for 23 years to get to this point.
We have a very firm grasp of our expenses and spending habits so our retirement income needs are based on this. Others have mentioned this and it's the most critical bit of information you need. There's no set amount of money that fits everyone or a withdrawal rate either.
The next bit is about knowing where your income and expenses will be in the future. I'm overly analytical and used a simulator called Flexible Retirement Planner that allows me to model many different scenarios and run Monte Carlo analysis of every scenario I could come up with. I was shooting for 95% or better likelihood of not running out of money to age 95. Or in other words, it's highly likely we will have money left over at the end.
The only scenario I ran into that we ran out was a long term stay in a nursing home (not assisted living) as they are very expensive. Investment strategies, inflation, SSI, and even changes in spending had small impacts to our plan given how conservative our approach was.
If you're not interested in doing the analysis yourself, understand your budget and work with your brokerage to discuss retirement plans and needs. All of them that I know of will do this for you and you'll need a brokerage at some point to roll over a 401(k) or other plan. It's never too soon to look into it. And it can be complicated based on your situation, but it's better to know where the problems could be than to go in on some rule of thumb.
Yup. Edward Jones will also run this same analysis for you.
(I am no fan of Edward Jones btw.)
 

·
Registered
Joined
·
5,662 Posts
If I can chime in, I for one, had thought I had a great income at age 65, debt free, rental income IRAs, Roths, and one ting i had not prepared for is a spouse becoming incapacitated, bedridden, and have to hire caregivers, and equipment to keep a spouse in a state of well being is NOT cheap, so as we age be aware that a time may come and sooner than you think, a hit from bad health can strip your fun toys away from you in a heartbeat, and if I pass before my wife she will have to go into a assisted living/nursing home, so a time will come to sell IRAs, Rentals, Home.
My Cousin's parents were well off, and when it was all over he had to settle his moms estate, which was a paper bag of clothing, and that was it................
 

·
Registered
Joined
·
13,539 Posts
Which is worse: sacrificing a bit in order to build a nest egg or blowing every dime and struggling in retirement to survive? Most people don't know their sell by date. So do you make a plan or risk fate?

Hard physical labor wears your body out early as already mentioned. Soft office type work typically leads to poor physical condition and obesity. Both result in shorter life spans.
Definitely a balancing act.

You can't take it with you, unless you buy a gold coffin ;-)

Sent from my SM-G975U using Tapatalk
 

·
Registered
Joined
·
2,947 Posts
If things continue as they are going we'll make it to the end. Now my wife is 9 years younger than me so she will be good to go.


The 5 kids will have a good chunk and will probably spend it all. We were pretty careful with our savings.


fop
 

·
Registered
Joined
·
3,898 Posts
I've known more than a couple of people in my life who lived "beneath" their means, working their azzez off, scrimping and saving, and died withing 5-10 years of retirement. My dad never even made it to retirement.


Sent from my SM-G975U using Tapatalk
Which is worse: sacrificing a bit in order to build a nest egg or blowing every dime and struggling in retirement to survive? Most people don't know their sell by date. So do you make a plan or risk fate?

Hard physical labor wears your body out early as already mentioned. Soft office type work typically leads to poor physical condition and obesity. Both result in shorter life spans.
how bout in the middle ,kicking the hacky sack in a park ,torchin a blunt and designing some cardboard signs ,need gas ,outta food ,dogs hungry ,god bless .Its hot out in the sun hopefully there’s some shade in the park .Ok time for a break ,this sign is heavy .
 

·
Registered
Joined
·
2,372 Posts
Discussion Starter #75
Every little bit helps.
 

·
Registered
Joined
·
2,977 Posts
I have 22 working days left to full retirement at age 61. Debt free, vehicles, boat, rv, house all paid for. One bonus for me is free VA healthcare and the wife’s healthcare is paid for. Going to hold off on taking SS and wife’s pensions as long as possible. Peeled back risk exposure to stocks considerably.

When I see younger people going deep into debt with big truck and boat payments, I have to shake my head.
 

·
Registered
Joined
·
13,539 Posts
how bout in the middle ,kicking the hacky sack in a park ,torchin a blunt and designing some cardboard signs ,need gas ,outta food ,dogs hungry ,god bless .Its hot out in the sun hopefully there’s some shade in the park .Ok time for a break ,this sign is heavy .
Don't worry, looks like there's lots of free money coming for everyone.

Sent from my SM-G975U using Tapatalk
 

·
Registered
Joined
·
2,008 Posts
The number the last financial advisor threw at me was 3 Million combined net worth for me and the wife. 4-5 if we wanted to live really well. And he stressed NET worth, that the debt needs to be gone...no college debt for the kids, mortgages and so on. He also said we should have about 6 months of living expenses in cash or savings in case of a crisis.

He also strongly recommended that we have good STD/LTD insurance, but with good cash on hand we could lower our other insurance premiums by increasing deductibles.

I'm not depending on Social Security.
 

·
Registered
Joined
·
37,358 Posts
444.... I agree with your advisor's numbers and strategy.... sort of. Net worth is misleading as not all of it can provide income. At least 75% of a person's net worth should be in the form of investments with the ability to provide income.
 

·
Registered
Joined
·
682 Posts
I spent a couple of months in Bucarias Mexico in 2019 . 1000’s of Canadians have retired there living on as low as $25k a year. They couldn’t afford to live in their own country in retirement with any quality of life. They all said the same thing. Had they known they would not have voted the same way all those years. Something I have always tried to teach my kids, there is always a reckoning for the descisions you make. No crying when you don’t like them.
The main sewer pipe in town broke right in down town . It pumped sewage for a week straight into the bay. The oyster farmers would go out a harvest the oysters 100 yards from the end of the pipe and the Canadians would eat them in the restaurants that night because they were cheap.
 
61 - 80 of 104 Posts
Top