Preparing for Retirement

Discussion in 'Preparedness' started by Riverpirate, Jan 10, 2017.

  1. Riverpirate

    Riverpirate Supporter Supporter

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    The older I get the more I stress over retirement...since I have already had a heart attack, I might not live long anyway but....suppose I do? Do I have enough money put back?

    That is one of the things I like about bushcrafting so much. It really is about minimizing what we need. The way I look at it is if I get really proficient with my skills, I will need less to live on when I retire.

    So when someone asks me why I spend so much time doing this and buy stuff for it, I now have an excuse.......I AM WORKING ON RETIREMENT!
     
  2. lodge camper

    lodge camper Scout

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    'do not worry for tomorrow for tomorrow will take care of itself'...especially if you're geared up!
     
    Last edited: Jan 10, 2017
  3. Swampfox

    Swampfox Scout

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    Don't know if this helps, but my wife and I always based our budget on my take home pay. Then anything she made went in the bank, or an IRA. We never lived beyond our means and are perfectly happy. We aren't fancy folk, as I'm sure most people here aren't either. You could always speak to a financial adviser if that might help.
     
  4. Riverpirate

    Riverpirate Supporter Supporter

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    Oh I am debt free at 56 so....
    My point is more that I shouldn't need as much to live on.
     
  5. central joe

    central joe Guide

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    Since I retired I need less, spend less and enjoy life more. The biggest problem for me is boredom, but a little woodwork or a walk in the woods cures that. The downside is that now I don't have a regular sleep schedule, but i'm happy with it. It's good to do a little planning for retirement but don't dwell on it. joe
     
  6. GreyOne

    GreyOne Elder Lifetime Supporter

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    Retirement tends to lower expenses, less gas and mileage on vehicles, less on clothing, less eating out on the run, etc. etc. I think if you re budgeted to have 80 percent of current takehome after retiring, you will find things balance nicely. Being able to go camp out and spend a week is a lot cheaper vacation too. Just have a reserve fund, for emergencies.
     
  7. blind & lost

    blind & lost Supporter Supporter Bushcraft Friend

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    I retired 5 months ago, and love it. Take a nap after lunch if I feel like it. Get up early or sleep in. Take walks, play with grandkids, get enjoyment out of tasks which seemed to be a pain when I was working. If something breaks, not as stressed about time trying to hurry up and fix it. My advice to anyone, retire as soon as possible. Don't miss work at all, just some of the people. YRMV.
     
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  8. gila_dog

    gila_dog BCUSA Friend Bushcraft Friend

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    The main thing, even more important than accumulating money, is getting, and staying healthy as you go into retirement. The money always seems to work out, somehow. But taking health problems into retirement will really take the fun out of things. Good luck, and don't sweat the money.
     
  9. chasntuna

    chasntuna Guide

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    I'm 43 and have a long way to go before I retire, but none the less, I'm thinking about it almost daily. Part of me doesn't know how I'll handle not working, though that may change in the next 20+ years. The other part of me wants it to happen now so I can do more of what I want. This thread has really got me thinking about health though (thanks). I haven't had the greatest year healthwise, though nothing major - it really makes you wonder what condition one would be in, in another 20 years. As far as income, I think I'll momma and I will be OK, steady 401K, savings and a good job with the same company for the last 23 years so if I keep that going we should be fine. My goal is to be 100% debt free (mortgage, etc) by 55. All we have now is 1 car and mortgage. I do however, want to buy some land and build a modest place and if I stick to plan, still debt free at 55. 2 kids and college coming up though are the wild cards, hopefully scholarships will float them. Right now though - health is on the forefront and 2017 will be the year I really start to take control of that aspect of my life because without it, nothing else matters.
     
  10. gila_dog

    gila_dog BCUSA Friend Bushcraft Friend

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    A lot of the retirees I know, and myself, wonder where we ever found time to go to work every day. If you live in condo in the city and all you have to do is watch TV, waste time on the internet, or go out and spend money, then it could get really boring. But if you live out in the countryside and have to fix fences, cut firewood, dig around in a garden, go for hikes, teach grandkids bushcraft skills, etc, you will never have time on your hands. And it will be easier to stay healthy (as long as you're careful with that chainsaw).
     
  11. perrymk

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    I have 3 years, 6 months, and 16 days until I retire. I might stay an additional year but I suppose that decision can be made later. I can't think of what would make me want to stay longer than that.

    My financial situation is such that I won't be shopping at a Cadillac dealership for a new car but I should be able to keep myself in modest Chevys. I like my little Sonic hatchback anyway. My health is excellent save for some minor structural damage from the indiscretions of a sometimes misspent youth, but I wouldn't trade the experience. I walk 3 miles per day with a pack and figure as long as I do that I should be able to keep doing that. Plus some weights and calisthenics and longer walks on the weekend.

    Some days its all I can think about. Hiking, gardening, volunteering, learning new skills, even yard work (as long as its my yard).
     
  12. arleigh

    arleigh Guide

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    a few years before retirement I began storing food for long term and glad I did .
    Not just food a lot of other things as well.
    It's no fun running out of money before the end of the month.
    Spare gasoline and propane and other regular needs and making sure that if I draw from them to restore them ASAP.
    In 5 years now I've gotten into that reserve at least 100 times or more , but i still maintain the habit of seeing to that the are maintained rotated and improved if I can.
    Canned foods last longer than best by dates ,
    and a host of other preservative methods are important to learn.
    Start now.
    the dollar value will always diminish and the SS check will shrink , bank on it.
     
  13. UAHiker

    UAHiker Supporter Supporter

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    i'm not even 40 but in my late 30's and i'm looking forward to retirement. i've got a 529 taken out for my two sons and have been fully funding that since my oldest was a month old (he's now 3), i've got a roth ira that's been fully funded since i got real 1st job out of college, i've been fully funding my 401k at work an ira from my previous companies 401k's, my wife's a few year behind me on the roth but has been doing the same with her 401k. plus we are debt free and less than 2yrs away from having NO mortgage. we also have around a 6 month emergency fund. we have no credit cards and literally don't buy anything unless we have CASH for it, that's right the good old green back. our plan is to retire when we are 55 or as soon as we can. oh and we aren't counting on SS for retirement, it's all on our own because we know there won't be much if not very little in SS for us when we retire.

    i'm not worried about being bored during retirement as i have plenty of hobbies to keep me busy and we are planning on traveling when we retire as well.

    as dave ramsey says we are "trying" to "live like no one else, so you can live like no one else" if you don't follow him he's saying life today like no one else so later in life (retirement) you CAN live like no one else.
     
  14. Ol Grizz

    Ol Grizz Scout

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    My "plan" is a little different than some but it works for me. I am self-employed, have been for some years, and enjoy what I do as a main gig (content writing for businesses). But I also write for magazines occasionally and have considered writing some non-fiction books. I also have a couple of side gigs unrelated to writing that provide some steady, if modest, income as well. Additionally I live on a small farm so have a huge garden and chickens (nothing larger yet but it has been discussed). My property borders a state forest and deer use my land as a highway so I hunt as well. Lots of small lakes in the area so I fish considerably in the non-ice seasons. When I did work for wages I was able to start and fund an IRA and have continued funding it. My mortgage will be paid off in a couple of years. I figure as long as I am physically and mentally able to continue what I'm doing now, I can do so indefinitely. So, that's my plan - just continue on.
     
  15. arleigh

    arleigh Guide

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    Do your best to keep the weight off . It's tougher to get rid of with age. .
    I have a food addiction .
     
  16. NJStricker

    NJStricker Supporter Supporter

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    Good for you! We've been trying to do the Ramsey baby steps too, especially since my wife lost her job a year ago.
     
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  17. CaliforniaCanuck

    CaliforniaCanuck Guide

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    I suppose you need some money stashed away to pay yourself after you stop working...I guess I just won't get to retire!

    Any retirement savings I have hasn't grown a bit in the last 10 years. I pay the fees so I know someone is making money but it's not me.
     
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  18. UAHiker

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    Thanks! it's tough at times but totally worth it. we've gotten plenty of weird looks and comments from people but we just ignore it or retort back with some smart comment that gets them quite :) it's such a great feeling knowing that you don't have to worry about "what if the furnace or insert thing breaks" knowing you can fix it with out worrying if you can or not. it's also such a great stress relief not having to literally live paycheck to paycheck and wondering if you pay such and such bill. the greatest feeling of all though is knowing you own it and don't owe anyone anything!

    best of luck to you guys! and hopefully your wife finds work soon!! that's tough!!!!
     
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  19. Brook Trout

    Brook Trout Scout

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    For what it's worth, this (retirement) is actually my line of work (and has been for the past 28 years). I own a small company that provides training and consulting on the federal laws/regulations governing IRAs, 401(k)s, etc to many of the big-name financial service companies throughout the country. Not very glamorous or "bush crafty" I realize, but it keeps the bills paid.

    As I was reading this thread, it dawned on me that this might be an opportunity for me to give something back to the community (I've learned a tremendous amount from various members over the past several years but admittedly have not given back nearly as much as I've received). At any rate, if folks have any questions about the arcane laws/regulations concerning IRAs, 401(k)s, etc, I would be happy to try to help out if I can. (Please note: I am NOT trying to sell anything, and I am not offering legal/tax advice--I'm simply offering to share some of my retirement industry knowledge with members in hopes that I might be able to help point folks in the right direction if they have problems/questions.

    Lastly, a quick note to the OP: not trying to hijack your thread--please let me know if you'd like me to move this post.
     
  20. Riverpirate

    Riverpirate Supporter Supporter

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    I am good with any advise you have though this late in my game it probably wont help me.
     
  21. NJStricker

    NJStricker Supporter Supporter

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    Thanks! It is tough and things are tight, but fortunately I make just enough to cover our expenses. My wife was extremely stressed with her job. When she lost the job and we looked at expenses, we realized that over half her salary was going toward childcare for our 2 boys. We cut out a lot of things that we didn't really need to spend money on and that made up the rest. She is a stay at home mom now. Both boys are now in elementary school now, so she volunteers at school a couple of times a week. Really, in spite of the lost income, it was one of the best things that happened to us for where we are in our lives. She'll have to get a job eventually to build up the retirement fund, but we're in no rush for that.
     
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  22. Brook Trout

    Brook Trout Scout

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    No specific advice, per se (believe me, just like everyone else, I struggle with trying to strike the right balance). Just an offer to help out if folks are wondering "why can't I...?" or "I heard you can [whatever], is that really true?" Not saying I will always know the answer, but after 28 years mucking around in the federal laws/regulations governing retirement, I like to think I've picked up a thing or two that could potentially be helpful.
     
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  23. Swampfox

    Swampfox Scout

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    I was extremely lucky to able to retire at 55 yrs.old after a 33 year stint in law enforcement. I get roughly 80% of my pay, based on being a patrolman and a detective, for my pension each month. My house has been paid off for years along with the 2 cars. I tell everyone they need to have a hobby or they'll be bored. I do some driving jobs for a car dealership a couple times a week for extra play-money and just to take a ride.
     
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  24. Gunut

    Gunut Tracker

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    Being only 45, it is sad to see someone only 56 talking about not living much longer. You did say you had a heart attack but you are only 56. Don't give up yet. Can't you get back on tract, change your ways be more positive just maybe you live another 20 30 years? Having a defeatist attitude will not help.
     
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  25. Amascus

    Amascus Tracker

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  26. reppans

    reppans Scout

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    That's awesome... staying with the same institution for a long time seems to grandfather many of those awesome benefits that companies have hacked away decades ago. You guys also deserve it as hazard pay. Bet you forgot to mention life medical.
     
  27. roadwarrior

    roadwarrior Supporter Supporter Bushcraft Friend

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    I am a self employed carpenter and I may never be able to truly retire, I have not put enough away but I am trying and I have also paid off my cars and credit cards. This should help and I still have 13 years to work. I hope I can stay healthy and Maybe get 30 more winters.
     
  28. stillman

    stillman Guide Bushclass I

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    My father almost died at 49. Heart attack, bypass surgery, long recovery, several other procedures over the years... They said he wouldn't live very long but we celebrated his 80th birthday last week. He and I walked out to his well today to measure for a new well house. He's planning to be around for a while longer.
     
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  29. Riverpirate

    Riverpirate Supporter Supporter

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    Oh I am not giving up. I see every sun rise and every sun set and live like there is no tomorrow. That said, the heart attack at 48 brought me to reality. We only have a certain amount of time here. I delt with some serious depression following the heart attack coming to grips with life and how short it is. I realize 56 isn't old to sky people but the fact is I probably have 10 good years left being able to do most of what I do now. After that thinks will get harder and needed to be done slower and shorter. I may indeed have another 30 years. My Dad just turned 79 and he had a heart attack at 52. I do work hard at taking care of my health, exercising and eating right (mostly). But the real fact is I am closer to my death than my birth. Life has seemed really short to me. It will only be shorter now and they say it goes by faster the older you get. But believe me....I am living every day to its fullest.
     
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  30. wolfmanjosh

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    I'll be 37 in two weeks and do absolutely nothing for retirement. I have a decent job, I make over 45k (not great but decent) a year, raise my son on my own, and live mostly paycheck to paycheck.

    I have just recently decided to sit down and look at my expenses because honestly at this point I should have saved something. It was shocking to realize how much money I throw away on stupid shit. Between eating out, beer, smokes, junk it's over 500 a month. That's a lot of money I could put in other places.

    I have heard of guys like Dave Ramsey, and things like crown ministries but never paid much attention. Any tips for a younger not wanting to live dependant on social security?

    Also I have started to reevaluate my health. I'm 6'4 and 350 pound's, I smoke and have the occasional buds night out with a decent amount of drinking. I realize if I plan on living until retirement or a good bit into it and be around for my grand kids, I need to make some changes.

    I know what I need to do to get healthy it's only a matter of doing it

    Sent from my SAMSUNG-SM-G530AZ using Tapatalk
     
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  31. outbackwack

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    I'm 56 and wife is 54 and we're planning to retire to our house in Phoenix in September. I keep running through the numbers and taxes and the need for health insurance and hope the money lasts til we're 90. I keep thinking I'll need to find another job to add to the kitty, but I'm tired of what I do now and so is she. I hope to just relax, hike, bike and do some motorcycle touring. And travel. Planning to hike down into the Grand Canyon next year too. Seize the day!

    Sent from my SM-N920V using Tapatalk
     
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  32. perrymk

    perrymk Supporter Supporter

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    I'm in a similar situation ( crime lab not cop) but just a few years behind you you. I got a later start so my pension won't be as high, but still nothing to complain about and everything is paid off.

    The wildcard big expense for me is health insurance. Do you just suck it up, get help as part of your pension, or have some other secret?
    Thanks for any tips!
     
  33. Johnny Mustache

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    The books The Richest Man in Babylon has been very helpful to me. Also Personal Finance for Dummies, Investing for Dummies and Mutual Funds for Dummies. Got me from spending to saving. Changed my life. All of these books are usually available from libraries.
     
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  34. Swampfox

    Swampfox Scout

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    As was mentioned earlier it did pay for me to stay at the same department for my entire career. My sister-in-law always states that. As for the health insurance I was fortunate enough to keep the same plan I had when I was working. The city pays 50% and I pay the other 50%, on my family plan which includes dental. For those who have not started saving or some type of investment it's never too late. BUT... don't worry, retire when you can and it'll be fine.
     
  35. marbleman

    marbleman Supporter Supporter

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    Wolfmanjosh: I quit smoking cigarettes and I'm saving $200 a month. I feel better, and I didn't think I felt bad. It's been 5 years, 7 months and 30 days since I had a cigarette.
     
  36. Roughneck75

    Roughneck75 Supporter Supporter

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    The last financial planner I talked to suggested that you should not take more than a 4% annual distribution of retirement savings plans. At this rate you're principal should outlast you.
     
  37. reppans

    reppans Scout

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    Not sure if that applies to those that retire <50 ;)
     
    Last edited: Jan 27, 2017
  38. Roughneck75

    Roughneck75 Supporter Supporter

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    I would assume it could apply to any type of savings accounts designed to apply towards ones living expenses. The calculations that I saw where pretty far reaching. At a 4% annual distribution rate, minus a 20% federal tax it would take about $300k to net about $1k a month. Not quite sure how attainable that would be for most folks. That assumes one doesn't spend the principal $, it would last a long time. Maybe one of those folks with more knowledge could chime in.
     
  39. Fishrarr

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    Retirement is the best job that I've ever had. I retired early at 55, (17 years ago) got a small pension, but not enough to live on, so I collected cans and bottles, did odd jobs for a few years. Then my other pensions kicked in and I was set. Before I retired I bought and paid out a little place with low taxes, got it fixed up good before retirement. Now almost all summers are canoe, fishing, camping adventures, winters are hibernation and getting summer gear ready for summer again. Life is rough.
     
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  40. Brook Trout

    Brook Trout Scout

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    This is something often referred to (for obvious reasons) as "The 4% Rule". It's a general rule of thumb that has been around for a number of years, but has come under increasing scrutiny in recent years due to the fact that it was originally developed based on historic market return data from around 1920-1995 (or thereabouts). Given the fact that some (many?) financial gurus question whether market returns over the next 30-40 years are likely to be as strong as historic market returns during the 20th century, a number of financial experts have begun to question whether 4% is truly as "safe" a withdrawal rate as it was once thought to be. It's also important to note that there are many "variations on the theme" when you hear people talk about the safety of a 4% withdrawal plan (e.g., inflation adjusted? If so, when and how?). Lastly, with response to one of the comments above regarding timeframe (e.g., starting at age 50), the short answer is "yes"--timing (i.e., projected length of retirement) is a critical factor in determining the relative "safety" of a withdrawal strategy premised on the 4% Rule.

    For anyone looking to dig into this subject in greater detail, this article might be a good jumping-off point (note: I've not read this specific article in its entirety, but am familiar with the author and his credentials).

    Safe Withdrawal Rates for Retirement & the Trinity Study
     
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  41. Roughneck75

    Roughneck75 Supporter Supporter

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    Thanks, very good information.
     
  42. Robert Highhawk

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    I was lucky to work in a high risk profession with a good retirement. Could have retired with full benefits after 25 years but loved my work so much I worked 37 years. That also added to my benefits. I was blessed to work at a job that I enjoyed.
     
  43. Sc0ut

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    I was born in 1960 and plan to retire in a couple of years, at 58. My wife is 2.5 years older than I am and she will retire at the same time as me. We have accumulated enough in our 401k that we will collect from that prior to hitting earliest SS age, which is 62. We figured the 4% rule will work for us for rough calculations. We are also planning on retiring to Tucson, Arizona. Basically, our 401k allows us to retire in a couple of years, by middle of 2018. Not gonna be rich by any stretch, but we will be comfortable, as we will be debt free when we "retire". Our biggest concern really is healthcare as we can't use Medicare/Medicaid until 65. That will be our biggest expense. Everything else we can "manage". We won't have as much money but our quality of life will be better. We have enough hobbies to keep us occupied, and it will give us time to ride the Harley on long tips. And all this because i started maxing out my contributions to 401k about 15 years ago, and taking advantage of company matching contributions.
     
  44. .356luger

    .356luger Scout

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    I'm not going to be remotely helpful since I'm a young man still working on my own retirement plan. Any who the only reason I responded is when I retire I want a bumper sticker that says "retired not retarded" yes its abrasive and so will the vehicle its attached to in 30 years when I cut the cord on the alarm clock.
     
  45. johnsonga

    johnsonga Tracker

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    I'm 71 with a year to go before retirement. I lost 55% of my retirement fund in a divorce 25 years ago. Fortunately we are a 2 income family so we [dog, cat and 1 still minor daughter] should be ok.
     
  46. Soilman

    Soilman Scout

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    I have 3 years before I'm eligible to retire...but eligible ain't the same as able. I figure I'll need to put in about 9 more years and make it to 62. I've told folks, I don't want to just "survive" in retirement, I want to THRIVE. According to several retirement calculators, which were quite detailed, I am in good shape, and should be making as much in retirement as I do now. 80% is what is recommended for the minimum. Hopefully a promotion and some raises will make it even better. My wife is about 7 years younger, so we expect she will continue to work for a good while.
     
  47. Brook Trout

    Brook Trout Scout

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    One brief word of caution concerning retirement calculators. Many retirement calculators ask the user to input an "anticipated rate of return" on investments which is then used within the tool's mathematical calculations to represent an average annual rate of return (e.g., 5%/yr.). What many people don't understand is something called "sequence of return" risk. While ones retirement savings might earn an average rate of return of 5% over the next 30 years, the end results (i.e., how long my portfolio will last) can vary dramatically depending on how the returns fluctuate over the period in question. Put another way, a return sequence, during retirement, of 4%, 4%, 4%, 5%, 5%, 5%, 6%, 6%,6% will yield radically different results than a return sequence of 6%, 6%, 6%, 5%, 5%, 5%, 4%, 4%, 4%--notwithstanding the fact that both represent an average return of 5%.
     

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