Originally Posted by Coach
I'm curious if the economic downturn between the time you announced your plan and your actual retirement was of any concern? So many people seem to have put off retirement plans in the last year.
I'm glad to hear that your employer actually took advantage of your long notice.
Have a terrific retirement!
Coach (down the road in Colorado Springs)
Thanks Coach. Yes the downturn was of a bit of concern to me, along with everyone else I'm sure. I was fortunate to have had a number of things going for me that played to my benefit and ultimately convinced me to go ahead with the planned date.
1. I've been highly overpaid...and not afraid to admit it...for a number of years.
2. I save religously, max my 401k's, IRA's and live well under my means.
3. Am well diversified.
4. Have the benefit of not one, but two company pensions (unusual I know) that I will be able to draw upon in the future.
5. Was the beneficiary of various SAR, RSU and profit sharing plans over the years.
6. Will do a bit of "consulting" over the next few years to keep my principal withdrawls to a minimum.
7. Have one son who enters college this fall with a healthy UGMA account that will handle his school expenses.
8. Took a valuation hit on my house (who hasn't) but never have really considered it as an investment and don't plan on moving anytime soon.
9. Have an ex wife who is no longer on the payroll.
As has been noted here in the past planning for your retirement is not something you can start in your 50's or even 40's. You need to start the day you begin your first job as time is your greatest asset. Best advice I ever received.