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Coming on Board - RE at 55 now 67
04-28-2013, 10:57 PM
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#1
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Confused about dryer sheets
Join Date: Apr 2013
Location: Phoenix
Posts: 3
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Coming on Board - RE at 55 now 67
I’m a 67 years old widower with no debt and likely will live to 90 if I give up paragliding & riding motorcycles. I’ve run FIRE calc with a few hundred different scenarios and I still can’t saw I feel confident on the spending aspect, saving I’ve figured out.
Let me see if I get this straight for a practical application of the 4% withdrawal rate excluding pension & SS (I've read the discussion on 4% withdrawal).
If investments are worth 3 million (excludes home) yield $100,000 annually (some is tax advantaged), so 4% of 3 million - $120,000 + $25,000 for pension & SS = $145,000. I would have to triple my current spending to come up to that number. So I guess I need to figure out this spending thing.
The "kids" are doing great financially – both engineers. The boy is the black sheep of the family, getting his Ph.D., but it will pay off someday I’m sure. The girl is spinning wafers for Intel.
I’ve been following this forum for over a decade, but only decided to jump on board because it really is hard to talk about finances and I’m feeling a little lost right now. I keep things simple, that's what's worked for me.
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04-29-2013, 04:57 AM
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#2
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Administrator
Join Date: Jan 2008
Location: Chicagoland
Posts: 40,585
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Welcome to the forum, RASmith. Your current spending is less than your pension plus the 4%? Good. Nothing to worry about, except perhaps who you will leave your assets to. The 4% is not a requirement, it's more of an upper limit. Good luck.
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04-29-2013, 05:33 AM
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#3
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Full time employment: Posting here.
Join Date: Nov 2008
Location: Louisville
Posts: 601
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You just need to remarry. Then spending won't be a problem any longer....
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04-29-2013, 05:51 AM
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#4
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Moderator
Join Date: Dec 2007
Location: Eastern WV Panhandle
Posts: 25,299
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Welcome!
You could always buy more motorcycles. Or an airplane, that will absorb any excess cash quickly.
__________________
When I was a kid I wanted to be older. This is not what I expected.
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04-29-2013, 05:55 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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You are doing great, congratulations. Welcome to the forum.
__________________
Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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04-29-2013, 06:53 AM
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#6
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Confused about dryer sheets
Join Date: Apr 2013
Location: Phoenix
Posts: 3
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04-29-2013, 08:37 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Feb 2012
Location: Tampa Bay Area
Posts: 1,866
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Welcome to the forum. After years of being a saver I would imagine its difficult to increase spending that much. Yours is a nice problem to have. If you need suggestions on how to spend down your portfolio we have lots of suggestions. The first thing that comes to my mind is a family reunion in some exotic location which will create life long memories for the kids.
__________________
"For the time being no discipline brings joy, but seems grievous and painful; but afterwards it yields a peaceable fruit of righteousness to those who have been trained by it." ~
Hebrews 12:11
ER'd in June 2015 at age 52. Initial WR 3%. 50/40/10 (Equity/Bond/Short Term) AA.
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04-29-2013, 10:42 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2011
Posts: 1,796
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RAS-
Welcome aboard. Congrats on successful & active ER!!!
Nothing wrong with LBYM- even during ER.
BTW- Been visiting The Valley for 20+yrs (relatives & business trips) & always thought it would be a great place to ER. Not downtown PHX, but maybe north of Scottsdale (Carefree/Cave Creek area) or perhaps East Valley.
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04-29-2013, 11:13 AM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2010
Location: Sarasota, FL & Vermont
Posts: 36,264
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You're doing great - you need to spend more. Maybe one of those Can-Am trike rigs.
Would you care to adopt a 57 year old?
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.
Retired Jan 2012 at age 56
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04-29-2013, 12:24 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Nov 2012
Location: Madeira Beach Fl
Posts: 1,403
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Come with me to bet on horseracing and your spending problem will be solved (if you duplicate my bets).
__________________
_______________________________________________
"A man is a success if he gets up in the morning and goes to bed at night and in between does what he wants to do" --Bob Dylan.
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04-30-2013, 02:14 PM
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#11
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Dryer sheet wannabe
Join Date: Apr 2013
Location: Bemidji
Posts: 15
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We looked at Cave Creek too. Seems like it would be a really fun place to spend half the year, especially if you're horsey or like the Old West genre. Home prices there were great a couple years ago, but I think have risen a lot lately...
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