Repeatedly trying to retire

[martyp]

I am in month 3 of ER. Right now my piece of mind hinges on the income/expense spreadsheet we did last summer plus the fact that we have been LBYM for several years. The plan is that the only change between before ER and after ER is that I stop accumulating money in my 403b's. I think it is important not to go into ER with a big financial change looming.

[Corporate ORphan]

We are in the same boat. We have been FIRE since being let go from meg-corp at the end of 2008 at 53. We hate spending money. We're concerned about the cost of health care/insurance (just now getting private insurance and it ain't cheap) and if inflation hits again like it did in the 70's and 80's.

Currently, living off a pension annuity and a 72t account that we put the partial lump sum that we got. Still have other retirement accounts and savings (hope to use it to move) that we don't touch. Thought we would buy an RV when we retired but can't seem to get motivated to do it.

[Alan]

Breaking that saving habit is indeed difficult for some of us, we have just started our 2nd year of ER. What I have done is partitioned off our retirement investments and withdraw from them each quarter, in line with our SWR strategy. If we don't spend it all, I save it in CD's and short term bonds for luxury stuff like a new car or extravagant vacation. This feeds my need to save.

[toreornot]

Hi Donna et al,
Interesting as many more people than I thought share the same anxieties and insecurities as I have had regarding FIREing.
I do indeed have concerns about running out of money before time, despite all the Firecalc and other "are you ready" softwares assurances.
Nevertheless, my biggest issue in retiring was the feeling of being marginalized by friends, and isolated form the "mainstream".
I posted a thread here with some good responses from people that went through it, but I keep looking for suggestions and re-assurances to go right this second time.
I'm sorry that I don;t have anything to add to your qualms other than the solidariety of my own.
Good luck.

[pb4uski]

Quote:

Originally Posted by Hobo .........IMO, over-saving for retirement is cheating yourself of the fun that is supposed to come when you retire. Believe me, the number of things you are physically able to do grows more limited as you grow older. And birthdays come a lot quicker when you turn 60! A lot of ugly things can happen that will hamper your lifestyle as you grow older. Enjoy life to the fullest while you can.

That's what I call the paradox of retirement: Life is too short.......but on the other hand, it could be too long.

[rescueme]

Quote:

Originally Posted by toreornot ...being marginalized by friends, and isolated form the "mainstream".

I would suggest two things.

1. They were not your "friends" to act in such a manner.

2. You may have considered them as such, since they lived a different daily lifestyle than you do, currently.

My suggestion (yes, I'm retired, and I've "been there")? Acquire new friends that have the same outlook on life, regardless of their physical age.

Everybody is different and have different desires once they retire. As for me? I do volunteer work and share the same outlook in life that do the same.

There are a multitude of folks that lead "different lives". You just need to reach out and seek those that have already achieved the freedom you now have....

It's a wonderful world when you meet those that share the same "life condition" as you have now. Relationships via w*rk? That's the past. It's time to move on...

[kcowan]

Interesting that most people who move through life from one phase to another usually adopt a different group of friends than they had. Facebook really brings that into perspective. The number of friends that remain from one phase to another is really small.

[Sue J]

Quote:

Originally Posted by Sirka I have been doing exactly the same thing, spreadsheet and all for 6 years. I have created what I call a 'Virtual Savings' where I move all the 'extra' cash each month (Income - Spending=). Then I use it when I am short.

This is what we do only I actually transfer it to the savings account. DH has been retired for 10 months and at the beginning of the month I transfer the expected excess into the savings. Just one month did expenses exceed income and I've had to withdraw.

Now this month I've had unexpected medical expenses and I'll be using some of that "Didn't Spend It" account to cover the deductible. Hate to have to pay it but I'm glad we have it saved.