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We were preparing for next year...
Old 11-02-2008, 03:46 PM   #1
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We were preparing for next year...

...but it looks like we'll have to wait a little longer. Bummer!
We're both 61 so it isn't like we will have an early retirement at 62. We may have to hang in there a while more. We have both had a few different jobs with little to show for a pension and for the last 15 years we have both been teaching (she will get a small pension - I won't). In the meantime we have been socking away as much as possible to fund our own retirement but like many others lately we lost quite a lot in our IRAs and 403bs.
I have been reading at this forum for a couple of years now and thought it was time to join in.
My knowledge is limited but probably better than the average bear on the street. Looking forward to the collective wisdom on the forum.
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Old 11-02-2008, 05:36 PM   #2
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Welcome to the ER Forum!

The market has been miserable, hasn't it? I think a lot of people are rethinking their tentative retirement dates.

Retirement at 62 is early compared with retirement at 65. So is retirement at 63. And even if the market slows you down, you will get there.
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Old 11-02-2008, 07:49 PM   #3
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Quote:
My knowledge is limited but probably better than the average bear on the street.
Welcome Badger! I'm happy you jumped in after reading the forum for so long. I smiled when I saw this quote. Made me think of Yogi Bear.

I'm curious how you came to the conclusion to defer your retirement. Many of us on this board are in the same boat and some of us who have already taken the leap are also quite concerned. The more we hear different perspectives, the more we can think through our own situations.

Again, welcome, and we look forward to hearing much more from you.
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Old 11-02-2008, 07:57 PM   #4
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Welcome, Badger. You'll probably not be surprised to know that there are quite a few members in your situation (the 2008 October surprise), as well as a few other badgers, like me -- at least in the Wisconsin sense of the word.

If you are within in a year or two of retirement, this recession really hits home. My only consolation is that it's probably better to hit this wall just before you retire (so you can stay in the workplace a bit longer) than right after you retire, where a return to work would probably be on much less favorable terms.
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Old 11-02-2008, 08:12 PM   #5
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Welcome Badger. We can all learn from each other here, so don't be shy to jump in.
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Old 11-02-2008, 09:27 PM   #6
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Hello, Badger, and welcome to the forum. I'm one of the ones who made the leap in Sept. knowing what to except. But, of course, am watching the news very closely and trying not to obsess about it. Lots of good information here, ask any questions that come to mind. P.S. Wisconsin is in my past, also.
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Old 11-02-2008, 10:21 PM   #7
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Hi, Badger. I'm still trying to decide whether to retire; I believe a lot of us are watching and waiting. Welcome to the forum.
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Old 11-03-2008, 05:05 AM   #8
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Thanks for the warm welcome. Made me feel right at home.

Quote:
Originally Posted by Purron View Post
I'm curious how you came to the conclusion to defer your retirement. Many of us on this board are in the same boat and some of us who have already taken the leap are also quite concerned. The more we hear different perspectives, the more we can think through our own situations.

Again, welcome, and we look forward to hearing much more from you.
We have been living off of one Florida teacher's salary for quite a few years now. Our home is paid off and most major repair items have been taken care of. We enjoy our lifestyle but the budget is tight (read camping or visiting friends and family for vacations and a night out at a restaurant is coupons for pizza). The other paycheck has been distributed to 403b or IRA. As of about a year ago we hit a savings (which along with SS) which would have allowed us to retire at 62 and still maintain our frugal but happy lifestyle. As of a couple of months ago the retirement savings took about a 35% nose dive. The choice to defer retirement was easy but dissappointing to make. We are going to continue the savings plan and take a "wait and see" on the actual retirement date until things turn around since both of us have the option of walking away from our careers. I like what I do for a living but it is time to think of ourselves.

Cheers!
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Old 11-03-2008, 11:14 AM   #9
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Welcome Badger , I also live in Florida .
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Old 11-05-2008, 08:14 AM   #10
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The choice to defer retirement was easy but dissappointing to make. We are going to continue the savings plan and take a "wait and see" on the actual retirement date until things turn around since both of us have the option of walking away from our careers.
Hey Badger,
There are probably quite a few members here exactly in your situation, I know that Iím one. In our FIRE planning, I have always looked at a target portfolio value and not necessarily a certain date/age to pull the plug. FIRECalc and other online financial planning tools provide me with the confidence level that my target portfolio value could sustain a planned spending plan and SWR (plus putting two kids through college). I have been tracking this for several years and had forecasted a retirement date of July 2009. I am now reassessing that date, and may end up working a little longer or perhaps semi-retire until things turn around.
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