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Old 02-12-2009, 12:48 PM   #21
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Plan A: Is my current plan, since I retired at the end of 2007. If the market continues to drop, and doesn't turn around in the next 6 years I go to plan B.
Plan B: Sell some property we have, hard to predict its value since it is "timberland". Maybe it's worth 100K?
Plan C: Sell the 300K house and move somewhere cheaper (200K)--which should give us another 100K extra.
Plan D: Move to mexico or RV full time.
There's no plan W! (w*rk)
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Old 02-12-2009, 12:55 PM   #22
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Quote:
Originally Posted by Bikerdude View Post
I'm already retired so.... Plan B, in event my portfolio drops to a level that my current lifestyle is unaffordable:

Sell all (non monetary) assets. Purchase RV trailer and tow vehicle. Hit the road full time.
Bikerdude, That's a great plan B. That's the plan A for a lot of retirees

We've considered the RV lifestyle as a way to retire a bit earlier and still indulge in our desire to travel around the USA. We may start our retirement that way. Driving and maintaining one of the big rigs will no doubt be easier in our early 60s than in our 70s and beyond.
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Old 02-12-2009, 01:34 PM   #23
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Plan A was live off proceeds of equities of portfolio.

Plan B was live off cash/bond holdings until normal retirement age (10 years)

(Plan B currently in effect and cash/bond holdings being supplemented with part-time work)

Plan C I have a reasonably solid business plan for a business startup on the shelf. May implement this for need in the future or just for fun.
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Old 02-12-2009, 01:50 PM   #24
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Plan A was retire at 63 with 1.3 mil., full medical and defined pension and early SS.

Jan 1, 1993 I was layed off.

I became a born again cheap bastard - that was when she was being nice to describe some of my methods of cutting back expenses.

Like that Henry Fonda character in the Longest Day movie - when they land you on the wrong beach - march inland.

heh heh heh - 16th yr of ER .
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Old 02-12-2009, 01:54 PM   #25
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My plan B is to open up a chain of wheat bread franchises inside senior centers.
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Old 02-12-2009, 02:22 PM   #26
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Plan B? After 9 years Im already in Plan D. At this rate, Im gonna look like an excel spreadsheet with too many columns ... plan AA, plan AB...

Of course, every time I hit plan B I could just rename it A. Then, even after a major crisis I can still say hey my plan A is working fine
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Old 02-12-2009, 02:39 PM   #27
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I guess you could call it a Plan B. If the market drops another 50% we would still have enough to cash out and pay off the house. With the house paid off in Tx, we could defer our Property Tax. The combination would reduce our cash outflow by 33%. If that were not enough, I guess I would have to start working on DW to go back to work. Call that Plan C. I don't see having much success with Plan C!
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Old 02-12-2009, 04:02 PM   #28
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My plan B is when I see I can not afford assisted living housing. I'm thinking about committing some sort of crime that can land me in one of those federal prisons with a country club feel. Federal prisoners get some of the best health care in the world.
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Old 02-12-2009, 04:11 PM   #29
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Dex your best chance to get in such a prison would be to go into politics

Which reminds me,


There was a recent survey where 86% of Illinois politicians reported they had had sex in the shower.


The other 14% indicated they had not yet been to jail
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Old 02-12-2009, 04:14 PM   #30
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Not yet, but boy am I starting to think I better come up with one PDQ. Plan A was to continue working and maxing out my Roth and 457 plan for at least another three years, probably four just to be sure. Now my workload is down so much I am getting really worried. Nobody has said the "L" word--yet--in this department--but layoffs have been announced in another department and mine can't keep paying me full time indefinitely when my workload is down to perhaps a quarter of what it was last year (and the second half of last year it was drastically lower than the first half of the year or 2007), unless there is some other work I can do in addition to my regular assignment to get back to full time. I'm applying for some lateral transfer openings but if I don't get any of those....

On top of the job concerns, a big part of my ER plan was and is the equity in my house, but I have to wonder if the value of the house is dropping more each year than I am able to put away in my retirement fund? It sure wouldn't sell for what it was appraised for three years ago when I refi'd.(Where/how do get this info?) The other variable is how much pension I am eligible for. At least if I get laid off I could at least theoretically start drawing it right away, which makes me a little less nervous than I would have been if this had happened two years ago when I could not have done so. I might be able to delay my actual retirement date for a year by taking a sabbatical but need to check if this would actually accomplish anything. I may be eligible for a higher pension at age 54 than age 53, even with the same base salary and years of service.

So far, Plan B consists of reading Mortgage Free (by Rob Roy) to see how it might be possible to acquire a house for much less than what I was planning on spending (half the equity, give or take). (Well, that and wringing my hands a lot. ) If I can put all the money from selling my house into something that produces an income stream, and use that for pay-as-I-go construction, instead of buying a house with cash up front as I originally planned, maybe I would come out about as well as with Plan A. I've been planning to build the house myself anyway, that's a long-standing dream.

Maybe it won't be so awful, even if I do get laid off. I was un/deremployed for the better part of 3 years during the recession of the early 1980's and I find I have not gottten over it as much as I thought I had. This is making me mega-nervous. Maybe I have PTSD. I was traumatized, that's for sure!
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Old 02-12-2009, 04:30 PM   #31
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Life of crime.
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Old 02-12-2009, 04:36 PM   #32
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My plan B was to keep my license to practice law at least in one state after I retired. I just attended two seminars to get some CLE credits required for the license.
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Old 02-12-2009, 04:44 PM   #33
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Life of crime.
Martha, you might be able to help FoA in the future.
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Old 02-12-2009, 04:53 PM   #34
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Not yet, but boy am I starting to think I better come up with one PDQ. Plan A was to continue working and maxing out my Roth and 457 plan for at least another three years, probably four just to be sure. Now my workload is down so much I am getting really worried. Nobody has said the "L" word--yet--in this department--but layoffs have been announced in another department and mine can't keep paying me full time indefinitely when my workload is down to perhaps a quarter of what it was last year (and the second half of last year it was drastically lower than the first half of the year or 2007), unless there is some other work I can do in addition to my regular assignment to get back to full time. I'm applying for some lateral transfer openings but if I don't get any of those....

On top of the job concerns, a big part of my ER plan was and is the equity in my house, but I have to wonder if the value of the house is dropping more each year than I am able to put away in my retirement fund? It sure wouldn't sell for what it was appraised for three years ago when I refi'd.(Where/how do get this info?) The other variable is how much pension I am eligible for. At least if I get laid off I could at least theoretically start drawing it right away, which makes me a little less nervous than I would have been if this had happened two years ago when I could not have done so. I might be able to delay my actual retirement date for a year by taking a sabbatical but need to check if this would actually accomplish anything. I may be eligible for a higher pension at age 54 than age 53, even with the same base salary and years of service.

So far, Plan B consists of reading Mortgage Free (by Rob Roy) to see how it might be possible to acquire a house for much less than what I was planning on spending (half the equity, give or take). (Well, that and wringing my hands a lot. ) If I can put all the money from selling my house into something that produces an income stream, and use that for pay-as-I-go construction, instead of buying a house with cash up front as I originally planned, maybe I would come out about as well as with Plan A. I've been planning to build the house myself anyway, that's a long-standing dream.

Maybe it won't be so awful, even if I do get laid off. I was un/deremployed for the better part of 3 years during the recession of the early 1980's and I find I have not gottten over it as much as I thought I had. This is making me mega-nervous. Maybe I have PTSD. I was traumatized, that's for sure!
Working and trying to build a retirement, while having layoffs hanging over your head and a house that is losing value, is traumatic in itself!! I am hoping for the best for you. Meanwhile, a rational Plan B is a good thing to consider.
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Old 02-12-2009, 04:58 PM   #35
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Plan A was retire in mid-40s. Like most we took a pretty big hit in equities but if things bounce back within five years and we can both stay employed at same income level Plan A is still a possibility.

Plan B, is (of course) retire at around 50 if recovery takes longer or our income level drops due significantly.

Plan C is work until mid 50s when wife can take city pension. Definitely a nice safety net.
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Old 02-12-2009, 07:08 PM   #36
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Plan A Live off pension
Plan B Live off investments
Plan C Sell kidney
Plan D Sell other kidney
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Old 02-12-2009, 07:38 PM   #37
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Plan A - retire on an early out at age 50 when LH retired at age 55. It was not destined to happen.
Plan B - restarted life at age 46, kept w*rking, maxed out TSP contributions to the IRS limit for 2 years to accelerate FIRE escape plan.
Plan C - FIREd at age 48 , adopted balanced 50/50 AA, just in case.
Plan C.1 - Still FIREd, adopted 40/60 AA, just in case, again.
Plan C.2 - stay the course, stay FIREd, get married.
Plan C.3 - enjoy life after dh2b retires...travel, picnic, fly kites, build sandcastles, whale watch, co-ed nekked everything , etc.

Plan D - the answer, my friend, is blowing in the wind...
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Old 02-12-2009, 07:42 PM   #38
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I need to replenish my bucket 1 (I been ER for 4 years - bucket 1 is down to 6 months of living expenses - which makes me nervous). My buckets 2 and 3 seem to have a hole in the bottom.

So instead of selling assets in bucket 3 to replenish 1, I am going back to work for 2 years starting next month. I figure in 2 years I can save 3 years of living expenses so maybe in 5 years bucket 3 will not look like a bad train wreck with no survivors.
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Old 02-12-2009, 07:51 PM   #39
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Plan A Live off pension
Plan B Live off investments
Plan C Sell kidney
Plan D Sell other kidney
Sounds about right.
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Old 02-12-2009, 07:56 PM   #40
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I was reading Dex post above. How bad is prison life? That sounds like a possible plan b instead of going back to work?
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