|
|
Holding off on Retirement
06-12-2008, 06:28 AM
|
#1
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2007
Posts: 5,596
|
Holding off on Retirement
__________________
I purr therefore I am.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
06-12-2008, 06:42 AM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
|
The article says that a lot of people are putting off retirement due to the economy, and cites examples.
That's sad! The story of the 68 year old and her 72 year old spouse, both of whom are still working despite plans to retire, is especially horrifying.
Quote:
A third of workers ages 55 to 64 said they postponed plans to retire due to shrinking portfolios, as did 19 percent of people ages 45 to 54, according to the AARP survey.
|
I am 60 years old with 513 days to go, and NOTHING is going to delay my retirement. If the economy goes in the toilet, I suppose I'll have to just smile and cheerfully join the dumpster divers talked about in that other thread. But I won't continue working.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
06-12-2008, 07:09 AM
|
#3
|
Gone but not forgotten
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 11,447
|
That scenario happened to my sister .She retired after they built a house in Florida but their house in New York did not sell so she went back to work . It finally sold and she reretired at 64 . She was sooo miserable that year !
|
|
|
06-12-2008, 07:46 AM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
|
Moral to the story--house is a USE ASSET, not a retirement asset!
Go get 'em, Finance Dude!
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
|
|
|
06-12-2008, 08:28 AM
|
#5
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
|
Quote:
Originally Posted by Sarah in SC
Moral to the story--house is a USE ASSET, not a retirement asset!
Go get 'em, Finance Dude!
|
The amount of folks whose house is their primary "source of retirement money" is staggering............
Many of them look confused when one asks: "If you turn your home into cash, where are you planning to live"??
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
|
|
|
06-12-2008, 09:39 AM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Dec 2007
Posts: 4,764
|
Hey wait! Oop time to rethink my retirement plans..
|
|
|
06-12-2008, 11:16 AM
|
#7
|
Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,613
|
Quote:
Originally Posted by Want2retire
The article says that a lot of people are putting off retirement due to the economy, and cites examples.
That's sad! The story of the 68 year old and her 72 year old spouse, both of whom are still working despite plans to retire, is especially horrifying.
I am 60 years old with 513 days to go, and NOTHING is going to delay my retirement. If the economy goes in the toilet, I suppose I'll have to just smile and cheerfully join the dumpster divers talked about in that other thread. But I won't continue working.
|
Me, too!
Oooops!
I already retired -- it's been a month now. I hope there is Nothing than would get me to go back to work.
And what have I accomplished in the last month Why Nothing of course -- and it feels fine.
-- Rita
__________________
Only got A dimple, would have preferred 2!
|
|
|
06-12-2008, 11:22 AM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
|
Quote:
Originally Posted by Gotadimple
Me, too!
Oooops!
I already retired -- it's been a month now. I hope there is Nothing than would get me to go back to work.
And what have I accomplished in the last month Why Nothing of course -- and it feels fine.
-- Rita
|
What a coincidence! That's EXACTLY what I want to do during my first month of retirement, too!!!
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
06-12-2008, 12:22 PM
|
#9
|
Thinks s/he gets paid by the post
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,698
|
Quote:
Originally Posted by Gotadimple
Me, too!
Oooops!
I already retired -- it's been a month now. I hope there is Nothing than would get me to go back to work.
And what have I accomplished in the last month Why Nothing of course -- and it feels fine.
-- Rita
|
I hope you get more of the same, I've been retired a 1 1/2 years now and I'm still doing nothing. The plan is to keep it that way till I get tired of it.
Don't see that happening so far.
|
|
|
06-12-2008, 12:37 PM
|
#10
|
Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 2,020
|
Quote:
Sharon Saunders put her suburban Chicago home on the market and promptly gave notice that she was retiring. She and her husband bought property near a lake in sunny South Carolina, she told her boss, and she needed to focus on packing up the family home.
|
Bought new property. Planned to finance it with current property. Gambled and it didn't work out. If retirement was important to her, I think we could identify a few things she could have done differently.
Quote:
Others were more troubled by their diminishing investments and fluctuating 401(k) accounts, which replaced the more stable employer-provided pension plans for many over the years.
|
If they're approaching a planned retirement date, they should have an AA that matches their risk tolerance. Were they stock-heavy because they were trying to catch up or because they got greedy? In either case, they gambled.
Quote:
For many, depreciating property values spoiled plans to sell the family home and downsize, a common retirement strategy. Declining home values in particular prompted 31 percent of workers age 45 to 54 to say they were delaying retiring; 18 percent of those age 55 to 64 aid the same.
|
Now this is actually a bit heartening... and interesting. Looking at a slice of American, and knowing that most people are not E-R types, I would assume that the 45-54 age group is further from retirement than the 55-64 age group. So, the people with the longer horizon are more worried about current volatility as it relates to future plans than those with a shorter planning horizon. This means that not only is it more likely that things will correct themselves for the 45-54 group but it is also easier for them to plan and adjust. Meanwhile, the 55-64 group has planned better and is less worried about volatility in the housing slug of their networth as it relates to retirement plans. Maybe they have their house paid off and realize that they can retire in-place while waiting for the market to rebound without relying on an influx of cash in the short-term from selling their property and downsizing.
|
|
|
06-12-2008, 01:17 PM
|
#11
|
Moderator Emeritus
Join Date: May 2007
Posts: 12,901
|
My aunt and uncle retired 3 years ago. In the first 2 years of their retirement they really enjoyed life, traveling extensively around the world and (I suspect) spending a lot more than 4% of their nest egg. But with the latest stock market slump and with the declining purchasing power of their SS income, my aunt has returned to work early this year. They have also cancelled all vacation plans for this year at least.
|
|
|
06-12-2008, 01:19 PM
|
#12
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
|
Quote:
Originally Posted by FIREdreamer
My aunt and uncle retired 3 years ago. In the first 2 years of their retirement they really enjoyed life, traveling extensively around the world and (I suspect) spending a lot more than 4% of their nest egg. But with the latest stock market slump and with the declining purchasing power of their SS income, my aunt has returned to work early this year. They have also cancelled all vacation plans for this year at least.
|
What a nightmare that must be for them!! I wish them the best and hope she doesn't have to work too much longer than she wants to work.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
|
|
|
06-12-2008, 01:21 PM
|
#13
|
Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,490
|
and as the recent realestate market attests, a house is not a particularly liquid asset (unless it's in a flood zone).
|
|
|
06-12-2008, 01:34 PM
|
#14
|
Thinks s/he gets paid by the post
Join Date: Jan 2008
Posts: 2,020
|
Quote:
Originally Posted by d
and as the recent realestate market attests, a house is not a particularly liquid asset (unless it's in a flood zone).
|
This week in the Wisconsin Dells:
http://wm.kare.gannett.edgestreams.n...v?213436524624
|
|
|
06-12-2008, 02:04 PM
|
#15
|
Thinks s/he gets paid by the post
Join Date: Apr 2006
Posts: 1,490
|
that video raises lots of questions about "fixed" and "liquid" assets!
|
|
|
06-12-2008, 02:19 PM
|
#16
|
Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 2,360
|
Quote:
That was two years ago. Today her home is still up for sale.... “We had no idea it would be so difficult to sell our home,” she told the AARP Bulletin Today.
|
Aside from very rare exceptions involving toxic waste and similar situations, there is a willing buyer for every real property, at the right price.
If her house has been on the market for two years(!!!), it's because she is asking too much for it. Drop the price to what the market is willing to pay, and it will sell quickly.
Quote:
“Because of the run-up in housing prices, people had thought they could retire earlier than they otherwise would’ve,” Weller says. “They had unrealistic expectations. Most people don’t figure out how much they really need for retirement. It’s only in the last six to 12 months to retirement that they do that planning.”
|
Oh boy.
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
|
|
|
06-12-2008, 02:26 PM
|
#17
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 6,506
|
Two years ago folks were still asking pie in the sky prices for their houses. It was the same two years ago when I sold my old house. There were hundreds on the market at the same with insane asking prices.
There also were at least 20 comparables to mine, asking prices that were "gettable" 2 years before that. Most were ill kept, or very poorly prepped. In the sellers mind it was still a sellers market, when in fact that was long gone.
Spent six month prepping, before calling several agents for interviews, to see who would get listing. Most agent were pi$$-poorly prepared when they arrived. Out of 5 only one came with homework done. And it was superbly done homework. They (2 agents working as a team) got the listing.
The agents made a few suggestions, complimented on the prep work done.
4 Days after listing there was a bidding war, final contract 20K over my asking price. Closed in 20 days.
Moral of the story: chasing last years market, poorly prepared will give the seller some serious bellyache, besides buggering up retirement plans. And a lesson I learned the hard way a very very long time ago:Proper Prior Preparation Prevents Pi$$ Poor Performance. AKA the 7 Ps
__________________
There must be moderation in everything, including moderation.
|
|
|
06-12-2008, 02:35 PM
|
#18
|
Thinks s/he gets paid by the post
Join Date: Apr 2007
Posts: 2,360
|
Quote:
Originally Posted by ls99
Two years ago folks were still asking pie in the sky prices for their houses. It was the same two years ago when I sold my old house. There were hundreds on the market at the same with insane asking prices.... 4 Days after listing there was a bidding war, final contract 20K over my asking price. Closed in 20 days.
|
In most urban centres, it is very difficult to underprice a house. If the listing price is too little, a bidding war will usually correct the situation.
Conversely, it is all too easy to overprice. And then potential buyers are scared away, and the house 'sits' with no offers.
__________________
"To know what you prefer, instead of humbly saying Amen to what the world tells you you ought to prefer, is to have kept your soul alive". Robert Louis Stevenson, An Inland Voyage (1878)
|
|
|
06-12-2008, 02:40 PM
|
#19
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2008
Posts: 6,506
|
Quote:
Originally Posted by Milton
In most urban centres, it is very difficult to underprice a house. If the listing price is too little, a bidding war will usually correct the situation.
Conversely, it is all too easy to overprice. And then potential buyers are scared away, and the house 'sits' with no offers.
|
Aye, except this was in a very nice suburban area with stable population About 30 miles from major city, reasonable commuting routes.
__________________
There must be moderation in everything, including moderation.
|
|
|
06-12-2008, 02:42 PM
|
#20
|
Full time employment: Posting here.
Join Date: Feb 2006
Posts: 987
|
I read the article, and I don't understand a few things (I'm sure the "smart folks" on this forum will "instruct me" ).
Quote: For many, depreciating property values spoiled plans to sell the family home and downsize, a common retirement strategy".
I know that this comes up in a lot of financial pubs (including here), but in my "small world" of family/ friends, I know of nobody who has done this "common retirement strategy". While I'm not saying it's not done, I just wonder about the frequency, based upon the "newly retired" population. I could see it in the case in later life if one (if married) person dies, or late-life medical reasons (old-age care/home), but not "we're retired - we need to sell/downsize".
Quote: “We weren’t counting on the high health care costs when I retired (Jerry Wood, 69)."
Ok, he's (and I assume) his wife is on Medicare, and part D (Unless he's on the Part C plan - where drugs are included). I don't know the complications from his diabetes (BTW, I'm a T2, myself) but I've already had surgury (cateracts) and pay for my testing supplies (which are covered by Medicare, but mine are not - I'm too "young" ).
Delaying retirement (or in this case, going back to work) just dosen't "ring true". I'm not going to try to understand the situation (maybe he has too many "toys", paid for by CC debt and the current medical "extras" are causing a problem?)
I just don't get it; or is this just another piece of "editorial fluff"?
- Ron
|
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|