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Old 09-26-2011, 02:37 AM   #61
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Thank you for candid answer, Dan.
Originally Posted by dandetour View Post
ObGyn: My experience is what you fear.

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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Old 09-27-2011, 06:37 PM   #62
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Originally Posted by teejayevans View Post
All true, but getting back to the subject line, there is something psychologically painful about having to pull out a big chunk of money just after retiring.
I understand what you mean. I plan to buy all those things just PRIOR to FIREing....and then if you feel really sad about your spending spree, wo*k 2-3 more months to make up for it.

"Live every day as if it were your last, and one day you'll be right" - unknown
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Old 09-28-2011, 05:29 AM   #63
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Originally Posted by ERD50 View Post

A big +1 to youbet. ...
If this is really that hard for you psychologically - take the amount you would spend pre-retirement, put it in a separate account. You are then 'free' to spend that to zero after retirement with no guilt issues. Personally, I can do this on a spreadsheet (or just in my mind) easier and cheaper than with separate accounts, but to each their own.

+1 that is what I did and what I do with excesses from my yearly withdrawals. I was originally going to put it in a separate account but ended up leaving it in the portfolio but identified as an amount in a spreadsheet. At the end of the year I adjust it up or down based on the performance of the portfolio as a whole. It will be interesting to see if I can maintain the mental separation when I want to tap that "fund" for a frivolous purchase after a big down year.
Every man is, or hopes to be, an Idler. -- Samuel Johnson
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Old 09-28-2011, 08:39 AM   #64
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We just retired at 40 & 46. Some of our decision is just doing it...I plan to try to keep our overall balances at even to slightly up. If I clear 3% annually, I can do this. Inflation would require me to get 6-7%...maybe wishful thinking...

We are moving (maybe temporary, maybe long-term) to Mexico to make our money extend a bit.

DW gets a pension at 55 or later (minor, but it would cover appx. 30-40% of expenses), then we have SS in our late 60's.

Friends think we're a little crazy (sometimes we do too), but I've run more spreadsheets than my accountant boss to come up with various scenarios and we decided the timing was good and we just needed a couple years off to "explore" our options.

We'll be living off of $2,500 monthly to start; that includes everything! HD health, car insurance, food, lodging...everything. Can we do it? I'll let you know 6 months from now how close we get to the goal.
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Old 09-28-2011, 03:48 PM   #65
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It may sound crazy but the LBYM mode has become so ingrained that I have decided not to convert traditional IRA's to Roth's largely because I will be forced into taking RMD starting at 70 1/2 and then since the money is out, I'll probably feel like spending whatever is left after Uncle Sams cut. We've been retired for 8 years now and find that distributions from just our taxable accounts are more than sufficient to cover our expenses.
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Old 09-28-2011, 04:11 PM   #66
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Originally Posted by Surewhitey View Post
We'll be living off of $2,500 monthly to start; that includes everything! HD health, car insurance, food, lodging...everything. Can we do it? I'll let you know 6 months from now how close we get to the goal.
DH retired June, 2010 and we are quite comfortable on $2500/mo. Most months it's more in the range of $2300-$2350. This includes having satellite TV, broadband internet, a generous grocery budget and $300 budgeted for "other" because sh*t happens, stuff breaks (garage door repair $233 this month) or wears out. Or sometimes you just need a new toy. No mortgage, low property taxes. Medical insurance is through retiree health plan so that helps a lot. There's a high deductible so I set aside a monthly amount for planned expenses.

What part of Mexico? Is it a lot cheaper there?

Married, both 61. DH retired June, 2010. I have a pleasant little part time job.
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