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Instead of seeing a Financial Advisor
Old 08-11-2011, 09:09 PM   #1
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Instead of seeing a Financial Advisor

Here is my situation. A few months ago I felt the need to get a financial advisor just to run my finances by before I left the workforce but now I think I can get a better opinion on this site. So I thought I would get feed back here
Basically I think I am financially ready to retire but insecure with the unknown and the fear that I am missing something. I am planning to retire in 2012 at age 60 with a pension. Everyone on my family tends to live into their 90’s and my wife’s mom is a healthy 92 so we have to be prepared.

[mod edit: financial details removed due to privacy concerns]

Any comments? Concerns?
Thanks
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Old 08-11-2011, 11:08 PM   #2
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Looks good. No concerns, except - do you have medical insurance factored in? That can be a fly in the ointment.

Having your income COLAd it should track expenses without dipping into 401k as you described. Leaving the 401k for unforseen expenditures. Since 2nd SS is planned for 2018. the "excess" should cover any inflation difference over the COLAd income and most other unforeseen costs. Enjoy hearing you are soon to be FIREd.
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Old 08-11-2011, 11:21 PM   #3
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Thanks for reading my post - yes I do have the medical insurance factored in. I can keep the same coverage I have now.
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Old 08-11-2011, 11:30 PM   #4
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I'm figuring you ran those numbers through FireCalc? Looks like you have a good handle on what your spending is. Does the pension provide survivor benefits (if that matters in your scenario)?
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Old 08-11-2011, 11:55 PM   #5
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You are in great shape. Given your strong financial position and history of longevity, I'd certainly consider delaying Social until at least 66 and possibly 70.

Other than that well done both in terms of savings and tracking expenses.
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Old 08-12-2011, 12:28 AM   #6
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That looks something like a 1.5-1.8% SWR, and that is before factoring in social security and your rental income. You probably were ready, financially, to retire 8-10+ years ago.
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Old 08-12-2011, 06:36 AM   #7
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None here.

Just a comment. Consider an exit strategy on the rental units. Do you intend to manage that into your 80s? If you die early can your DW manage it?


You did not describe the circumstances.... but why own a 2nd home? If one of the homes is a vacation home... it is an expense. You could probably lease or rent at a lower overall cost. You might reconsider your options and determine if selling it when the real estate market normalizes is to your advantage. Or alternately you might consider when you want to sell it and proactively plan for the future. Will you be doing the trek in your late 80s? It is a personal choice of course. But you asked for feed back... just my 2 cents.
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survivor benefits
Old 08-12-2011, 07:30 AM   #8
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survivor benefits

Quote:
Originally Posted by Bestwifeever View Post
I'm figuring you ran those numbers through FireCalc? Looks like you have a good handle on what your spending is. Does the pension provide survivor benefits (if that matters in your scenario)?
Yes if I die my wife gets that amount I quoted. that is actually a reduced benefit.

thanks
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ssn
Old 08-12-2011, 07:32 AM   #9
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ssn

Quote:
Originally Posted by clifp View Post
You are in great shape. Given your strong financial position and history of longevity, I'd certainly consider delaying Social until at least 66 and possibly 70.

Other than that well done both in terms of savings and tracking expenses.
I like the idea of saving my money and spending theirs.
thanks
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exit on rentals
Old 08-12-2011, 07:37 AM   #10
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exit on rentals

Quote:
Originally Posted by chinaco View Post
None here.

Just a comment. Consider an exit strategy on the rental units. Do you intend to manage that into your 80s? If you die early can your DW manage it?


You did not describe the circumstances.... but why own a 2nd home? If one of the homes is a vacation home... it is an expense. You could probably lease or rent at a lower overall cost. You might reconsider your options and determine if selling it when the real estate market normalizes is to your advantage. Or alternately you might consider when you want to sell it and proactively plan for the future. Will you be doing the trek in your late 80s? It is a personal choice of course. But you asked for feed back... just my 2 cents.
I always figured I could sell the rentals and invest the money. If we move
I will have someone manage them. We sold most of our RE on the way down
so we did pretty good since we bought all of the rentals in the 80's and 90's

The second home is a Lake Home on Lake Chatuge. Love spending weekends up there but do not want to retire there.

thanks
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ready financially to retire 10 yrs ago
Old 08-12-2011, 08:00 AM   #11
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ready financially to retire 10 yrs ago

Quote:
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That looks something like a 1.5-1.8% SWR, and that is before factoring in social security and your rental income. You probably were ready, financially, to retire 8-10+ years ago.
Yea I am starting to realize that.. About a year ago I met this guy at a wine tasting who retired at 47! he is about 67 and never went back to work so I knew he was on to something. He started the process. Talked to him at every wine tasting and became pretty good friends. He pretty much said what you will find on this board. I started reading all the retirement books and running all the calc. waiting for that "oh I missed that" which never came.
Started looking for a financial advisor but figured I would be better off getting the advise of the people here.


thanks
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