Planning to die broke

[Andre1969]

I think I'd be a bit afraid of trying to plan my money to run out at a certain time when I'm that old. For instance, if I were to ditch out of the workforce right now and see if I could cut it, it would be no big deal to go back to work. I'm only 35, so if I found that by the age of 40, I wasn't going to make it, it shouldn't be too hard to find a job again.

But if I discovered at the age of 70 that I needed to start working again, things could be much more catastrophic. It would be hard to go back into the workforce after being gone for that long. It would probably be more difficult to find someone wanting to hire me at that age. And I might not be up to it, physically.

 

[FlogBlogger]

I assume you read the Escapees web site?

Just got their membership application! A must-have for beginning full-timers.

Does bison go with creamed corn?

Sure, they love it! Just don't step in a crop circle.

If you had a home or something similar to tap into as an emergency fund it'd be a little more comfortable. The biggest danger you're in is hitting 70, no money, no SS, no pension, your RV is old and busted, and you're not healthy enough to work.

Actually, I have a house, which I'm looking to trade down to something small, with RV parking, in a central, tax-free zone...maybe Vegas...

 

[FlogBlogger]

I think I'd be a bit afraid of trying to plan my money to run out at a certain time when I'm that old. 

Equally tragic is the prospect of running out TIME at a certain age, with regrets for having ventured no further than the treadmill. Life's a gamble either way.

 

[haha]

I am just made differently from many of you. Watching my assets decline, and knowing that I couldn't cover it would be hard, like watching my muscles atrophy in old age.

The latter loss is unavoidable if you live long enough, but the former is not really something I want to schedule into my life.

Ha

 

[SteveR]

I am just made differently from many of you. Watching my assets decline, and knowing that I couldn't cover it would be hard, like watching my muscles atrophy in old age.

The latter loss is unavoidable if you live long enough, but the former is not really something I want to schedule into my life.

Ha

I tend to agree Ha.

I would much rather have a safety net just in case I live longer than statistics and family history would suggest. If I die sooner then my wife and family will benefit so it is a win win situation. Trying to find a job at 85 and eating Little Friskies is not my idea of a successful retirement. If I have to work another year now or part time later on to avoid that I will do so. The only race to ER is in your own mind.

 

[FlogBlogger]

The only race to ER is in your own mind.

Maybe this should be called the TIMELY Retirement Forum...

 

[wildcat]

FB -

I don't think anyone is giving you bad advice. Maybe it is just advice you don't want to hear. I think people here are just warning you about the pretty sad consequences if you run out of money. Everyone has their own risk tolerance and you, ultimately, need to make the decision. It is a gamble either way but you can improve your chances by either semi-retiring or working longer. It is kind of like going into a casino - are you going to play the slots for 4 hours or are you going to play blackjack for 4 hours?

Some of the folks saying "go ahead!" do live a low cost subsistence lifestyle. A lot of them also own one or more homes, have working wives, and a fair number of them could conceivable slam into 70 with no money as well.

A good point that you should realize.

I am not going to advise you either way but like I said - it sounds like you have your mind made up. Best of luck and keep us posted.

 

[MJ]

I tend to agree Ha.

Trying to find a job at 85 and eating Little Friskies is not my idea of a successful retirement.

Well, i'd agree with you about working at the age of 85 but Little Friskies, come on, give em a try, yummmm.
They don't call it LWBYM for nothing

MJ

 

[FlogBlogger]

...Little Friskies, come on, give em a try, yummmm.

I like to roast them over a spit fire...tired of wiping down the microwave.

Thanks to all...I am warned.

FlogBlogger

 

[astromeria]

Plenty of folks live on $36k/year or less--isn't $40k the median American male full-time income (as of 2003)? Will you be living in your RV full time? Do you have expensive taste--need to eat out a lot or buy the latest tech gizmos? Check out these full-time RVers:

George lives on ~$2k/month
http://vagabonders-supreme.net/BudgetInfo.htm

Andy lives on a $1k/month pension plus occasional work
http://www.andybaird.com/travels/fulltime/index.html

I remember how happy my grandparents were, and they lived on a pittance in a low-income housing project. There was nothing they wanted that they couldn't afford. As little as they had, they lived below their means--no pet food involved. Nana was a fabulous cook specializing in Italian and Jewish food...mmm pasta with meatballs, homemade ravioli, chicken soup, homemade gefilte fish...ah, it must be lunchtime!

 

[TiogaRV]

The focus of this forum is on money. It is my belief that this money focus should be tempered a great deal.

It is "living" that should be the primary focus. "Living" every moment of our lives.

George

 

[haha]

The focus of this forum is on money.  It is my belief that this money focus should be tempered a great deal. 

It is "living" that should be the primary focus.  "Living" every moment of our lives.

George

The name of this particular board is FIRE and Money. There are other boards on this site, with other threads that are not money related. For example, "Funny Joke Thursdays".

Many feel that they know how to enjoy themselves well enough, if they have the money to cover that base.

Ha

 

[SteveR]

The name of this particular board is FIRE and Money. There are other boards on this site, with other threads that are not money related. For example, "Funny Joke Thursdays".

Many feel that they know how to enjoy themselves well enough, if they have the money to cover that base.

Ha

I Agree.

FI=financially independent.....that takes money.

RE=retire early....that would also require enough money to allow one to do that.


I believe most folks here know the value of time and money so I would not be too concerned with their focus on life vs money. It is all about balance.. enough money to allow yourself to RE so you can live the way you want.

 

[cute fuzzy bunny]

I have to agree somewhat with TiogaRV. We spend much too much time agonizing over how much is enough and what SWR will work. I guess you have to work those anxieties out of your system one way or the other, but its an agreeable message to focus less on the dough and more on eating the bread...preferably with wine and a thou...

 

[FlogBlogger]

Well, for those of us on EER--Edge of Early Retirement--the focus must be on bucks, for it's likely a one-way trip out the door. 

Once out, I wouldn't want to have to look back. 8)

 

[astromeria]

Those with no pension, no employer-subsized health insurance, who are too young for Social Security or Medicare, have no working spouse, possibly special financial obligations like children or elderly parents or a family member with disabilities, and/or who don't have a huge (inflation/deflation-proof?) stash--or have mismanaged their portfolio in the past--are probably more interested in discussing financial details. Also, a lot of folks on this board work/worked in a technical field like finance or engineering and groove on geeking out. I think I'm OK financially, but I enjoy the financial discussions as much as the rest of it--maybe it's a (Myers-Briggs) T thing?

 

[Nords]

It is my belief that this money focus should be tempered a great deal. 

Mine, too, especially if that tempering uses large handfuls of cash!

You can't expect people to lighten up their focus on money when it's perceived to be a LACK of money. Such objectivity only comes from financial security, or perhaps from the rock-like faith of the Dalai Lama or Mother Theresa. In my case it's gonna require the handfuls of cash approach...

 

[SteveR]

Mine, too, especially if that tempering uses large handfuls of cash!

You can't expect people to lighten up their focus on money when it's perceived to be a LACK of money.  Such objectivity only comes from financial security, or perhaps from the rock-like faith of the Dalai Lama or Mother Theresa.  In my case it's gonna require the handfuls of cash approach...

Agree 100%. Those that have a nice stash already can afford to be less concerned about ER than those that are still funding the nest egg. It all comes down to personal perception of how much is enough and theb getting to "enough".

My "enough" will be different from someone else. We all have our own needs and wants so our budgets will be different. I don't plan on dumpster diving or 'possum living so my "enough" will be higher that someone who is happy living that way.

Money is the key to FI so how can a discussion about FI not involve getting "enough?"

 

[TiogaRV]

I am retired, and did everything wrong.  No savings.  No retirement plan except for Social Security.

Yet, I am living in an RV and traveling all over the far west United States and Mexico.  I work on the road, writing about my travels.  Publishing stories about RV life.  Somehow, by this work, I earn enough to remain on the road.  Living a life that many others only dream about.

Focusing as this forum does, on early retirement and money, leaves out how to live.  The how part is much more difficult than just having the money.

I am not advocating foolishly bungling into retirement with insufficient resources.  What I am advocating is that although money is important, you should not pay too much for it.

There sometimes comes a point in time when you have to say, "What the hell!"  And take a leap of faith.  Believe in yourself completely, and the money will come.

George

 

[getoutearly]

There sometimes comes a point in time when you have to say, "What the hell!"  And take a leap of faith.  Believe in yourself completely, and the money will come.

George

I don't disagree, in your situation.  I presume you do not have a couple kids traveling along with you in the RV?  Kids that might want to go to college some day? 

There's not a day goes by I don't think about saying the hell with the JOB.  It's all I can do to turn into the parking garage at work in the morning after my hour commute, instead of continuing on down the road and playing hookey for a day or 20.  But, alas, there are certain obligations.  Granted, I'm getting closeer every day to being able to say adios.  Just don't want to have to come grovelling back later if I run out of cash...

Depending on my investing ability, my (and DW's) frugality, and a bit of luck, I could do it now if I really wanted to.  Couple more years will make success that much more probable.  Sometimes think the best thing that could happen is for the employer to can me.  That would force a few things....necessity is the mother of invention...

 

[Billy]

I am not advocating foolishly bungling into retirement with insufficient resources.  What I am advocating is that although money is important, you should not pay too much for it.

(ณ ฟอำฟืกา รระยนำนหสมืเวหร  oops the Thai version was on...  )

I have to say I agree with you here, George..  No matter where we are, no matter what we have accomplished, (or not) we have made trade offs. 

We choose which those trade offs will be.

Best to you!

Akaisha,
Author, The Adventurer's Guide to Early Retirement

 

[Nords]

Kids that might want to go to college some day?

The majority of the board's posters would probably respond "And somehow that's your problem?!?"

But then I think about homeschooling cross-country in an RV with a teenager who's just looking for a crowd to hang with, and suddenly that parking garage doesn't seem so bad after all.

ณ ฟอำฟืกา รระยนำนหสมืเวหร  oops the Thai version was on...

Well, now you or Lance is gonna have to translate for the rest of the class!

 

[cute fuzzy bunny]

I am not advocating foolishly bungling into retirement with insufficient resources.

We already have someone advocating that strategy...

 

[MJ]

We already have someone advocating that strategy...

Man, CFB, you are relentless and don't miss a beat.

I hate to have you for a real enema enemy.

MJ

 

[cute fuzzy bunny]

Just recognizing everyones contributions...