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Old 06-05-2013, 08:28 AM   #21
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Sell everything you don't use. Give what you can't sell to Goodwill and get a tax receipt. Get completely out of debt. Save/invest as much as possible. Downsize whatever you can: vehicles, house, family (just kidding - unless there's a distinct advantage lol). Start researching what type of prudent what type of prudent life style you can live, so you know exactly how much income you will NEED when you FIRE. Don't RUSH to do these things, but don't wait until the last minute. Ease into the retirement lifestyle, so you can make an informed decision when ready to retire, rather than jump into at the last moment and hope you can live withing your means.

Then buy an RV and TRAVEL!
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Old 06-05-2013, 03:13 PM   #22
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Old 06-05-2013, 06:57 PM   #23
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Originally Posted by CUinFl View Post
The retired P&G motivational speaker mentioned that after 3 years of retirement, nearly 40% of retirees are clinically depressed.

Thanks for your advice.
Just curious if the speaker gave any details on who came up with this number and how.
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Old 06-07-2013, 02:59 AM   #24
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Just curious if the speaker gave any details on who came up with this number and how.
David, the conference was not around retirement, so it was a side comment which the leaker did not expound on; nor was it challenged.


I did bring up that comment afterwards to a few colleagues and, for the most part, we all felt the number seemed high. Do not have any facts to support that feeling, but we all see the greener grass on the retirement side
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Old 06-07-2013, 06:00 AM   #25
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David, the conference was not around retirement, so it was a side comment which the leaker did not expound on; nor was it challenged.


I did bring up that comment afterwards to a few colleagues and, for the most part, we all felt the number seemed high. Do not have any facts to support that feeling, but we all see the greener grass on the retirement side
A factor might be the number of people who are being forced into retirement due to health or job loss.
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Old 06-09-2013, 10:59 AM   #26
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The retired P&G motivational speaker mentioned that after 3 years of retirement, nearly 40% of retirees are clinically depressed. I was surprised by that comment and stat and immediately thought to the advice you all are giving me as I plan for ER.
He is a company shill. He is talking about lifers who loved the company, whose self-worth was based on their job.

A friend who helped design the first Pringles plant told me how P&G brought everyone together in a hotel for a weekend to find out why they all hated P&G.

Beware, grasshopper.
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Old 06-09-2013, 11:59 AM   #27
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if you had one piece of advice you would give to someone with 7+ years left before retirement, what would it be?
Remember than time is more precious than money. Spend the 7 years you plan to work before retirement giving significant consideration to doing and experiencing things you enjoy and that enrich your daily life. Don't procrastinate enriching your life today and everyday of the remaining years before you reach FIRE.
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Old 06-09-2013, 02:03 PM   #28
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I attended a "financial planning for retirement" seminar the other day. The lecturer gave standard-issue advice about living below one's means and fully investing in the TSP (which was not really helpful, since nobody in the audience was under 50 - if they'd waited this long to discover TSP and LBYM, they're not likely to be retiring any time soon).

Then he ventured into lifestyle. He informed us that we must not retire until we are sure we'll have plenty to keep us busy. To illustrate the dangers, he said his 88-year-old father was taking Zoloft for depression "because he doesn't have anything to do." A little later, he revealed that his mom and dad are in a nursing home, paid for by their kids. No, Bozo, your Dad isn't depressed b/c he has "nothing to do." He's miserable b/c he's in a nursing home and knows he's a burden to his kids!

I repeat this otherwise valueless info b/c it illustrates that paid speakers will throw out absolutely any assertions that suit them. Unless they also cite reputable studies, just go "La la la la la," and think about all the cool stuff you're not getting to do because you are working.

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. The retired P&G motivational speaker mentioned that after 3 years of retirement, nearly 40% of retirees are clinically depressed.
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Old 06-09-2013, 03:40 PM   #29
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I repeat this otherwise valueless info b/c it illustrates that paid speakers will throw out absolutely any assertions that suit them. Unless they also cite reputable studies, just go "La la la la la," and think about all the cool stuff you're not getting to do because you are working.
+1

My thought when I saw this post was that if the speaker is being paid by the company to speak to its leaders, then telling them that retirement was GREAT would not to to lead itself to many more speaking gigs for similar companies.

-gauss
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Old 06-09-2013, 04:09 PM   #30
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I think the company wanted to scare people into staying on so (a) they could delay replacing them and (b) their pension liabilities could be reduced.
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Old 06-10-2013, 05:02 PM   #31
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Thank you all for the great advice, keep other ideas coming if there are more thoughts..... I have a few takeaways.

To address a few of the posts:
- if anyone still chats with Dory36, tell Dory I said thanks for creating a great community of mentors


Here is the advice I took away
- maxing out deferred is the way to go; save as much as you can (Roth, Ira, etc)
- seven years I will have a DW (6 yrs younger) and two children in their very early teens
- enjoying what life has to offer now is just as important as post retirement
- set mini goals
- pay down debt - I will not be able to pay off the debt
- downsize where possible
- keep the family unit whole
- learn other ideas through reading and research.


Thank you... I do recognize no one threw out a measure like 4% for 30 years, or 80% of you pre-retirement income... In thinking through that fact, is realize there is more to life then "a number" (although you should have a target) or a retirement date(although you should have a plan). Thank you again
CUinFI, while I think the advice given to max out retirement savings is valid, I would add one caveat depending on your target age when you retire (I didn't see your current age - sorry if I missed it). I've been retired for a whopping 10 days now (at age 48 - since June 1st) and one thing I had to account for is having enough taxable investments to get me to age 59 1/2 - about 11 years from now when retirement assets will be available. Depending on your age and expected expenses, having enough taxable savings and investments set aside could be very important.
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Old 06-11-2013, 09:21 PM   #32
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Thanks for the advice. Bridging to 59.5 is what I am working on as our goal is to FIRE when i am 50; probably closer to 51.

Congrats on retirement! Hope the first two weeks are going well. Not sure if you explored the 72(t), but that could help bridge to 59.5 as well.
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Old 06-16-2013, 07:28 PM   #33
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I did explore early withdrawal methods, but I wanted the tax deferred investments to work for me as long as possible. In the end, I created a taxable portfolio, with a 30/70 (s/b) mix to see us through the next 11 years and our retirement accounts will then carry us through to the Social Security and those have 70/30 mix. We are anchored though by a military pension that covers daily expenses. The investment accounts will cover non-recurring expenses and capital purchases as well as unforeseen expenses or emergencies.
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Old 06-16-2013, 08:33 PM   #34
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Remember than time is more precious than money. Spend the 7 years you plan to work before retirement giving significant consideration to doing and experiencing things you enjoy and that enrich your daily life. Don't procrastinate enriching your life today and everyday of the remaining years before you reach FIRE.
+1

Contrary to conventional wisdom around these parts, it is possible to get a lot out of life before FIREing.
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Old 06-16-2013, 09:48 PM   #35
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I repeat this otherwise valueless info b/c it illustrates that paid speakers will throw out absolutely any assertions that suit them.

Amethyst
And how much did you have to pay for this bozo's "advice"
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