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View Poll Results: Retirees only, which best describes how you feel about your retirement income?
I have a lot more than I can spend. I'll be leaving a lot on the table when I croak, or maybe I'll become a philanthropist. 68 29.82%
I have a little more than I can spend, which is a nice security blanket. 109 47.81%
I have just about exactly what I need, no more, no less. 40 17.54%
I have a little less than I'd prefer to spend, so I might want to do something like kick up the LBYM and/or work part time for a while. 7 3.07%
I don't have enough. I need to go back to work, or marry well, or take up bank robbery as a hobby. 4 1.75%
Voters: 228. You may not vote on this poll

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Old 05-11-2016, 08:55 AM   #61
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Major Tom can have his dream house, but it just has to be out of the SF area. And maybe it should have wheels.
Something I discovered last year, was that moving costs enough all by itself to be a bit of a strain on the withdrawal rate.

Oh well. I got what I wanted and I could afford it. I keep telling myself that.
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Old 05-11-2016, 08:59 AM   #62
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Something I discovered last year, was that moving costs enough all by itself to be a bit of a strain on the withdrawal rate.

Oh well. I got what I wanted and I could afford it. I keep telling myself that.
Well, it's a one time expense, so as long as it doesn't damage your continuing withdrawal rate, no big deal. Besides, how many times in your life do you get such an opportunity?
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Old 05-11-2016, 09:01 AM   #63
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Well, it's a one time expense, so as long as it doesn't damage your continuing withdrawal rate, no big deal. Besides, how many times in your life do you get such an opportunity?
Exactly! That's what I keep telling myself. It's just hard to change one's ways. I'll still be able to manage on a WR of less than 2.5% once my expenses settle back down to where they were. Which they will, because my house expenses are about the same now as they were at my old house.
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Old 05-11-2016, 09:23 AM   #64
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People here who managed to retire early tend to be frugal, unless they hit some kind of a jackpot like inheritance or a big stock win. So, we tend to forget that we cannot take it with us. One delays his/her gratification, but till when?

I am not that old, but I desire fewer and fewer things. I have been thinking that when I hit 70, I will not care that much about travel anymore. Even now, I am not as gung ho about travel as I was just a few years ago.
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Old 05-11-2016, 09:28 AM   #65
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Major Tom can have his dream house, but it just has to be out of the SF area. And maybe it should have wheels.
Yes, wheels will be a must. I have done shockingly little travel within the US, and that situation really needs to be rectified. I want to get out and see more.

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Well, it's a one time expense, so as long as it doesn't damage your continuing withdrawal rate, no big deal. Besides, how many times in your life do you get such an opportunity?
+1 - for the same reason we often tell folk who are trying to LBYM, to pay attention to their recurring expenses. It's quite surprising how a one-time expense, even if it seems fairly significant, can be accommodated by a portfolio but those regular monthly expenditures, even if moderate, make a very tangible difference over the long term.

In other words W2R, a big thumbs-up to your most recent house purchase
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Old 05-11-2016, 03:50 PM   #66
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I voted "I have just about exactly what I need, no more, no less.'". My logic is that I've adjusted my lifestyle to my net worth/income. I don't try to live below or above my means. To be honest, if I had another million, I doubt if that would change anything. However, if I had 10 more million, things might change.

Which raises an interesting question to me (maybe I'll start a poll). How much would your net worth and/or income have to go down before it would cause you to adjust your current lifestyle. 5%, 10% 25%, MORE?
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Old 05-11-2016, 04:09 PM   #67
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Which raises an interesting question to me (maybe I'll start a poll). How much would your net worth and/or income have to go down before it would cause you to adjust your current lifestyle. 5%, 10% 25%, MORE?
At the moment about 35% or perhaps more, the reason being that SS is just coming fully online this month. We've been fine without it and have even been saving some with just the pension, not touching savings/investments yet.

It'll be a bit over $2k/month net and we haven't the foggiest idea what we're going to do with it. But I'm sure we'll think of something.
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Old 05-11-2016, 04:24 PM   #68
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It'll be a bit over $2k/month net and we haven't the foggiest idea what we're going to do with it. But I'm sure we'll think of something.
More cameras/lighting gear/lenses? (For your share of the extra money, of course!)
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Old 05-11-2016, 06:27 PM   #69
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I think you should not put off the things you want to do because for some people tomorrow never comes. This has really hit home for me as 2 of my friends died in 50-60's and one at 64 is in a nursing home. Also studies show that most people don't want to travel very much after age 70.
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Old 05-12-2016, 08:13 AM   #70
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If the current nest egg doesn't get depleted too much, DW and I, while waiting to take SS and receive a very small fixed pension, should be in decent shape. At this point I'm not sure if that will leave us with a lot more or a little more than needed, but we hope for the best. We have a DD living at home with health issues and that accounts for a big unknown future expense, although she has been doing better lately. All the money in the world doesn't mean much if family members are suffering with health issues.
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Old 05-12-2016, 10:37 AM   #71
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We're somewhere between the first two. My pension & SS is excess, goes into savings each month. We're living good on DH pension. As time goes on, I find myself spending more. No more thoughts of, we can't buy this, we're retired and on a pension. It took a couple years to reach this point. I'm not wasteful, but think it's awesome that I'm being paid to stay home!! Five years into retirement, haven't had need to get into our retirement savings yet.
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Old 05-12-2016, 01:07 PM   #72
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Investments are generating just under 2.5 X what my wife made when she use to work.
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Old 05-12-2016, 01:30 PM   #73
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I'm not retired, but not surprised at the stark difference in these survey results to many of those published by the financial analysts and the like. This poll indicates that over 94% of respondents have at least what they need to meet their needs in retirement. Contrast that to the reality that many in the populace are totally unprepared financially for retirement, many are oblivious to that fact, others perhaps victim of circumstance, while here on this board the LBYMers almost all have the life they want or at least need in retirement. What a difference planning and often frugality makes in our golden years.
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Old 05-13-2016, 12:34 PM   #74
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According to VPW we are underspending. I put in a last withdrawal age of 110 and it says this year we can spend 4.4%. Will probably be in the 3% to 3.5% area. So we are in the "have plenty" category.

By design, I want to have a good cushion to the end. Fewer worries about getting near the edge on anything. Then our son can take over. Saves me from worrying about how he'll do in his older adult years. Not that he is doing badly.

Just got back from San Diego and Maui. Have got more generous on tips. More domestic trips planned this year. Life is good.
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Old 05-13-2016, 01:13 PM   #75
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While I am formally "retired", due to income sources from a family business started by our parents and that I am remain "involved" in (Board member, own stock, etc.) I have not yet had to rely solely on my savings/investments to support my lifestyle. So, I am still in savings mode because (1) I can still save and (2) I have a goal I still want to reach which makes me feel more comfortable should something happen to the business.

But, if I took 3% of current investments, I would have more than enough with that plus other income sources such as Board Fee and projected SSN. Somewhere like twice plus as much. I just can't seem to relax and get out of savings mode!

I did not vote in the poll since I am not currently living off my investments.
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Old 05-13-2016, 03:05 PM   #76
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... Just got back from San Diego and Maui. Have got more generous on tips...
One of the things we have done too.

We have been giving anonymously to some trusted charity organizations. So, why not also be a bit more generous to people who serve us directly? It still amounts to a tiny fraction of the charity donations we have made.
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Old 05-13-2016, 03:15 PM   #77
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Have got more generous on tips.
Me too.

I think maybe it is nature's way of helping counterbalance the curmudgeonistic behavior associated with advancing age.

DW disagrees. She thinks I'm just losing it...
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Old 05-13-2016, 03:25 PM   #78
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Have got more generous on tips.
We're doing that too since SS started. Today on a $26 lunch tab I left a $10 tip, the waitress did well by us.

One of these days I'm going to leave a $100 bill as a tip just because it'd be neat to do and would definitely make someone's day. At least at the places we go.
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Old 05-13-2016, 04:15 PM   #79
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We're doing that too since SS started. Today on a $26 lunch tab I left a $10 tip, the waitress did well by us.

One of these days I'm going to leave a $100 bill as a tip just because it'd be neat to do and would definitely make someone's day. At least at the places we go.
One never knows about tipping. Usually I don't see a reaction as we are heading out the door.

A few days ago we took our first Uber ride. I know you don't have to tip and even discussed it a bit with the driver. Our ride was short and only about $7. I decided to tip $3 but as I was handing him the cash I noticed a $5 bill in there. Just slipped it out to leave $3, as $8 on a $7 ride is just over the top for me. It was awkward and who knows how he felt. No smile. Oh well. Is this what they mean by "no good deed goes unpunished" ?
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Old 05-13-2016, 04:19 PM   #80
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Is this what they mean by "no good deed goes unpunished" ?
It could very well be.
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