qwerty3656
Full time employment: Posting here.
- Joined
- Nov 17, 2020
- Messages
- 763
More HSA
I’m really glad I started converting aggressively a few years ago, we’ll be far better off at 72. Only wish I’d started sooner.Add me to more Roth sooner group. I converted like crazy when it made sense before retiring, but 10 years earlier would have made life much easier now.
I'm wishing I did more Roth, more after tax savings, and less pretax.
That rule of thumb seems to only make sense to people living paycheck to paycheck. When I retired at 54 we were saving 45% of our income while also paying for our son's last year of college. Our retirement spending will be less than 50% of our pre-retirement income, and that's with a substantial increase in travel & leisure spending.Three things I experienced:
1. The retirement estimates saying you need 80% of your salary in retirement was wrong. Perhaps those estimates are for married people. I didn't spend near as much with a paid off house. I am not a consumer anymore, I hardly ever need clothes, transportation costs gone down. No bills.
3. If you do early retirement and plan to do retirement activities like water aerobics in the day time--I was the youngest one there. People in 70s and 80s are not in my generation. I felt out of place. Still, you need a plan for how you will spend your time.
Three things I experienced:
1. The retirement estimates saying you need 80% of your salary in retirement was wrong. Perhaps those estimates are for married people. I didn't spend near as much with a paid off house. I am not a consumer anymore, I hardly ever need clothes, transportation costs gone down. No bills.
2. I was too young to retire early as a single person. I was almost 58. I was bored out of my mind even after taking nice vacations to see the world. Very little social interaction. I went back to work PT at age 61 and am much happier retired 5 days and working 2 days per week.
3. If you do early retirement and plan to do retirement activities like water aerobics in the day time--I was the youngest one there. People in 70s and 80s are not in my generation. I felt out of place. Still, you need a plan for how you will spend your time.
things I experienced:
3. If you do early retirement and plan to do retirement activities like water aerobics in the day time--I was the youngest one there. People in 70s and 80s are not in my generation. I felt out of place.
Have been doing good after retirement. Did a few boners before.
1) Sold the townhouse in Huntington Beach, CA for what I bought it for. Should have kept and rented. Could have sold for 3X six years later.
2) Had a go at "penny stocks", lost 25 grand.
3) Didn't buy the house next door (in foreclosure) for 150 in 2009. Just sold for 575.
That rule of thumb seems to only make sense to people living paycheck to paycheck. When I retired at 54 we were saving 45% of our income while also paying for our son's last year of college. Our retirement spending will be less than 50% of our pre-retirement income, and that's with a substantial increase in travel & leisure spending.
+1That rule of thumb seems to only make sense to people living paycheck to paycheck. When I retired at 54 we were saving 45% of our income while also paying for our son's last year of college. Our retirement spending will be less than 50% of our pre-retirement income, and that's with a substantial increase in travel & leisure spending.
Less IRA more Roth.
Yes, but it is even worse than that - it can go both ways.That rule of thumb seems to only make sense to people living paycheck to paycheck. When I retired at 54 we were saving 45% of our income while also paying for our son's last year of college. Our retirement spending will be less than 50% of our pre-retirement income, and that's with a substantial increase in travel & leisure spending.Originally Posted by Fleur58 View Post
Three things I experienced:
1. The retirement estimates saying you need 80% of your salary in retirement was wrong. Perhaps those estimates are for married people. I didn't spend near as much with a paid off house. I am not a consumer anymore, I hardly ever need clothes, transportation costs gone down. No bills.