I agree. I am actually worried my health will decline once I retire. Since I won't be getting up for work five days a week, I will be tempted to have a few extra drinks than I normally would. Plus, as one ages, i would think you begin to worry less about things like cholesterol and blood pressure when you know the end is insight anyway.
Nothing new here but please indulge me
- Thread starter jakester
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I agree. I am actually worried my health will decline once I retire. Since I won't be getting up for work five days a week, I will be tempted to have a few extra drinks than I normally would. Plus, as one ages, i would think you begin to worry less about things like cholesterol and blood pressure when you know the end is insight anyway.
disagree regarding exercise. I used to exercise regularly,including belonging to basketball league,riding bicycle 20 miles and racing the last 10,weights,etc,,,it s in me to do that,,,however,i no longer have the time nor energy to do that regularly.
Sometimes when i have free time I ll go hike a few miles or jog on the treadmill.
I m sure it s per individual,,,i ve witnessed people getting healthier and others detiorate,,i know in my heart,I would be healthier.
Regarding my child, we already have 12000 in her college fund. All my decisions include her.She will be taken care of.
Sometimes when i have free time I ll go hike a few miles or jog on the treadmill.
I m sure it s per individual,,,i ve witnessed people getting healthier and others detiorate,,i know in my heart,I would be healthier.
Regarding my child, we already have 12000 in her college fund. All my decisions include her.She will be taken care of.
Estimate for four year public college (non commute, but state resident) is $160,000 for a kid matriculating in 2016: private would be substantially more (as may public given the need to hike tuition given state deficits-- think CA university system).
Still,without regard to compounding/returns of money saved that means you need to add to your $3,000 monthlt expense approximately $670 a month to "amortize" the cost of college, or a 22% increase in your monthly expenditures.
Personally, I would feel much better of my chances to ER if I had already funded a substantial portion of college expenses, seperate from my ER funds. YMMV...
FYI a college cost estimator: MEFA : Calculators and Tools : College Cost Estimator
Ok,there are many opinions but I think the distilled collective advice is to work part time,,,two days a week.
I thank you for your advice.
today our weather was about 80 degrees,clear blue skies with a light breeze,,,sure wish i wasnt working today
J
I thank you for your advice.
today our weather was about 80 degrees,clear blue skies with a light breeze,,,sure wish i wasnt working today
J
Is there any other way to surf the web?
Of course you could always approach it this way:
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walkinwood
Thinks s/he gets paid by the post
I wonder if his efforts on the treadmill power the computer. That would be productive surfing or maybe just internet walking.
I heard the word "wilfing" just last week for the first time.
Can you retire with your 1.2M and then experience a 2008-2009 market drop? Where your 1.2M goes to 300K? That's what happened to me - I panicked, applied for a couple of jobs (didn't get them), and now have come out the other side, realizing that, even at that level, I can make it without a terrible sacrifice. You must own your property outright or rent cheaply, have catastrophic health insurance (for now), own your vehicle outright and you must be able to lower your monthly expenses if needed. I'm now at 1999 levels and am finally realizing that I'm okay and don't have to have a job.
However, I've spent a tremendous amount of time panicking and worrying if I needed to get a job or not. I made a huge move and renovation in 2006 and spent a lot of time regretting my actions.
Not sure I'd wish that on anyone.
However, I've spent a tremendous amount of time panicking and worrying if I needed to get a job or not. I made a huge move and renovation in 2006 and spent a lot of time regretting my actions.
Not sure I'd wish that on anyone.
i m own my home outright,,,owe nothing on my 2008 honda,,,my portfolio is conservative
when i asked the same question on morningstar investor site,the majority think i can do it,,,,
reminds me of what some have said,,,,something like if you wait until all circumstances appear perfect/secure you may never get there
another perfect weather day here and i m off to work
when i asked the same question on morningstar investor site,the majority think i can do it,,,,
reminds me of what some have said,,,,something like if you wait until all circumstances appear perfect/secure you may never get there
another perfect weather day here and i m off to work
militaryman
Recycles dryer sheets
I would sell the business the moment I had a good offer and try the ER for a year. Get in shape -- and see where I was then -- A year or two would shed light on whether I could truly live on the 3k / year.
I wish you the best.
I wish you the best.
FANOFJESUS
Thinks s/he gets paid by the post
How about retiring and moving. In the Midwest you could get down under $2000 a month for the cost of living. In the Midwest most people have less than you do now. Houses in a good safe neighborhood can go for as little as 50k. House taxes start at about 1k.
Independent
Thinks s/he gets paid by the post
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I'll agree with the "distilled collective advice" on part time work. You may be able to go part time with your current job while discover what you will do with the extra time. You might quit entirely for a year or two then look at the part time possibilities. You might sell the business and go directly to part time. Any of those are possibilities, which would work for you depends on your unique mix of skills.
I'll also agree that if the $3,000/mo is realistic (it might be for me, depends on medical costs) then you should be okay on $1.2 million. I'll disagree college costs need to be huge. If you you're comfortable paying tuition and books only at a public college, that shouldn't be a big hit to your nest egg.
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Not unless you're willing to sleep in a cardboard box in the alley. If you sell the house, you will need to pay rent. Using a 4% SWR, $250k will support cash flow of $10k per year or $833/mo. for rent (although you could probably redirect your property tax to rent as well).
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I'm no expert on reverse mortgages, but I believe that you need to be 62 years old and I would think you can't get all of your equity out that way. And the younger you are when you start, the smaller percentage you can get. You also need to decide whether you want to leave anything to your heirs. And, as a final consideration, you may not be able to stay in the house until you die. If you have a reverse mortgage and need to move to assisted living at some point, you may be forced to sell the house to pay the mortgage balance.
In my own plans, I assign zero value to the house. A sale or a reverse mortgage is an emergency backup plan, but not part of my calculations.
In my own plans, I assign zero value to the house. A sale or a reverse mortgage is an emergency backup plan, but not part of my calculations.
Sounds like a recipe to strap your kid to have to support you in your old age or feel guilty as hell over not... or not
I certainly would not want to do that.
It just seems there is soo much effort in being financially secure in the last few years of life.Perhaps a few ,perhaps 20. I ve known many people in the past few months alone who passed away in their 70 s.
Isnt part of the ideal of early retirement in enjoying our vitality.
It just seems there is soo much effort in being financially secure in the last few years of life.Perhaps a few ,perhaps 20. I ve known many people in the past few months alone who passed away in their 70 s.
Isnt part of the ideal of early retirement in enjoying our vitality.
Wish I had a crystal ball on this one. I am convinced that DW and I will die with way too much money, but that is a chance I'm willing to take versus being strapped in later life.
YMMV...
Katsmeow
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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You raise a difficult question.
Everyone sees the risk and negatives of retiring (early or not) and then running out of money before death, particularly running out of money while still able to live on your own, etc.
I do think it is easier to focus on that very visible risk than you think about the risks and negatives of not retiring earlier. If I had waited until I was, say, 60 to retire and had more money as a result many people would see no downside in that and would feel that working until 60 to have a better chance of ensuring that I don't run out of money at 85 is not just a fair trade off...it is one that is almost risk free.
And, yet...someone that I worked with, close to my age, seemingly in good health only a few weeks ago, died today quite suddenly and tragically. You see something like that and the risk of waiting to retire seems very real.
Very few of us will live to be 90 years old. Yet we spend so much time planning on having enough money for when we are 90 to 95. There is no doubt that this often does result in delayed retirements or perhaps withdrawal rates that are too low when newly retired.
Having said that, it is easy in your 50s (I'm 56) to not want to worry that much about the possibility that I'll run out of money at 90. Yet, if you were 85 or 90 and ran out of money then that would not be pleasant.
I think a balance is needed. I also think that most retirement calculators assume you retire and take your SWR your first year and then don't vary it except for inflation. In real life, if money is being depleted too quickly I think most would consider working part time and/or lowering the withdrawal rate.
haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Your mind is made up; just go on and do whatever it is you want to do.
Katsmeow
thanks for a honest answer. At what age did you retire? I think you appreciate my thoughts about enjoying life while we can too.Is that correct?
We would like to live to 100,but how much vitality will have past 80 anyway. I dont want to be poor nor leave my daughter burdened. But it s not certain either way,we re talking odds. One poster on the morningstar site retired at 48 ,3 pre college age children and only 650,000. He s now in his 60 s ,all children went to college.,just happened he invested well and market was a bull for several years.
But working part time seems to be the answer.
thanks for a honest answer. At what age did you retire? I think you appreciate my thoughts about enjoying life while we can too.Is that correct?
We would like to live to 100,but how much vitality will have past 80 anyway. I dont want to be poor nor leave my daughter burdened. But it s not certain either way,we re talking odds. One poster on the morningstar site retired at 48 ,3 pre college age children and only 650,000. He s now in his 60 s ,all children went to college.,just happened he invested well and market was a bull for several years.
But working part time seems to be the answer.
Katsmeow
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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I just retired last week. I am 56. Actually I started out planning to entirely retire, but when I gave notice I was asked to continue working 1 day a week basically doing the things that I most enjoy doing at work. So it was easy for me to decide to continue working part time on that basis. My DH will be retiring in the summer at age 62. We still have adolescents in the house so there is a risk. Having the option of part time work does help.
Katsmeow
sounds great and CONGRATS!!!!!!
What amount of money do you think is absolutely necassary to have ( i know there are varying circumstances) ?
I know many people who work,3 or 2 days a week and they really like it. Stay a little involved but have the free time we crave.
sounds great and CONGRATS!!!!!!
What amount of money do you think is absolutely necassary to have ( i know there are varying circumstances) ?
I know many people who work,3 or 2 days a week and they really like it. Stay a little involved but have the free time we crave.
mh
Thinks s/he gets paid by the post
In some of the previous posts you don't seem to have a good handle on
what you think your expenses will really be.
You might want to consider calculating your planned SWR.
and then try living on that for 6 months or better , a year.
I'm doing it by putting my projected SWR ( / 2) in my checking
account at 6 month intervals and paying for everything by credit card,
check, or atm withdrawl from said checking acct. (mostly credit card)
Then every month, i mull over the credit card bill and my checking acct
stmt from the credit union.
If you are feeling a little 'deprived' during that
time span, then maybe you should reconsider. I'm performing that little
experiment now, (at the 6 month mark). so far, so good in my case.
It does seem to be giving me a bit more confidence about pulling
the trigger within the next year / year and a half.
