Join Early Retirement Today
Reply
 
Thread Tools Display Modes
Hello and Thank You
Old 08-20-2006, 04:17 PM   #1
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Hello and Thank You

I have been reading the forum for over a year and have learned quite a lot about LBYM and about the 4% rule. So wanted to say "Thank You!"


Thanks for all your contributions on here. I read the forum almost every day.

Zoocat is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Hello and Thank You
Old 08-20-2006, 04:23 PM   #2
gone traveling
 
Join Date: Nov 2005
Posts: 2,146
Re: Hello and Thank You

Downsize from that mortgage?

can you move to a different part of the country?

I dumped my 240K mortgage and traded it in for a nicer house with a50K mortgage in NC from NJ.

60 K but that health insurance thing, I was looking today at costs. UGH.

What is wrong with america and health care /insurance

500 BILLION down the TOILET in IRAQ and more to go, think of how many americans could have been covered by some policy with some of that insane money !

Enough of my political rant.

Good luck, many here will give you some great advice.

Me I am the court jestor!
dumpster56 is offline   Reply With Quote
Re: Hello and Thank You
Old 08-20-2006, 04:39 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Re: Hello and Thank You

Thanks, NewGuy, for the welcome.*
Yes, RATS to the mess in Iraq and about health insurance too. I already pay $352 with a $1000 deductible and with my minor health exclusions it looks like I will pay more, about $400-500 with a $2000 deductible and no coverage for my very minor health problem unless I go with a HMO which I'm not thrilled about.
Zoocat is offline   Reply With Quote
Re: Hello and Thank You
Old 08-20-2006, 06:02 PM   #4
Full time employment: Posting here.
 
Join Date: Feb 2004
Location: Okanagan Valley
Posts: 808
Re: Hello and Thank You

A couple of comments. You don't say what profession you were a part time professional in. Quite often you can leverage those skills into something quite different for a part time job. Nothing wrong with 10-20 hrs a week, is there?

Secondly, I definitely support newguy's suggestions about downsizing and cutting that mortgage to a third or half of what it is. No reason why you cannot stay in your dream town. Over time, there has to be options that come up such as a duplex, condo townhouse. DW and I have downsized twice since we left the big executive home and turfed the kids out. Very happy with less clutter, less stuff, less cleaning and less costs.
AltaRed is offline   Reply With Quote
Re: Hello and Thank You
Old 08-20-2006, 06:24 PM   #5
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,856
Re: Hello and Thank You

Quote:
Originally Posted by Oldbabe
I already pay $352 with a $1000 deductible and with my minor health exclusions it looks like I will pay more, about $400-500 with a $2000 deductible and no coverage for my very minor health problem unless I go with a HMO which I'm not thrilled about.
Welcome to the board, Oldbabe.

Is it worth the savings on health insurance to go to a higher deductible, say $5K-$10K?

I'm curious-- when you enter your trust income & expenses into FIRECalc, are you also entering your Social Security benefits? You're pulling out more than 4%/year from the trust, but you're also staying below 5%. Anything over 80% success rate is truly enough to stop worrying.
__________________
*

Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."

I don't spend much time here— please send a PM.
Nords is offline   Reply With Quote
Re: Hello and Thank You
Old 08-20-2006, 06:31 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
mickeyd's Avatar
 
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
Re: Hello and Thank You

Hey Babe (if I may call you that),

Quote:
I may outlive my trust (currently valued at 1.3 M).
As I see it, it would be darn difficult for most single folks to outlive this nestegg. You mention many aspects of your life that indicate that you are not a big spender and live within you means. Unless you invest in some losing scheme that turns your trust into a loser, you should be fine. 8)
__________________
Part-Owner of Texas

Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx

In dire need of: faster horses, younger woman, older whiskey, more money.
mickeyd is offline   Reply With Quote
Re: Hello and Thank You
Old 08-20-2006, 08:44 PM   #7
Full time employment: Posting here.
 
Join Date: Jul 2004
Posts: 512
Re: Hello and Thank You

Oldbabe,

You mentioned you were still funding your Roth IRA, but I understood from your post that the only income you currently had was from your trust.* I believe you can only fund IRA's with earned income.

Did I understand your situation correctly?
gindie is offline   Reply With Quote
Re: Hello and Thank You
Old 08-21-2006, 08:18 AM   #8
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Re: Hello and Thank You

Thanks so much for the replies and the encouragement. To answer some questions: I do work part-time, hence the ROTH IRA.

As far as having a huge deductible $5-10K, that scares me. I really feel more comfortable with a more predictable cash flow scenario.*
Nords, my SS will be minimal ($400/mo?) as my previous employment fell under the state retirement system and I was never full time so will have no benefits from that either.

Zoocat is offline   Reply With Quote
Re: Hello and Thank You
Old 08-21-2006, 08:30 AM   #9
Recycles dryer sheets
 
Join Date: Aug 2006
Posts: 65
Re: Hello and Thank You

Quote:
Originally Posted by mickeyd
Hey Babe (if I may call you that),

As I see it, it would be darn difficult for most single folks to outlive this nestegg. You mention many aspects of your life that indicate that you are not a big spender and live within you means. Unless you invest in some losing scheme that turns your trust into a loser, you should be fine. 8)

Hey OldBabe,

I second Mickeyd. *Being single you can do 3.5% that still give you 45K instead of the standard SWR. * People can live comfortably with 45K.
__________________
Dream as if you'll live forever.  Live as if you'll die today.
Mach1 is offline   Reply With Quote
Re: Hello and Thank You
Old 08-21-2006, 08:39 AM   #10
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
Re: Hello and Thank You

Quote:
Originally Posted by Oldbabe

Nords, my SS will be minimal ($400/mo?) as my previous employment fell under the state retirement system and I was never full time so will have no benefits from that either.
Are you sure about that? Were you married for more than 10 years? If so, maybe you can collect on your ex-husband's record, getting half of what he would get.

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Hello and Thank You
Old 08-21-2006, 08:49 AM   #11
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Re: Hello and Thank You

Martha, I have looked at this situation every which way, and with much professional advice.

Zoocat is offline   Reply With Quote
Re: Hello and Thank You
Old 08-21-2006, 09:12 AM   #12
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
Re: Hello and Thank You

Quote:
Originally Posted by Oldbabe
Martha, I was married over 20 years and believe me I covered that topic thoroughly during mediation. My ex will not receive SS and is covered by a state retirement system that does not allow payouts to former spouses. I received the trust and a cash settlement in lieu of part of his retirement fund.* I have looked at this situation every which way, and with much professional advice.
Bummer.


__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Hello and Thank You
Old 08-21-2006, 09:05 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
dex's Avatar
 
Join Date: Oct 2003
Posts: 5,105
Re: Hello and Thank You

Oldbabe,
--- Second glass of wine warning ---
I give you hug and a good shaking if I knewn how to do it with these smiley faces. (You can search my posts to learn about me.) I'm RE.

This may sound like a trite thought but, you are in a great place. You have more wealth than 99.5% (artistic licence here) of the people on this earth.

From my training as a crisis counselor I know that no matter what someone tells you about how good you have it how you feel about your situation will rule the day. That is your choice. I have less money than you and am 6 years younger.

I grew up poor and worked dam hard for what I have (from stocking store shevels to corp. life). I'm second generation American and I choose to see the fortunate life I have. I could have continued to work.

I chose life.

What will your choice be?
__________________
Sometimes death is not as tragic as not knowing how to live. This man knew how to live--and how to make others glad they were living. - Jack Benny at Nat King Cole's funeral
dex is offline   Reply With Quote
Re: Hello and Thank You
Old 08-21-2006, 10:28 PM   #14
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
Re: Hello and Thank You

Welcome, Oldbabe,

Take heart. You are in a relatively good situation (thank God). So many are not.

Best of luck.

Ed
__________________
I have outlived most of the people I don't like and I am working on the rest.
Ed_The_Gypsy is offline   Reply With Quote
Re: Hello and Thank You
Old 08-22-2006, 07:02 AM   #15
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Re: Hello and Thank You

Thanks for the welcomes, Gypsy and dex!

I realize I am in a relatively good place, but thanks for the reminder.* *

Zoocat is offline   Reply With Quote
Re: Hello and Thank You
Old 08-22-2006, 06:17 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Ed_The_Gypsy's Avatar
 
Join Date: Dec 2004
Location: the City of Subdued Excitement
Posts: 5,588
Re: Hello and Thank You

Quote:
Also, I have a very gloomy outlook on our country's financial situation.
You ain't out there alone, babe.

I have 50% of my portfolio in international funds. Seems like a good idea all things considered.

Ed
__________________
I have outlived most of the people I don't like and I am working on the rest.
Ed_The_Gypsy is offline   Reply With Quote
Re: Hello and Thank You
Old 08-22-2006, 09:43 PM   #17
Recycles dryer sheets
 
Join Date: Feb 2005
Posts: 260
Re: Hello and Thank You

Oldbabe -
Take my 34 yo unmarried advice for what it's worth to you (probably not much!)
Maybe being "suddenly retired" affects the way you're looking at things. Although there may be rules in place on the trust, you do still have control over how you spend the money. Don't second guess yourself about what you have. As long as you control what you spend, you will be fine with this money. If there's a 100% certainty that the money is yours and no one can lose it but you, then you are in a good situation. I think being married gives you what anybody would like to have - someone else there to help back you up (of course you would do the same) - and now that that's gone, maybe you're not as sure whether you can do it on your own.
It sounds like you've definitely worked hard and deserve what you do have, and even though life is full of changes, and things get taken away - it sounds like you are pretty well set, and very capable of taking care of everything. I'm just taking a guess here, but there's at least a 50% chance that you were running finances and taking care of all sorts of things anyway - so the fact that someone else isn't there may not be as much of a loss as you might be inclined to think.
Disclaimer: I am not a great advice giver. People often want to slap me after taking my advice.
virginia is offline   Reply With Quote
Re: Hello and Thank You
Old 08-23-2006, 08:10 AM   #18
Thinks s/he gets paid by the post
 
Join Date: Oct 2005
Posts: 4,898
Re: Hello and Thank You

Virginia,
Thank you for the very wise response.* I am quite sure how I am viewing things is colored by my recent "retirement." How could it not? So thanks for reminding me of some rather obvious truths that I had not considered.

Zoocat is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Quick Links

 
All times are GMT -6. The time now is 08:50 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2024, vBulletin Solutions, Inc.