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Old 12-28-2010, 02:08 AM   #21
gone traveling
Join Date: Feb 2008
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Originally Posted by MDJO View Post
I follow my dad's advice about houses. When I asked him why we did not have a bigger house when I was a kid. He said, "Son, you can't eat your house."

Dad would be upset with my spending. But then again, I make a lot more than Dad did, thanks to him pushing me to go to college and expecting me to be successful, and I think he would be proud of what I've accomplished.

My current plan is to build the nest egg to $1.5 M over the next two years and then re-assess. I hope it will be enough for me to hang up my current spikes at age 59 and play a lot of golf. I want to do volunteer work, work on my physical fitness, and travel to visit friends and family I have not seen for many years. If I feel good about the job, I may stick it out a little longer and go for $2M.
I liked your dad's answer about the house. But, alas, in the modern times many people were 'eating' their houses so to speak and in the end many of such people are stuggling to put that roof back on their house (meaning that they're going through hell to get modications on their mortgages) or got foreclosed.

Have you decided to remain in your current position or move to your friend's co.? Just curious.

Another note. Don't wait until retirement to 'work on your physical fitness'. It's an ongoing process.

With regards to your current spending, I do think it needs some "fat trimming", but as I'm reading S.Burns & L.Kotlikoff's book "Spend till the End", it seems that you are enjoying your life now and that's good. I just began to read the book, so I cannot decide whether it's good to recommend or not. I myself don't know where I fit yet: as an oversaver or just over an edge to become one, according to the authors.
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Old 01-01-2011, 05:29 PM   #22
Recycles dryer sheets
Join Date: Nov 2010
Posts: 241
Thanks Aida.

Just finished rebalancing my portfolio and resolving to trim the fat from my spending and my body.

I'm staying in my current position with a goal of getting out either in January of 2012 or 2013.
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Old 01-02-2011, 07:47 PM   #23
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Welcome to the board!

One thing that jumped out at me from your provisional retirement expenses list that might be pretty easy to cut is the life insurance in your discretionary expenses.

If you're both retired, then neither is really dependent on the income, so it's probably not replacement income. You said your kids are FI or nearly so, so it's not for them. Your assets very probably don't exceed the estate tax exemption amounts (at least what they'll probably be like, since Congress is fiddling with those at the moment), so you probably don't have it for estate tax reasons.

The only thing I can think of that might be going on is that you bought into an annuity or whole life policy and you have a number of years to go. If that's the case, I personally would look into whether it would make sense to get out of that situation.

My 2 cents, worth what you paid for it.

"At times the world can seem an unfriendly and sinister place, but believe us when we say there is much more good in it than bad. All you have to do is look hard enough, and what might seem to be a series of unfortunate events, may in fact be the first steps of a journey." Violet Baudelaire.
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Old 01-07-2011, 04:59 AM   #24
Recycles dryer sheets
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Thanks 2Cor521. You read my mind - I will probably be dropping my policies this year. They are term = switched to term many years ago. Have always intended to drop them when I hit my 50's.
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