So yeah... In '89, about to take on some bigtime debt to expand my own very small business, received cancer diagnosis, and after some agonizing nights, looked at a small savings a/c, decided not to leave my bride with a big debt, and together we embarked on the great adventure. Cancer cured, still here together, doing quite well (low budget)... 6 months in Illinois in a retirement community, 6 months in a senior mobile home park in Florida.
At age 53... making the decision was easier, thinking that if things didn't work out, I/we would have to go back to work... So far, we've dodged the poverty bullet. Feel comfortable, and no longer worry about money.
Gotta remember that when we retired, interest rates were as high as 8% to 10%. That helped in the early years. Though I follow the stock market, we have very little invested there. Most of our meager savings went into I bonds, that continue to pay 5% to 6%... Not very good, but better than nothin'. We own our homes... paid for from sale of our suburban home, in 1990.
The journey has been interesting, and I've kept a record of the things we've done to keep expenses down... and to keep ourselves ahead of the game. Hoping to #1 learn more, and #2 to share the little things we do to stay solvent.
Based on our experience, I believe that it's possible to retire on much, much less that what the planning worksheets come up with. Am a firm believer in using net worth to finance retirement.. ie. spending down based on life expectancy, rather than keeping it for the inheritance.
At age 53... making the decision was easier, thinking that if things didn't work out, I/we would have to go back to work... So far, we've dodged the poverty bullet. Feel comfortable, and no longer worry about money.
Gotta remember that when we retired, interest rates were as high as 8% to 10%. That helped in the early years. Though I follow the stock market, we have very little invested there. Most of our meager savings went into I bonds, that continue to pay 5% to 6%... Not very good, but better than nothin'. We own our homes... paid for from sale of our suburban home, in 1990.
The journey has been interesting, and I've kept a record of the things we've done to keep expenses down... and to keep ourselves ahead of the game. Hoping to #1 learn more, and #2 to share the little things we do to stay solvent.
Based on our experience, I believe that it's possible to retire on much, much less that what the planning worksheets come up with. Am a firm believer in using net worth to finance retirement.. ie. spending down based on life expectancy, rather than keeping it for the inheritance.
