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Is this Normal?
Old 01-01-2021, 05:43 PM   #1
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Is this Normal?

I have spent the past 40 years saving and the past 7 years researching and planning for retirement. This included included running every planner I could lay my hands along with building out my own spreadsheet for better flexibility on retirement assumptions. I pulled the trigger as of Jan 1st at 63.

My difficulty is I have spent the bulk of the last week second guessing my planning and wondering if I went too early. Particularly, Iíve deep dived even further into long term care and building out various scenarios. I feel Iím still OK however still am feeling a bit overwhelmed.

Am I crazy or is this normal? Thanks
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Old 01-01-2021, 05:48 PM   #2
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It's beyond normal.... but not by a lot.

Humans are creatures of habit and change is hard... and walking away from a 40 year career where in most cases there isn't an easy path back to earning the income that you had is a HUGE change.

Take a deep breath and relax.
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Old 01-01-2021, 05:56 PM   #3
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Perfectly normal IMO. Give it a while, sounds like youíve done your homework. Iím sure others will be along with their input and specific questions.
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Old 01-01-2021, 06:02 PM   #4
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Totally normal. I was in a panic for a few months, and spent much time re-running the calculators and models. I threw my energy into building huge vegetable gardens and caring for my chickens.


It gets better. Fiddling with my finances helps me with the anxiety. The change from accumulation to decumulation significantly disrupts our financial lives, the way we organized our finances and spending - and especially saving! It messes with your head.

When the anxiety subsides a bit, give yourself plenty of time to figure out how you want to fill your days. Recreation is swell, but relationships, purposeful activity, and a spiritual life will make this the best time of your life.
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Old 01-01-2021, 06:03 PM   #5
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Just relax and remember that right now you are probably the healthiest you will be for the rest of your life.
Time is more valuable than money.
Do you have any hobbies to participate in, or daily exercise goals?
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Old 01-01-2021, 06:09 PM   #6
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Just relax and remember that right now you are probably the healthiest you will be for the rest of your life.
Time is more valuable than money.
Do you have any hobbies to participate in, or daily exercise goals?


I do have goals to lose weight, get BP down, exercise. Will enjoy woodworking, volunteer work, reading. I donít feel Iíll have any problem filling my time with interesting things.
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Old 01-01-2021, 06:29 PM   #7
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I do have goals to lose weight, get BP down, exercise. Will enjoy woodworking, volunteer work, reading. I donít feel Iíll have any problem filling my time with interesting things.
Okay sounds good overall.
You have done your homework. I used around 6 retirement calculators and still use a couple of them for updates.
It sounds like you made the right decision.
Check out how many posts there are made here which allude to the concept that "I wish I retired earlier". You won't see many posts stating the opposite.
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Old 01-01-2021, 06:30 PM   #8
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normal. i kept expecting the 'other shoe' to drop as in what-the-heck-did-i-miss when running my calculations. it waa fully 2-yrs before i relaxed.
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Old 01-01-2021, 06:43 PM   #9
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Particularly, Iíve deep dived even further into long term care and building out various scenarios.
So, what are your plans around LTC?

The second guessing is normal, but if you share some of your thinking around LTC, maybe someone here can help you alleviate your concern.

Personally, every calculator I used said I was okay and had money left over. Mostly that was due to my being conservative in my assumptions. So, that money left over, or any benefit from my conservative planning is at least partially my LTC insurance. Face it, you have to have a lot of money to either self insure against any contingency or to buy LTC insurance. I think a lot of us (maybe most) would struggle financially if a health issue required significant LTC.
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Old 01-01-2021, 07:05 PM   #10
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So, what are your plans around LTC?



The second guessing is normal, but if you share some of your thinking around LTC, maybe someone here can help you alleviate your concern.



Personally, every calculator I used said I was okay and had money left over. Mostly that was due to my being conservative in my assumptions. So, that money left over, or any benefit from my conservative planning is at least partially my LTC insurance. Face it, you have to have a lot of money to either self insure against any contingency or to buy LTC insurance. I think a lot of us (maybe most) would struggle financially if a health issue required significant LTC.

We have an LTC policy for DW that would fund ~1.5 yrs of nursing home care. I have no policy and have been told I would have less than a 50% chance of passing underwriting. So Iím considering parking $250k in 20 yr bonds for self funding ~2yrs care. Beyond this it would dip into remaining assets which would fund another 2-3 yrs each. Last resort would be the home that would fund another 1 yrs. that would be all in at that point. With yearly projections of nursing home care at $230k, it disappears quick. So I have line of sight to funding -5 years for each of us all in. The stats reflect avg nursing home stay is -2.5 yrs. This assumes we can stay out of assisted living which is another discussion.
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Old 01-01-2021, 07:08 PM   #11
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Did you take a huge financial blow recently? If not Id say its normal FOMO. Need a new interest or to expand a hobby.
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Old 01-01-2021, 07:45 PM   #12
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Originally Posted by TNBigfoot View Post
I have spent the past 40 years saving and the past 7 years researching and planning for retirement. This included included running every planner I could lay my hands along with building out my own spreadsheet for better flexibility on retirement assumptions. I pulled the trigger as of Jan 1st at 63.

My difficulty is I have spent the bulk of the last week second guessing my planning and wondering if I went too early. Particularly, Iíve deep dived even further into long term care and building out various scenarios. I feel Iím still OK however still am feeling a bit overwhelmed.

Am I crazy or is this normal? Thanks
You arenít crazy at all...you just havenít had time to decompress yet. If you felt you were good to go a week ago, or however many weeks ago you submitted your resignation or retirement, Iím sure you thought it thru well enough, and what you are feeling right now is just butterflies from jumping into the unknown. Give yourself some time to settle, relax, and clear your mind. Then if you are still overwhelmed with worry, thatís the time to consider what needs to change. But youíll probably be just fine. Donít worry....be happy.
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Old 01-01-2021, 07:59 PM   #13
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Originally Posted by TNBigfoot View Post
We have an LTC policy for DW that would fund ~1.5 yrs of nursing home care. I have no policy and have been told I would have less than a 50% chance of passing underwriting. So Iím considering parking $250k in 20 yr bonds for self funding ~2yrs care. Beyond this it would dip into remaining assets which would fund another 2-3 yrs each. Last resort would be the home that would fund another 1 yrs. that would be all in at that point. With yearly projections of nursing home care at $230k, it disappears quick. So I have line of sight to funding -5 years for each of us all in. The stats reflect avg nursing home stay is -2.5 yrs. This assumes we can stay out of assisted living which is another discussion.
Like I said, youíd have to have a lot more money to protect yourself and your DW any better than that. You have thought about it, planned for it and balanced your risk the best you can. Move on. As others have said, this is just normal transition jitters. Youíll be fine. Best wishes.
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Old 01-01-2021, 08:04 PM   #14
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Not normal for me. But then I don't worry or obsess a lot. I mean zero.

I did it, I'm done, let the party begin!
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Old 01-01-2021, 08:10 PM   #15
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I was very concerned for the first few years until I saw our portfolio grow even as I was taking withdrawals (72t) from my IRA. DH and I have more than we ever expected without any debts and Iím finally sleeping at night. And, we have a decent amount in cash/ bonds if the market starts sliding. Iím sure our plan isnít perfect, but should be close enough. It sounds like you are fine.
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Old 01-01-2021, 08:14 PM   #16
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Originally Posted by TNBigfoot View Post
I have spent the past 40 years saving and the past 7 years researching and planning for retirement. This included included running every planner I could lay my hands along with building out my own spreadsheet for better flexibility on retirement assumptions. I pulled the trigger as of Jan 1st at 63.

My difficulty is I have spent the bulk of the last week second guessing my planning and wondering if I went too early. Particularly, Iíve deep dived even further into long term care and building out various scenarios. I feel Iím still OK however still am feeling a bit overwhelmed.

Am I crazy or is this normal? Thanks
Wow, you sure sound like me! I retired a little over a year ago and I am still running our numbers obsessively, at least once a month, on every retirement calculator I can find!

I will start my SS in March, and for the first time we will be living off our full retirement income, so I know that I will still be checking my numbers for another year or so. We do not have LTC insurance - frankly couldn't afford it - but we have some savings and hopefully with that and selling the property, we will be able to get through anything we will need.

So welcome and if it makes you feel better (as it does me!) keep checking your numbers.
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Old 01-01-2021, 08:17 PM   #17
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Quote:
Originally Posted by TNBigfoot View Post
I have spent the past 40 years saving and the past 7 years researching and planning for retirement. This included included running every planner I could lay my hands along with building out my own spreadsheet for better flexibility on retirement assumptions. I pulled the trigger as of Jan 1st at 63.

My difficulty is I have spent the bulk of the last week second guessing my planning and wondering if I went too early. Particularly, Iíve deep dived even further into long term care and building out various scenarios. I feel Iím still OK however still am feeling a bit overwhelmed.

Am I crazy or is this normal? Thanks


Normal
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Old 01-01-2021, 08:28 PM   #18
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I’m sure when it’s time for me to retire I will worry. The advice I have for you is advice I hope I will remember when my time comes: relax and trust in your plan.

Enjoy your retirement. You’ve earned it!
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Old 01-01-2021, 08:28 PM   #19
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I felt the same way at first. This is the first time your life is wide open to do what you want. Itís like being at the edge of the Grand Canyon. So much empty space in front of you it can be frightening. Take a deep breath and enjoy the view. Before you know it, you wonít remember how you ever worked in the first place.
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Old 01-01-2021, 08:43 PM   #20
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Just have confidence in your plans, the calculations, and that your feelings are normal. The feelings will reduce over time. Main thing is the emotional change to understand. Your logical side knows how to do it.
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