Is this Normal?

[TNBigfoot]

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, I’ve deep dived even further into long term care and building out various scenarios. I feel I’m still OK however still am feeling a bit overwhelmed.

Am I crazy or is this normal? Thanks

 

[pb4uski]

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.

 

[KCGeezer]

Perfectly normal IMO. Give it a while, sounds like you’ve done your homework. I’m sure others will be along with their input and specific questions.

 

[trumpeting_angel]

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.

 

[Dtail]

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?

 

[TNBigfoot]

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 don’t feel I’ll have any problem filling my time with interesting things.

 

[Dtail]

I do have goals to lose weight, get BP down, exercise. Will enjoy woodworking, volunteer work, reading. I don’t feel I’ll 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.

 

[rk911]

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.

 

[Jerry1]

Particularly, I’ve 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.

 

[TNBigfoot]

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 I’m 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.

 

[MrsHaloFIRE]

Did you take a huge financial blow recently? If not Id say its normal FOMO. Need a new interest or to expand a hobby.

 

[Rambler]

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, I’ve deep dived even further into long term care and building out various scenarios. I feel I’m still OK however still am feeling a bit overwhelmed.

Am I crazy or is this normal? Thanks

You aren’t crazy at all...you just haven’t 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, I’m 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, that’s the time to consider what needs to change. But you’ll probably be just fine. Don’t worry....be happy.

 

[Jerry1]

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 I’m 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, you’d 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. You’ll be fine. Best wishes.

 

[RobbieB]

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!

 

[Dog]

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 I’m finally sleeping at night. And, we have a decent amount in cash/ bonds if the market starts sliding. I’m sure our plan isn’t perfect, but should be close enough. It sounds like you are fine.

 

[CindyBlue]

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, I’ve deep dived even further into long term care and building out various scenarios. I feel I’m 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.

 

[vrijheid]

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, I’ve deep dived even further into long term care and building out various scenarios. I feel I’m still OK however still am feeling a bit overwhelmed.

Am I crazy or is this normal? Thanks

Normal

 

[RxMan]

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!

 

[EastWest Gal]

I felt the same way at first. This is the first time your life is wide open to do what you want. It’s 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 won’t remember how you ever worked in the first place.

 

[38Chevy454]

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.

 

[bada bing]

I'm of similar age and just retired the end of Sept. I had some second guessing and angst for a couple weeks around my severance, but it went away quickly and completely, which is surprising me. I don't miss work in the slightest. I'm guessing I'll have some angst the first good market pull back, but my finance plans are pretty robust. All I'm waiting on now is my turn to get vaccinated so I get some travel plans checked off.

The LTC worry is real, but I think of it as a roulette wheel. The chances of your losing number coming up aren't high, although the costs can be high if it does. I am self insuring for LTC, but I have $140K in HSA accounts to defray the risk that I don't count towards my retirement budget. Still a bit of a calculated gamble.

The need to control everything and counter every possible risk isn't productive IMO. I remind myself that I never have had perfect assurance in my life so far and to require it for retirement is foolish and unattainable. I have a very good plan and it looks like you do as well. That's all you can ask for, let'er rip

 

[FLSUnFIRE]

I think it's very normal (as I continue on with my OMY -originally planned summer of 2020) -these boards help keep me sane as I see others in great shape having same/similar doubts. It's a huge step and, the community is full of planners and overall are generally very conservative (may not look like it to outsiders).



As I do my back of envelope at the EOY my NW is up by 10x last years spending from the same point last year so I am arguably in better shape. I should feel more confident but have more doubts now... a lot of it is the chaos of the last year and I still feel that the market is overvalued relative to earnings/state of economy.

Of course, also have the, am I being too optimistic my spending will remain flat (adjusted for inflation)/should I aim for fater FIRE? My rational mind says all is good but at 47 I have a long time to go. I don't feel so much pessimistic as I feel less optimistic - 2020 destroyed my optimism! Last year I was super excited it was the year of my FIRE... now I worry if I'll back out again and keep wasting the youngest remaining days of my life w*rking!


FLSunFIRE

 

[FANOFJESUS]

I would guess it is normal. I was blessed I could not stand my job so I did not worry about a lot of these extras as you might call them. I just wanted out. I just spend money now to by time as I call it.

 

[Car-Guy]

I really don't know what normal is.... But for me, I didn't really look back except to ask myself why I didn't retire a few years earlier.... Ten years in and that's still my only regret...

 

[cat4ever]

I'm pulling the trigger next week at 56.5 and the LTC/Assisted living issue is something I've recently become cognizant of as my own parents are just now seriously considering it. When making my assumptions of expenses I didn't really take that into account specifically, but I have assumed current expenses minus college tuition, would remain the same throughout our lives, and I currently have 2 teenagers at home, which likely won't be the case in 5 or 6 years. I'm also assuming by not working, my health will be significantly better as I age, and I think that's a good assumption. Maybe I've missed it, but I haven't seen LTC expenses discussed a whole lot here and how others might have accounted for it when using the calculators. So yes, it is normal to some degree I guess, and I consider myself a pretty laissez faire type of person.