brucethebroker
Thinks s/he gets paid by the post
Slap!! Get over it.
(stay retired).
(stay retired).
OK what would u do?
- Thread starter Franklin
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OP
OP
Franklin
Recycles dryer sheets
Elizrogers
Recycles dryer sheets
I've read posts here for a couple years and don't know how anyone on here can be stressed or worried about when and/or whether to retire. I don't think I've read anyone who doesn't have at least a hundred thousand a year to live on in retirement. Who couldn't live on that? And talking about whether to go back to work or not, like there are just jobs waiting for them to walk into whenever you get the whim. If that's the case, you all have nothing to worry about.
I am 67, had my job eliminated during a merger last March, and have been looking for work ever since. I know it's my age because I get the interviews and pass them all the way through each level until I am told they have however many finalists they are looking for, equally qualified candidates, and will make a decision in X number of weeks. If we are equally qualified then they must find arbitrary attributes to eliminate from. I have been asked multiple times "how long I intend to be with the company?" Not a normal question or one you'd ask someone intheir 30s or 40s. Who is going to say they ever plan to leave. But they must think I intend to retire soon, or maybe die. I never wanted to retire. I enjoy working. My co-workers are like family. But I am tired of looking and being rejected. In 40 years this is the first time I've taken more than 2 weeks to find a job.
So, I am now retired. For those who aren't sure they can retire on $1M or not savings, let me share that you are stressing for no reason. I will be living on about $1800/mo in social security, before they take Medicare and taxes. I have only about $170k in retirement funds, which I will only take occasional distributions from for emergencies. My house is not paid off, so I will still need paying the mortgage. Every time I hear the market has taken a loss, I really have reason to worry. I am driving a 16 year old car. My financial advisor tells me if I were to take a monthly distribution to pay the mortgage and a new car payment, my funds should last 15-20 years. I am in good health, so that may not be enough. And any downturn would mean I have to be sure to die sooner. So, I'm not taking monthly distributions. I will just be careful how I spend and make it last as long as it can. But I'm not stressing about it and I don't think anyone else should either.
Just decide if you enjoy going to work or not. As long as you do, then keep doing it. When you don't anymore then you need to retire and find something else you do. If you have saved more than me, then you should have no problem living a good retirement.
I am 67, had my job eliminated during a merger last March, and have been looking for work ever since. I know it's my age because I get the interviews and pass them all the way through each level until I am told they have however many finalists they are looking for, equally qualified candidates, and will make a decision in X number of weeks. If we are equally qualified then they must find arbitrary attributes to eliminate from. I have been asked multiple times "how long I intend to be with the company?" Not a normal question or one you'd ask someone intheir 30s or 40s. Who is going to say they ever plan to leave. But they must think I intend to retire soon, or maybe die. I never wanted to retire. I enjoy working. My co-workers are like family. But I am tired of looking and being rejected. In 40 years this is the first time I've taken more than 2 weeks to find a job.
So, I am now retired. For those who aren't sure they can retire on $1M or not savings, let me share that you are stressing for no reason. I will be living on about $1800/mo in social security, before they take Medicare and taxes. I have only about $170k in retirement funds, which I will only take occasional distributions from for emergencies. My house is not paid off, so I will still need paying the mortgage. Every time I hear the market has taken a loss, I really have reason to worry. I am driving a 16 year old car. My financial advisor tells me if I were to take a monthly distribution to pay the mortgage and a new car payment, my funds should last 15-20 years. I am in good health, so that may not be enough. And any downturn would mean I have to be sure to die sooner. So, I'm not taking monthly distributions. I will just be careful how I spend and make it last as long as it can. But I'm not stressing about it and I don't think anyone else should either.
Just decide if you enjoy going to work or not. As long as you do, then keep doing it. When you don't anymore then you need to retire and find something else you do. If you have saved more than me, then you should have no problem living a good retirement.
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Elizrogers
Recycles dryer sheets
My apologies. I really felt some people were truly stressing about wanting to be retired but thinking they would not be able to live on what they had accumulated. I wanted to assure them they could relax and know they would be okay. Since I'm making it on a whole lot less. I thought I'd be able to encourage them not to put off retirement and continue working, if they weren't enjoying it, if enough money was the only concern. Sounded to me like they had more than enough and should start doing what they really desire without delay.
I'm not jealous of anyone's money. I'm satisfied with enough to make ends meet. I was just saying if I can do fine with my meager savings, those with so much more should feel even more secure to make the move to retire and not worry about it.
It was my first post and guess I didn't understand, and encouragement was not what was wanted, so it will be my last.
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I'm not jealous of anyone's money. I'm satisfied with enough to make ends meet. I was just saying if I can do fine with my meager savings, those with so much more should feel even more secure to make the move to retire and not worry about it.
It was my first post and guess I didn't understand, and encouragement was not what was wanted, so it will be my last.
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brucethebroker
Thinks s/he gets paid by the post
There are many here that are retired on far, far less than the multiple millions recommended by financial advisors. (Just start a "frugal retirement" thread and you will find out!) There are also people living in HCOL areas that really "need" $100k or more a year in income to maintain a certain standard of living. To each his own.
Franklin,
1. Many people posted here advising you to cut expenses. That implies that this would be a burden. I think you can spend reasonably in the range you deem necessary and appropriate, because financial research has shown that people voluntarily reduce their spending as they age (that is, even when they can spend much more, they don’t). It’s highly likely that you will spend less voluntarily over time and you won’t even notice that reduction; it won’t seem burdensome. I recall reading an article by a financial planner who regretted not advising clients to spend more earlier, because they ended up with excess funds at the end. Here is but one reference:
You'll Spend Less As You Age | Money
2. It is possible that you are not a “quant-jock” and that, in part, may have triggered your initial post. Yet on this site, there are true, financial rock stars (to put it in terms of your world). I’m seeing that the quant-jocks here are generally agreeing you are fine financially. Staying with this site long term can be a huge benefit to you for advice as you age.
3. If a guy says he needs $300k per year, we shouldn’t question that just because it is above what we would spend. Yes, there may be ways to save, but let’s not assume that.
4. Franklin, my NW is just a bit under yours and my safe withdrawal rate is marginally less than what you plan. That number for me has been tested by no less than 4 sophisticated planning exercises from major financial firms (plus my own spreadsheet analysis). I don’t think I will spend $250-300k, and probably not even $200k, but the numbers say I likely could. I’m 60 and just retired. Your mileage may vary; it is good advice by others to go get some sophisticated planning advice.
If you don’t want to work, you most likely don’t need to.
1. Many people posted here advising you to cut expenses. That implies that this would be a burden. I think you can spend reasonably in the range you deem necessary and appropriate, because financial research has shown that people voluntarily reduce their spending as they age (that is, even when they can spend much more, they don’t). It’s highly likely that you will spend less voluntarily over time and you won’t even notice that reduction; it won’t seem burdensome. I recall reading an article by a financial planner who regretted not advising clients to spend more earlier, because they ended up with excess funds at the end. Here is but one reference:
You'll Spend Less As You Age | Money
2. It is possible that you are not a “quant-jock” and that, in part, may have triggered your initial post. Yet on this site, there are true, financial rock stars (to put it in terms of your world). I’m seeing that the quant-jocks here are generally agreeing you are fine financially. Staying with this site long term can be a huge benefit to you for advice as you age.
3. If a guy says he needs $300k per year, we shouldn’t question that just because it is above what we would spend. Yes, there may be ways to save, but let’s not assume that.
4. Franklin, my NW is just a bit under yours and my safe withdrawal rate is marginally less than what you plan. That number for me has been tested by no less than 4 sophisticated planning exercises from major financial firms (plus my own spreadsheet analysis). I don’t think I will spend $250-300k, and probably not even $200k, but the numbers say I likely could. I’m 60 and just retired. Your mileage may vary; it is good advice by others to go get some sophisticated planning advice.
If you don’t want to work, you most likely don’t need to.
gwraigty
Thinks s/he gets paid by the post
Elizabeth, we have family members who have retired with little more than SS and my son may be in the same position. I always am heartened to read of those who live well on less. We all can benefit from their and your wisdom.
I do not think that what you took as a criticism was aimed at you. We are much nicer than that.
Stick around, contribute, b e our conscience
Cheers
Amethyst
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
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+1 Most of us love to hear from people who are retired on modest money. For one thing, it gives the younger members hope that they will be able to retire one day. It also helps to reassure those who worry about having their assets reduced, due to recessions or a multitude of other disasters. Most of us will cheer you on as you find ways to live frugally and well.
I didn't think you sounded jealous of OP's money.
I didn't think you sounded jealous of OP's money.
timemoveson
Recycles dryer sheets
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- 153
Franklin, just as a reference you might find relevant:
- we have the same assets as you do, with paper assets about 50/50 overall
- expensive personal real estate in a HCOL place;
- about 10 years younger;
- I make (made) the same level of income you do, with SAHW. I could have continued at this level for a number of additional years and chose not to.
Decided on enough. Planned carefully and got educated and went DIY for control.
We are living 100% on income from our capital base, endowment style. We intend to never spend capital. Just our preferred approach. This approach dictates our very generous yearly net income and spend levels.
Spouse 100% educated in all of this and onboard.
We have very good expense tracking (not budgeting, not needed). Very high confidence level as a result.
There are many of us in your position. Scale/perceived levels of wealth don’t ease fear or the risk of regret. Planning, knowledge and experience do.
Congratulations and good luck!
I’m reasonably sure I will not ever have another “job”. But do have strong portfolio of personal, professional, with spouse-partner, charitable, travel, fitness and other activities underway and planned.
- we have the same assets as you do, with paper assets about 50/50 overall
- expensive personal real estate in a HCOL place;
- about 10 years younger;
- I make (made) the same level of income you do, with SAHW. I could have continued at this level for a number of additional years and chose not to.
Decided on enough. Planned carefully and got educated and went DIY for control.
We are living 100% on income from our capital base, endowment style. We intend to never spend capital. Just our preferred approach. This approach dictates our very generous yearly net income and spend levels.
Spouse 100% educated in all of this and onboard.
We have very good expense tracking (not budgeting, not needed). Very high confidence level as a result.
There are many of us in your position. Scale/perceived levels of wealth don’t ease fear or the risk of regret. Planning, knowledge and experience do.
Congratulations and good luck!
I’m reasonably sure I will not ever have another “job”. But do have strong portfolio of personal, professional, with spouse-partner, charitable, travel, fitness and other activities underway and planned.
davedionne
Confused about dryer sheets
Wow.... I did learn from this thread. Two new words I never heard before... Jobby & Humblebrag. Thanks!
YoungSaver
Recycles dryer sheets
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At first I was like, "W T F"
But then I thought about it some more. You're being offered approx 3 million US for 2 years of work. That's an insane amount of money. Obviously what you do is of high value to somebody. You must be very good at whatever you do. I would recommend that you take the job offer. It sounds like your skillset will make a big difference. Even if you become a CEO just to gut a company out for a takeover, the company was going to do it anyways, with or without you. Just do it.
But then I thought about it some more. You're being offered approx 3 million US for 2 years of work. That's an insane amount of money. Obviously what you do is of high value to somebody. You must be very good at whatever you do. I would recommend that you take the job offer. It sounds like your skillset will make a big difference. Even if you become a CEO just to gut a company out for a takeover, the company was going to do it anyways, with or without you. Just do it.
OP
OP
Franklin
Recycles dryer sheets
OP here....OK update to all who took the time to respond. I appreciate your opinions as they did help me sort thru the work/retirement thing. Yes it was allot of money but after a year of being retired I can't see jumping back into the market. I can't recall who said this but it basically said "u have already won the game u don't need to spike the ball". Frankly that resonated. Ive since comfortably turned down several flattering offers so that I can finally just do whatever I want. My new mantra is " just books a one way ticket and we will figure out the return whenever". This forum is a blessing to those who need to ask......thanks!
Oz investor
Full time employment: Posting here.
Franklin,
the name of YOUR game , is a comfortable ( worry-free) retirement ,
and it appears 2018 has left you a little worried ,
so options ,
go back to work ( which you have already sounded out ) but don't seem to enjoy
reduce your expenses ( something else you have put some thought into )
increase your investment income ... do you have more options yet to explore ( without taking crazy risks )
so how does that portfolio look after the recent bull run
this will give you a good idea of your risk tolerance in a fairly volatile market
the market has the ability to move around MUCH more than the last 15 months , and we are in unusual times ( when fleeing into Treasury bonds for a safe but adequate income isn't a real option )
remember the market likes to destroy your confidence , if it can
good luck
the name of YOUR game , is a comfortable ( worry-free) retirement ,
and it appears 2018 has left you a little worried ,
so options ,
go back to work ( which you have already sounded out ) but don't seem to enjoy
reduce your expenses ( something else you have put some thought into )
increase your investment income ... do you have more options yet to explore ( without taking crazy risks )
so how does that portfolio look after the recent bull run
this will give you a good idea of your risk tolerance in a fairly volatile market
the market has the ability to move around MUCH more than the last 15 months , and we are in unusual times ( when fleeing into Treasury bonds for a safe but adequate income isn't a real option )
remember the market likes to destroy your confidence , if it can
good luck
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