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Old 11-10-2020, 07:23 PM   #21
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In no particular order.
1. Take systematic monthly withdrawals from DW & my annuities instead of annuitizing.
2. Sign DW up for Medicare
3. Take my SS at FRA
4. Buy new car
5. Blow some dough & have fun!
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Old 11-10-2020, 07:24 PM   #22
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My financial (and life) goals for 2021 are:
- work on getting older kid launched. Either back in school full time or at a better job and his own apartment. (this, unfortunately, is a stretch goal... but he is starting to show signs of growing up.) If he does the latter (own apartment/better job) we will save $$.
- get younger son launched to college in the fall.
- we hope to downsize when the kids are out from under roof... so we need to spend time/money getting our house decluttered and decrapified. That can start now and into next year.
- fund 2021 HSA.
- roth convert
(Those last two happen every year.)
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Old 11-10-2020, 08:54 PM   #23
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Goal is simple, to spend less than we get from Mega-Corp in our pensions every month.

In 2020 that goal has been easily met. But wife and I love to travel and might be a bit of a challenge to stay within budget in 2021 as the world opens back up.
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Old 11-10-2020, 09:53 PM   #24
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Quote:
Originally Posted by RobbieB View Post
To have more dough at the end of the year.
Precisely. Doesn't need to be more complicated than that.
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Old 11-10-2020, 10:30 PM   #25
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We just turned 65 this year and will finally launch from the ACA cliff in 2021...

It’s BTD time 🥳
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Old 11-11-2020, 02:20 AM   #26
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Same main goal as other years - keep our MAGI under the ACA limits.

I also try to lower some recurring expenses off the budget every year, often with urban homesteading type projects. Some of this year's projects were learning to cut my own hair, growing my own herbs, making solar lamps with wine bottles and mason jar projects (lamps, solar lamps and soap dispensers). I bought a dehydrator and yogurt maker so learning to use those is up next. I have a long list of potential projects for 2021.

Other than that our budget doesn't change too much now year to year and the investments are pretty much on auto-pilot, except for investing new cash as fixed income investments mature.
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Old 11-11-2020, 05:28 AM   #27
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2021 marks 15 years of retirement, I would have started RMD's at this point. Ms G is FRA, so we are on the glide path where is doesn't matter that we have spent some of the nestegg.
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Old 11-11-2020, 10:25 AM   #28
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- Keep putting money away in the 401K
- Restart funding Roth IRA
- Fund a Roth IRA for my son (joined army in July)
- Achieve a 5%+ return on my investments
-Figure out how to, financially, buy land and build a house while still living in my current house (this will be the retirement 'dream' home)
- Maybe consult with a financial advisor to get my head straight on my path to retirement (or maybe in 2022)
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Old 11-11-2020, 10:50 AM   #29
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No new goals to set for me. Will continue to spend just like we have in the past 4 years. We get what we need and don't worry about what we have, and carry on thru good and bad market times.
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Old 11-11-2020, 10:54 AM   #30
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Yearly goals sounds like a work thing. They’re followed by annual performance reviews. I’d rather not go down that road again, once is enough.
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Old 11-11-2020, 11:43 AM   #31
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survival, after 2020 its an admirable goal
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Old 11-11-2020, 04:00 PM   #32
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1. Maximize wealth building, within an appropriate risk tolerance, so that we will not be poor in retirement.
 Target = household net worth of $[xx] million and full retirement before age 55.
2. Maintain financial independence by always living well below our means, while maintaining sufficient liquidity to meet unexpected expenses.
 Target = pre-tax net worth equal to 40x annual household expenses and taxes, while limiting portfolio withdrawal rate to < 3.0% annually in retirement.
3. Provide for the remainder of our son's secondary education plus a quality 4-year college education commencing in the fall of 2016. Optimize assets as appropriate to maximize financial aid eligibility.
 Target = funding sufficient to allow completion of bachelors degree with no student loans.
4. Minimize taxes by avoiding cash flow from realizable / taxable income whenever possible.
 Target = total annual tax expense < 5% of average household net worth (less than 1% in retirement).

Savings Discipline: Save early and often by maxing-out annual contributions to 401K, IRA, Coverdell ESA, HSA and voluntary pension plans, deferring 100% of all incentive compensation, and banking all stock options, restricted stock awards and retention bonuses. Target annual savings = at least 50% of annual pre-tax employment income. Savings comprise net cash additions to savings & retirement accounts and principal payments on mortgage.

Wealth Accumulation: Target = Build and maintain pre-tax personal net worth at least 2 x the level of expected wealth as measured by: Age x Annual Income / 10
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Old 11-11-2020, 04:42 PM   #33
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1) increase dividend flow 7% while maintaining quality, just like every other year (no cheating buying high-dividend garbage)

2) get travel spending back up to par
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Old 11-11-2020, 04:56 PM   #34
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1) Fully fund HSA, $7k
2) Max DW's 401k, $26k
3) Max my solo 401k employee, $26k
4) Max my solo 401k employer, $16k? (stretch)
5) Pay off boat, $23k
6) $1M invested
7) $1.25M NW, 15% increase to stay on track for 2025
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Old 11-12-2020, 02:11 AM   #35
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Spend more $$$ in 2021 because we gained 8x our yearly expenses so far in 2020.
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Old 11-12-2020, 05:36 AM   #36
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Quote:
"Generate income in retirement and maintain the portfolio's real value against inflation." (f
+1

Raise WR to 3%.
Remodel the study "Tudor Style"
New siding for the house
Get back to travelling more again
Leave about 6 mo worth of cash at year end
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Old 11-12-2020, 06:27 AM   #37
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Originally Posted by vipertom1970 View Post
Spend more $$$ in 2021 because we gained 8x our yearly expenses so far in 2020.
We gained 4.7 times our yearly expenses.
It would have been 6.9 times except I took big losses in some REITs. I'll probably get some of that back if the Covid thing becomes non important.
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Old 11-12-2020, 06:37 AM   #38
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Quote:
Originally Posted by MichaelB View Post
Yearly goals sounds like a work thing. They’re followed by annual performance reviews. I’d rather not go down that road again, once is enough.
+1 perfect!
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Old 11-12-2020, 06:40 AM   #39
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No goals but to have fun and keep the family safe.
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Old 11-12-2020, 07:37 AM   #40
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Want to continue to learn more / refine my understanding of retirement finances.

Want to get my wife more interested / involved in the finances (so she could carry on in my absence).
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