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06-25-2021, 07:37 AM
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#41
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Confused about dryer sheets
Join Date: Aug 2016
Posts: 1
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Why not an inflation adjusted annuity (SPIA) to mitigate longevity risk?
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06-25-2021, 08:06 AM
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#42
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2006
Posts: 5,350
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There is no one answer that fits for everyone. I don't expect to live to 85 so if I had enough money to live to 85 I would retire. I actually plan to retire when i'm confident I can make it to 75 before living on just SS. If I live past that I expect significant chronic pain and limited mobility so I will either be in a medicaid assisted living or I will end things on my terms. Only you can decide what is best for your situation.
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06-25-2021, 09:13 AM
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#43
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Thinks s/he gets paid by the post
Join Date: Aug 2011
Posts: 3,606
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Can you retire now and then wait until age 70 to start Social Security? That might be the best thing that you could do to hedge your longevity risk.
-gauss
Oops, I see that this has already been suggested by others.
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06-25-2021, 12:05 PM
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#44
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2015
Posts: 5,862
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If dying at 85 and living on a bare bones budget is what you are calculating, then NO , I don't believe you can retire yet.
To me, a successful retirement has a flexible spending pattern--adjust up or down depending on how your income/investments are doing.
For me, I personally needed the insurance of 100% in firecalc to age 100. Most of my relatives lived to mid eighties, one lived to 100.
OP--what does firecalc say for you?
You would probably get better answers if you came back to post and gave more details.
__________________
Give a Man a fish, he will eat for a day.
Teach a Man to fish, he will eat for a lifetime.
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06-25-2021, 02:11 PM
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#45
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Full time employment: Posting here.
Join Date: May 2014
Location: Lakewood
Posts: 920
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Vanishingly few folks know when they are going to expire. If I were 67, I would definitely quit that high-stress job and take a breather. And if I reckoned there was over a 20% chance I'd outlast my savings, then I'd also keep my ears open for any enjoyable gigs that would pad the old nest egg.
__________________
Why be normal when you can be yourself?
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06-25-2021, 02:18 PM
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#46
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,915
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Quote:
Originally Posted by pacergal
You would probably get better answers if you came back to post and gave more details.
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For instance: Do you own your home and cars free and clear?
Have you calculated your potential spend rate in retirement?
How many times your spend rate do you have saved? Hopefully in the 25X range but smaller is probably okay as you are already 67.
What is your Asset Allocation (someplace between 30% stock 70% bonds to 70% stock 30% bonds) Other??
What back up plans do you have? (Move to a low cost of living area? Do a reverse mortgage? Move in with kid(s)? Take in a house mate? etc.?)
What financial calculators have you run and what do they tell you about your chances of meeting your goals?
Do you have a "side hustle" that could tide you over (Part time Walmart Greeter? Hobby that could pay? Mow "old" people's lawns? Handy man? etc.?)
__________________
Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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06-25-2021, 03:45 PM
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#47
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,633
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Quote:
Originally Posted by aaronc879
There is no one answer that fits for everyone. I don't expect to live to 85 so if I had enough money to live to 85 I would retire. I actually plan to retire when i'm confident I can make it to 75 before living on just SS. If I live past that I expect significant chronic pain and limited mobility so I will either be in a medicaid assisted living or I will end things on my terms. Only you can decide what is best for your situation.
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No kidding.
One of my favorite retirement calculators ( https://engaging-data.com/will-money-last-retire-early/) is an excellent sanity check for those worried about running out of money.
It notes that as a male in my 50s I have a 1/3 chance (by age 75) & a 2/3 chance (by age 85)...of being DEAD.
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06-25-2021, 04:21 PM
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#48
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Thinks s/he gets paid by the post
Join Date: Dec 2014
Location: St. Charles
Posts: 3,919
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Since OP has been MIA for 3 days, and has provided no further input, I am done with this thread until he/she shows up.
__________________
If your not living on the edge, you're taking up too much space.
Never slow down, never grow old!
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06-25-2021, 04:58 PM
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#49
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2018
Location: Tampa
Posts: 11,298
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Quote:
Originally Posted by CardsFan
Since OP has been MIA for 3 days, and has provided no further input, I am done with this thread until he/she shows up.
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Not the only one unfortunately.
__________________
TGIM
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06-29-2021, 04:06 PM
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#50
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Thinks s/he gets paid by the post
Join Date: Jan 2016
Posts: 1,241
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Quote:
Originally Posted by Indiana Randy
Here's the deal; It's hard to plan for retirement without knowing when you're going to die. I'm 67 and still working a high stress job. If I die at 85, I can retire right now. If I live longer, I'll be living on SSI (unless I latch on to a lady with some wherewithal) Sorry, sounds horrible. My brother is an advocate of deciding when you expire. According to him I should retire and just plan to expire when I'm 85 and forget about it. Start Living. Crazy post, isn't it? Should I still work another year or two?
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At 62 and 65 my husband and I thought we couldn’t retire. But we hired a fee only financial planner (who Does Not have our money under his management) and he said we could and explained how!
He doesn’t know when we are going to die either. So there’s that.
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06-29-2021, 05:26 PM
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#51
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Thinks s/he gets paid by the post
Join Date: Jul 2007
Location: St. Louis
Posts: 1,563
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Quote:
Originally Posted by ncbill
No kidding.
One of my favorite retirement calculators ( https://engaging-data.com/will-money-last-retire-early/) is an excellent sanity check for those worried about running out of money.
It notes that as a male in my 50s I have a 1/3 chance (by age 75) & a 2/3 chance (by age 85)...of being DEAD.
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That's what I see in real life. I am not planning to 100
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06-29-2021, 05:28 PM
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#52
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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Me either. Ninety is long enough.
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06-29-2021, 06:02 PM
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#53
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: Independence
Posts: 7,298
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Would you Retire if you weren't sure you could afford to?
No freaking way. I like to eat food and stay warm and covered too much. With $91.30/month coming in from SS after paying for Medicare you might conclude I've been pretty self reliant up till now, vs working for the man.
__________________
"Be kind whenever possible. It is always possible." Dalai Lama
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06-29-2021, 07:03 PM
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#54
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Recycles dryer sheets
Join Date: Nov 2017
Posts: 87
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Dude.....how much money do you need to sit and watch tv when your 85...seriously 67 is already pushing it. Have a goal and figure a way to make it happen....
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06-29-2021, 07:15 PM
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#55
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Recycles dryer sheets
Join Date: May 2013
Posts: 67
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It's not all or nothing
You seem to believe that your choice is to keep working at a high-stress job or quitting work altogether. There are middle grounds, where you can work less but still have income coming in as long as you can or as you wish.
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06-29-2021, 08:27 PM
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#56
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Recycles dryer sheets
Join Date: Feb 2014
Location: Austin
Posts: 247
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Faced with similar situations I always asked myself “what is the worst that could happen?” If I could figure out how to avoid a worst case scenario or had an acceptable way to cope with it, I would move forward.
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06-30-2021, 03:30 PM
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#57
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Dryer sheet wannabe
Join Date: Jan 2007
Posts: 12
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I lost my Dad a day before his 65th birthday. He lived a fit and healthy life before becoming ill 2yrs earlier.
That focussed my mind on FIRE, im 52 now and am planning to FIRE in the next 12 months.
I dont want to be a mood hoover but I think to myself, if I was on the same timeline I have 10 healthy years ahead, that keeps me focused.
Hope you make the best decision for you ..
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06-30-2021, 08:26 PM
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#58
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gone traveling
Join Date: Aug 2020
Posts: 682
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@Indiana Randy
What do you make of the suggestions so far? What are your annual income, annual living expenses, assets and liabilities?
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06-30-2021, 08:34 PM
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#59
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,227
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Quote:
Originally Posted by retire202052
Dude.....how much money do you need to sit and watch tv when your 85...seriously 67 is already pushing it. Have a goal and figure a way to make it happen....
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For my mother in memory care, who turns 85 this year, it's about $80K...dude.
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06-30-2021, 08:36 PM
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#60
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,227
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And that doesn't count the $36K for my 87 yr old father.
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