First, not a brag post, just a relative observation I bet many here share.
What goes up must go down... always in the back of my mind, so Eeyore shows his face from time to time.. None the less, I am amazed how "slow & steady" practices really do win the race when it comes to investing. I just turned 57 and DW will be 57 next month. We chose a traditional DW SAH plan after #1 of 4 was born 31 years ago. While DW and I both embraced the plan, I was a stressed out mess every time mama said she was pregnant. "How the H am I going to pay for these kids and one day retire?!" You just do what you do and I continued to throw my 10% (early years, which grew substantially later) into long term investing and setting the goal of a $1M. Life progressed, my business progressed and I continued to move the goal posts. Fast forward to today, all 4 kids are out the door (2 married), 3 grandkids, and I am shutting down my business at the end of the year with planned first withdrawals in 2022. DW and I grew our lifestyle over the years, but always lived way below our means. During my accumulation days, I ran my numbers (apparently ridiculously) so conservative (probably out of fear), that NOW I am switching to withdrawal mode, I have discovered I most likely have over saved and will have a "spending problem"... new muscle for me to start exercising. Yes, we have been a bull market for sometime and my conservative nature says I could lose a chunk, but I am amazed how my balances have grown way beyond my last set of goal posts and I am not doing anything.
The good news is I have 4 kids and 3 grandkids so I have definite opportunities to spend/gift while I am still around. I just never thought I would be in position to make these kind of choices. My nature is to be a good steward of what I have been given as opposed to a pure conservative posture (I can withdrawal low 2% and live in FatFire). I plan to to ride an AA between 60/40 - 50/50 through retirement for no reason other than it works for me and I can gift more (kids, grandkids, charities).
Did you blow past your retirement number and how do you make it work for you?
What goes up must go down... always in the back of my mind, so Eeyore shows his face from time to time.. None the less, I am amazed how "slow & steady" practices really do win the race when it comes to investing. I just turned 57 and DW will be 57 next month. We chose a traditional DW SAH plan after #1 of 4 was born 31 years ago. While DW and I both embraced the plan, I was a stressed out mess every time mama said she was pregnant. "How the H am I going to pay for these kids and one day retire?!" You just do what you do and I continued to throw my 10% (early years, which grew substantially later) into long term investing and setting the goal of a $1M. Life progressed, my business progressed and I continued to move the goal posts. Fast forward to today, all 4 kids are out the door (2 married), 3 grandkids, and I am shutting down my business at the end of the year with planned first withdrawals in 2022. DW and I grew our lifestyle over the years, but always lived way below our means. During my accumulation days, I ran my numbers (apparently ridiculously) so conservative (probably out of fear), that NOW I am switching to withdrawal mode, I have discovered I most likely have over saved and will have a "spending problem"... new muscle for me to start exercising. Yes, we have been a bull market for sometime and my conservative nature says I could lose a chunk, but I am amazed how my balances have grown way beyond my last set of goal posts and I am not doing anything.
The good news is I have 4 kids and 3 grandkids so I have definite opportunities to spend/gift while I am still around. I just never thought I would be in position to make these kind of choices. My nature is to be a good steward of what I have been given as opposed to a pure conservative posture (I can withdrawal low 2% and live in FatFire). I plan to to ride an AA between 60/40 - 50/50 through retirement for no reason other than it works for me and I can gift more (kids, grandkids, charities).
Did you blow past your retirement number and how do you make it work for you?