probably delaying retirement plan

M

Mark2024

Recycles dryer sheets
Joined
Jul 8, 2023
Messages
79
Whiling walking a mile to the store under the noon sun. It hit me - if we are living this hard with a 6 figure salary and benefits, how could we manage without those in retirement? It is confirmed again when I have to cut the two week old grasses. I hate mowing the lawn and the mosquito bites.

If we could not afford second car or pay for occasional delivery, and I had to drag my tired body to cut the grass every week. Why do I want to voluntarily giving up a 6 figure income and all the benefits?

People say they enjoy retirement because every day is like a Saturday. But without the steady income from working, even Saturdays are not that much enjoyable. Does anyone else have this feeling right before they about to turning their paper?
 
Last edited:
No, because by the time we ER, we no longer need that steady income. It is replaced by the assets saved over decades, investment returns, etc.

Once you have a portfolio (stocks, bonds, RE, pension, whatever) that puts off enough income to cover all that stuff - and so that you don't have to mow the lawn if you'd rather hire it out - you are ready to ER.

If ER means living on a shoestring, uncomfortable, worrying about expenses, stay at work.
 
Not at all. If you have saved enough, understand your spending needs, and have run the various retirement calculators, you can feel pretty secure in your retirement. Once you're financially independent (have enough money to not need to work), there is no need for an income from working. You do have to get used to drawing from your savings instead of adding to them.

In retirement, it's not so much that every day is a Saturday, it's more that every non-weekend day is like a vacation day for you. Saturdays and Sundays are the worst, because everyone else is off those days. You can get things done more slowly and at your convenience without having to fight the crowds.
 
Nope. I don’t cut grass. As a kid I hated and still do. I have my if the shtf plan and my grass cutter is safe!
 
I think you need to figure out where you are spending all that money. I have never made half of a 6 figure salary and I have gotten by just fine. It's all about priorities. With that high of an income you should be able to afford to have someone else mow your lawn and get food delivered if those are high priorities.
 
harley said:
Not at all. If you have saved enough, understand your spending needs, and have run the various retirement calculators, you can feel pretty secure in your retirement. Once you're financially independent (have enough money to not need to work), there is no need for an income from working. You do have to get used to drawing from your savings instead of adding to them.
Click to expand...

But how do you know for sure you have saved enough?

We live way below our means and save every penny we could. Our net worth is moving toward 5 million plus we have pensions and will draw decent SS. Every calculators we run says 90 to 100%. But all these calculator are using historical data to project into the future. How could you be so sure?
 
Mark2024 said:
Whiling walking a mile to the store under the noon sun. It hit me - if we are living this hard with a 6 figure salary and benefits, how could we manage without those in retirement? It is confirmed again when I have to cut the two week old grasses. I hate mowing the lawn and the mosquito bites.

If we could not afford second car or pay for occasional delivery, and I had to drag my tired body to cut the grass every week. Why do I want to voluntarily giving up a 6 figure income and all the benefits?

People say they enjoy retirement because every day is like a Saturday. But without the steady income from working, even Saturdays are not that much enjoyable. Does anyone else have this feeling right before they about to turning their paper?
Click to expand...

I'm single and have a healthy retirement income, more than $100k to be sure.
And I keep two vehicles in my stable, an F-150 and a mustang convertible.
So jump in, the water's fine...
 
Mark2024 said:
But how do you know for sure you have saved enough?

We live way below our means and save every penny we could. Our net worth is moving toward 5 million plus we have pensions and will draw decent SS. Every calculators we run says 90 to 100%. But all these calculator are using historical data to project into the future. How could you be so sure?
Click to expand...

I'm not So Sure. But I am sure enough. If you know how much you spend, and how much you have, you can determine your withdrawal rate. Looking at historical numbers, 4% or less is pretty safe going back over 100 years. Obviously, you can never be 100% sure, but assuming you're withdrawing a reasonable amount, you can adjust to any future Black Swans by doing things like cutting back on your spending, getting a job if needed (Walmart greeter or whatever). If you're so nervous that being safe from the equivalent of the Great Depression isn't safe enough for you, stay at work. Although if things are that bad, you'd probably lose your job and have to live off your savings anyway.
 
I make a lot more now than I ever did working.

But all these calculator are using historical data to project into the future. How could you be so sure?

Some simple math will tell you if you have enough. No one knows the future but if it gets that bad there will be a lot that will be in that sinking boot.
 
OP needs to do some financial planning.
Decide what your desired income is in retirement.
Continue working until you are able to achieve that level.
Ask if any questions...
 
street said:
I make a lot more now than I ever did working.

But all these calculator are using historical data to project into the future. How could you be so sure?

Some simple math will tell you if you have enough. No one knows the future but if it gets that bad there will be a lot that will be in that sinking boot.
Click to expand...

As often, Street is the wisest one in the room with the fewest words,,,:cool:
 
Mark2024 said:
But how do you know for sure you have saved enough?

We live way below our means and save every penny we could. Our net worth is moving toward 5 million plus we have pensions and will draw decent SS. Every calculators we run says 90 to 100%. But all these calculator are using historical data to project into the future. How could you be so sure?
Click to expand...

Assuming you are not trolling, I am sure you can get your grass cut ;) Best case Forrest Gump will do it for free, worst case some kid will take $40.

If you are in your 20's then you may not have enough. If you are in your 50's then $5M will provide you a 6 figure income for the next 30 years and with pensions and delaying social security to 70 you would have no issue supporting yourself for the rest of your life excepting nuclear weapons and other things that I don't particularly want to be around for anyway.

You clearly get more satisfaction at work than from non work, so keep working. If you want to change that, you have the freedom to do it (or are so close you can easily make it happen soon). Algebra says you are great, but life ain't algebra.
 
I cut my grasses myself and I get to save gym membership fees.
 
If you have trouble cutting the grass it must mean you're actually watering it.
 
  • Like
Reactions: jj
I don't have to cut grass on front yard. We have HOA which is taking care of that and much more. The cost is $97 per month and this is a very high cost of living area. Still, I think I would continue to work if I cannot afford to spend these money.
 
Mark2024 said:
But how do you know for sure you have saved enough?

We live way below our means and save every penny we could. Our net worth is moving toward 5 million plus we have pensions and will draw decent SS. Every calculators we run says 90 to 100%. But all these calculator are using historical data to project into the future. How could you be so sure?
Click to expand...

We are completely comfortable with a situation close to this, and we spend more than before RE.
 
Not a troll methinks, but either another way off base worrier or perhaps a creative way of letting us know he has 5m.
 
Mark2024 said:
But how do you know for sure you have saved enough?

We live way below our means and save every penny we could. Our net worth is moving toward 5 million plus we have pensions and will draw decent SS. Every calculators we run says 90 to 100%. But all these calculator are using historical data to project into the future. How could you be so sure?
Click to expand...
This has to be a troll or a clarion call for counseling. Anyone in this situation, frequenting this board, knows better than this question.
 
You must log in or register to reply here.

Similar threads

D
How to factor future SS into pre-SS spending
Replies
16
Views
824
Koolau
Koolau
R
Final Approach Planning for Retirement
Replies
15
Views
1K
Route246
R
D
Guidance with withdrawal plan
Replies
15
Views
819
mathjak107
M
K
tax rate estimates
2
Replies
25
Views
2K
kens450r
K
LateToFIRE
How do you plan for possibility of early death of a spouse in FIRE
2 3 4
Replies
87
Views
9K
1242Vintage
1

Latest posts

Back
Top Bottom