Retirement

[Haoleguy]

Now that I have had my cancer surgery Jan 7, I am recovering at home. The bladder surgery did not go as planed and I have a bag attached for life, the recovery time will be much longer into April, I will in likely hood retire or semi retires. Although they say that I can do all that I did before. I may work part time training my replacement. Today the weather was halfway fair and I walked a mile to and from the barber shop. Still get tired but I am getting fit. This time last year I could lift 180#, now I just about make 10 which is more than 0. I was planning on putting in 25 yr but maybe it is time to tend to my needs. It is hard for me to do nothing now that I am limited being on the mend. I have to get my head into a new mode, being where the action is all these years is a addiction that is hard to break. Money is no problem.

Nice walk transit ! Keep pursuing your recovery. i think most of us lose some as we get older but we find work arounds and learn to live with some limitations. I use this argument with my spouse to add toys .... er...tools to my capability. Best wishes on your recovery....Gary

 

[beppington]

Any thoughts on this depressing topic?

Wow! "Depressing topic"?!? :confused2: I think it's great that you even have the option!!! :thumbsup:

 

[beppington]

For those of you that travel in your jobs, even only occassionally, why not roll a work trip into a vacation trip. I don't mean it has to be a big 2-week vacation, but rather than haulin' butt directly home, maybe stop at a campground or some little town you always wanted to see. Instead of flying to your work site, drive & make stops along the way, both comin' & goin' if you want. This way you'll be sure to see various parts of the US throughout your life, rather than waiting until retirement to do a whirlwind tour.

 

[Transit]

Much of my attitude for retirement was influenced by my families experience during the 1929-35 depression, one meal a day for 8 people. No safety net back then. Those posting appear to be successful. There are many that have not saved a dime and are completely dependent on SS. I know of a few that worked off the books, smart enough to avoided paying taxes, or were they? No taxable income = no SS, so you have to have a big shoe box full of cash to get by. Can not have investments, where did the money come from. We here are lucky to have means to fall back on, many were foolish not to have planed or could not plain for old age and they are screwed.

 

[Haoleguy]

My response is prompted by Transits last message. The employment game started changing about a half dozen years back when larger companies started dialing back retirement pensions, 401K contributions, and insurance coverage. I'm very worried for the younger folks that are not taking the initiative and realizing that saving absolutely has to start early for them if they wish to generate a nest egg for retirement, new business, etc. For our 3 kids we have sat them down with their spouses and discussed what's ahead for them and that early planning & action is essential for them to reach their goals. I hope that some fiscal responsibility sets in with the younger generations.

 

[beppington]

I highly recommend the book "Retire Early, Sleep Well" by Stephen R. Davis

Very concise personal finance book explaining what to do & how to do it.

You can choose to only read "what to do" or get into a little detail as to why. Very well organized book. Just 1 -3 pages per most topics.

Provides withdrawal rate information/ suggestions.

Amazon.com: Retire Early Sleep Well: A practical guide to modern portfolio theory, asset allocation and retirement planning in plain english, Second Edition (9780979303807): Steven R. Davis: Books

 

[eepete]

For those of you that travel in your jobs, even only occassionally, why not roll a work trip into a vacation trip...

Absolutely! Any time I went to a new area, I took an extra day or two. I planed a lot of my trips so they ran into weekends. It's amazing how many places are great to spend a day or two at, but you'd never pay to go there on your own. Well, then again I'm somtimes overly frugal .

Haoleguy, I don't know where I picked this up but ever since I started working I assumed that corporate and government pensions would get worse or go to nothing with time. I remember computing what the autoworkers contracts would cost down the road. Anyway, I've assumed I'm on my own and if other stuff kicks in, that's just beer money. There is also probably an independent streak in there somewhere, which it seems many on this forum also have.

Pete

 

[MossRoad]

One thing I like to point out to folks considering retirement is that a million bucks in the bank yielding 2% is only 20K per year. You need to keep investing some of your money in higher risk investments that yield higher returns. You may live to be 100. :thumbsup:

 

[ultrarunner]

One thing I like to point out to folks considering retirement is that a million bucks in the bank yielding 2% is only 20K per year. You need to keep investing some of your money in higher risk investments that yield higher returns. You may live to be 100. :thumbsup:

I remember the endless parade of 401k people presenting at work... they always had colorful charts or power point presentations...

The return always bantered about was 10% and the charts and graphs used 8% to be "Conservative"

My 5 year rate of return is 2/10ths of one percent.

 

[jonyyuma]

Ultra runner, you should look into an annutity. your return looks like just a savings account, you can go broke that way? they will treat you right and even furnish figures for your returns.