Retirement Planning - Lessons Learned

[California]

My grandfather next door had a visit from Edward C. Johnson II right after WWII. Grandfather liked him, investing in the Puritan Fund. He did well...very well.

Very lucky! Abby (third generation Johnson, principal stockholder of of Fidelity) seems competent but not genius like dad and ECJ II.

 

[heviduty]

"So for the experts:
- What have you learned in retirement?
- What would you have done/planned for differently?
- Did you move away or stay at home and are you happy?
Thanks for your time.
Andy in N.C."

Andy my retirement began on July 1, 2020. I was 66 and 10 months. SSA payments began when I turned 66 which is my FRA. It is deposited into a money market account.

My wife quit-tired 5 years earlier and began her SSA at age 63 because that's what she wanted.



I recommend putting all you can into a 401k if available and opening at least one IRA besides. If you expect to work 5 more years you can also benefit from a Roth IRA. Do not expect SSA to keep you up. Sign up for Medicare part A at 65 and get a supplement and part D drug plan started before your employers insurance runs out.

Try to enter retirement debt free and with 10 or more years of income in your retirement accounts. Invest in growth mutual funds and maybe a good index fund that follows the SP500.

We pondered moving but decided that for now our roots are too deep here in central NC with church, family and friends. That may change as friends and family dwindle.

I don't regret the decisions we made about retirement. I have friends and family that did not plan well, or were unable to, and it's sad. I feel blessed to have made it to retirement and recommend it highly if you are prepared.
I wish you many happy years of whatever you want to do.

No expert here. Ex= a has been
Spurt= a drip under pressure

 

[ultrarunner]

Interesting discussion as no one can truly know the future...

Each generation faces its own circumstances on the path forward... some negative and others positive...

2009-12 was the buy opportunity of a generation or more...

Being a contrarian has often served me well...

 

[oosik]

We were very fortunate - financially. Made enough $$$ on the sale of our house in Anchorage - built our house here in Ea WA - free and clear.

My parents gave us the 80 acres to build on.

My parents passed and left the wife and I a sizable amount of $$$. We put this money into an annuity and it has grown remarkably.

I retired at the age of 40 and have lived better in retirement than we ever did while I worked.

The only real "planning" - the wife ensured that we saved money while I worked. The rest - that's just the way things worked out.

 

[goeduck]

We were very fortunate - financially. Made enough $$$ on the sale of our house in Anchorage - built our house here in Ea WA - free and clear.

My parents gave us the 80 acres to build on.

My parents passed and left the wife and I a sizable amount of $$$. We put this money into an annuity and it has grown remarkably.

I retired at the age of 40 and have lived better in retirement than we ever did while I worked.

The only real "planning" - the wife ensured that we saved money while I worked. The rest - that's just the way things worked out.

I think I have piggy bank envy

 

[California]

Personally I want to live where it's safe, not heavily populated yet close enough for necessities and good medical care. Nice restaurants not far.
This is my idea of heaven. We can saddle our horses and ride for miles and miles over the distant mountains.

Gorgeous!
Don't make it sound too attractive! Here (NorCal), then Oregon then Idaho made that mistake and now the locals' kids cant afford to buy or sometimes even rent because they are outbid by all the new arrivals.

That RE brokers postcard I posted over in the Real Estate thread (and my following financial post) illustrate how bidding wars by new money have overwhelmed what used to be simple farmland around here.

 

[oosik]

Well - let me enlighten you goeduck. Everybody thinks Alaska is the land of opportunity. It could well be - except for those, like me, in government service.

We didn't live in poverty up there in AK but we sure weren't getting rich on my gov pay. It was just the quirks that put us in this current situation.

A whole lot of my "good fortune" is because I've always lived frugally and well within my financial means.

 

[goeduck]

Well - let me enlighten you goeduck. Everybody thinks Alaska is the land of opportunity. It could well be - except for those, like me, in government service.

We didn't live in poverty up there in AK but we sure weren't getting rich on my gov pay. It was just the quirks that put us in this current situation.

A whole lot of my "good fortune" is because I've always lived frugally and well within my financial means.

I was just joking. I am the same, I had lived all my life under my means until I was told I was a 1%er by assets at which time I loosened up a bit (but not much).

 

[California]

I was just joking. I am the same, I had lived all my life under my means until I was told I was a 1%er by assets at which time I loosened up a bit (but not much).

Ever get those letters inviting you to a free dinner if you listen to the pitch of a financial advisor?

A marketing prof said they don't expect to rope in many marks. But they watch for the crafty widow who lingers then shovels all the free pastries or something into her purse after the room seems empty. That's the wealthy mark that they held the dinner to identify, the wealthiest person who attended.

A week later: "Would you like to invest in our next round of condo financing?"

 

[lennyzx11]

I jumped ahead from post 200 as I’m working my way through the information and wanted to ask a question.

How do I calculate the number of how much I need saved in a 401k to get a certain amount back in the mandatory draw out?

I turned 58 last week I’m investing in 401K.

My current mortgage is being refinanced to 350k in Oct 30yr fixed.

Payments will be 2000 monthly.

If it’s not completely paid off when I hit 72 (13 years) I’d like to count on that mandatory payout to cover that 2k payment per month.