Retirement thoughts Past Present Future

[drssg]

There’s one slight flaw in your calculations, you can’t know what investment returns will be, they may even be negative.

I agree that this is a risk. I would add that any attempt to plan for retirement involves making multiple estimated projections.

I also don't know what inflation and my expenses will be, but I made a plan and reviewed it with my financial advisor before retiring.

If the stock market tanks, I'll wish I put it all in a guaranteed return annuity. If our economy goes full Venezuela, I'll wish I put it all in gold.

 

[buckeyefarmer]

Buy a bigger belt......

Forget student loan forgiveness, I want to see a benefit to all by eliminating the federal income tax. I won’t hold my breath

But on the dating thing, my 26 yo is having a hard time finding girls that meet his goals.

 

[Gale Hawkins]

Inflation can be an retirement plan wrecker.

The Tesla model Y has recently increased in price by $10K and Full Self Driving software has gone up to $12K.

 

[drssg]

When I asked my financial advisor about the SS age question, he didn't strongly advocate any option. He said it comes down to my comfort level.

If start collecting SS at a later age, I risk getting less money, if I die early. If I start collecting early, and my investments tank, I have more risk of being a poor old man. Statistically, I suspect the options are quite similar, which is why we have the option to choose.

 

[jyoutz]

Well, you may not know, but the returns have been very positive over the last 50 years. Ups and downs? Sure, but unless you literally have to liquidate right at a drop, it will be fine. The average returns on the S&P have been 10% less about 3% for inflation. In other words, if you want to play it safe, you can invest in an S&P indexed fund and be pretty confident you average net would be 7%. If you actually know a lot about investing or hire a good professional, you can do considerably better. The top individual stocks have returned a net of 2-5 times the 7% over the last 30 years. 70% of the individual years have been positive.

True. For a long term investment time frame. I did that for 30+ years and it’s worked out well. Now that I’m closer to retirement and needing those funds, I’m not so enthusiastic about short term losses.

 

[buckeyefarmer]

Just found this thread

I just went to a financial advisor about retirement. Fortunately I saved a good bit, had my house paid off as the kids hit college, and I put them both thru college getting a degree that makes them employable (computer engineering and information systems).
He said I can retire now, but I’m not comfortable with it yet. He recommends waiting till at least 67 for SS and live off my investments until then.
I always went thru my work life figuring SS would not be there, so it’s sort of a bonus.
If I had to do it over again, I would have gone to a financial planner earlier and let them manage my investments a little better.

Now trying to figure out good place to retire, taxes too high in MD.

 

[buckeyefarmer]

Another top tip...... Don't drive through Maryland if you have an out-of-State Concealed Carry Permit. They have License Plate Readers tied into their computer that tells them if you have one and they'll pull you over and check you out just for S's and G's.

Don't ask me how they know, but they do.

Especially that short section of I81 between PA and WV.

 

[Gale Hawkins]

State pension warning as you may need £727,830 above DWP sum for ‘comfortable’ retirement

Sounds like retirement considerations in the UK and USA are similar.

I have been into delayed gratification for nearly 70 years which may explain why I have invited a few to my 110th Birthday Bash.

This mindset colors everything. Recently I read a book entitled We Don't Die to get another view on the subject. I have observed that someone will bury or cremate us even we die broke or 10 million dollars in debt. As Forrest would say that's one less thing to worry about.

 

[Username Taken]

But on the dating thing, my 26 yo is having a hard time finding girls that meet his goals.

It's like finding one that believes in the Hereafter. If they ain't here after what I'm here after, they gonna be here after I'm gone

 

[buckeyefarmer]

And do NOT move to Virginia!

That would be terrible.