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Retirement plan status

 
Old 02-17-2017, 07:46 AM
  #21  
 
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Only been 7.5 months for me.... and 3.5 months for Kathy...

So far everything is going according to plan, actually better, due to the market doing so well!

Retired just shy of 62 years old.

No idea where the past 7.5 months have gone.... they have flown by, busier (doing stuff that is fun!) than ever!!!
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Old 02-17-2017, 07:49 AM
  #22  
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Retirement is fine for me.I am now genuinely enjoying the freedom to travel and to do exactly what I want to do. Like others, I don't have enough time in the day to do everything I'd like. And, yep, tempus fugit. Life is good.
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Old 02-17-2017, 08:59 AM
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Originally Posted by MAGGIEMAE View Post
I would say as expected ...deleted....

No real surprises financially other than it is easier than expected living on my pension which is around 55% of my last few years salary. No work expenses any more
Here's my question.... When I talk with my advisor, we discuss about 80% or so of working wages during retirement. I don't know that I agree or disagree, but it's the model we're using. Against that model with a modest return on our 401Ks each year from now until 60, we are ahead of schedule. If we model at 60%, I could probably retire earlier if I wanted.

For the other retirees - do you find that you're in the 50-60% range, higher, lower, etc... I realize some expenses go way up, and others go down as your age changes and that everyone's situation is different. Also, does the reality of lifestyle change?

For us, today, we make a big effort to travel now, have experiences and enjoy what we earn. We have our emergency fund, a HELOC if we require it and fund our 401Ks fully each year. Our current savings doesn't necessarily grow month to month, but our retirement side does.

Not sure if this is too much info. We feel comfortable where we are, but without getting real conversations with people in the situation, who really knows.
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Old 02-17-2017, 09:27 AM
  #24  
 
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The 80% rule doesn't seem to apply to my situation. My wife and I are currently putting away more than 35% of our wages for retirement. We should be able to maintain our current lifestyle based on 60%.
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Old 02-17-2017, 09:31 AM
  #25  
 
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Originally Posted by Heyitsgary View Post
Here's my question.... When I talk with my advisor, we discuss about 80% or so of working wages during retirement. I don't know that I agree or disagree, but it's the model we're using. Against that model with a modest return on our 401Ks each year from now until 60, we are ahead of schedule. If we model at 60%, I could probably retire earlier if I wanted.

For the other retirees - do you find that you're in the 50-60% range, higher, lower, etc... I realize some expenses go way up, and others go down as your age changes and that everyone's situation is different. Also, does the reality of lifestyle change?

For us, today, we make a big effort to travel now, have experiences and enjoy what we earn. We have our emergency fund, a HELOC if we require it and fund our 401Ks fully each year. Our current savings doesn't necessarily grow month to month, but our retirement side does.

Not sure if this is too much info. We feel comfortable where we are, but without getting real conversations with people in the situation, who really knows.
I am looking forward to the answer to Gary's question. I'm not sure how much less of our income we can expect to live on in retirement. It's a tough figure to estimate. We are not world travelers now, nor do we expect to be in retirement. We don't have a mortgage, but cars don't last forever. Even if we enter retirement with automobiles that are paid off, down the line a new vehicle or two will be needed. We will have a larger amount due monthly for health insurance premiums than we are currently dishing out. We are not living in a house that needs to be downsized;, taxes, utilities, insurance costs will only continue to rise. We won't have to save for retirement, but is no longer needing to set aside "X" enough of a difference in how much money we will need in retirement?

Obviously those with pensions may be able to supplement their income with the SS and minimal withdrawals from retirement account. Unfortunately, neither or us has a pension so withdrawals from retirement accounts could exceed the recommended 3-5% annually or whatever it is.......
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Old 02-17-2017, 09:34 AM
  #26  
 
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Interesting quote from an article I recently read:

In a 2014 T. Rowe Price survey, retirees said they were living on 66% of their pre-retirement income, on average -- and most said they were living as well or better than when they were working.
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Old 02-17-2017, 09:37 AM
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Originally Posted by Conedodger View Post
Interesting quote from an article I recently read:

In a 2014 T. Rowe Price survey, retirees said they were living on 66% of their pre-retirement income, on average -- and most said they were living as well or better than when they were working.
If that's true, we may get there yet.
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Old 02-17-2017, 10:26 AM
  #28  
 
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Bill, I know you've heard most of this from me before . . .

Although I always saved for retirement, unlike most, I had no specific plans when to retire. When I hit 59 I thought I should look into what to expect. Over that year I researched all I could find and realized I could likely retire whenever I wanted to. One week after I turned 60 I retired.

I truly retired. No part-time work, no contract work, no on-the-side income what so ever. We never lived beyond our income when working so there was no changes or adjustments to deal with after retirement. No downsizing. In fact, I’m sure we eat out a lot more than when we worked. You may find yourself spending more money on house and yard improvements since you live with them 24/7 when retired. Or, as many do, just travel a lot.

The wife continued to work for several more years as 100% of her income went to her horse hobby and she wasn’t ready to retire when I was. After she retired her hobby has been a bit of a pinch for her, especially after buying a second horse, but she has no plans to change her life style. And that’s ok with me. It keeps her young and she keeps me young!

Come May 1st I will be starting my 16th year of retirement. We both continue to enjoy it every day. Other than good health I believe you have to have lots of interests outside your job to really enjoy retirement.
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Old 02-17-2017, 12:12 PM
  #29  
 
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I'm in my 8th year of retirement. The house of our last 23 years is where we still live. We have enough coming in to cover living and leisure expenses and some savings and small investment. Had it not been for my disastrous medical expenses between '85 and '00 (Where was The Affordable Care Act when you need it?), our lifestyle would certainly be up a notch or three. At the end of the day, the plan was good, it was met or exceeded despite the health care setbacks. I love retirement just bunches and bunches. Having the ability to rise from bed at the "crack of noon", if I wish, is way cooler than I thought it would be. Even cooler is that fact that at age 40, I never expected to make it past my 50's and I'm still cranking onward.
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Old 02-17-2017, 01:18 PM
  #30  
 
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Originally Posted by Heyitsgary View Post
Here's my question.... When I talk with my advisor, we discuss about 80% or so of working wages during retirement. I don't know that I agree or disagree, but it's the model we're using. Against that model with a modest return on our 401Ks each year from now until 60, we are ahead of schedule. If we model at 60%, I could probably retire earlier if I wanted.

For the other retirees - do you find that you're in the 50-60% range, higher, lower, etc... I realize some expenses go way up, and others go down as your age changes and that everyone's situation is different. Also, does the reality of lifestyle change?

For us, today, we make a big effort to travel now, have experiences and enjoy what we earn. We have our emergency fund, a HELOC if we require it and fund our 401Ks fully each year. Our current savings doesn't necessarily grow month to month, but our retirement side does.

Not sure if this is too much info. We feel comfortable where we are, but without getting real conversations with people in the situation, who really knows.

We just got our year end tax info and we are actually about 75% of our pre retirement incomes and of course have Gvt. Health care I forgot to add in Joanne's pension and various old fart payments We own the house and the fleet so just operating expenses
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