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Old 11-05-2014, 01:48 PM   #11
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Financial Planners usually have high minded ideas about how much you need to have accumulated in order to get by on the interest or the return it may bring in. Lets just say I have $500,000 at retirement. I may have more, I may have less. Will the return on this money be enough to live on. A financial advisor will tell me no, but I'm betting it will, if I live frugally and adjust my lifestyle accordingly. It may mean I do absorb some of the principal in my final years but so be it. I don't plan on leaving a big sum to my children. They must make their own money.
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Old 11-05-2014, 01:58 PM   #12
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...I don't plan on leaving a big sum to my children. They must make their own money.

This is exactly what my brother and I told our parents. YOU earned it. YOU spend it.
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Old 11-05-2014, 03:11 PM   #13
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Financial Planners usually have high minded ideas about how much you need to have accumulated in order to get by on the interest or the return it may bring in. Lets just say I have $500,000 at retirement. I may have more, I may have less. Will the return on this money be enough to live on. A financial advisor will tell me no, but I'm betting it will, if I live frugally and adjust my lifestyle accordingly. It may mean I do absorb some of the principal in my final years but so be it. I don't plan on leaving a big sum to my children. They must make their own money.
You are not going to get by on interest but you can get by on ROI.(return on investment). Some years you might need to draw down here and there but most years you will be adding to the overall investment pot. 500K is a very good start on a plan.

Have you considered inflation in your plan to spend your money? What will the light bill be 10 years from now?
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Old 11-05-2014, 04:55 PM   #14
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You're correct, inflation will be a concern. There are other concerns as well, such as having to pay for some type of healthcare. My company picks up most of the tab for that now, but I have high blood pressure and the medication I take isn't cheap. Obvoiusly, I have not covered all my bases yet.

Still, I appreciate all the advise I have received from our group.
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Old 11-05-2014, 05:00 PM   #15
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Health insurance is my biggest concern since I am self employed. Its been rising 10-20% per year so I may never be able to fully retire or at least until Medicare kicks in.
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Old 11-05-2014, 05:09 PM   #16
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Maybe, that's the answer; just keep working. Meanwhile, I can put in for as much and as long a vacation as I can get. Of course, I will need to come back before they decide they can do without me on a permanent basis.
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Old 11-05-2014, 06:00 PM   #17
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We also plan to retire in the next 6-7 years. We are past weddings and college which is a good feeling. We will most likely sell the house in the next few years. Our plan is to travel for the first few years of retirement. We currently have a 2014 Jayco 29REKS which we use as seasonal campers in Cape Cod.

We are doing our very best to save save save.... for our retirement. While medical is the trump card we are trying to plan for that also. If all goes as planned, I will be 62 and hubby 60 when we retire.
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Old 11-06-2014, 07:40 AM   #18
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I have been retired now six years. One important thing is to plan ahead and have everything payed off no bills. We have traveled every year in the winter three years to RGV in south Texas and the last three to AZ . The longer you stay at a park the cheaper your lot rent is . Also the more a park has the more it cost.we find out west nice parks around $350/$450 average Florida much higher. Some of our full time friends work at Amazon for two to three months a year to supplement their income . No matter how you look at it its a great life.
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Old 11-06-2014, 08:58 AM   #19
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Consider this: Your best earning years might be those between say 55 and 66, they were for me. If you were to decide to live those years as lean as possible you could set yourself up in a much stronger position.

Another key is health and fitness. You need to consider that it's much more important to take care of the body as the years add on.

Make a plan to be the best you can be in both of these areas.
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Old 11-06-2014, 12:33 PM   #20
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Very good advice Eldermike and hope you are right about those years as I am 56 years old, and I do need to plan ahead and work on my health.
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