Someone else you know has been down the rabbit hole lately about retirement. We both worked conventional jobs, had 401k and investment accounts, even a small pension from one employer.
Conclusion? You are right. It doesn't matter how much you have. If you live too long, it isn't going to be enough. I'm hoping for an unknown relative to pop out of the woodwork and make me heir to the [insert name brand here] fortune. That and the $5 a week on the lottery seem to be the plan.
hahaha - I'm living this. Retired in 2024. Planned to live to 90. Planned to spend half my money, leaving the other half for my kids. Living expenses are covered by social security. Health expenses mostly covered by Medicare and a Medicare advantage plan. First reality was the many crisis of the Obama regime. Arab spring, Ebola scare, bird flu - you get the idea. They all rocked the market.
Then there is that funky investment math. Say you have 500K. The market dips and all of a sudden you have 400K (this shit happens even when you are wisely (:)) invested). Now if you are lucky, you make 4-7% on 400K. You never seem to get the other money back. Am I worried about 90. Hell no! A stroke in 2016 and cancer in 2018 has me in the attitude of do what I can while I can. The kids are going to have to look out for themselves. If I'm lucky, I'll die when I spend the last dime I borrowed from the bank. Worst case is to actually live to 90 and need 500K (I don't have) for a nursing home where you have to eat baby food and wear a diaper. They lied about the "Golden Years".
I didn't care quite as much about the rocking of the market back in 2008. But at my age now - this current rocking has me scared as shit! Baby food sounds only slightly better than cat food. You're doing it right man- I'm gonna try not to worry either! And - I've got the RV - maybe I need a Jeep...
I had a financial plan. At 50, my house would be paid for, my kids would be finished with college, and I'd have 30 years service at my company (i.e., medical benefits). If I reached these goals, I could do anything I wanted to. Then both my kids went to school for 7 years. Then the 2008 housing bubble popped and wrecked my investments. End result was I worked 6 more years to get back to where I had enough money to retire. Some observations from my experience. Enough money at 60 is different than enough money at 50. It is a lot easier to save when your kids have their own families/homes/jobs. You need to decide how much is enough and retire when you reach that goal. Last thing is you have to have something to do when you retire. Oh yeah, forget about the cat food.
Works for me. I will be 60 this year and I am a motorcyclists as well. I used to take a few days each year to do a motorcycle trip with some friends. We have gotten away from doing that: kids, life, work, moving from Ohio to North Carolina, have gotten in the way I guess. I decided that this is the year to start doing it again. I have found my passion for motorcycling again. I plan to do at least one week long trip each year again for now until I turn 64. At that point I plan to retire from the full time day after day grind of the office an turn toward traveling even more. A great man once said, "get busy living or get busy dying", I think it was Morgan Freeman on the Shawshank Redemption, but that's not the point, you get my point. (it probably sounded better coming from Morgan Freeman in that Morgan Freeman voice)
Someone else you know has been down the rabbit hole lately about retirement. We both worked conventional jobs, had 401k and investment accounts, even a small pension from one employer.
Conclusion? You are right. It doesn't matter how much you have. If you live too long, it isn't going to be enough. I'm hoping for an unknown relative to pop out of the woodwork and make me heir to the [insert name brand here] fortune. That and the $5 a week on the lottery seem to be the plan.
hahaha - I'm living this. Retired in 2024. Planned to live to 90. Planned to spend half my money, leaving the other half for my kids. Living expenses are covered by social security. Health expenses mostly covered by Medicare and a Medicare advantage plan. First reality was the many crisis of the Obama regime. Arab spring, Ebola scare, bird flu - you get the idea. They all rocked the market.
Then there is that funky investment math. Say you have 500K. The market dips and all of a sudden you have 400K (this shit happens even when you are wisely (:)) invested). Now if you are lucky, you make 4-7% on 400K. You never seem to get the other money back. Am I worried about 90. Hell no! A stroke in 2016 and cancer in 2018 has me in the attitude of do what I can while I can. The kids are going to have to look out for themselves. If I'm lucky, I'll die when I spend the last dime I borrowed from the bank. Worst case is to actually live to 90 and need 500K (I don't have) for a nursing home where you have to eat baby food and wear a diaper. They lied about the "Golden Years".
I didn't care quite as much about the rocking of the market back in 2008. But at my age now - this current rocking has me scared as shit! Baby food sounds only slightly better than cat food. You're doing it right man- I'm gonna try not to worry either! And - I've got the RV - maybe I need a Jeep...
I had a financial plan. At 50, my house would be paid for, my kids would be finished with college, and I'd have 30 years service at my company (i.e., medical benefits). If I reached these goals, I could do anything I wanted to. Then both my kids went to school for 7 years. Then the 2008 housing bubble popped and wrecked my investments. End result was I worked 6 more years to get back to where I had enough money to retire. Some observations from my experience. Enough money at 60 is different than enough money at 50. It is a lot easier to save when your kids have their own families/homes/jobs. You need to decide how much is enough and retire when you reach that goal. Last thing is you have to have something to do when you retire. Oh yeah, forget about the cat food.
Just ask future Ang how many years you have left!
Why the heck didn't I think of that!? Future Ang is kind of a dick though, probably won't tell me, especially if he's already dead....
Works for me. I will be 60 this year and I am a motorcyclists as well. I used to take a few days each year to do a motorcycle trip with some friends. We have gotten away from doing that: kids, life, work, moving from Ohio to North Carolina, have gotten in the way I guess. I decided that this is the year to start doing it again. I have found my passion for motorcycling again. I plan to do at least one week long trip each year again for now until I turn 64. At that point I plan to retire from the full time day after day grind of the office an turn toward traveling even more. A great man once said, "get busy living or get busy dying", I think it was Morgan Freeman on the Shawshank Redemption, but that's not the point, you get my point. (it probably sounded better coming from Morgan Freeman in that Morgan Freeman voice)