YM friends, where are you at? $$-wise?

[Rukh O'Rorke]

so - this is a strange, relatively closed online community. We have a long history together and, for better or worse, we're all getting a bit old. Not just older. Old. There, I said it. Out loud.

I joined the old boards sometime around 2002 - so 20 years ago. A lot of you were already there.

Not to toot my my own flute too much, but I've come a long way baby! I can't beleive that I accomplished so much this past 20 years, and then conversely, I'm amazed at how much I didn't accomplish! There are only so many hours and so many dollars in a day. In some ways I really kicked butt and took names, and in others time pasted and things faded off my radar in ways that there is no going back, really. I guess that is life. I guess I have regrets, but overall think I did pretty ok.

I was wistfully reviewing this thread:
ymam.proboards.com/thread/65420/pre-retirement-punch-list
yesterday. You know, when I thought I could just quit any given second of any day. Not sure why I didn't, but I guess it's a good thing. Still racking up some ss earnings and saving towards retirement. I could probably check out tomorrow, and I'd still be relatively ok, maybe. I'd prefer to be slightly rolling with it....

I compiled a comprehensive list of all the notes from that thread and plan to return to these thoughts so I am ready the next time my assets indicate 




Since, as I mentioned, we are all getting older, and I know quite a few are already retired....but! - for those still with a nose to the grindstone - Where are you at?

What do you still hope to accomplish career-wise?

What is your next step/s financially?

Do you/Are you compiling a list of what you need to get done/accomplish/acheive/before retirement?

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?

[Ava]

Yes, we're all getting older, you called it

What do you still hope to accomplish career-wise?
I want to get one more promotion at work. A few years ago, I had the idea of changing fields, but I can't see myself doing that right now. Maybe I'll get that promotion and then I'll be hungry for more, who knows? For now, I want my job to offer flexibility and to go up one more step on the career ladder.

What is your next step/s financially?
Keep maxing out retirement accounts. That's more challenging now since I turn 50 this year so I'm now eligible for catch up contributions. I've been upping the amount taken from my check by a few bucks a month until I make it to $250 a paycheck. That will bring me to the max I can contribute to my 401K. I'm also saving more to max out the IRA this year. I'm almost there, I'm at $200 a paycheck right now.
Other than that, making payments on my debt as required and refusing to add more debt. I would love to move to a nicer town close to the beach, but that would bring my mortgage balance way up. No way. I'm still paying the car loan, and I plan to keep that car until it dies.

Do you/Are you compiling a list of what you need to get done/accomplish/acheive/before retirement?
Not really. Saving and investing, paying down debt. Not adding new debt. That's it. Other than that I keep my eyes open for opportunities. When I found out about Fidelity's 2% cash back, I got it. If I see a chance of reducing my bills and expenses, I take it. 
I try not to plan too much and not to worry too much. As I'm turning 50 I came to realize life is too short and I'm all about enjoying myself. Let the pieces fall where they may.
As John Lennon said; "Life is what happens to you, while you're busy making other plans"

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?
Yes, it's nice to be part of a community. It's always helpful to see other points of view, new ideas, new strategies, etc.

[Rukh O'Rorke]

Jun 12, 2022 13:31:21 GMT -5 Rukh O'Rorke said:

What do you still hope to accomplish career-wise?

What is your next step/s financially?

Do you/Are you compiling a list of what you need to get done/accomplish/acheive/before retirement?

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?

For me:

What do you still hope to accomplish career-wise?
For me, this is a tough question. Maybe the tough question. I was spinning my wheels for so long and then I got the great day job title/s, then 2 clients for Rukh, Inc. fell into my lap. And day job is ok with RI! I had to fill out a potential COI - all employees did - and listed my clients and no one said boo.  I don't need the extra work, but I love the presitige of these 2 clients from my previous company. And while I don't really need the money either, it does come in handy.

But I've kept myself way to busy to work on getting published, at least for right now. But when my balance zoomed up before the pull back and I could both quit the day job and RI and walk away from everything based on that number....it did make me question how much I wanted that. How much I wanted the entire career thing I've been working so hard at for the past 25ish years. Yes, I want it. Yes, I'd like it. But how much time am I actually willing to put into it, i.e. pull away from other things? I just wish I was standing in this position 10 years ago, and I think I could spend about 5-8 years finishing off a career well done. I'm just not sure I'm willing to extend my career into my 60's, because the years after that may be too short for other things I'd like to do with what remains of my life. 


What is your next step/s financially?
The biggest thing I need to do is get my house super fixed up before thinking about retirement. You all know I've been talking about this for years, but now it is really on the cusp of happening. Unfortunately, as per above comments, that does take a lot of time. Just trying to find a new cleaning person to free up some of my time for other things is taking way too much time. I do want to stay employed until this big project is complete, in case anything needs financing.

[minnesotapaintlady]

Well, you know where I'm at.  LOL


What do you still hope to accomplish career-wise? - Not much. Got my first promotion in 15 years last month, so I'm good for a while. 


What is your next step/s financially? - Unlike most people, I think I might be scaling back next year on saving more than increasing.  I have been over saving a loooong time and think I'm fine with just coasting in at this point. I would like to use my income more now.  Fix up the house, buy some toys, spend a little more on trips... Still though, the effect on my taxes is hard to stomach, and after 5 years of maxing everything the habit will be hard to break. I'll be doing a lot more number crunching later in the year.  I really only have a 3-year reprieve after which I have to start thinking about financial aid again...which could be completely different and nothing I can do anyhow...so maybe I should just live it up for 3 years?  


Do you/Are you compiling a list of what you need to get done/accomplish/acheive/before retirement? - Nope. Not outside of making sure I have 2-3 years expenses worth of "safe" money before I pull the trigger.  I used to think sell and downsize before, but I'll still have one kid at home right up until retirement and both kids are HELL NO to moving out of the country...which...I don't understand since they never go outside.     I had always planned on having the house paid off before I retired, but I've acquiesced to not paying it down early.  This was super, super hard for me and I still sneak a little extra there every month (I pay $500 on a $383 payment), but I've accepted taking a tiny mortgage into retirement is ok.  It will be about 50K when I'm 59 and I wouldn't put it past me to pay it off early eventually, but not worrying about it right now.  

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas? - Sure!

[chiver78]

hey now, I'm not that old. my original WIRR tagline was 2008. 

I'm not sure I can quantify good answers to your questions, but I feel like I'm in a much better position to make financial decisions as I continue to grow (not age  ).  I joined the old MSN boards after reading an article about the "Women In Red" after I bought a townhouse in 2006 when lenders were way lax, that I had zero business buying. that I somehow managed to pull my shit together and not lose that townhouse is a feather in my cap that I still treasure - somehow, I'll figure out whatever mess I've dug for myself. 

where I'm at now, my original racing debt was about $45k. I hit a high water mark almost $100k over that a couple years ago after a series of really bad financial decisions, and that was both sobering and anxiety-inducing all at the same time. I've been able to wipe out over $100k of that since 2020 with some help from COVID isolation and WFH 100%. I've still got a ways to go with the racing debt, but I'm also still WFH and making progress. because of some things I learned along the way, my credit score is still solid, and I keep getting promotional rates to help me pay down that racing debt at low interest rates. 

throughout my WIRR journey, I've kept up my 401k contributions to the company match. I don't have a whole lot of savings other than that. I do have a pair of untouchable (to me) EF accounts of $1k each. it would have to be a catastrophe for me to touch either at this point. once I finish paying off the racing debt, I'll be exploring more savings options. one of those EFs is in a high-yield savings account, but I remember getting much better returns off a CD I opened after selling my first condo. shit, that was 18y ago. so, clearly I have some research to do. 

[Rukh O'Rorke]

Jun 12, 2022 15:24:17 GMT -5 minnesotapaintlady said:

Well, you know where I'm at.  LOL


What do you still hope to accomplish career-wise? - Not much. Got my first promotion in 15 years last month, so I'm good for a while. 

Oh my gosh!! I didn't hear about that, congratulations!! Is there a posting somewhere where I could read the details?

[minnesotapaintlady]

Jun 12, 2022 15:34:53 GMT -5 Rukh O'Rorke said:

Jun 12, 2022 15:24:17 GMT -5 minnesotapaintlady said:

Well, you know where I'm at.  LOL


What do you still hope to accomplish career-wise? - Not much. Got my first promotion in 15 years last month, so I'm good for a while. 

Oh my gosh!! I didn't hear about that, congratulations!! Is there a posting somewhere where I could read the details?

I was talking about it in the Job Hunt Thread and mentioned it in the Saver's Thread.  Nothing spectacular in the raise department compared to what other people here make, but a $3/hour raise, which works out to be about 12% for me.  That was on top of a 5% COL raise I got in February. 

[Rukh O'Rorke]

Jun 12, 2022 15:50:07 GMT -5 minnesotapaintlady said:

Jun 12, 2022 15:34:53 GMT -5 Rukh O'Rorke said:

Oh my gosh!! I didn't hear about that, congratulations!! Is there a posting somewhere where I could read the details?

I was talking about it in the Job Hunt Thread and mentioned it in the Saver's Thread.  Nothing spectacular in the raise department compared to what other people here make, but a $3/hour raise, which works out to be about 12% for me.  That was on top of a 5% COL raise I got in February. 

That is a 17% increase so 

And   to it not being a lot! That is substantial! Enjoy!

[minnesotapaintlady]

Jun 12, 2022 15:57:43 GMT -5 Rukh O'Rorke said:

Jun 12, 2022 15:50:07 GMT -5 minnesotapaintlady said:

I was talking about it in the Job Hunt Thread and mentioned it in the Saver's Thread.  Nothing spectacular in the raise department compared to what other people here make, but a $3/hour raise, which works out to be about 12% for me.  That was on top of a 5% COL raise I got in February. 

That is a 17% increase so 

And   to it not being a lot! That is substantial! Enjoy!

Oh, I'm pretty happy.  With OT I'm actually going to break 60K this year.  I first broke the 50K mark in 2019, so it feels like I've gone up a lot.  Now if inflation would just cool off...

[Deleted]

What do you still hope to accomplish career-wise?

Honestly, I’m just trying to stay employed long enough to retire.

What is your next step/s financially?

I don’t know. I’ve doubled my contributions to my retirement account and my regular savings over the last few years. I’m not sure what else to do other than continue saving.

Do you/Are you compiling a list of what you need to get done/accomplish/acheive/before retirement?

No. Trying to seriously think about preparing to retire still upsets my nerves. So all I know is that I want my house to be paid off, which will happen around the same time I’m eligible to retire, even if I do nothing extra. And I know I need to be prepared to buy another car at some point. I bought my car new in 2003 and while she’s still a trooper, I know she won’t last forever. My Jeep is a 2010, but I don’t really count it because I see it more like a “toy” if that makes sense. As much as I enjoy driving it, it’s not very practical and idk how long I’ll be willing/able to climb up into it anyway.

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?

I don’t know about charting my own journey, because I still don’t want to think about my own retirement too much (other than looking forward to it!), but I’m interested in reading about you all doing that.

[Rukh O'Rorke]

Jun 12, 2022 16:03:46 GMT -5 minnesotapaintlady said:

Jun 12, 2022 15:57:43 GMT -5 Rukh O'Rorke said:

That is a 17% increase so 

And   to it not being a lot! That is substantial! Enjoy!

Oh, I'm pretty happy.  With OT I'm actually going to break 60K this year.  I first broke the 50K mark in 2019, so it feels like I've gone up a lot.  Now if inflation would just cool off...

One of my fav things to do post-raise is figure out how much more the 401k company match is  . At 22%.....that's a lot more dollars.

[Tiny]

What do you still hope to accomplish career-wise?
I'm in limbo. I'm a hair away from 58.5 (my original "FIre" goal was 59.5) and it really really really looked I would have been out of a job by now. ::sigh:: I am thankful that 90% of the stress I was experiencing has melted away... but that doesn't really help me in the big picture (I wasted a lot of time doing nothing while in the throes of stress and anxiety (and the weirdness that is pandemic working from home). )

Right now my goal is to keep my high paying corporate job for as long as possible - so I need to find some enthusiasm for "learning new stuff" on my own so I can keep up appearances and keep getting paid (ok, it's really able healthcare and a bigger pension pay out at this point).

I have been giving more serious thought to how I might go about securing some sort of part time "for fun" minimum wage work to give me some w2 income and get me out of the house should I be let go (sort of unexpectedly at this point.)

What is your next step/s financially?
I'm actually spending more monthly (on stuff) than I was during the first 23 months of the pandemic.
I need to get a handle on my "want" spending at this point.
All of my other financial stuff is "automated" and doesn't need to change. I feel I'm 'light' in the various not retirement accounts $$$ so I'm looking for places that don't involve the stock market for some of the "cash" money I have (and am saving up in dribs and drams). I am VERY glad I got 20K into Ibonds in 2021/2022. I'm VERY glad I moved my "sinking fund" money to Ally back in late 2020 (prior to that it was getting 0 to 0.00125% interest.
A next step is to explore Treasure Bills (to use instead of CDs - I have one last CD coming due in July I think).

Do you/Are you compiling a list of what you need to get done/accomplish/acheive/before retirement?
What does this mean? Do you mean the check list before turning 65yo? OR do you mean the check list if someone is financially independent before reaching 65?
I am really beginning to HATE the word "retirement"... it doesn't seem to have a consistent meaning.

So, I have not compiled a list of what to do as if I was 63/64 and prepping for 'retirement' at 65... (or my FRA of 67). It's too far away.
I do have a "list" of things I need to have in order to suddenly be without a bi-weekly paycheck and I have sort of got a handle on them/or are aware of them. But that's pretty much all I've done.

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?
I am interested in this - especially from people who are not at their "social security retirement age".

My biggest problem is conceptualizing if I have enough money to be jobless... (I'm pretty sure I do... but I think it's close) The goofy downs and ups of the stock market (and global economies) has me reluctant to just "walk away from my job". The goofy rising inflation makes me wonder if my no Cola Pension will be worth anything at all in 7 years (when I'm 65 and can collect it) and 20 years (when I've been collecting it for a while).

I'm not anxious or afraid... just kind of miffed and annoyed at how hard it is to plot a course when the terrain keeps changing unexpectedly.    Hearing that I am not alone (gosh I hope I'm not alone!) would be a comfort.      

[tractor]

I still have at least another ten years to go before I retire. My career continues to move upward, in fact after a 10% increase earlier this year I am in line for another increase next week (I will be taking over another department). My salary is now well past $100K. Household is close to 200K.

I also sold an extra house a few months ago, and was able to use a portion of the proceeds to pay off most of our outstanding debt. We have been on a little spending spree since, but in general I now spend about 25% of my take home on bills, and the rest is building up in cash reserves. For the first time in my life I have 6-months of expenses saved in cash.

I also have 401k/IRA balances approaching 1mil, plus both my wife and I have pensions. We are in a good place, I'm waiting for things to collapse since it's almost to good to believe. I believe our long-term plans are starting to pay off.

[laterbloomer]

What do you still hope to accomplish career-wise?

I love the job I have now and would just like to keep it for at least 3.5 more years. It's contract and I'm counting on extensions, but it looks like I should get them. I have dreams of some kind of retirement at 60, it will probably be a semi retirement.


What is your next step/s financially?


Keep putting away 45% of my net pay. It would be great if I could get one more boarder and put away that money for the next 3 years.

Do you/Are you compiling a list of what you need to get done/accomplish/achieve/before retirement?


Sort of. I'm figuring out how to arrange things so I get to do the travelling and hobbies I want to do.

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?
Yes. I'm doing it much lower income than most of you and I'm Canadian so I'm dealing with different Government incomes and tax laws, but I think it will still be fun to be talking about it. 

I joined the MSN money boards about 17 years ago. It really was the start of my financial education and has contributed a lot to it. If I didn't learn it here I was pointed in the right direction to find the info.

[Deleted]

Thinking about how far I’ve come since I found these boards (back in the MSN days), I was in deep shit financially, and trying to figure out how to dig my way out. I tried for about a year after I found y’all, but I ended up making a “business” decision that had made a lot of sense for a long time, if I’d been able to the take the emotions out of it. But I couldn’t take the emotions out of it until after I’d honestly tried to pay everything I owed. It was very important to me to try to keep my word and pay everybody I owed. And finally making “business” decisions that led to me filing bankruptcy, will never be something I’m proud of.

I still feel like all the stuff that happened back then, was mostly out of my control as far as the financial costs. With all the things I’ve learned about managing my money since then, after I found you all, I don’t beat myself up about how my finances fell apart over those few years. A LOT happened that drained my savings and negatively affected my paychecks for an extended period of time. None of it was BS. 

I’ve come a long way financially since then. But that experience taught me that even when I feel like I’m mostly being responsible and doing things halfway right, fucked up shit can still turn my whole world upside down, including financially. Right now, I have more money saved than I ever have, but thinking back to those years still scares the crap out of me. 

[jerseygirl]

I retired when I was 60, company was sold
But after a year I was bored and looked for another job
That position earned me 30% more and was very interesting with nice colleagues and the stock options really turned out excellent

those looking only at retirement your plans might change

[teen persuasion]

I'm just coasting at this point.  DH retired middle of last year when we'd exceeded our number, but I'm not burned out like he was, so I'm continuing while I'm still having fun at work.  Plus, we still have at least one dependent for a few more years, so a bit of earned income + dependent = eligible for EITC.  No earned income, no EITC, so I might as well work a bit more to increase my SS history and pad the retirement accounts in my name (which are a fraction of DH's totals, because of my late start and years with no employer plan).

Mostly, I'm charting this careful, opportunistic, path thru optimizing FAFSA and refunds and a bit of Roth conversion for the next few years with DS5 as our last tax dependent.  

Of course, the market has pulled back, and inflation has kicked in, so I'm cautiously watching to see which way the financial winds blow.  Our numbers still look good, but not as rosy as they seemed before.  So having even my part-time income for a while is comforting.  DH asked what numbers would mean that he needs to go back to work - talking thru that scenario showed that a LOT would have to go terribly wrong to reach that point: market drop much more deeply, SS get wiped out, etc.  Inflation is the big wild card...

Our list of things to accomplish isn't really before retirement, more in retirement: DH wants to hike the AT, but first a bunch of house stuff needs to get done - some foundation repairs, kitchen remodel finished, bath remodels, etc.  We also want to shift away from fossil fuels, so no more oil boiler - ground source heat pump, electric stove instead of propane, EV cars instead of gas, and once everything is electric - solar/wind to cover the load.  It's a long term plan, one item at a time to spread out the changes/costs.  My retirement income numbers had suggested $20-25k extra/yr that we could use towards these, and each should lead to cost savings, but my broad plans are getting all discombobulated with supply chain issues driving prices up and availability down, and inflation shifting priorities, and tax incentives phasing out before we want them to (because we'd have to increase taxable income via conversions to use the non-refundable credits, but that'd blow up the FAFSA and ACA calculations).

[lurkyloo]

I am (knock wood) moving out of the lab into project management, tentative start date Aug 1    They are trying to reclassify the position as a level up so they can pay me more and have more room for growth, and they seem really excited for me to join.  Guess we’ll see if I’m any good at it, but honestly nervous and excited to a. try out a new kind of position and b. get out of current.  It’s kinda spiraling there.  Supervisor keeps trying to expand the scope of just about everything way beyond what we have resources for...so the workload goes up, you bust your butt to achieve it, and the reward is higher expectations and more work.  

Next step:  finish setting up will and trust, and pick a financial planner or advisor, bc we don’t have the bandwidth to manage holistically.  We have plenty of assets but our tax bracket is awful and it would be great to manage that a bit better.  (And DH just got a promotion with a 7.5% raise...so tax bracket is not improving any time soon!)

I don’t really have a list.  DS‘ college is funded, net worth mid seven figures, we could probably retire any time but we’d both go bonkers without the challenge and mental stimulation. We live a fiercely middle class life and our wants are pretty simple.  

Will probably not chronicle officially.  I feel rather sheepish about it all, I personally am ridiculously fortunate and don’t feel I’ve necessarily earned it-married incredibly well, inherited from grandparents and parent, started professional life with no student loans and a healthy emergency fund.  I mean, I haven’t gone out a blown it all on hats and beanie babies, but that seems like a pretty low bar.

[giramomma]

Jun 12, 2022 22:31:01 GMT -5 lurkyloo said:

Will probably not chronicle officially.  I feel rather sheepish about it all, I personally am ridiculously fortunate and don’t feel I’ve necessarily earned it-married  well, inherited from grandparents and parent, started professional life with no student loans and a healthy emergency fund.  I mean, I haven’t gone out a blown it all on hats and beanie babies, but that seems like a pretty low bar.

Yeah. I feel you there. And it's not just me, it's my kids, too.

I used to tell DH "How can my kids be worth what they are? They did DO anything (meaning work). And I just had sex with someone in a higher socioeconomic status. That's hardly that much work, either."

On the other end of the continuum, my inlaws really do spoil me and treat me well. It's nice to have folks in my life that are related to me treat me well.

[giramomma]

Before the market tanked, I realized that I could retire at 55 from my dayjob.            

I can't stop working entirely. I only will have about 4 years of paid health insurance premiums. So, funding 6 years is going to run us 150K. It would be better if worked part time. But, I could be like a crossing guard or lunch lady my kids job. Or bag groceries for 30 hours a month and make 8K a year.

I'm taking a year off to figure out what I want to do.  Because I don't know. I can coast. My coasting effort is still enough to keep my reviews good. There's a few areas I'm toying with. I'd like to get into more project management at work, but that's going no where.

I am going to work with a personal coach to figure things out.

I'll also have to see what work is going to be like in 2ish years. By that time, we'll have turnover at some of the highest leadership levels. So, things could look a lot different. Either good or bad.

So. Really. We'll just stay the course financially. It doesn't feel like a season to try to make things happen. It feels like a season where I watch things unfold and chart a new course with new data. So, that's what I'll do.

The only down right now is that because housing is so high, it doesn't make sense to buy a little vacation home yet. We're talking homes that are in need of updates that last year were assessed at 50k...Now they are trying to sell for 150K. I don't think so.

[plugginaway22]

We have been totally retired for almost 6 months so this is all still interesting to me. I always thank Cronewitch on the old boards who motivated me to get it in gear financially. Our goal was to be done by 62, so at about age 54 we really started to make moves. Not only did we increase our savings but we decided to position our expenses so that in retirement they would be very low.

In the last 6 or 7 years I bought a brand new Toyota, DH bought his truck that he always wanted, we got our house paid off (have lived in same house for 26 years), we upgraded appliances, replaced fencing, replaced AC system, etc. This was easy because now we were empty-nesters and both DH and I were making our highest ever salaries. The horrific working conditions of 2020 (Covid) sealed the deal for both of us. We both were in businesses that did not close and both had the responsibility of 20-30 staff members. My company was sold so I ended up being done at age 61, and DH finished out 2021 and retired at age 62.

The markets have me a bit rattled but another change we made last year was to reduce our stock allocations to about 65/35 which has helped the hit.

Lots can be done in the years prior to retirement!

[azucena]

What do you still hope to accomplish career-wise?
    Maintain.  I became a VP in 2017 and have had a few good raises since then.  I make more than I ever thought possible.  I don't want to manage people.  I don't want to climb any higher.  I'd be miserable moving any further away from the technical actuarial work and into management/decision/meeting world.  I've turned down one promotion already.  I don't need/want more money.  I value my time, sanity, and health more.


What is your next step/s financially?
    College savings.  Retirement has been foremost, but having a freshman means I need to get my arms around college funding.  Thinking about starting a thread on that.  Currently have about 10k earmarked and a general savings rate of $30k/yr.


Do you/Are you compiling a list of what you need to get done/accomplish/achieve/before retirement?
    Retirement goal is 60, currently 43 with about $700k in retirement savings.  No magic $ for retirement as we could live lean if needed.  Have been saving almost as much as possible.  

    Met with financial advisor who showed we were on track.  Figuring 6-7% returns, hoping that's a little conservative, can expect retirement savings to double in 10 yrs so could close in on 2.3Mish not counting continued investments.

Rate of Return Years it Takes to Double

1% 72

2% 36

3% 24

4% 18

5% 14.4

6% 12

7% 10.3

8% 9

9% 8

10% 7.2

11% 6.5

12% 6


Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?
    Yes.  I always learn so much here.

[saveinla]

azucena - We just cash flowed the cost of college, as we did not plan for it either. Thankfully we received raises and were able to do that. We also took out the minimum loans that we were eligible for and paid them off quickly.

[azucena]

Jun 13, 2022 12:00:04 GMT -5 saveinla said:

azucena - We just cash flowed the cost of college, as we did not plan for it either. Thankfully we received raises and were able to do that. We also took out the minimum loans that we were eligible for and paid them off quickly.

That's been the plan and should work if we can convince her to make a medium to low cost choice.

[Deleted]

What do you still hope to accomplish career-wise?
I retired in 2014 at age 61. In retrospect, I think I could have gone further in my career and I'm not sure why I didn't. The job before my last one there were a lot of times I felt I could be doing more and tried to seek out opportunities/volunteer) and felt under-utilized and overpaid. The last job I couldn't handle toxic politics. I'm non-confrontational and a people-pleaser, neither of which is good for careers.

What is your next step/s financially?
Priorities, in order:
1. Don't outlive my savings even if I need LTC someday.
2. Contribute to charities and to the grandchildren's 529s.
3. Leave a legacy.

Do you/Are you compiling a list of what you need to get done/accomplish/achieve/before retirement?

I didn't. I did keep a fairly simple spreadsheet that predicted assets at retirement and potential cash flow under various assumptions. That, and two financial advisors from different firms, told me I no longer needed to work for money. DS was through college and independent and while the mortgage wasn't paid off it was manageable.

In retirement I've kept my withdrawal rate around 3.5%. The pile keeps growing (even k=now it's well above where it was 8 years ago) so I'm not going broke yet. Travel and charity are very large discretionary items so that 3.5% could be reduced sharply if necessary. It wouldn't be fun but I'd eat and the bills would get paid.

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?

Sure! We can commiserate here about the current market.

[bean29]

Honestly, I don't think I want to look.  I saw we are definitely in Bear Territory today.

I plan to retire at 65 or 66.  (ETA. I am 58, so 7 or 8 years out). I would retire at 65, but my DH is a year younger than me and he is self employed.  I will work as long as I can and save as much as I can.  What I earn is not used for our Day to Day expenses.  My money goes to Taxes, HSA, 401K and Roth.  I also reduced my investment a bit intending to pay down on my Parent Plus loan.  I also am going to review my payments on my house, and make sure I am not paying extra until the Parent Plus loan is paid off.

I may not make it to 65.  It is all a function of how secure I feel about our ability to access good health care before Medicare Eligibility.  

I don't have a list written down, but I have one in my head.

Pay down the Mortgage on the house.
Pay down the Mortgage on the Business Property and the other rental we own.
Pay off the Parent Plus loan.
We need to write a will and a living will/health care power of attorney and possibly establish a trust.
De clutter the house, possibly relocate to a lower tax area.  We can't really move right now, we need to stay close to my Mom/His parents, so I think there is a good chance we will stay put until we reach retirement age.  We live in a ranch house, so the biggest reason to move is lower taxes, it is not a must, just something to think about.

We don't have to necessarily pay off the mortgage on the rental property and the office, but DS currently works with DH.  Even if DH is retired, there is a good chance the business would stay in the same location and pay us "Rent".  That is fine, it changes from an Expense to an income item in retirement.  

[raeoflyte]

We're still 20-25 years away from retirement. We wasted our 20's. I read the board in early 2000, but lost a job, income dropped significantly and I didn't manage to get my head back on straight or come back to the boards until we had ds.

The last few years our retirement savings has finally taken off and is showing actual money. Dh is slated to get a large payout from his job which will put us solidly on track just savings wise ignoring our remaining rental which is pretty exciting.

Only goals right now are to continue retirement savings and save for college. I'm planning to work to 65-67 but want to be okay to pull the plug before that.

[Rukh O'Rorke]

Jun 14, 2022 7:49:09 GMT -5 raeoflyte said:

We're still 20-25 years away from retirement. We wasted our 20's. I read the board in early 2000, but lost a job, income dropped significantly and I didn't manage to get my head back on straight or come back to the boards until we had ds.

The last few years our retirement savings has finally taken off and is showing actual money. Dh is slated to get a large payout from his job which will put us solidly on track just savings wise ignoring our remaining rental which is pretty exciting.

Only goals right now are to continue retirement savings and save for college. I'm planning to work to 65-67 but want to be okay to pull the plug before that.

It may not take that long! If you have a decent base now, and continue saving, this downturn could be the best thing for you! Keep socking it away, be as aggressive as you can without shortchanging your life now, and you could be in great shape when the next run up comes along.

I didn't even start saving for retirement - or had any savings at all, until I was 34/35. I may have said 32 in previous posts, but I recently realized that I was wrong about that.

[tallguy]

Jun 14, 2022 10:30:42 GMT -5 Rukh O'Rorke said:

Jun 14, 2022 7:49:09 GMT -5 raeoflyte said:

We're still 20-25 years away from retirement. We wasted our 20's. I read the board in early 2000, but lost a job, income dropped significantly and I didn't manage to get my head back on straight or come back to the boards until we had ds.

The last few years our retirement savings has finally taken off and is showing actual money. Dh is slated to get a large payout from his job which will put us solidly on track just savings wise ignoring our remaining rental which is pretty exciting.

Only goals right now are to continue retirement savings and save for college. I'm planning to work to 65-67 but want to be okay to pull the plug before that.

It may not take that long! If you have a decent base now, and continue saving, this downturn could be the best thing for you! Keep socking it away, be as aggressive as you can without shortchanging your life now, and you could be in great shape when the next run up comes along.

I didn't even start saving for retirement - or had any savings at all, until I was 34/35. I may have said 32 in previous posts, but I recently realized that I was wrong about that.

Back in 2008-2009, people at work were asking me if I was worried about the market crash.  I said, "No, not at all!  In fact I want it to go damn near zero.  I'm still buying!  Let it go back up later."

Worked out well.   

[swamp]

What do you still hope to accomplish career-wise?


Nothing.  I'm good and happy to coast until retirement


What is your next step/s financially?


Pay for college for kids.   Keep investing.  


Do you/Are you compiling a list of what you need to get done/accomplish/acheive/before retirement?


Nope. 

Are you interested in charting that journey, having a support thread here, sharing ups and downs and ideas?

Sure