Living well means planning well for retirement

CallMeKate said:
I think I did a little bit of both... we planned by getting the 30 year mortgage paid off in 8 years. That was a big burden taken off. We've bought the last two cars with cash so there wouldn't be car payments... and then with those things out of the way, saving became easier. The "wing it" part was that I didn't really KNOW it was saving "for retirement" because it still seemed a bunch of years off. But then being gobsmacked with a permanent pandemic-related furlough in early 2020 turned into retirement real fast and suddenly nothing else could be done to "plan."
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Same here. 50% of our company was either let go or furloughed in 2020 due to the pandemic. I was told in March and remained with the company until June 1. We also had our mortgage and my car paid off, so as much of a shock as it was I was prepared. I'm glad you are both okay financially.
 

Ladybj said:
Winged it as far as retirement and it turned out better than I expected. Sometimes you can plan and plan but it doesn't necessarily happen the way you planned. Life happens and things change unexpectedly. I'm more of a Wing it type person. I don't like making plans too far in advance.
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Put so well..👍
 
In many ways I've lived free-form, but never when it came to finances. Not even as a very little kid.

Being broke was never more than a very temporary situation in my life because I find it temperamentally intolerable.

I gladly worked two jobs sometimes when single just to build a financial cushion and would do so even now if needed.

Going into retirement without ample funds and a well researched financial plan would have gone completely against my grain. Just thinking about it gives me the shivers.
 
A divorce when I was 52 set me back financially but I was determined to get back to a stable financial position that would provide
a comfortable life and sound retirement. It took until the age of 72 to achieve what I thought my wife (remarried) and I had needed
(401k, pension, SS) to achieve that goal. I have been retired for 5 years. So far so good.
 
Jace said:
All such great responses...

And my mantra is...

"It'll all work out"..

Whether you think it does..or not..

It does!
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I'm a BIG believer in "it'll all work out". In my 63 years, I've been down some rough roads. With some, I look back and ask myself how the He@# you make it outta that 🤣🤣. All I can say is, IT ALL WORKED OUT for my good. I look at rough roads, challenges as blessings. They are like Stop signs when we see ourselves going down that road again. If I proceed, I proceed with understanding and CAUTION.
 
When I was married to my kids dad he was in charge of the finances and we were together 23 years. We saved hard for retirement but what I didn’t know is that he hid all but 100k. Looking back I should have hired a PI to find the money because we had 6 times that

.Took a job in my field with the state for the pension and put money in deferred compensation. When I remarried I got a prenuptial agreement to protect what I brought into the marriage. When I divorced him 17 years later I was glad I had it. For the first 8 years of retirement I taught one college class online hence my username and did some consulting in my field.

Didn’t work at all the past few years but a month ago went back to part time consulting where I make my own appointments and decide how much to work. I have always been a planner.
 
I will add to my earlier post that my father was a retired stock broker. All of his estate was in equities. When he passed away in 2000, I knew absolutely nothing about the market but continued to receive his newsletters from Louis Rukeyser and read about every stock he owned in his S&P guides. I read everything I could get my hands on about the stock market.

I flew from Miami to Tampa to personally meet with his broker. I knew he wasn't completely satisfied with his broker, and I didn't get a good "vibe" from him. I moved my father's estate, and my own investments, in 2001 to a financial advisor in South Florida that was recommended by others in my industry. We had many great conversations about the market. He never treated me as if I were ignorant and he was the expert. Unfortunately, he passed away several years ago but he helped me prepare for retirement and make sure my mother could afford assisted living.

I still feel like I'm in good hands with his replacement. He understands my restricted income since retirement, how much I should withdraw and where to invest. I will always use a financial advisor.
 
This topic reminds me of a famous quote from the Supreme Allied Commander General Dwight D. Eisenhower following the D-Day invasion in 1944. "Plans are useless but planning is everything." I've found that to be very true in terms of my own retirement back in 2009.
 
I planned a little
Worked 10 yrs for the retiree health & dental benefits which kick in at 65+ for myself only
50K in my IRA.
A Mortgage which won't be paid off until my age of 80.
We didn't plan for a mentally disabled son at his age of 30 yrs old, College educated with a great job
Things are different as now, he needs us. A daily visit or I can probably go about 5 days without checking in

Our original plan to buy this home and downsize later to a cheaper area & home blew up
Would've easily had an extra 50K growing for 16 yrs+ cheaper housing
family sickness changed that

We will have just enough to cover expenses but not a whole lot more
Living in a house which is really too nice for us, a bit too expensive
yet any downsizing is useless
Most of the homes here cost more than ours and we cannot move
Luckily we live in a beautiful area with clean water & air
Cycling, hiking fishing, walking, eating out (seasonally in our tiny tourist town) attending church 1.5 hrs away
a little volunteering, re-habbing wild birds, ect. Pretty much our life already to a lesser extent but add occasional nearby weekend camping in our RV
Definitely shouldn't be complaining. Please forgive me Lord God
 
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I count my blessings, home is paid off, kid went to college, now out there married and adulting. I have funds put away but we have all faced the market changes. I am lucky to have no desire to buy things to keep up with the Jones. I am quite happy with my quiet simple life. I have money when and if I need it but I am still the person I was putting money aside for the future. I have no debt and don't expect to have any in the future.
 
We planned. When the kids reached adulthood, and began their own lives, we found our expenses dropping substantially. IRAs and 401Ks became available at about the same time, so we began investing those extra funds. Now, between the IRA, the company pension, and SS, we can pretty much do as we please. Also, we bought a LTC policy about the same time....I hope we never need it, but it's there if we decline.
 


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