How did you decide when to retire? (Page 3 of 3)
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Originally Posted By Procat: Congrats @SkiAndShoot Thank you. Fortunately the time is short but we’ve got a few intense projects between now and December 15th. So it’ll be stressful but the light at the end of the tunnel is not a train. We should do another ar15 financial group “mind meld” meet up in February or March. |
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Currently tracking expenses down to the penny. After 2-3 years of doing this I can evaluate if the money saved makes it feasible. It appears I could retire now, but decided to continue working (too long to post here  ) with valid justification. Wife is retired and has done a lot of traveling this year. Got to visit her cousin and her mom. Fortunately for me I was working and didn't have to go.  To answer your question directly, the collection of expenses will determine if I can. Then I want to create a list of things I plan to do in retirement. If i can't come up with a single thing, it doesn't make sense to retire. Right now, most of the stuff I like to do gets done on the weekend. |
TBD
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It is good you are looking ahead as it allows you to game plan. For example, if when you retire and have no medical coverage and not yet 65 you will need to buy some. ACA is based on income. Without proper planning you could be paying $30k a year. With proper planning you can keep it down to about $6k a year. |
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Originally Posted By JThompson: Currently tracking expenses down to the penny. I had the wife start tracking everything we spend when I got out of the military. My guesstimate of our basic expenses was pretty accurate but it lacked the unpredictable large expenses. Our rolling 12 month average expenses is surprisingly stable. So don’t just add up a month or three of expenses to get an idea, you will probably underestimate if you do! |
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Originally Posted By Morgan321: This is something that is often not discussed. You can’t make an informed decision without information. I had the wife start tracking everything we spend when I got out of the military. My guesstimate of our basic expenses was pretty accurate but it lacked the unpredictable large expenses. Our rolling 12 month average expenses is surprisingly stable. So don’t just add up a month or three of expenses to get an idea, you will probably underestimate if you do! Last year I had just a Medical column and this year broke it down to a Medical/Dr and Medicine (prescription/Vitamins/Supplements). Holy fuck when seeing how much is spent per month (prescription/Vitamins/Supplements). The more Columns you make the more details and clearer picture you get. |
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FWIW, I recently watched a video made by a guy who gives retirement advice to people who expect to receive a pension. He said if you answer “yes” to all five of these questions, it’s safe to consider retiring. 1. Does your pension cover your baseline? 2. Is your money accessible before 59 1/2 years old? 3. Do you have healthcare coverage before Medicare? 4. Have you planned for inflation? 5. Do you know what you are retiring TO? |