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    Retirement Question

    Retirement always seemed so far away and I never thought about it much but I can retire in January of 2022 which kinda shocked me. Not counting IRA’s/403b’s and any other residual income, I will be bringing in about 70,000.00 a year in retirement.
    For those that have already retired, besides health insurance, what other expenses have come up that you may not of been prepared for? Any advice would be appreciated. The longer I work, the more I can make but I want to enjoy life while my health is decent.


    Sent from my iPhone using Tapatalk

    #2
    Super broad question...but broad answer for you to ponder internally (don't answer here)

    In no particular order

    1) How much do you spend now annually to live? How much do you earn annually?
    2) Are you and family generally healthy or sick?
    3) Figure out your monthly / annual self funded insurance costs then re look at #1 above.
    4) What do you plan on doing in retirement that you don't do now. How much more in cost annually would it be?
    5) How old are you and how long before you can access your IRA/403B's
    6) How much could you draw down annual assuming earning 4, 6 and 8% until 90 years old


    My general advice (to myself) is retire a fast as you can if you aren't having fun at work and look more to retirement each day than waking up to go to work
    Proud member since 1999

    Gary's Outdoor Highlight of 2008:


    http://discussions.texasbowhunter.co...highlight=GARY

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      #3
      No help with your question, but in to follow along.

      I'll be able to retire in January 3022.

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        #4
        If you don’t stay active when you retire , your Heath cost can soar! Stay busy:-)

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          #5
          "If you don’t stay active when you retire , your Heath cost can soar! Stay busy:-)"

          Amen Bro.!!!!!

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            #6
            It's easier if you owe nothing other than basic/monthly Bills . . No notes . .

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              #7
              Zero debt
              Eat healthy, exercise (walk a lot), stay very active
              Reduce standard of living (less eating out, vacation & travel spending) = simplify lifestyle
              I always propose delaying if possible income streams. In other words, if you can make it on fixed income in the beginning, then delay variable(IRAs, 401ks)

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                #8
                Please go find a professional financial person who can walk you through this. Ask friends, relatives, etc. who they recommend and then go see that person. Your question is way too broad and difficult to answer on a hunting forum - every person's situation is totally unique so there is no "one answer" - good luck to you

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                  #9
                  Originally posted by Mac5dawg View Post
                  Retirement always seemed so far away and I never thought about it much but I can retire in January of 2022 which kinda shocked me. Not counting IRA’s/403b’s and any other residual income, I will be bringing in about 70,000.00 a year in retirement.
                  For those that have already retired, besides health insurance, what other expenses have come up that you may not of been prepared for? Any advice would be appreciated. The longer I work, the more I can make but I want to enjoy life while my health is decent.


                  Sent from my iPhone using Tapatalk
                  In 10 years, plan on that 70k only being worth 50k.
                  That’s the part that scares the crap out of me.

                  Comment


                    #10
                    Originally posted by Sharecropper View Post
                    It's easier if you owe nothing other than basic/monthly Bills . . No notes . .
                    This for sure if at all possible!

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                      #11
                      Originally posted by McClain View Post
                      This for sure if at all possible!
                      Everyone of us will all always "owe" something. If you own a house you will always owe property taxes, insurance, utilities, etc. Yes there is a difference in to owe a loan payment versus bills but end of the day the money is still owed.

                      Yes reducing debt in retirement is a good thing but to think you will never owe anyone anything in retirement is simply not real

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                        #12
                        I know nothing about you but I'm retired and couldn't get by on 70 grand. Always unexpected expenses.

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                          #13
                          Originally posted by Huntingfool View Post
                          Everyone of us will all always "owe" something. If you own a house you will always owe property taxes, insurance, utilities, etc. Yes there is a difference in to owe a loan payment versus bills but end of the day the money is still owed.

                          Yes reducing debt in retirement is a good thing but to think you will never owe anyone anything in retirement is simply not real
                          Well, obviously, but going into retirement with limited income opportunities and a large collection of elective notes usually does not make good sense for many folks. I think we are saying the same thing.

                          Comment


                            #14
                            Originally posted by Sharecropper View Post
                            It's easier if you owe nothing other than basic/monthly Bills . . No notes . .
                            Absolutely correct.

                            Comment


                              #15
                              Everyone’s needs are different and a retirement counselor can point you in the right direction. Some need more than $70K and some need less. We’re all different. I’ve traveled the world for work so I have little interest in global travel. My USA needs are simple and will keep the costs down. I plan on retiring at 62 and not a moment longer. With the passing of my wife in November my retirement funds are less of a concern to me.

                              I’m excited retirement is on the horizon for you. Do it - the door won’t hit me in the butt!

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