We are planning 3 more years and then will live off SS, interest on nest egg, and monthly residual from leasing business or owner finance sale.
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Originally posted by Dr. Evil View PostWhy limit yourself to spending only the money you make off interest or dividends? You earned and saved it, why not live it up a little. My plan is to spend every penny and have the last check I write before I die, bounce at the bank!!!
I was waiting for this answer lol. Once I hit my mid 70s(Lord willing) I may start living it up and drawing down some of the principal. For most folks doing and spending really slow down around 80 give or take. For now I’ll just keep living off what it produces.
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Originally posted by rtp View PostI was waiting for this answer lol. Once I hit my mid 70s(Lord willing) I may start living it up and drawing down some of the principal. For most folks doing and spending really slow down around 80 give or take. For now I’ll just keep living off what it produces.
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Not afraid to take principle now while young and in good health. Saved all my life for these moments.
Financial plans can account for these expenditures early in retirement
Home value is not in financial plan and will be our insurance for near end of life unknowns
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a very simple way to answer all of the questions on this thread no matter who you are and where you are financially
Go to www.firecalc.com
It is a free site where you can plug in your specific details (income needs, savings, etc.) - You plug in your various rates of return on your money, inflation rates, etc. and it will calculate how long your money will last -
There are NO generic answers to the question - it depends on many factors - this calculator can help you look at YOUR situation - hope it helps some of you out
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Originally posted by Dr. Evil View PostWhy limit yourself to spending only the money you make off interest or dividends? You earned and saved it, why not live it up a little. My plan is to spend every penny and have the last check I write before I die, bounce at the bank!!!
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I've been retired for over 1.5 yrs and haven't touched my 401K yet. Pension and SS have kept me afloat so far. We'll see how this inflation stuff goes. Nearing retirement age I had most of my investments moved to safer arenas, Mostly bonds. Not as much money generators but guaranteed income. Fidelity says the 401K should last a lifetime with some left over for the kids after we're gone.Last edited by locolobo; 05-26-2022, 05:46 PM.
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We retired in January and May 2020. Still a decent chunk in Mutual Funds, although that is not doing well, but a lot in Annuities. Wife is not drawing SS yet, waiting to 70 when it means over $1000 more per month more. Hopefully we have enough to survive with what we have.
All we draw is my SS Teacher retirement and some out of our Mutual funds. So far so good, UNLESS Pedo Joe keeps destroying this country and our retirement.
Let's Go Brandon
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At 58 I am looking at retirement within the next 3 to 5 years. I plan on pulling 4% out of the 401k to live off of, my son will appreciate that. I also have a pension fund and IRA that may get used to play a little before the 80’s kick in, Lord willing. SS will be a benefit also.
Also building my cash emergency funds up for when the day hits.
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Please quit guessing and run your numbers that are personalized to you and nobody else - www.firecalc.com - so simple and will answer your concerns and questions period - I am out and good luck
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Retirement funding
Originally posted by Huntingfool View PostPlease quit guessing and run your numbers that are personalized to you and nobody else - www.firecalc.com - so simple and will answer your concerns and questions period - I am out and good luck
But isn’t it still guessing when I have to guess a rate of return to input and guess an inflation number?
I think most of the answers given are well thought out. A few are a bit sarcastic but that’s part of the fun.
I was curious how many planned to use their nest egg to live off of/use it up vs those that are just planning to live off the proceeds the nest egg produces. I’m in the later group and it seems to be the majority based on the answers given so far. Not sure there is a right or wrong way to do it.
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