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#567905 - 05/28/17 07:03 PM Is Retirement in my near future?  
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Parrott_head Offline
Admiral of Vice
Parrott_head  Offline
Admiral of Vice
Admiral

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What a long, strange trip it's been....

I don't even know where to start on this topic so bear with me.

Wife and I are considering retiring, perhaps in January of 2018.
I'll be 58 in June and wife is about 14 months behind me.

I am in a job that has me pretty stressed out, to the point that I don't sleep well and am frequently anxious.

Wife has worked where she is at for about 32 years.

I have a pension available.
We have put a fair amount of money into retirement programs offered where my wife works and I have a both a traditional IRA and a Roth IRA that are roll overs from where I have worked in the past.

Sometime back I moved my accounts from a company that was nicking me for fees left and right and delivering performance that was not beating the indexes for their market segments.

We have about 40K in debt. None of it credit cards or a mortgage, just car and travel trailer.

I say January of 2018 but that is what the Admiral is gunning for. I would like to make it a target that when debt is paid off then we take the plunge. With both of us working we could pay the debt off fairly quickly as the S and D team are pretty much on their own now.

Why am I posting this. Cause very frankly I am scared.

For this reason we are going to a Certified Financial Planner that does not sell products, just planning services.

I intend to put most of our investments with Vanguard using index funds and a portfolio based on the Boglehead Investing philosophy.

We plan on hitting the road in our fifth wheel and spending several weeks on the road and then come home. Our son will live in the house in our absence.

I have a elderly mother and step father that I am primary caregiver for but my younger brother could assume those duties.

Health care is going to be a bugger. We can do COBRA for 18 months but it may be better to go to a health exchange. Big gray area there.

Don't know why I am tossing this all out there, it's just that sometimes when I type things out and put them in print I understand better the situation.


Former owner of a 2002 Four Winns 234 FunShip
'16 F250 4x4 Oil Burner
"Hey, if I'm a Vice Admiral, which vice do I get to claim?"
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#567908 - 05/28/17 08:41 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
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Justification Online content
Admiral
Justification  Online Content
Admiral

Joined: Jan 2003
Posts: 3,803
Fruit Heights, Utah
Good luck on making your decision. Sounds like you're sitting pretty and the transition to the life of GoFirstClasshood should be smooth and enjoyable.
Just a few years behind you and worrying about the transition too. Mainly more of "what I want to do" and "Where do I want to be" once that time comes, rather than the Nitty gritty of Finances.
My whole life has been working towards achieving retirement, without knowing what I want out of retirement.
We have been searching for a financial Advisor, and the two we've talked with are very positive about our prospects. But have yet to find one that really meets our needs on where to tweak Short Term and mid term goals vs the long term outlook.


Beer makes you feel the way
You should feel without beer.
#567909 - 05/28/17 08:46 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
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athiker Offline
Admiral
athiker  Offline
Admiral

Joined: Dec 2003
Posts: 3,874
Lake Norman, NC
Congrats on being in a position to consider retiring. thumb

I'm sure GFC can weigh in with some more specific expertise, but my 2c is unlike some I've always considered retirement to be a financial number not an age number. The only place age comes in is to consider how many years your funds need to reasonably last so that you can calculate the financial number you need. Some think it magically happens at a certain age, unfortunately it doesn't...so again congrats on making a lot of good choices.

There are a lot of online calculators to help with figuring out the financial number. I would try several and see what you find. The return assumptions obviously make a lot of difference. The more confidence and diversity you have in your retirement income streams the better.

My Dad retired in his mid-50s with a fixed government pension plus IRA savings so my parents had good confidence in his retiring. I don't have a fixed pension so my savings number will have to be quite a bit higher to have the same confidence. Like you they also did not have a mortgage...another big confidence booster.

Finally, obviously how much you figure you need/want to spend each year is a huge factor as well. One of my favorite quotes is: "I make myself rich by making my wants few" H.D.T

I don't take it to mean you can't spend money and enjoy, but its an attitude that keeps one's enjoyment of life in thin times as well as the fat times. Like those inevitable years in retirement when the stock market lays an egg and you may not feel as flush as in other years.



2000 Cobalt 206 5.7L EFI Alpha 1
#567910 - 05/28/17 08:50 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Nov 2003
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GoFirstClass Offline
Retired Boating Bum
GoFirstClass  Offline
Retired Boating Bum
Grand Poobah

Joined: Nov 2003
Posts: 15,120
Pasco, WA
PH, congrats on looking down the tunnel and seeing the fairly bright light. It sounds like you're making the right moves with your investments.

When the time comes and you're not sleeping at night because of the enormity of the decision, keep in mind that that high level of anxiety will pass. It took me awhile (a year +/-) before I really slept like a baby and about 2 years to get to where I didn't wake up at 0530 in the morning because that's what I'd done for years.

Hell, if I'd known that retirement was do darn much fun I'd have done it 20 years earlier....if pigs could fly.

Welcome to GFCHood!


"Beachcomber" 1995 Sea Ray 550 Sedan Bridge


Anchor's down......Bottoms Up!
#567913 - 05/28/17 09:36 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Jan 2003
Posts: 7,008
Parrott_head Offline
Admiral of Vice
Parrott_head  Offline
Admiral of Vice
Admiral

Joined: Jan 2003
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Quote:
"I make myself rich by making my wants few" HDT


I'm stealing that thought....thank you very much....that at the poem "Desiderata" by Max Ehrmann.....

As for a financial tool, this one has proven to be of merit.
Lets plug in some numbers and play.....

Last edited by Parrott_head; 05/28/17 09:38 PM.

Former owner of a 2002 Four Winns 234 FunShip
'16 F250 4x4 Oil Burner
"Hey, if I'm a Vice Admiral, which vice do I get to claim?"
#567915 - 05/29/17 01:27 AM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Jun 2005
Posts: 3,515
kenhdog Offline
Admiral
kenhdog  Offline
Admiral

Joined: Jun 2005
Posts: 3,515
Oxnard, CA
I went to a pre-retirement planning class last week.

On my mind too, but I'm probably 5 years out considering gettingnthe kids through college.

I Have 3 income factor sources to consider
- Pension/annuity
- Social Security
- 401K distribution

While my min retirement age is 56, Some of the above either don't start or start at a reduced payout, and pushing to 60 (59.5) or 62 might make more sense.

Lots of factors..... rolleyes


2002 Rinker 212 Captiva
Merc 5.7 EFI Alpha
Trail-Rite Trailer
1999 GMC 'Burb
#567917 - 05/29/17 10:03 AM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Jan 2003
Posts: 7,008
Parrott_head Offline
Admiral of Vice
Parrott_head  Offline
Admiral of Vice
Admiral

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Posts: 7,008
I don't doubt that sometime during my retirement I will probably go back to work part time at a Lowe's or Home Depot.

The issue of health insurance is a major complication for us and there is no way to plan what to do about it yet with the pending changes coming down the pike.

We want to do a lot of RV travel while we are both still healthy enough to do it. I am watching my mother and stepfather circle the drain and it is really depressing me.

We are putting our retirement funds into Vanguard Funds.
We are using the "All Weather" portfolio that breaks down this way:

30% intermediate bonds
23% Large Cap Value
12% Large Cap Growth
14% Small Cap Value
21% Int. Stocks

It seems heavy into equities for a retirement fund but on "Portfolio Visualizer" it does well over 40 years of backtracking.


Former owner of a 2002 Four Winns 234 FunShip
'16 F250 4x4 Oil Burner
"Hey, if I'm a Vice Admiral, which vice do I get to claim?"
#567918 - 05/29/17 10:13 AM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Oct 2003
Posts: 7,474
captkevin Online content
Admiral
captkevin  Online Content
Admiral

Joined: Oct 2003
Posts: 7,474
Chicago, IL
Congrats on the pending retirement.

For a part time gig what about doing the camp host thing? Always thought that could be the best of both worlds.

Last edited by captkevin; 05/29/17 11:59 PM.

2004 Rinker 232
2010 Dodge Ram Crew Cab Laramie 4x4
#567921 - 05/29/17 01:31 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
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Parrott_head Offline
Admiral of Vice
Parrott_head  Offline
Admiral of Vice
Admiral

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Yeah, that was one of the things we're looking at. There are also volunteer positions where you do repairs and such in exchange for free lot rent.

To be honest I'm pretty nervous about this change in life. Will feel a lot better once I visit with the financial planner.


Former owner of a 2002 Four Winns 234 FunShip
'16 F250 4x4 Oil Burner
"Hey, if I'm a Vice Admiral, which vice do I get to claim?"
#567923 - 05/29/17 08:15 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Apr 2006
Posts: 2,610
kdl Offline
Admiral
kdl  Offline
Admiral

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Posts: 2,610
Central Mass
Congrats PH on a big decision. We are in the same age bracket. I'm still a few years out. Health insurance is the biggest hurdle for us.


2005 Cobalt 246 8.1 Gi
"Paradise..."

2001 Key Largo 190 CC
"After Five"
#567924 - 05/30/17 11:40 AM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Jan 2003
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Justification Online content
Admiral
Justification  Online Content
Admiral

Joined: Jan 2003
Posts: 3,803
Fruit Heights, Utah
Originally Posted By: Parrott_head
Will feel a lot better once I visit with the financial planner.


How did you find the one you're meeting with?
Lots of Financial fraud goes on here,and I've watched too many episodes of American Greed, so I'm scared s-less of choosing the wrong one.


Beer makes you feel the way
You should feel without beer.
#567925 - 05/30/17 11:50 AM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Aug 2004
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On Holiday Offline
Daddy
On Holiday  Offline
Daddy
Admiral

Joined: Aug 2004
Posts: 6,452
PA and Smith Mountain Lake
I still have a 4 year old so retirement is still way out there however I have been planning for the day for many years now. I am looking for my retirement gig now and my wife sent me a text earlier today on helping me get that gig started.


2008 Honda Goldwing Trike
2006 Regal 2400
2004 Dodge Ram 2500
2003 Ford F-150
2002 Harley Davidson Roadking Classic
1998 Honda Civic


#567931 - 05/30/17 01:17 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Jan 2003
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WaterWing Offline
Admiral
WaterWing  Offline
Admiral

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Posts: 4,696
Chicago
PH, Congrats on being able to retire early.
I'm 60 and looking forward to it. I no longer like my job. But since I must have insurance I need to still work.

No matter how much money you have saved, I don't think you'll every think it's enough (at least for me).

I think my wife is more concerned that I soon will be IN HER SPACE!


2001 Larson SEi-230 5.7 Merc/Alpha1
2013 Ford Explorer
#567932 - 05/30/17 02:16 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Sep 2003
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MarkHB Offline
Dressed for dinner
MarkHB  Offline
Dressed for dinner
Admiral

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Posts: 7,201
CA
Congrats PH.
I too am at the age of retirement. The past couple of years I have seen people who were close to me or just friends pass away before they have even had the chance of retirement or passed away soon after. Both my wife and I have been weighing our options on how we want to spend our time.
Financially we are fine and carry no debt. We are seriously considering moving south of Cancun Mexico. We are looking for a house to purchase to use either as a vacation or a permanent home.
The whole idea is to enjoy our later years before it is too late. Medical in the US is crazy expensive and no better than many other countries. (That is a whole other discussion)


24' Monterey Explorer
Honda PWC
http://www.picturetrail.com/markhb

Golf!! Waste of a good gun range.
#567942 - 05/30/17 09:39 PM Re: Is Retirement in my near future? [Re: Justification]  
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Posts: 7,008
Parrott_head Offline
Admiral of Vice
Parrott_head  Offline
Admiral of Vice
Admiral

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Posts: 7,008
Originally Posted By: Justification
Originally Posted By: Parrott_head
Will feel a lot better once I visit with the financial planner.


How did you find the one you're meeting with?
Lots of Financial fraud goes on here,and I've watched too many episodes of American Greed, so I'm scared s-less of choosing the wrong one.


What I am looking for is a advisor that works for fee only with true fiduciary beliefs.

If you will PM me your email addy I have a questionnaire that you send to prospective agents and have them fill out. I am glad to share it with anyone on this board.

Just PM me please.......


Former owner of a 2002 Four Winns 234 FunShip
'16 F250 4x4 Oil Burner
"Hey, if I'm a Vice Admiral, which vice do I get to claim?"
#567943 - 05/30/17 09:51 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Dec 2002
Posts: 12,392
KCook Offline
Admiral
KCook  Offline
Admiral

Joined: Dec 2002
Posts: 12,392
Phoenix
Quote:
It seems heavy into equities for a retirement fund but on "Portfolio Visualizer" it does well over 40 years of backtracking.


My view is that 40yrs no longer means anything in our wonderful global economy (sarcasm alert). Wut ever you end up with, monitor it regularly, contrary to all the crap advice about leaving it alone.

Yeah, medicals can bite hard. My retirement was grim until Medicare and SS finally kicked in.

Don't bet the farm on the Lowes gig. I never expected my joints to go out as early as they did. A standup job would kill me now.

oldgrouch

#567944 - 05/30/17 09:57 PM Re: Is Retirement in my near future? [Re: KCook]  
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Parrott_head Offline
Admiral of Vice
Parrott_head  Offline
Admiral of Vice
Admiral

Joined: Jan 2003
Posts: 7,008
Originally Posted By: KCook
[quote]

Don't bet the farm on the Lowes gig. I never expected my joints to go out as early as they did. A standup job would kill me now.

oldgrouch


It's either that you go back to working as a LaBare dancer....


Former owner of a 2002 Four Winns 234 FunShip
'16 F250 4x4 Oil Burner
"Hey, if I'm a Vice Admiral, which vice do I get to claim?"
#567945 - 05/30/17 11:33 PM Re: Is Retirement in my near future? [Re: Parrott_head]  
Joined: Sep 2003
Posts: 7,201
MarkHB Offline
Dressed for dinner
MarkHB  Offline
Dressed for dinner
Admiral

Joined: Sep 2003
Posts: 7,201
CA
Originally Posted By: Parrott_head

It's either that you go back to working as a LaBare dancer....

OK, I had to Google what the heck that means and now the question is, How in blue blazes do you know about those male dancers. Or maybe I really don't need to know. Good Grief. weird


24' Monterey Explorer
Honda PWC
http://www.picturetrail.com/markhb

Golf!! Waste of a good gun range.
#567947 - 05/31/17 12:36 AM Re: Is Retirement in my near future? [Re: MarkHB]  
Joined: Dec 2002
Posts: 12,392
KCook Offline
Admiral
KCook  Offline
Admiral

Joined: Dec 2002
Posts: 12,392
Phoenix
lol d

#567951 - 05/31/17 05:04 AM Re: Is Retirement in my near future? [Re: Parrott_head]  
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Jack T Offline
Admiral
Jack T  Offline
Admiral

Joined: Jan 2003
Posts: 3,823
Southern California
"I don't doubt that sometime during my retirement I will probably go back to work part time at a Lowe's or Home Depot."

This was my plan as well (Ace Hardware, TruValue, Do It Best, too), but only after I DECIDED TO RETIRE. Unfortunately, that day never came. I was laid off with a pretty generous plan, looked for work (2008 and '09), but never really made it back into the work world.

Did get trained to be a home inspector, which I really liked doing, but the RE Market dove to the bottom. Then, my dad needed constant care and someone to keep his expenditures in control. When he died on his 98th birthday, the estate needed to be taken care of, etc., etc.

By then, I was able to take SS and Medicare. My wife retired about one year after I did. She didn't want to, but now realizes that teaching 33 kindergartners is for younger people.

Somewhere along the line, we enlisted Schwab to handle our investment portfolio and began using their Private Client services. Fortunately, we qualified for free retirement planning which we have now done twice. We are quite satisfied with the detail and insight of their planners.

The best part was that because we were quite thrifty over the years, and packed away all that the laws allowed, the reports came back with the explanation that we have nothing to be concerned about.

The result of that is that we spend more money than we ever did while we were working. With sons and their families at opposite ends of the country, we travel quite a bit to spend time with the grandchildren before they become teens and would rather not socialize with the old people. We have also been on three European river cruises that we absolutely love, and this year, it is a two-week cruise to the Baltic. And, we consider that progress because we had never been on vacation more than one week except 10 days last summer.

My advice? When you talk to the retirement planner, boost your expected expenditures by some reasonable %. If I had known what I know now, that would be a minimum of 5%.

Good luck in your search for the right adviser, and I agree that a fee only arrangement is best for a lot of reasons. But, realize that not all advisers are equal.

We have a local station that headlines Ric Edelman. I have never used his services nor do I know anyone who admits to using his services. He has a large firm, but what he says on the radio makes a lot of sense. Check your local listings to see if he broadcasts in your local area.

Surely, there are more advisers in every corner (and center) of our land, but my experience with Schwab and checking out Ric Edelman may provide you with a comfortable direction.

One more thing. Keep from allowing your emotions interrupt the logical/financial decisions ahead of you. Take it one step at a time, look forward, but use what you have already learned to build your future.


Have a great day of boating
2012 Monterey 224 FS,
300 HP Volvo Penta with catalytic converters

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