07:38 This...exactly! I'm guilty of being overly conservative on so many things, but being comfy isn't the goal. I want to optimize for an interesting life. Have to see how this will affect my spending in RE. Appreciate the video, Jeff. -Eric
Good discussion! The whole retirement industry helps to create a false narrative. First of all trying to predict the future is very hard, the future may also be very long, which makes it even less predictable. A person retiring at 65 may have 20-25 years left. Think back 25 years in your life. What were you doing and what happened in the intervening years? Was it as predicted? Did it work out the way you thought or wanted it to? Probably there were lots of surprises and adjustments. Certainly in my and our lives that was true. There are just so many unknowns and variables. The other huge issue is that the present ALWAYS matters. Meaning what is happening in your life at the moment is extremely important. That applies today and will apply 20 years from now. You can be happy today, but if you are miserable a decade from now, those old happy days won’t sustain you. So it’s all about living for each day now and in the future. Don’t sacrifice too much today, and don’t assume you won’t care in the future. A real conundrum!! We are retired(64 and 66), been retired going on 2 and 4 years. Mostly good. Money seems ok(money goes way further when not working). Trying to live in the moment while keeping one eye on the future. Living off a portfolio is a very different concept than a salary. We have been gravitating towards creating more predictable income to meet our basic needs. Wife took SS at 63, I’m planning on waiting till 70 to create the large survivor check. We will have $7000/mo at age 70, with a $4500 survivor check(all current $). That will meet ALL basic needs. The portfolio will then be strictly for discretionary spending(fun stuff). We have no debt. Both our moms age 87 live off of about $2300 per month. That is not enough, but $3500 would be plenty, so we have a good understanding of needs for the future. The point of all that, is that once we have our base spending in place, the portfolio will become way less important and no longer “necessary “. That will allow us to spend freely then, but also allows more withdrawals now. We don’t intend to blow it all in 10 years, but since it doesn’t have to last 25-30 years, we can quit worrying about the details or the balance so much. That provides a lot of security! The other thing that helps to understand is that you can and will make changes and adjustments when sh*t happens.
Sounds like you are doing great. I just talked with my parents this morning and I was telling them about this video. They had never hear the go go, slow go, no go expression. They said they wish they would have done more things before they hit the "no go" stage, which is pretty much where they are now. Running out of money sucks... I know, I already went broke once. But, having regrets about not doing more also sucks. There is no easy answer but I think the more time you spend pondering these questions the closer you will be to getting it right. Thank you for watching and making such a great comment.
I like this sentence of your comment: Don’t sacrifice too much today, and don’t assume you won’t care in the future. I agree 100%. We all need to keep an eye on the future, have goals, hopes, wishes etc without forgetting to enjoy the present as well.
After 35 years I finally love my job but i can't wait to challenge myself when I don't HAVE to but want to. All on my time. 5 ish years but who's counting?🎉
Yea, when you spend a lifetime accumulating wealth you can't just turn that part of your brain off. In America everyone's biggest fear is what will happen to them when they need long term care, and no one seems to know what that will cost so everyone just tries to keep as much money as they can until they die.
@@TheRetirementality honestly, I haven’t considered the long term care aspect. When I see a fire sale on certain stocks I just buy them. Hate on TGT? Thank you. I’ll load up below $100.
I agree that many can become couch potatoes by choice. Unfortunately, many didn’t choose it. They have aches and diseases that oblige them to stay near a hospital or their doctor’s office.
I love how people with no money want to spend My retirement money. I guess donating the money I do not need to spend to a charity is out of the equation. Wake Up.
07:38 This...exactly! I'm guilty of being overly conservative on so many things, but being comfy isn't the goal. I want to optimize for an interesting life. Have to see how this will affect my spending in RE. Appreciate the video, Jeff.
-Eric
Well, if you move to STJ you won't have to worry about being too comfy 😂 It's going to be fun to see what you decide to do.
Good discussion! The whole retirement industry helps to create a false narrative.
First of all trying to predict the future is very hard, the future may also be very long, which makes it even less predictable.
A person retiring at 65 may have 20-25 years left. Think back 25 years in your life. What were you doing and what happened in the intervening years? Was it as predicted? Did it work out the way you thought or wanted it to?
Probably there were lots of surprises and adjustments. Certainly in my and our lives that was true. There are just so many unknowns and variables.
The other huge issue is that the present ALWAYS matters. Meaning what is happening in your life at the moment is extremely important. That applies today and will apply 20 years from now. You can be happy today, but if you are miserable a decade from now, those old happy days won’t sustain you.
So it’s all about living for each day now and in the future. Don’t sacrifice too much today, and don’t assume you won’t care in the future. A real conundrum!!
We are retired(64 and 66), been retired going on 2 and 4 years. Mostly good. Money seems ok(money goes way further when not working).
Trying to live in the moment while keeping one eye on the future.
Living off a portfolio is a very different concept than a salary. We have been gravitating towards creating more predictable income to meet our basic needs. Wife took SS at 63, I’m planning on waiting till 70 to create the large survivor check. We will have $7000/mo at age 70, with a $4500 survivor check(all current $). That will meet ALL basic needs.
The portfolio will then be strictly for discretionary spending(fun stuff). We have no debt. Both our moms age 87 live off of about $2300 per month. That is not enough, but $3500 would be plenty, so we have a good understanding of needs for the future.
The point of all that, is that once we have our base spending in place, the portfolio will become way less important and no longer “necessary “. That will allow us to spend freely then, but also allows more withdrawals now. We don’t intend to blow it all in 10 years, but since it doesn’t have to last 25-30 years, we can quit worrying about the details or the balance so much.
That provides a lot of security!
The other thing that helps to understand is that you can and will make changes and adjustments when sh*t happens.
Sounds like you are doing great. I just talked with my parents this morning and I was telling them about this video. They had never hear the go go, slow go, no go expression. They said they wish they would have done more things before they hit the "no go" stage, which is pretty much where they are now. Running out of money sucks... I know, I already went broke once. But, having regrets about not doing more also sucks. There is no easy answer but I think the more time you spend pondering these questions the closer you will be to getting it right. Thank you for watching and making such a great comment.
I like this sentence of your comment: Don’t sacrifice too much today, and don’t assume you won’t care in the future.
I agree 100%. We all need to keep an eye on the future, have goals, hopes, wishes etc without forgetting to enjoy the present as well.
So close to 10K! Keep up the great work. 👍
Thank you!!! I have one week until my birthday to make it.
+1
@@theZhang1 Thank you. I've been waiting to post this video because I knew it would do well and could get me over the hump.
Great thoughts about being too comfortable
Thanks! You've gotta get out and shake things up.
After 35 years I finally love my job but i can't wait to challenge myself when I don't HAVE to but want to. All on my time. 5 ish years but who's counting?🎉
@@mariel3243 5 years will can go by pretty fast. So start working on what you want your retirement life to look like.
Thank you....thank you... THANK YOU !!!!!
You are so welcome! I love the enthusiasm.
I am not spending down my money. I retired and built the parachute on the way down.
Yea, I think this is what most people are doing. Don't forget to enjoy some of that money Darrell. You worked hard for it.
How
I’m guilty of not moving into the spending phase. It’s hard to reset.
Yea, when you spend a lifetime accumulating wealth you can't just turn that part of your brain off. In America everyone's biggest fear is what will happen to them when they need long term care, and no one seems to know what that will cost so everyone just tries to keep as much money as they can until they die.
@@TheRetirementality honestly, I haven’t considered the long term care aspect. When I see a fire sale on certain stocks I just buy them. Hate on TGT? Thank you. I’ll load up below $100.
@@DunRovinRanch-1969 Ha, just don't forget to do fun stuff along the way too.
I agree that many can become couch potatoes by choice. Unfortunately, many didn’t choose it. They have aches and diseases that oblige them to stay near a hospital or their doctor’s office.
Yea health problems can be a viscous circle.
The hesitance age is a reality check.
I'm afraid I don't know what that is.
Sorry (spell check). Meant to say “Inheritance age”
@@BobF6483 Ha!! I was googling it because I thought it was something I never hear of. Yea, I'm not sure if people really think about that.
I love how people with no money want to spend My retirement money. I guess donating the money I do not need to spend to a charity is out of the equation. Wake Up.
Or you can just go ahead and get that Ferrari you've been wanting. 😂