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Old 08-02-2012, 03:11 AM   #1
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Things To Do Before You Retire

As you prepare to enter retirement, there are issues you should consider to help make your transition into retirement a successful one. We accept history has apparent that these activities are best conducted with the accord of a spouse, accomplice or added ancestors members, as retirement is generally a cogent point of change for the absolute family.

The list below can help you organize your activities so as to get prepared for that big day.

1. Determine your retirement expenses

2. Review your insurance coverage

3. Note Medicare milestones on your calendar

4. Know if to administer for your Social Security benefits

5. Develop a retirement assets plan

6. Select alimony allowances and retirement administration options

7. Review wills, trusts, admiral of attorney, and beneficiaries

8. Set abreast emergency funds
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Old 08-02-2012, 06:21 AM   #2
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You left out a biggie: repack the bearings on your Airstream and make sure she's polished and ready for the road!
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Old 08-02-2012, 07:11 AM   #3
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As you prepare to enter retirement, there are issues you should consider to help make your transition into retirement a successful one.

1. Determine your retirement expenses
More importantly, about ten years before you retire, figure out what your retirement INCOME will be. Recalculate every year or so. Try to live on just your projected retirement income while you're still working, and bank the difference. If you don't have to suddenly and drastically cut back on your spending after your last full paycheck, the transition to retirement will be so much easier.

I went from having nothing in the bank and a small mountain of debt to being debt-free, and having over a year's before-taxes income in the bank as a reserve (even after paying off my Airstream Interstate), just because I followed that one simple rule. I'm a year away from being eligible to retire, and the ONLY change to my lifestyle will be that I won't have to get up so bloody early in the morning to go to work.
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Old 08-02-2012, 07:21 AM   #4
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And don't forget that oil change before hitting the road for that dream trip around the country.
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Old 08-02-2012, 07:23 AM   #5
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Originally Posted by Scribbler33 View Post
As you prepare to enter retirement, there are issues you should consider to help make your transition into retirement a successful one. We accept history has apparent that these activities are best conducted with the accord of a spouse, accomplice or added ancestors members, as retirement is generally a cogent point of change for the absolute family.

The list below can help you organize your activities so as to get prepared for that big day.

1. Determine your retirement expenses

2. Review your insurance coverage

3. Note Medicare milestones on your calendar

4. Know if to administer for your Social Security benefits

5. Develop a retirement assets plan

6. Select alimony allowances and retirement administration options

7. Review wills, trusts, admiral of attorney, and beneficiaries

8. Set abreast emergency funds
Crap, I retired yesterday and just say this today.

Oh well, anybody know a good RV park in Acadia?


Great plan though, thank God I had good advisers. One thing for sure, the money is never what you think it will be, the routine of payments, what things cost, its very hard to get the estimate right.
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Old 08-02-2012, 07:52 AM   #6
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Financial planning is good, for most ought to include paying off debt.

At least as important is a plan for maintaining good physical health and conditioning. Plenty of activity (waxed the Airstream lately?) and enough hobbies to never catch up.

Places to go, things to do, people to see.

doug k
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Old 08-02-2012, 09:28 AM   #7
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Take a trip to Paris...the last time I checked, it's really difficult to take your Airstream there and, if you could, parking's a real hassle.
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Old 08-02-2012, 02:18 PM   #8
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I'm 31. 3 years ago, my husband and i were at the peak of our careers - but working too hard, making too much money and taking on too much debt.

We hated it. We didn't want to live like that for 20 more years. we also didn't want to wait for retirement to enjoy ourselves and our airstream.

We paid off all our credit cards, sold the house with a big mortgage and moved to NC (see the screen name? the plan worked!) we're in NC now with a very reasonable monthly payment on a 15 year mortgage. Hubby quit his job and became an organic farmer. I work 20 - 30 hours/ week and I'm self employed.

We're planning our winter trip, 30 - 45 days out west and back. My yearly taxes are now what my monthly taxes were in NJ. Overall, we have a better quality of life. My commute now consists of a front porch, a rocking chair, and watching the chickens act like idiots while the sun goes down over the mountains behind us.

Here's what I learned;

Society made us think we had to have nice cars and houses to be considered successful. Society is wrong. These things are expensive, which means we have to work more and enjoy life less.

For us, this is retirement. We are living life now, not waiting for "one day" to come.
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Old 08-02-2012, 02:31 PM   #9
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A-men to that. Get rid of the "I want", and live more simply. When I realized I was missing my kids grow up, I had to decide what was really important to me. I really appreciate the OP, and hope that retirement will ever be a reality, but there really isn't much hope for that. So, in the mean time (thanks to this forum and the Bynum spirit) I'm actually using my 4 weeks of vacation a year.
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Old 08-02-2012, 03:40 PM   #10
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My business is real estate. I have a few residential tenants . . . some other stuff.

I'm not sure what retirement would look like for me. I'm guessing it'll be a nursing home or cemetery.

I've been self employed since 1974. Paid off my house the day we moved in in 1985. I don't like debt.

My plan when I was 40 was to slow down when I turned 55, live in Arizona for 6 months a year and spend summers here.

But . . . .my business partner does not like to travel and does not like me to travel without her. The last trip we took was in 2003. I'm guessing that life at 70 will look a lot like life at 50.
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Old 08-02-2012, 04:18 PM   #11
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Make sure you buy most of your toys before you retire and then enjoy the heck out of them when you do.

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Life is to short not to have fun
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Old 08-02-2012, 05:42 PM   #12
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Perhaps obliquely referenced - but not specifically - is the importance of acquiring the services of an independendent financial advisor - this means one that is NOT tied to offering you additional services or products (i.e. will preparation, insurance, mutual funds, loans, banking services etc.).


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Old 08-02-2012, 06:36 PM   #13
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Five years into my retirement, I still wake up wondering sometimes when our personal finance shortfalls are supposed to hit.... so far, so good.

We just really crunched some numbers-- repeatedly-- prior to retiring: how much our pensions would provide, and what would be our living expenses. We are super lucky to have pensions indexed to inflation.

But like Uzza and NJtoNC, we really down-shifted. We moved to a rural community where we don't need a lot of clothes, let alone expensive ones. As we are both retired, we decided we could get by with one vehicle. We traded our urban mortgage, taxes, and condo fees for a home on a small acreage that we paid off within two years of moving here. We are constantly looking for little ways to cut down on expenses. We avoid debt.

In Canada we pay taxes that would give most Americans a nose bleed (I am a dual citizen, BTW,) but the advantage is that our health care is basically covered by the province. In BC we pay an annual premium, but no deductables--for anything. In the US, for sure I would look at health care expenses more closely.

But it isn't as though we are suffering or freezing in the dark. We are fortunate to live in a beautiful area. We prioritize.

A big priority is Airstreaming!

Jeanne
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Old 08-02-2012, 08:27 PM   #14
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Quote:
Originally Posted by NJtoNC View Post
I'm 31. 3 years ago, my husband and i were at the peak of our careers - but working too hard, making too much money and taking on too much debt.

We hated it. We didn't want to live like that for 20 more years. we also didn't want to wait for retirement to enjoy ourselves and our airstream.

We paid off all our credit cards, sold the house with a big mortgage and moved to NC (see the screen name? the plan worked!) we're in NC now with a very reasonable monthly payment on a 15 year mortgage. Hubby quit his job and became an organic farmer. I work 20 - 30 hours/ week and I'm self employed.

We're planning our winter trip, 30 - 45 days out west and back. My yearly taxes are now what my monthly taxes were in NJ. Overall, we have a better quality of life. My commute now consists of a front porch, a rocking chair, and watching the chickens act like idiots while the sun goes down over the mountains behind us.

Here's what I learned;

Society made us think we had to have nice cars and houses to be considered successful. Society is wrong. These things are expensive, which means we have to work more and enjoy life less.

For us, this is retirement. We are living life now, not waiting for "one day" to come.
That is awesome - good for you. Less is more. Debt is bad.

No one mentioned making sure the beer fridge is full. Does that make me a bad person?
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