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08-02-2012, 02:11 AM
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#1
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New Member
New York
, New York
Join Date: Jul 2012
Posts: 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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08-02-2012, 05:21 AM
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#2
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Rivet Master
1999 23' Safari
Perrysburg
, Ann Arbor
Join Date: Sep 2005
Posts: 916
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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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08-02-2012, 06:11 AM
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#3
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Figment of My Imagination
2012 Interstate Coach
From All Over
, More Than Anywhere Else
Join Date: Dec 2011
Posts: 10,868
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Quote:
Originally Posted by Scribbler33
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
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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.
__________________
I thought getting old would take longer!
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08-02-2012, 06:21 AM
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#4
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Rivet Master
2006 23' Safari SE
Biloxi
, Mississippi
Join Date: Nov 2011
Posts: 8,278
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And don't forget that oil change before hitting the road for that dream trip around the country.
__________________
MICHAEL
Do you know what a learning experience is? A learning experience is one of those things that says "You know that thing that you just did? Don't do that."
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08-02-2012, 06:23 AM
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#5
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Hondo was a great cat
2005 28' International CCD
Salt Lake City
, Utah
Join Date: Dec 2006
Posts: 311
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Quote:
Originally Posted by Scribbler33
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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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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08-02-2012, 06:52 AM
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#6
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Rivet Master
2012 25' Flying Cloud
Battle Lake
, Minnesota
Join Date: Jun 2009
Posts: 7,714
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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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08-02-2012, 08:28 AM
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#7
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4 Rivet Member
1994 30' Excella
Truckee
, California
Join Date: Jan 2012
Posts: 259
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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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08-02-2012, 01:18 PM
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#8
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Rivet Master
Currently Looking...
asbury park
, New Jersey
Join Date: Nov 2009
Posts: 905
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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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08-02-2012, 01:31 PM
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#9
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3 Rivet Member
1976 31' Sovereign
Bothell
, Washington
Join Date: Jul 2011
Posts: 176
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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.
__________________
Did you want fries with that?
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08-02-2012, 02:40 PM
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#10
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Rivet Master
Currently Looking...
Sioux Falls
, South Dakota
Join Date: Jun 2010
Posts: 2,403
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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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08-02-2012, 03:18 PM
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#11
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Rivet Master
2012 25' Flying Cloud
Berlin
, Maryland
Join Date: Jun 2011
Posts: 1,786
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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.
John
Life is to short not to have fun
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08-02-2012, 04:42 PM
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#12
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Rivet Master
2002 19' Bambi
Northwestern Ontario
, - on the backside of the map and just above the big green spot
Join Date: Nov 2003
Posts: 819
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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.).
Jay
__________________
Bambi - 2002 (The Toaster)
Pathfinder - 2009 (The Buggy)
"I'm not young enough to know everything ....."
(Oscar Wilde)
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08-02-2012, 05:36 PM
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#13
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Len and Jeanne
2005 16' International CCD
2015 19' Flying Cloud
Creston Valley
, British Columbia
Join Date: Jun 2012
Posts: 1,793
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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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08-02-2012, 07:27 PM
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#14
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Rivet Master
Hampton
, New Hampshire
Join Date: Oct 2005
Posts: 2,126
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Quote:
Originally Posted by NJtoNC
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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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?
__________________
Brad (The Slowsky's)
2019 Airstream Classic 30RBT, 2021 Ford F350 King Ranch 4X4 w/6.7L Diesel, Hensley, ACI #1313
travelwiththeslowskys.com
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08-02-2012, 07:44 PM
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#15
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Hondo was a great cat
2005 28' International CCD
Salt Lake City
, Utah
Join Date: Dec 2006
Posts: 311
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Quote:
Originally Posted by NJtoNC
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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Bravo, I did a similar thing on a smaller scale but just as important: The Army was chewing me up, made a lot of rank, good money, senior officer, all the trappings. It made me sad. I retired and will start a BS degree in Music in January with the GI bill. I am no longer "The Man"
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08-02-2012, 08:08 PM
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#16
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4 Rivet Member
1988 32' Excella
Bonita
, California
Join Date: Dec 2006
Posts: 325
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(( 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. ))
A pension? What's that? Today company's are for going pensions for 401k's which count a lot on the market. Saving for most is like throwing salt over your shoulder and crossing your fingers and toes. But for those who retired well more power to ya. I'm hoping to be as lucky. Time to get back to work.
__________________
Happiness only real when shared.
Christopher Johnson McCandless
2/12/68 - 8/18/92
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08-02-2012, 10:04 PM
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#17
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Rivet Master
2005 19' Safari
1968 24' Tradewind
Rural
, Delaware
Join Date: Jun 2005
Posts: 1,476
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After over 30 years with my agency, I retired at 55, my wife at 48. We bought the new Airstream and TV before retiring, and paid for both in full on the day of the sale, because we had a feeling we'd never be able to afford these things on my pension. I get an adequate pension, and very good health care for both of us. We made sure everything was paid for well before retirement. We never liked debt, either.
This was a goal we set many years ago, so we also saved some capital to be used only for contingencies, like the new heating system (two years ago), a fuel efficient vehicle (last year), the new water well (last week). So far, we've stuck to that plan. It was easier than I thought. I recall a discussion with a retired colleague, who said I'd be surprised how little I could live on by not having to work. I didn't quite get it then, but I do now. We never lived extravagantly, and still don't, but we're having a blast. This was our plan, our dream, and we are living it. No regrets. Best move we ever made.
Road trip!
__________________
2005 Bambi
1968 Trade Wind
2007 Ford F250 4x4 Crew
WDCU
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08-02-2012, 10:59 PM
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#18
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ARGOSY ANIE
1976 Argosy 22
Seguin
, Texas
Join Date: Mar 2012
Posts: 7
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Dear Brad, Pretty is as Pretty does. Arg.Ann.
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08-02-2012, 11:58 PM
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#19
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Rivet Master
2005 25' Safari
Salem
, Oregon
Join Date: Mar 2006
Posts: 8,369
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Live below your means.
Hi,
(1.) Pay off house.
(2.) Have good health insurance.
(3.) Pay credit cards in full every month.
(4.) No vehicle payments.
(5.) Try to spend less than you have coming in. [taxes, insurance bills, and DMV fees sometimes come at/or almost at the same time]
(6.) Make no monthly payments for anything. [like car or house insurance, pay the bill in full]
__________________
Bob 2005 Safari 25-B
"Le Petit Chateau Argent" Small Silver Castle
2000 Navigator / 2014 F-150 Eco-Boost / Equal-i-zer / P-3
YAMAHA 2400 / AIR #12144
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08-03-2012, 06:43 AM
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#20
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Rivet Master
2005 19' Safari
1968 24' Tradewind
Rural
, Delaware
Join Date: Jun 2005
Posts: 1,476
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Quote:
Originally Posted by ROBERTSUNRUS
Hi,
...
(5.) Try to spend less than you have coming in. [taxes, insurance bills, and DMV fees sometimes come at/or almost at the same time]
(6.) Make no monthly payments for anything. [like car or house insurance, pay the bill in full]
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Exactly. 1-4 are important, but the 5-6 is the key for us. If we can't afford to pay cash, we don't get it.
__________________
2005 Bambi
1968 Trade Wind
2007 Ford F250 4x4 Crew
WDCU
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