Sunday, January 28, 2024

What's Next?

I started this blog in 2006, when I was 48, as a way to track our progress towards retirement.   I retired in 2007 at 49.   Unfortunately, the Great Recession happened in 08/09, which tested our capability for me to remain in retirement.   As it turned out, the 50% haircut we took in retirement funds didn't cause us to reverse our retirement plans.  As they say, what doesn't kill you makes you stronger.    

Our retirement funds eventually recovered and non retirement investments covered our living expenses enabling our retirement funds to grow further.   Along the way, we both received a share of inheritances from our parents for which we are stewards and continuing to have them grow.  At age 64, I started taking Social Security which provides a monthly payment and we learned the value of a pension, which neither of us have.

I'd like to say that we've figured out the path to financial success that our children can follow.  Unfortunately, the path we took may not be around any longer to work for them.  Our commitment to our children is to get through undergraduate college debt free.   We have accomplished that by contributing the maximum to a 529 plan from the year we adopted both of them. In fact, we may be able to cover part of their graduate degrees with our contribution.

The other big change is transitioning from being a super saver to a spender.  I have spent most of life minimizing costs, clipping coupons and getting the best deals possible.  I've been extremely frugal to prepare for retirement. Barring any unexpected medical costs, I believe we have sufficient funds to cover until our 90s.  However, as Yogi Berra once said, it's difficult to make predictions, especially about the future.   

For more on  Ideas You Can Use , check back every Tuesday for a new segment.

This is not financial advice. Please consult a professional advisor.

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