re: What were your most surprising things about retirement?

I have no kids, never been married, and don't intend to leave anything to anyone when I depart this world, so I don't think my situation would apply to yours, but basically, I lost my job at almost 56, and when I really did the math, figured out that I could use my assets and recreate the income that I was spending to live. I was making a lot more than that, but I was saving and investing a lot of it plus spending a lot of money just because I was working.

In short, using the limited access without penalty I had to my IRA's before age 59.5, I was able to live the lifestyle I value without compromise, except that I did drive a clunker until just this last month (turned 59.5 at the end of January).

Now, I am not a world traveler. If I take a vacation, it is to meet up with friends, grill out, and drink beer. I don't need to do much else for fun. I don't want a boat, don't need a hobby, etc. Others that have to have something to do all the time, or want to travel all the time, won't be happy living like I live, but I enjoy a laid back and comfortable life, and it costs less than I thought it would. The major obstacle was navigating the 3.5 years between when I quit working and turned 59.5 and now that is all in the rear view mirror. However, it is still important to stay fully aware of the tax consequences of my spending, that is one of the keys to making assets go further.

One thing I would suggest to you is to draft a plan on what you would do if you had to retire early. What would you do?

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considering just calling it a day. I still have two kids at home as a senior in high school and one starting her freshman year in September.

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Once they're out of college and starting their own careers you'll see less of them. I'd strongly consider freeing up your time now.
What SWR method are you using to get you out to 105? If it already accounts for inflation, taxes etc and /or doesnt count SS income you're likely too cautious. Dont be a victim of one more year syndrome.

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For US males that make it to 65 life expectancy is more like 82-83

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Which I bet goes up even more for high NW males

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You need to set your base higher. Today, at a 4% return, 5M will bring in around 200K. The dollar buys 50% less every 20 years. In 30 years, your 5M will only generate 25K of buying power.


This is a ridiculously bad take. Terrible bad.

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A lot of investment gurus create the illusion that you need millions to live in retirement.

The truth of the matter is that today, a retired couple only needs 6 or 7 grand a month to live comfortably - provided that they own their own house. A decent SS payment will give you most of that, so you are probably looking at 10-20 grand a year to make up the difference. For those who believe SS is going away, I would say that if SS goes away, our country is in a really bad place, and the $5M probably won't do you much good, either.

If you plan on jetsetting and buying a new mercedes/boat every year or two, then save the $5M. But you don't need it.

I would recommend that you own your own home outright by the time you retire. That gives you and financial asset as well as keeps your monthly expenses down, with no interest payments. I also would consider downsizing my house, if you live in a large house. Move into a house that you can take can maintain and is also all on one level.

Having 10 acres and a 4000 sf house when you're 80 is not ideal. We have a family friend who owned the same house for 50 years and by the end of his life, the house was in terrible shape, due to neglect, and he had his bed in the living room because all the BRs were upstairs and he couldn't use them.

Account for your health care costs, especially worst case scenario.

Account for cost of living increases.

Know your lifestyle. If you like to eat out at nice restaurants every night, then you'll need to account for that. Most retirees eat out less, drive less, and overall spend less (again, especially if you own your own home by the time you retire).

Account for activities you might want to do after retirement that you don't do now (extra expenses). For example, if you plan to get season tickets, or restore old cars. Whatever.

That's all I got.

I make double what I made when working and have very little expense. we travel alot. Have RV will travel. Make sure everything is paid off before you retier.

According to many videos on YouTube, the two biggest regrets are:

(1) Waited too long to retire.

(2) Didn’t spend enough money in retirement, especially in the earlier and healthier years.

Lol, so you assume the 5mill will not be invested in any way? You just throw the 5mill in the bank and start spending it

Housing should be a non-factor if your house is paid off. That is probably the biggest thing - go into retirement with your house and cars paid off.

You can sell your house and buy another one. It makes sense to find your "forever home" before you retire.

Cost of living goes up, but you also get COLA raises in social security. You don't need millions to make up the delta between SS and your lifestyle income. As someone said, with a $6K SS check and a couple grand a month from a retirement fund, you can live comfortably and take a few trips to abroad each year.

Again, if you want a lavish lifestyle, then account for it.

Are you retarded, by chance? No offense intended.