Quote:
Originally Posted by Bill-n-Brillo
"Fears":
- Will we be able to make our savings last the rest of our lifetimes? (Nobody knows how long they'll live so that part will never be resolved) No pension for me, no company-paid health coverage for either of us after Sandy retires....and her pension will probably only cover the cost of her healthcare coverage.
- Will our collective health hold out? (Again, a somewhat moot question, other than the fact that we can try to do the right things to remain healthy)
- What will SS and Medicare look like when we get there? (we're in our mid/late 50s).
- What will happen with the general economy and inflation over the course of the rest of our lifetimes?
There are sooooo many things to get hung up on if you let yourself go down that path. Many of these kinds of things are beyond our control. We're committed to doing the best we can with the things we CAN control:
- Maintain a reasonably healthy lifestyle
- Continue to save and invest wisely, as best we can
- Manage our spending
- Maintain "a low overhead operation" - zero debt is the ideal situation.
For us, it's a balance between a couple of somewhat conflicting philosophies: "Enjoy life to its fullest while you're here and able" and "Always save for tomorrow".
Bill |
Bill,
I agree with you completely. One thing I would add is that expenses will most likely decrease as we move into our later years baring any medical issues. I also agree with PTurner that it is scary to start drawing on a 401K after I've programed myself to save, save, save all my life. There comes a time when you need to take the leap. Everyone needs to find that happy medium where you are young enough to still enjoy the first 15-20 years of retirement but old enough to have your savings last. Very tough decision. I think we'll be OK because I'll enter retirement with zero dept and I'll always have a reverse mortgage in my back pocket if needed. I'm still scared to death (no pun intended) to see how my plan works out but I choose to "live" now and deal with shortcomings later. What can anyone to to guarantee a safe retirement unless you're a multi-millionaire, even then people tend to live up to or beyond their means.