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Yeah, but obviously it's still going to be mostly stocks for a while. Mainly I just wanted to work in a Press Your Luck joke.Are you moving more into bonds?Yeah, but unfortunately I still have a few years to go, which means there is still time for things to go sideways. As I approach retirement, I am starting to feel like the Press Your Luck contestant who has a winning total but still has a handful of spins they are forced to take. No whammies, no whammies . . .
I’ll be honest and say that I really do feel skittish right now. Maybe if inflation really does go down and mortgage rates do as well, we might slide out of this without a dip but man it really doesn’t feel like the general public is in great shape. I feel like I want to sleep with one eye open but I’m still well invested.Yeah, but unfortunately I still have a few years to go, which means there is still time for things to go sideways. As I approach retirement, I am starting to feel like the Press Your Luck contestant who has a winning total but still has a handful of spins they are forced to take. No whammies, no whammies . . .
Grip that pillow tight.
Love Frank. I don’t always agree with the way he says things (more on Facebook than his podcast) but he makes you think.
I understand this feeling. I could probably retire today but since I can't touch anything without big penalties (and needing to hit MRA for the government) I have to work another 5 years. Those five years are like five forced spins I have to take.
EXIT LIGHT
You guys like Megadeth too?
I've been thinking of my government pension as my safe/bonds portion for retirement. So, while I do kind of dread what might happen to the market those last years before tapping into my TSP, I'm of the mindset right now to keep it in stocks even as I approach retirement since I do have that pension. Maybe there's something pretty faulty in that thinking, though. Plus, I still have about 10 years to MRA, so it's not something I'm worried about at all right now.
Being that you are still 10 years away I would for sure keep it on the aggressive side. No need to dial back yet. I am approaching 5 yrs and have started thinking about getting less aggressive to some degree. Still not sure when, how or what I need to do with respect to that.
I keep buying bonds with new monies, but it can't keep up - equities are on a roll and with bonds negative this year and last my allocation ratio is leaning more toward equities as we go.Are you moving more into bonds?Yeah, but unfortunately I still have a few years to go, which means there is still time for things to go sideways. As I approach retirement, I am starting to feel like the Press Your Luck contestant who has a winning total but still has a handful of spins they are forced to take. No whammies, no whammies . . .
Sign me up for tending bar in Italy
If they tell you "no, get out" I don't think formal written notice will be required.
well, i don’t literally mean “no, get out”. i am sure they will honor my end date, regardless of whether they immediately send me home or not, they are obligated to pay me thru my stated end date. they can’t say leave now and not honor my 6/28 end date. i’m an at will employee, but i am pretty sure this is standard procedure.
Why would that be standard procedure? I can’t go to my job and say, hey my end date is 10 years from today and they have to honor it. If your job requires a big transition, they could honor it, otherwise they can just say, nah, you can leave now.
Yeah, 10 years of service at MRA is definitely different than my pension. I'll be at 34+ years at MRA.
well, i think my industry might be a bit liberal when it comes to transitioning work. so, if i give 4 weeks, i would assume it will be honored. if i gave 10 year notice they’d likely say, yeah but no and ask for something more realistic. i have done 3 weeks previously, was asked to leave immediately and i was paid for those 3 weeks. i haven’t given notice often in my life, so i don’t have ample experience.
Unless you have a significant pension or two, 30% FI at retirement seems perfect or even a little on the risky side. 60/40 is often recommended, especially with reasonable bond rates.
I’m pretty risk adverse but agree. I’m at about 50/50 planning on retiring in the next 4-5 years. A bit conservative but with half yielding over 5% right now I’m ok with it. I usually play out a scenario where the market drops 50% and if it did would I survive and still be able to retire in the time frame I allotted.
If your employers plan allows for partial withdrawals. Some don't.
I really think a lot of people wait too long looking to be in “perfect” financial shape and miss out on a lot of great years.
I've spent a lot of time thinking about this point and trying to internalize it. I'm a temperamentally-conservative person who is going to be reluctant to leave my job (I can't come back - the decision to quit is final) until I am 100% sure that I am ready. And as you correctly note, there is a huge downside to that in terms of wasting a valuable year in the office. I don't really want to look back and decide that I waited too long to pull the trigger.
For now, we’ve sort of taken the opposite approach. We’re open to spending more now with the idea that I keep working for a while. I like my job enough to keep doing it, or change offices (fully remote for an agency I like even better would be ideal). But we’ll take five vacations or more each year, renovate the bathroom (last year) and kitchen (probably next year or 2026), buy that vehicle and boat, and before retirement buy that house on the lake. This all sounds irresponsible, but we’re fully on track with these expenses.
Good point. It’s funny how being frugal / cheap becomes who we are. Even intentionally choosing to differ from that comes with some consternation.
You’re asking the quintessential question.
Same here. I think the real key is to find a job that at the very least doesn't make you unhappy and has the flexibility to do the things you want to do. Every additional year you can continue to work makes such a huge difference on the projection.
He can't delegate some of the work he's responsible for to others so he can do this while still keeping the business?
Yeah, we talked about this several pages back. I'm OK a little more risk and don't see the 60-40 or 50-50 as retirement numbers when my investments have another 30+ years to go. I'll be 50-50 closer to when I die and leave it all ro my wife.
You know, things would be a lot easier if I just knew when that would be.
Considered but the 5 employees are content to be the worker bees. None seem to be interested in the added responsibilities.
^^^
This would be ideal but it's hard to give up control not knowing how employees will handle the freedom of being unsupervised.
I’ve never done it, but a good friend sold his veterinary business and continued to work in it for a few years. It worked well for him. Of course, the buyer was already in the business and the business isn’t unique. But he seems very happy with his decision and is now fully retired.
I purchased my business 8 years ago after working in it for 10 years. Owners stayed on for an additional year to show me the ropes behind the scenes. Partially seller financed. Could be an option for you if you trust the person you’re selling to.
Agree. Normally, people are a lot more active in their 60's than their 70's and beyond.
I gave my notice in September. My consulting contract to aid in the transition was just extended a 3rd time til 6/30 and I've been advised to prepare for one more. This is an unusual situation, but thought it was worth sharing.
How many states have warm ocean beaches and "real" mountains? California, Virginia, North Carolina and.....?
This. If the owner is selling it doesn't really matter what happens after that. The owner is retired and on to other things and the business he no longer owns shouldn't be of concern. However, a lot of owners can't do that (let go) so they never leave. The business can/will go on without them......or it won't.
Georgia but you're talking like a 5 hour drive to get from the beach to the mountains
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