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Retirement with 401k

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garyRI

The notion that SSC will run out is nonsense. Some combination of pay out 10% less or take in 10% more and it is fixed.

Medicare is another issue. It is broken.

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Greg Hartman
The notion that SSC will run out is nonsense. Some combination of pay out 10% less or take in 10% more and it is fixed.

Medicare is another issue. It is broken.

I agree on both points.  In fact, the whole healthcare system is broken.

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Don Steese
I'm 70, retired for eight years and still have roughly 600 thousand, not including the 250 or so my house is worth.Thinking now of selling the house and downsizing at home with a winter place somewhere warm.  My financial advisor is a longtime friend and former client. He said a lot of people are so scared of running out of money that they miss out on a lot of pleasure the first ten years or so of their retirement. They're scared that inflation will eat up their savings. He said that's always possible, but when you're 80 you'll probably need less than you do when you're 65 or 70 based mostly on what you are able to do at those respective ages. One thing he did recommend is long term care insurance, which my wife and I have. It costs about 3 grand a year but a nursing home would eat up your funds very quickly if you don't have it.

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trust me
One thing he did recommend is long term care insurance, which my wife and I have. It costs about 3 grand a year but a nursing home would eat up your funds very quickly if you don't have it.

I've spoken to folks in their late 50's that can't buy it at any price. Any medical issue at all seems to eliminate you from consideration.

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Kansas Big Dog

I retired from corp life when I was 36. I had been a mid level manager for an electric utility.  I had a small 401-K and I was vested in a defined benefit pension.  I have pretty much did what I wanted to do since then; starting up and selling a small business on the cashed in 401-K.  Even after taxes and penalty on the cash out, I made 20% ROI on the cash when I sold the small business.  I have been able to hunt, fish and drink beer as I please.

Now, my defined pension is kicking in and I will probably continue on continuing on.

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PaFlyfisher
I think the biggest falicy is that you have to have money left at the end.  Sure it's important that you have something when your 90, but do you need it to be as much as when you were 70?  Unlikely.

To have a 500,000 nest egg and have any of it left seems like a shame.  

And yes, my kids understand that they are on their own.  They are getting substantial assistance for their college education but I plan to die with only enough to creamate me!

I have told my parents this. I hope they spend whatever they can, doing whatever they please.

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fuess

when is the end?

its the answer no one knows

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Tiger MT's Carter
My plan has always been to build long term family wealth. I see no reason to spend everything during retirement and leave my kids with nothing. I have 2 daughters and my plan is to make sure they have a good retirement also.

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garyRI

Passing on family wealth doesn't interest me much. I'm mid 60s now but, on my wife's & my side, I've watched grandparents & great grandparents pass & leave money to their then old children not much to the benefit of anyone.

My objective is to put my kids in a situation where they can support themselves.

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gonehuntin

It gripes the heck out of me that when I die, the hospital or nursing home may own all I've worked for my entire life. I just had a customer of mine have a stroke and go into the ICU. When the hospital agreed to take him, they had the wife sign over their home to them. She can live there until her death, then the hospital gets the house. Her husband is laying there, strapped to a gurney so he can't fall out, with tubes in him. He's in good health so may live like that for years, no moving, a living vegetable.

What we have, we have in a trust that the hospital's can't get at. Not fair to health care? Maybe, then I'm all for them letting me die. Doctors are doing us NO favors by keeping us alive artificially.

We of course also have living wills.

I want to pass on to my children what I have spent a life time of hard work accumulating. I want it to be easier for them than it has been for me.

I'm all for euthanasia when the time comes.

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trust me
We of course also have living wills.

Every person regardless of age, assets, or family situation, needs to have 3 things in place immediately:  

1.  Will

2.  Living Will

3.  Letter of Instruction (regarding burial, etc.)

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bigjohnsd

My wife andI diligently saved for 35 years.  

Having two Navy retirements we are living off the pensions and savings now to maximize future social security income.  Once we take Social Security we will then reexamine strategy for remaining savings.

Both children are well grounded and saving on their own.  We don't feel like we owe them anything else having funded their college educations.

Between now and then there is a lot of world to see and experience, better to do it while mobile and healthy.

Looked at Long Term Care Insurance but due to A-fib I'm basically uninsurable. Monthly Social Security plus Military Pension doesn't quite cover Nursing home expense, would cover assisted living If required.  I don't want to be a burden on my children.  As my Mom lived to be 93 and my Dad will turn 100 in October I seem to have the genetics for a long life.

I'd personally like my last check to bounce.  Just Saying,'nough said.

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FlyChamps

We of course also have living wills.

Every person regardless of age, assets, or family situation, needs to have 3 things in place immediately:  

1.  Will

2.  Living Will

3.  Letter of Instruction (regarding burial, etc.)

First I'm not an attorney and second your state may vary but here in SC you should have these documents:

1.  Health care power of attorney

2.  Declaration of a desire for a natural death (VERY specific format is required by SC law) http://aging.sc.gov/SiteCollectionDocuments/S/SCLivingWill2000.pdf

3.  Durable power of attorney

4.  Will

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braque du upstate
i don't think i could handle a nursing home. spent the spring semester working at one of the best in the country. one of my residents was filthy rich . talk about a angry sob. guy had millions upon millions. family had him locked up. good stuff to think about... dementia/ aging  is a mother .

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SODAKer
Although not retired I sorta lived that live during my late twenties thru 30s. Worked evening shift, made my own schedule with in reason and had a lot of leave. Basically played golf, hunted, fished or whatever every morning and got to work by 3pm.  That changed a bit about twelve years ago but still mange to do quite a bit with the leave I have. Key is to live below means, save, invest and be as smart as you can. Keep expenses in check etc.. I kinda see retirement working the same way with a few differences namely health care and there are ways to manage that relatively speaking. IMOP to wait until retirement to do some things is a risk. Once retired then it is a matter of good planning, keeping things in check and some luck. I'm seeing a lot of older friends (mid 70s) starting to stay at home after retiring and traveling for a few years afterwards. As more than one has said, "the mind says yes you can, but the body shows you it can't." Live it within reason while you can.  By the way congrats to all who have retired and are close to it!

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