How Are YOU Doing On Your Path To Retirement?

I’ve written a lot about my path to retirement.  The savings rates it took to retire at 51 and the choices we made.

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I’ve also stressed that everyone’s retirement path is different.  We each have to find the path that works for us.

I found a great resource that can help you figure out how much you need to save, what savings milestones you should have reached at certain ages, where your retirement income will come from and how to make your retirement savings last.  Fidelity Investments released a series of articles that will help guide you on your path.

How much should you save for retirement?  They say 15% of your annual income.  This includes your contributions + any employer match you receive.  This savings is for retirement only–any other savings goals would be in addition to this 15%. Continue reading “How Are YOU Doing On Your Path To Retirement?”

Time is the Ultimate Limited Resource

I just had a huge, kick-ass reminder that we are not in charge.

Our community lost a friend, a leader, really the belle of the ball on Monday.  Julie was 48 years old, she had a husband and three beautiful, amazing and talented children.  She lived a stones throw from me.  She led a sister company to the one I retired from.  The email from her boss said “we lost our Julie”.

I was friends with her but not in her inner circle.  Her inner circle was strong and deep.  She drew such nice friends to her–gals who really have each other’s backs.  She hosted many of their gatherings at her home and loved the chaos of many people, lots of kids and too much wine. Continue reading “Time is the Ultimate Limited Resource”

Do I Own My Stuff?

I’ve written before that I place too much importance on stuff.  I think this comes from being an insecure kid who didn’t have the stuff other kids in our neighborhood had.  My Dad tells me there was no end to my “needs”.  I was never satisfied.  I’m sure he’s right.  You can’t fill the hole of insecurity with stuff.

As I got older, I was able to buy some of my own stuff.

My parents would match any money saved to buy bikes.  So I saved up, for what seemed like forever, and bought (half of) a new bike.  42 years later and I still remember–Panasonic Sport Deluxe, shiny red.  It was a beauty.  About a week after I got it, I parked it at my best friend’s house and it was stolen.  Never saw it again, I was back to riding my brother’s hand me down bike.

I started to be over-protective of my stuff. Continue reading “Do I Own My Stuff?”

Planning For Retirement?

I had a pretty basic long-term financial calculator for over a decade before I retired.  Building and updating this model helped me stay focused on making smart choices about spending and creating wealth.

I called it retire_soon.xls.  It was so old, you couldn’t have spaces in file names when it was created.  It worked fine as an estimate but wasn’t something I was comfortable basing my quit no-quit decision on.  Though it said quit!

Then my company’s 401k plan introduced a calculator that could tell me whether my finances looked rainy 🙁 or sunny 🙂  It said quit!  But it was like the wizard behind the curtain–I couldn’t control (or even know) what assumptions were being used for inflation, investment returns, social security adjustments etc.  I couldn’t adjust my spending assumptions down as I aged.  I couldn’t vary my investment returns by year–the S&P doesn’t just march along at the same rate each year. Continue reading “Planning For Retirement?”

Retirement or “We Don’t Have To Work Anymore”

Friends of ours just invited us to their “We Don’t Have To Work Anymore” party!  It has been interesting to participate in their thought process as they got comfortable with this decision.

We hike with these friends–a lot.  So we have had hours of conversations about retirement and money.

He was a successful business owner who recently sold his business.  He was to stay on for a period of time but had some disagreements with the purchaser so they figured out a way for him to exit the business.

She has a consulting business that has slowed down in recent years.

So they both found themselves with time on their hands and not enough invested (they thought). Continue reading “Retirement or “We Don’t Have To Work Anymore””