How long do you expect to be retired?

Discussion in Retirement Plans started by Lostvalleyguy • May 2, 2014.

  1. Lostvalleyguy

    LostvalleyguyActive Member

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    This is a bit of an odd question but it is something we need to think about when we are planning for retirement. Some people plan to have a lump of money that they intend to draw down in their retirement while others expect their retirement savings to produce a sustainable income for them. In some cultures, it is expected that the parents will live with the children later in life and in others each generation remains separate.

    Do you plan on living to 80 or 100? How we plan our retirement depends a lot on how long we live. If we expect to retire at 65 and live only to 80, we can draw down our savings. If we want to live to 100, we have to keep our investments growing to keep up with inflation and keep us in cash. When you set your retirement goals, are you planning on 15 years or 40?
     
  2. Denis Hard

    Denis HardWell-Known Member

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    I am self-employed so retirement isn't an option for me. Fine, it could get to a point where I have to hand over the reins but that would be when I'm a bed ridden and I've lost my sight.

    For those of you who have a regular job, I believe you should save as much as you can because if you think you'll live only to 80 and only save enough to last you that long what will happen when your savings run out? Try your hand at begging or impose on your kids to bail you out? What if they have financial problems of their own?
     
  3. whnuien

    whnuienActive Member

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    This is a very interesting question to think about. In my country it is so normal for parents to stay with their children when they are old. If they have 4 or 5 children then they will keep moving between each of their children's home. I'm actually planning to have my mother living with my family soon but I have another 6 siblings who want the same thing :D

    As for myself, I have a small land under my name and I'm going to keep that for my retirement. And of course I will save as much as I can save while young. I have a kid so my plan is to live for as long as I can and I will work for as long as I can too.
     
  4. DancingLady

    DancingLadyActive Member

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    I do not plan to retire. If I am physically capable of doing some job, I intend to keep working at least part time. I can't imagine what I would do with myself if I did not have a job, and through work, I get to interact with so many more people than I would if I was just going to a few groups here and there as many retired people do, if they even get out much. I don't see retirement as a reasonable possibility for most of my generation anyway. Way too many of us are working our tails off just trying to survive the next month, there is no way to save when the basic necessities are all your income covers.
     
  5. Andrea Phillips

    Andrea PhillipsActive Member

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    I plan for long range retirement and you are right, money has to continue to come in through investments or whatever. There is so much uncertainty that retirement money owed us, will even be available. So, it is wise to start now with a personal plan to ensure a continual flow of money.
     
  6. frugalmarcus

    frugalmarcusNew Member

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    Its really hard to pinpoint the exact spot where I would be ready. Some days I wish I was already retired, even though I'm not even 30 yet!

    But then again, I love doing, I love creating.

    I don't know if that day will come, maybe it is when I no longer can move around without pain, or maybe it's the day when I can no longer get out of bed, or open my eyes.