It takes a decent amount of self discipline to save large amounts in a 401k (especially in non bubble eras).
People who have spent their whole lives saving as much as they can - are unlikely to suddenly want to live a “lavish” to lifestyle.
That’s what my kids are hoping for!!!
The woman who saves enough to fund a lavish retirement, still drive the same old stick shift pickup!
Lavish retirement, for me would mean living well beyond current lifestyle/standards.
The type of retirement where you say you deferred or “didn’t live it up” in your working years because you saved that for retirement years. i.e. travel and trips you didn’t take, but will do so in retirement - go to exotic places or resorts. Kinda like hitting a lottery and living it up.
The other scenario is you can’t do the above and you have to downsize and tone down the current lifestyle because you don’t have enough funds in retirement and now need to economize. Lots of folks are faced with this prospect for retirement years.
And somewhere in between the above is maintaining your current lifestyle/standard of living … where even without the working income, your retirement and other investments can support you in your retirement years.
I know folks who are planning (expecting) to do “live better” in retirement.
401k’s can’t be tapped into during working years (without withdrawal penalties), so someone living the high life now isn’t using their 401k to do so. They can either afford it, or they’re overextending themselves, but their401ks should still be intact.
Not a stick but ice. I had to ask the guy at the National/Emerald Club today to show me how the fancy car works.
You’ve earned it!!!
I made him turn off the part where it cuts out at a stoplight. I hate it. I miss my truck.
I disable that as well. I like hearing and knowing the engine is running. I also disable the automatic lane correction.
Since this is a retirement thread, whatever cars I drive in retirement will those “features” turned off, always.
Eventually I want to work race control. When I get a higher marshal license, it makes getting into LeMans easier. Monaco will never happen because they have a very closed group for that race.
So, I looked at how my various accounts are doing with an eye towards retirement. I think they look good. Meeting with our financial advisor this week for his set of eyes. Hopefully I’ve not missed anything big.
Right now, plan is to give notice after the end of year. That keeps me eligible for the full bonus. I don’t think I have to stay through March when it’s paid out, which would be nice.
It does feel weird to be leaning this way though. We’ll see.
I suggest you get a free two week trial at boldin.com and model your financial situation. Among other things, going through the exercise might point out things you haven’t thought about.
(I have no connection whatsoever with boldin.com)
We walked the Camino Frances in 2018 after I retired - this is the most popular camino - about 500 miles or so. We took 6-7 weeks to walk it. Very few folks go with tour group, most prefer to walk at own pace, take rest days and etc. We made reservations same day, or day before. We even flew one-way and didn’t get return flight till we were ready to come home. This camino is getting more and more popular - so I can’t speak to the need for reservations today.
In 2022 we walked a section of the camino from England to Rome - we ‘just’ walked through Tuscany. Absolutely gorgeous.
This Fall we walked the Portuguese Camino, up the coast and to Santiago Spain. Took 2 weeks. This is a splendid saunter. We made reservations first few days ahead - then walked day by day the remainder.
Key take away for me is the simplicity and FREEDOM of the walk. I can’t find the words to describe the lack of appointments, chores and obligations . . .
So jealous. Just awesome. Looking to retire after next school year and then go the French way in the fall. No plans to go with a group just have seen some companies that will book hotel reservations for you. Anyway - sounds great!
So, I’ve had time off between xmas and new years and not doing work stuff at all. Work resumes this week. Yeah, I’m not motivated enough to stay.
The prospects of doing my own things with my own time is more enticing than returning to work as usual. I have a 1:1 later today when I’ll give my notice. I’m usually very calm and collected at work. But feel still feel some trepidation with this decision. After all, it’s not the kind of meeting I’ve ever had before. Normal?
This is wild guess since I know so little. But I think you are not anxious about giving up work, but the routine. If so, that is your answer.
Could be. I’m generally a creature of habit. And work is fairly structured.
There’s that scene from No Country For Old Men, where Tommy Lee Jones’ character is retired and sitting at his kitchen table with a blank look and the wife asks what he’ll do today. He doesn’t really know. Says he might ride (horse) or something. I would hate to be like that. Although I would like the freedom to ride (the bike, on a nice weekday morning/day).
I understand where you are coming from. I’m 52 and every time I come back from vacation it gets harder and harder.
My dad died the day before Thanksgiving - between planned vacation days, holidays, and funeral leave I have only been online 8 days since November 25th, and those were all around Christmas so nothing was happening and I would really just spend my time watching youtube, I think I went in to the office once or twice in there.
I’ve never really craved retiring. But man, I could get used to not working pretty easily. My house is spotless, I had time to exercise, all the maintenance projects got done, I was able to visit people.
I sure hope they don’t threaten to lay me off and give me severance, that would be an easy choice.
This year? That’s sad and recent news. Sorry to hear that. I imagine your time off under those circumstances probably would be unlike your usual retirement routine if you were retired.
I was in college when my dad passed exactly a month to the day after he retired when he turned 60 (mandatory retirement age at his agency). He (and my mom) didn’t get to do any of their retirement plans - e.g. they had a trip booked to San Diego, which was on their short list to move to post-retirement. I would very much not like to end work, and die.
At this point in my career, I feel like I’ve done a lot and feel like it would be nice to step away. To what is a bit TBD though.
He was 5 months shy of 100 and failing health, so not a shock.
This is the kind of thing that prompted us to start traveling a few years ago. Even if you don’t die young, you don’t have any guarantee that you will have vigorous health for as long as you would like. If you wait until you retire at 65 you may very well only get to 70 or so before you start feeling elderly.