gig101 said,My mother is 89 and did not actually touch her capital until she was 84 and needed to move to a retirement home and out of her apartment.She loves her new life and I am so glad that I don't have to fund it or move her to a less nice facility. However, because of watching her, I will probably work longer than I might need to. It scares me when I see friends who are 62 and retired dipping into their capital not just living off the income it produces. If they live into their 80's which their parents have, they run the risk of being broke. They live frugal, bare-bones lifestyles but medical/house expenses keep cropping up. I think that it is less stressful to work a little longer now than worry about money later. I am lucky in that I like my job but do work hard. I'm not sure that when I'm 65 I will want to be running around in a busy hospital. I will have to see how I feel as the time gets closer. When I get tired of my job I try to think of the things about it I like and it helps moderate my feelings. I agree that it makes more sense to work a little longer while you are young than to have to stress in your later years. However I believe that to avoid touching the principal after retirement is not a good approach. For one thing, it could dictate that your spending patterns would need to change from year to year. I have found that a much better approach is to determine a safe withdrawal amount (safe = low probability of running out of money) and then withdraw that amount of money every year, adjusting the rate for inflation.
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