No. of Recommendations: 0

You have some serious expenses still in the mix. However, your occupation also gives you many advantages. Good for you.

Thankfully, when we were forced to retire (I was laid off at 58 and she had to quit teaching toi care for her ailing mother), all of our kids were grown, through college, married and on their own, though I still had some of those infamous "college loan coupons" to pay (as did the kids)!

That said, you sound like very sensible people in that, unlike many, you're planning and actually beginning to cut back to see what it's like. Will you stay where you are or will you plan to move to a retirement location elsewhere? Selling our first home enabled us to pay off literally everything, plow a big chunk into reducting this mortgage to a very small amount, and even adding onto this home for cash.

Yes, I had done a careful "plan" showing what I expected to have to pay to live when we retired. I looked back at that the other day, in fact, and kind of chuckled! It wasn't TOO far off, except for health insurance (!) which doubled in 4 years, and some other expenses, like gasoline and heating oil.

I have to confess that our "nest egg" was and is only a FRACTION of that $1 million, so we have to really watch it like hawks! (If we had $1 million, I'd feel very rich, indeed!) For me to start taking even 6% per year, without doing anything to actively sustain it, would be a disaster.

Right now, this market gives me the willies, needless to say, so I;m trying to carefully balance SOME growth in good stocks with cautionary shifts to "safe" places, including certain mutual funds.

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