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  • UncleMac
    UncleMac Posts: 11,494 Member
    @mtaratoot, I'm still trying to figure out what cash flow looks like in retirement. Although it's been two years, my budgeting efforts have been ruffled by a couple of good problems...

    Year one, I had a severance package... which pushed me into a higher tax bracket.

    Year two, after a four year battle, my former employer finalized a multiyear labour contract with the newly minted union which included backdate raises... This meant I got retroactive pay as well as cascading impact in that it raised my best five years (positive impact on pension) and my severance (likewise). Again, I ended up in a higher tax bracket but this time I planned for it...

    As I've just started year three, I'm going to be relocating... a benefit from my previous employer as they'd moved me for work purposes several times. So again, there will be financial disruptions and tax implications...

    On the upside, I've noted the reductions in costs typified in retirement...ie: commuting costs gone etc...
  • mtaratoot
    mtaratoot Posts: 8,278 Member
    Commuting cost savings won't be much. Just bagels. I was almost exclusively a bike commuter. So maybe tires every now and then.

    I have a pretty good idea what my pension will be. It's based on a formula, and I have what I think are all the relevant data to figure it out. I also ran several benefit estimates online, and I've had them make a few written ones in the last couple years. So I'm just waiting to see what it will be. My second month's payment will include a COLA so should be a little higher. Another unknown is when they will roll out another portion of my retirement benefit; I am moving it to another investment. Depending on how markets move, the final cashout could be larger or smaller, and depending what happens between the time they cut the check and I get it in my hand and mail it across the continent I might be buying more or fewer assets. Oh well.

    I think I will be OK. I think I have a 90% chance of not running out of money. That's not bad. I just need to maintain the meager lifestyle I've maintained the last 30 years. At some point I will need to replace my truck. I bought it new in 1997.
  • UncleMac
    UncleMac Posts: 11,494 Member
    At least you're planning it out. It never ceases to amaze me when people start talking about retirement before they look at financial planning. Here in Canada, that's shockingly common.
  • mtaratoot
    mtaratoot Posts: 8,278 Member
    I've been planning for about a decade and saving even longer. Yes, it's amazing how people often don't think about it. It's even more amazing when they rack up debt to buy new cars, boats, or whatever and don't have anything in the bank for themselves. I ran into someone just today who came to pick up the giant pile of garbage we pulled out of the river. He works for the outfit I used to work for. He's been working more years than I have, and he's eligible to retire, but alas he can't because.... not there yet.

    The other unknown is what's going on in the economy and markets these days. All the preparation may help but not be enough if I got the timing all wrong.
  • UncleMac
    UncleMac Posts: 11,494 Member
    I've got a foot in Canada and one in Texas so I'm quite aware of the current economic conditions in both... and yes, it's quite worrisome. My wife and I are both keen to start gardening...
  • jastrino1235
    jastrino1235 Posts: 5 Member
    I’ve been retired since October 2019. Have same family financial advisor for over 35 years. In decent financial condition now. My advisor actually telling us to enjoy ourselves! Now I am “enjoying” eating more. I am at the highest weight since retiring. When I was working, my wife and I were working out more regularly because we had to fit it in with my schedule. Now that we have a much looser schedule, we lost that “motivation” to get up and get out. Also too much TV. But joining this and other discussion groups, I hope to get back on track and avoid the yo-yo eating/weight gain.
  • mtaratoot
    mtaratoot Posts: 8,278 Member
    @jastrino1235

    Welcome. I hope there's value here for you. I've only been retired a few weeks, and the scale is telling me that my routines need some polish.
  • AnnPT77
    AnnPT77 Posts: 25,689 Member
    Speaking as a retiree with some practice at it (I retired in 2006): The retirement schedule flexibility also permits increasing active fun, if you make those choices.

    I'm careful about "dosing", i.e. gradually increasing activity, and managing overall volume/intensity . . . but my total active volume is higher than I could fit in, pre-retirement. So fun!

    It's a great time to try some manageable new stuff, too. 😊
  • mtaratoot
    mtaratoot Posts: 8,278 Member
    @AnnPT77

    Funny you should mention that.

    I sent a note to a friend "from work" about playing Ultimate and surprising myself at how well I did. He replied, "I expect you to get in better shape the longer you are retired. All the free time without the stress."

    I sent back a note that I think just the stress reduction has improved my performance.
  • jastrino1235
    jastrino1235 Posts: 5 Member
    @AnnPT77
    “Dosing” looks like a great idea. Last week I did 3 days in a row of hard workouts. I was sore the next 3 days. I am not 30 years old anymore ☹️ Today I did a spinning class. I think I will do only a light walk tomorrow. I need to be patient with this “new” old man.
  • juliejames200
    juliejames200 Posts: 8 Member
    Hi, I'm Julie. Looking for motivation and accountability. I'm 53 and have a lot of weight to lose. I live in Nashville, TN.
  • mtaratoot
    mtaratoot Posts: 8,278 Member
    Welcome in in!

    In the long run, building healthy habits will win over relying on motivation. Motivation is a limited resource, but you still have to do the things with or without it.

    Give my regards to The Parthenon next time you see it.
  • UncleMac
    UncleMac Posts: 11,494 Member
    Hi, I'm Julie. Looking for motivation and accountability. I'm 53 and have a lot of weight to lose. I live in Nashville, TN.
    Welcome aboard!!