Retirement In 9-10 Years

Red Solo Cup

Red Solo Cup

Inspired
Hopefully I can get there in 9-10 years. Any advice from those who are there on what I need to focus on to maximize my time and investments until then? I plan on fishing a lot and not catering to external obligations, etc.
 
It’s hard to give financial advice in such crazy markets, especially without specifics on your financial portfolio and retirement goals now. But if your glide path is 9-10 years out, there are some time-proven tips you can focus on:

Investments: You should start moderating your exposure to risk. Of course, you can’t totally eliminate investment risk, regardless of what some TV/Internet content might say! But as your timeline to recover any losses narrows, your exposure to risk (generally your stocks/bonds mix, as a generic set of terms) should reflect that.

Personal Finances: Eliminate debt, especially the unsecured type. Every outgo item you eliminate constitutes a “raise” to your retirement income. And, although your saving slope may drop significantly in retirement, budget so that you can keep saving for anticipated expenses like vehicle replacement. Something needs to tow that boat!

Personal: Have a plan for personal growth and health maintenance. Do things. Learn. Exercise. Once the influences of work are gone, you’ll be even more able to focus on bettering so many aspects of your life. Don’t just retire… live!


Ive been retired from a long law enforcement career since 2019. I was Chief of Police the last six years, and in the command staff for 14. In a lot of ways I just thought I’d slow down in retirement after 30+ total years of that 24/7/365 ride. And for a little while, I did. But I’m now enjoying a busy life on my terms, and I have found no negatives at all in retiring. I do miss some of the interactions and challenges of a rewarding career I remain very proud of, but those have been replaced by challenges and the fun of “playing in the post-season.” It’s not about money… I make a third of what I did working. But I knew that, planned for it, reduced my income requirements ahead of retiring. If you do the same, and plan what you’re getting to rather than what you’re escaping from, you’ll love it too.

Best of luck to you!


Edit: Here’s an article by Christine Benz, a very solid asset manager, on that pre-retirement time line. It might be a worthwhile read.

https://www.morningstar.com/article...ewsletter_improvingfinances&utm_content=39366
 
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Rick said:
It’s hard to give financial advice in such crazy markets, especially without specifics on your financial portfolio and retirement goals now. But if your glide path is 9-10 years out, there are some time-proven tips you can focus on:

Investments: You should start moderating your exposure to risk. Of course, you can’t totally eliminate investment risk, regardless of what some TV/Internet content might say! But as your timeline to recover any losses narrows, your exposure to risk (generally your stocks/bonds mix, as a generic set of terms) should reflect that.

Personal Finances: Eliminate debt, especially the unsecured type. Every outgo item you eliminate constitutes a “raise” to your retirement income. And, although your saving slope may drop significantly in retirement, budget so that you can keep saving for anticipated expenses like vehicle replacement. Something needs to tow that boat!

Personal: Have a plan for personal growth and health maintenance. Do things. Learn. Exercise. Once the influences of work are gone, you’ll be even more able to focus on bettering so many aspects of your life. Don’t just retire… live!


Ive been retired from a long law enforcement career since 2019. I was Chief of Police the last six years, and in the command staff for 14. In a lot of ways I just thought I’d slow down in retirement after 30+ total years of that 24/7/365 ride. And for a little while, I did. But I’m now enjoying a busy life on my terms, and I have found no negatives at all in retiring. I do miss some of the interactions and challenges of a rewarding career I remain very proud of, but those have been replaced by challenges and the fun of “playing in the post-season.” It’s not about money… I make a third of what I did working. But I knew that, planned for it, reduced my income requirements ahead of retiring. If you do the same, and plan what you’re getting to rather than what you’re escaping from, you’ll love it too.

Best of luck to you!
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Great post!
 
Be glad it’s 9-10 years instead of 2-3. If you have cash sit on it for now. We may well be in for a large downturn per the big guys in investing. Hopefully not. If it happens it will be an opportunity to get good returns on your investments. Stay diversified to minimize risk. Save as much as you can. I’m in the 3 year range. It’s unfortunate timing but that’s life. Medical insurance is a major concern for many retirees. That may or not be a concern for you. Best luck!
 
Manny Fufish said:
I have been retired for 25 years now. Currently 52 years old. Strongest suggestion is find something you love that pays back in a rewarding way. I dedicate much of my time to charities I believe in. That last thing you want to do is stop working all together.

Hope it helps.
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who are you?...lol
 
Manny Fufish said:
Batman… hahaha
I was at Microsoft just out of college over the early 90s where they paid is in stock. That stock skyrocketed. Right place right time is all…
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Oh what a deception, I thought you were a reverend, the Elvis type.

Just kidding; sounds great !
 
Congratulations,

I'm a few months away and have been preparing for a frugal retirement existence.
Replace all the appliances, electronics, plumbing fixtures, heaters/coolers/, floor coverings, curtains, guttering, etc. Basically, all the big-ticket items should be new as you head into retirement.
Make sure you have your motorcycle like new - or at least have the parts available to make it that way in retirement.
Get yourself a quality anchor winch for the boat.... While we are on the boat, get new electronics and an outboard for it. Who wants to lift an anchor at that age?
Buy a new Japanese car (Not one with a CVT transmission!) as your 'retirement car'.

Basically, try to ensure that you are surrounded with quality 'stuff' that shouldn't break down or wear out in the next 20 years, so you don't have to fork out on any major expenses. Of course, some things will break unexpectedly, but you've done what you can!

Another option is to be filthy rich in retirement - unfortunately, not possible for many of us.

Thanks
Pauly


Red Solo Cup said:
Hopefully I can get there in 9-10 years. Any advice from those who are there on what I need to focus on to maximize my time and investments until then? I plan on fishing a lot and not catering to external obligations, etc.
Click to expand...
 
Manny Fufish said:
Batman… hahaha
I was at Microsoft just out of college over the early 90s where they paid is in stock. That stock skyrocketed. Right place right time is all…
Click to expand...
Ahhha ...so it's you Bruce...lol..
48 here...waiting for my daughter to finish univ...and prob by the age you are now I will retire in a warmer place...narrowing them down now ... here it's 1/2y winter...f..k that!
 
I just turned 66 and plan to cut back on my music teaching schedule ( I teach private lessons to 30+ students 3.5 days a week)
We've done ok with investments and a rental house for added income. I plan to start drawing SS next Jan 2023.
Deciding how you want to live determines how you retire: travel, health, family etc.
I plan to keep teaching and I work part time as a musical director for a church on the weekends.
Your health is the most important thing: you can have all the money in the world, but if you are not healthy, its not going to matter.
Looking back, I wish I would have started saving more earlier. I've always been a working musician. But I'm thankful for good health and a low mortgage. Plus I love playing music .. I plan to keep playing as long as I get invites.
 
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