Start Getting your Ducks in Order

 It's the Labor day weekend, the last weekend of summer before fall hits. The days become shorter, the weather gets colder. It's time to change out your clothing inventory to prepare for the season. As we also change our clocks soon to fall back an hour, it's also a time to get your finances in order to assess where you are financially and also mentally. 

Am I on track to begin this journey to retire in a couple of years? Last week, I began looking at my finances. Right now, I need to "change" my frame of mind on this journey to eventually retire. 

Marin RV Park, CA 

MENTAL HEALTH 

I may be young to even consider retiring, but I think I'm ready to try other things as well. For the last 35+ years, I've held a job full time for the most part, except in 2002, where I took a year off to travel the world for a year. So no income was earned. Today, I'm examining my frame of mind to see if I'm going at it right. 

1. Am I really ready to retire? For the last few years, I've been hearing from friends and colleagues who have taken the next step in their working lives to leave their full time job and retire. Recently, I visited friends who were staying at a nearby RV park. I took a ferry over to their park and spent time with them and really asked them how they are feeling being fully retired. One noted, that they "wished they retired sooner". Both were under 60 years old when they retire. I imagine their finances were in order when they did it, but not sure how their mental were when the finally pulled the trigger to leave. I think I have to really be sure I have no regrets when I leave a full time job and venture to something new and different. I think this will be one of those things where I'll ponder if I did the right thing or not. 
   
   
2. How will I fill my days not working? This one is yet to be determined, but at least I'm asking the question, when your working, you have all this grandeur ideas of doing this, doing that, but when I'm asking that question, I have security, I have a job, no risk. But, when I ask this same question, I'm a little more measured in my answer, I don't have a job, I don't have yet an ideas on what I'd like to really do, my mind hasn't been set on this yet. I could revert to my hobbies, i.e. playing tennis, running, traveling, but will I be doing this alone or with others?  Will I end up reverting going back to work? So many thoughts in my head on how to approach this instance. 
   
   
3. Will I want to live in the same area after retiring? The only reason why I'm still living where I live is because of proximity to work. Some of my social connections are here, not many, but some. The location is central to where I'd like to live, there's familiarity, structure I'm use to. No adapting required. I could leave the city, or leave the state, or even live closer to relatives or friends, but how would I feel or how would they feel when they realize I've moved closer to them? Appreciated? or too close for their comfort? I hope my goal is to be content on where I land. This is one I'm quite not sure yet. 
   
   
4. Will healthcare be more accessible or not? What happens if I get injured or incapacitated? Will there be someone or a place I can turn to with ease? Will I be ready. I know healthcare is available when needed, but will it be centrally located for me to have access? Or do I even need to be concerned until I get way older? This is a mental health crisis I need to be prepared for when needed. 
   
   
5. Will a change in my relationship affect my retirement plans? As a single man, I have the ability to come and go as I choose. But if I'm in relationship, how will I manage this instance? Do I live on my own still and just meet up at each other's place and alternate? Do I move in, do I move to where that person is or vice versa? I think my best take is to be steady in my current situation and not may drastic changes, unless I'm absolutely sure it's the real thing. But again life is not guaranteed. 

Puerto Vallarta, Mexico 

One thing for sure is, I can make choices, but the choices I make will have an overall mental affect on me, possibly regret. But if I recognize the challenges, and adapt, I think I might be alright. I can always change my mind. But clearly, I want to make sure I feel good about my choices as I venture into my plans to fully retire. In the meantime, be happy and enjoy the sunshine. 

It's happening, I'm planning on retiring!

Well, it's confirmed, I'm fully engaged in planning to retire in 2025. Why 2025? Well, I'll hit 60 and I think I've worked long enough to really take in the moment to call it quits. I'm excited, it's surreal, and at the same time I'm afraid and hopeful that this move will be what I hope for.

I'm surrounded by a number of friends and colleagues who have left the corporate, job, world to pursue other passions or adventures. I've thought about it for a few years now and it's slowly becoming a reality for myself. I know I'll have to figure how to navigate this route to get there. I have a feeling, I have to deal with finances, where to live, how to adjust a new life after working for so many years. I'm not sure where to begin, but I'm hopeful writing this blog helps be sort things out in my head and putting it in perspective on a blog to document my journey. 

Cross fingers, I'm doing this right. It can be lonely, but hopeful again the word hopeful, I did the right thing. 

FINANCES

First off, my first question will be, can I afford to retire? Many of us will have to address the elephant in the room, do we have the money to make it? I would say, maybe I'm 70% there? But, I have to see what number is it to say, I can afford to make the move. 

I read an article that said, you should be able to retire comfortable if you've saved 8x your annual salary.  But it all depends on your way of life after retiring too, it may be enough for one person but another may need more. Here's the article among others that say you should have this amount by retirement. 

How Much Do I Need to Save to Retire? 

Let's say you make $50,000, you'll need to have $400,000 at the time of retirement (for me at 60) and should last you, oh I don't know maybe 25-30 years after leaving your job? That's a tall order for many of us. Who has saved that much when housing and other life circumstances are so expensive? 

I'll need to put together a spreadsheet that helps me see where I'm at to get to this amount. 
In the meantime, I need to save like crazy if I need to reach that goal. Stay tuned, I'll see if that number is even remotely close to my goal. 

Back to the question, am I ready to retire? Let's do this!