Retirement Countdown 2025

As I write this post mid December, I wonder what things I need to gather and prepare for the coming year in terms of retirement planning which also includes tax preparation.  Certainly, I need to organize my paperwork for my finances, and also get all my "to-do" list planned out.  Here are a few points I need to make as the year closes and prepare for 2024.  CHECK LIST Review your net worth statement - It's good practice to compare how you did this past year and last year. Add all of your assets minus your liabilities. From there you'll have a sense of what you have to work with and help you navigate for the new year. In addition, you can make some nice improvements going into the new year.  Review your savings strategy - Are you saving enough? Is there a goal in place to get to where you want to be? What are you saving for, are you on target? These are just some of the questions you should answer to guide you to better saving as you are close to retirement.  Sa...

 When I mean third stool, I mean, one is fortunate to have 3 different versions for access for retirement income.  Personal Retirement Accounts  Social Security Income  Pension  In my case, 3. pension. I'm lucky to be employed with the very few employers that offers pension benefits for employees. I think less than 20% of U.S. employers even offer this type of benefit. Source A pension is basically a set amount of income offered to employees upon their retirement based on a set amount the employee has contributed in during their time of employment. Employers will provide this for the rest of their lives, at times health benefits will be included. Although, the premium you pay after leaving your employer will be slightly more as they will not be paying a higher portion, that portion will fall on you.  In the late 80s if I'm not mistaken, that the advent of 401k accounts were offered to employees. It took the burden off the employer to fund an employees reti...

This is always the question, many who plan to retire are faced with. Do I have enough to retire well?  How do you begin to approach this? Do we base it on our life expectancy? Do we base it on our lifestyle after retiring? So many factors. But here's a few guidelines I think I'd like to apply.  Image Source:    https://womenwhomoney.com/calculating-your-retirement-number/ COST OF LIVING EXPENSES  WHERE YOU'LL BE LIVING  TYPES OF ACTIVITIES  I think to start a conversation with these few key items will help you decide if you have enough to retire.  COST OF LIVING EXPENSES I think this would be based on your personal circumstances. For me, I think as I retire and age in place, my expenses will become much lower. Say, less expenses when it comes not working anymore. No more real transportation costs, clothing, dry cleaning, lunch expenses, etc. Anything that has to be an expense when traveling or dealing with work, expenses will be minimal or way les...

Recently, I took the time to look at my options and outcomes on when to collect social security benefits when retiring. I've been curios off and on over the years on how much I would be entitled upon retiring.  As I get closer to retiring, there are some things to consider when making that important decision.  ELIGIBILITY REQUIREMENTS  Social security taxes are taken out of your paycheck so you can get a monthly benefit in your 60s. Although, these days, quite a few people are considering retirement before 60 but not taking retirement benefits until full retirement age. On the  https://www.ssa.gov/retirement/eligibility  website, it states the following:  You're eligible if:  You're 62 or older  You've worked and paid Social Security taxes for 10 years or more  They keep track of how many years you've paid social security taxes.  Check your Social Security account to see if you're eligible.  PLAN FOR RETIREMENT You can plan for mon...

 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.  Am I really ready to retire? For the last ...

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...

I clearly remembered the day my manager informed us that we needed to leave work that morning to get provisions and shelter in place for the next few days. A local and national announcement was made that everyone needed to head home as a rising case of the Covid-19 virus had begun to climb in numbers infecting people across the country and globally.  Initial reports stated that the virus outbreak started in China in a wet market where several people were diagnosed with a flu-like symptom of Pneumonia. In the ensuing weeks, we were getting reports that the virus reached the United States. We were unable to contain the virus reaching our shores. It was a moment many of us had no idea what was really happening until, the death count began rising. Mask and social distancing became the new norm to avoid any infection and the further spread of the virus. Fast forward to today, Wednesday, September 1st, and I'm reflecting on how far we've come in trying to be safe and contain this vir...