"My husband and I are very close to retiring, this year (2012) and we're finding the necessary downsizing quite difficult. Its good to have your encouraging words. My big question is, so you have this money saved up for retirement. Its all over the place, IRAs, Roth IRAs, investments, annuities, some real estate. How does one intelligently turn this into an income stream for the next 30 years? Its one big giant spreadsheet, I'll tell 'ya!
Also, we're having difficulty budgeting for retirement (subset of above difficulty.) Too many factors are just up in the air. So, I gnaw at this problem like a dog gnaws at a bone."
As I noted in my followup response, those are questions that all of us ask ourselves, both before and during retirement. I know I certainly did. In fact, almost 11 years into retirement, I just had a meeting with my financial advisor last week to ask the same first question: how is my income stream looking for the long haul? The answer was quite reassuring but that doesn't mean I won't ask him again in 12 months.
I make it quite clear I am not a financial expert. My satisfying retirement lifestyle has been the result of several factors that have worked out well for me. However my approach may not be right for you. Risk tolerance, overall income, how early you started saving, family situations...all these variables affect how you answer these two questions.
I can direct you to the following posts if you'd like to review what I did. One is a summary of the article in Money Magazine from last fall. The other three involve financial decisions I made or will face:
*Living Well on Less: Thank You Money Magazine
*Retirement Savings: Why is it So Hard?
*One Financial Decision That Could Change Your Life
*Retirement and Health Care Costs: Brick Wall Ahead
In addition to those, I found the following sites on the Internet that address the questions KEL asked. As a necessary disclaimer, I have no connection or relationship with any of these sites, nor does my listing them endorse what they say. However, I thought each presented some information in a way that you might find some direction.
- How To Create A Retirement Income Stream
- Planning Your Monthly Retirement Income
- Preparing to Tap into Your Retirement Income
Since we are all learning together, please comment with a site or two, a book, or seminar course that you have found particularly helpful to you in this regard. Trying to figure out how to not outlive our money while still enjoying a satisfying retirement is a constantly changing equation.
Thanks, KEL, for posing the questions.
I have set some aggressive goals for myself and this blog for 2012. One of them is to increase the number of new people leaving comments, and another is asking new folks to subscribe either by e-mail or reader. If either of these situations describe you I'd appreciate your help in reaching my goals.
If you are already a regular reader or commenter bless you! If you know someone who you think might enjoy this blog would consider asking them to try it for a week or two?
Simply click the appropriate link on the right sidebar just above the ad for the Social Security Retirement Guide. I appreciate it.