3 Replies Latest reply on May 9, 2009 5:53 PM by Rubiosa

    Not Yet

      I am not close to even think about retirement  cause I am just 56 but for those that have what do you have to do to get ready for the time? The times really seem to fly by. Any help will be happy.
        • Re: Not Yet
          Hello, PNC.  Even before this significant financial crisis I had decided to postpone my own retirement
          until 2012, i.e., approximately three years from now.  I intend to enter the retirement phase of my life
          at approximately 63.75 years of age.

          About nine years ago, before I narrowed my retirement window, when I was in my early fifties, I developed a great
          excel workbook with individual worksheets for the prospects of retiring in different years.  I spent lots of time
          thinking about my anticipated retirement expenses, built in an inflation factor, and also calculated my anticipated
          retirement income.  It has been a very valuable personal education tool for me and gives me a very realistic
          snapshot of my financial future.

          I am planning to move to a smaller residence, possibly overseas, when I retire.  To this end I am giving
          myself sufficient lead time to get my house market-ready [won't be selling for about three  years].

          I have also given thought to what activities I might want to pursue in retirement.  In  my case I started
          volunteering at our city [Seattle, WA] art museum and will be happy to continue with that until I possibly
          move out-of-town.  I have got more active in grassroots community betterment--both here and in the
          overseas city [Edinburgh] where I hope to retire.

          And, as I have been inconsistent in this, before I retire I hope to have been able to cultivate regular
          and beneficial exercise routines to maintain bone density, muscle mass and balancing ability for my
          older years.  This goal I have had on the back-burner for a while  now; I am going to take advantage,
          I think, of the upcoming good old New-Years-resolution opportunity to get going with it.

          Best wishes,

            • Re: Not Yet

              The more things change, the more they remain the same!  I had planned to retire in 2003, but due to the stock market decline at that time--taking my investments with it--I postponed retirement until 2005.  The additional time also allowed my pension to increase, which is fortunate in light of what is happening to my investments now. By some belt tightening, such as travelling a lot less than I had planned, I have not had to dig into my investments to any great extent.  One of the things which I found most useful in determining when I could actually retire was to take a worksheet (available in a number of sources) and honestly estimate current income and expenses versus what can be anticipated in the year of planned retirement.  When I retired, I found that I was pretty close to the mark on what came in and went out during that first year of retirement.

              Best of luck!


                • Re: Not Yet
                  At 56, with about ten years to go before retirement, I'd say you might consider your asset allocation. Generally, your age in TIAA Traditional is a pretty good idea. Best wishes