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Taking care of ourselves financially

Started by Doe, January 23, 2012, 08:21:18 am

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Ruth wrote in another thread that

"It used to to seem very simple to me, but now that I'm pushing 60, I find myself grossly uncertain as to how much money to turn loose of and how much to keep put back on a long term basis. "

and Shelby's brought up Dave Ramsey so I thought there might be others as interested as I am in this topic.

Ruth, as I understand it, you need enough money set aside to maintain your current standard of living unless you are going to make drastic changes (sell the house, buy an RV and adventure a la L. Volta).  So if you need $50K /yr to live on now, you'll need investments/pension/SS that will provide that income once you retire.

A couple of years ago, we started a mad dash to pay down all our debt and only have a little left.  We put together a budget that I think we can live on if we retire in a couple of years as planned.  That lets me know how much I can give away or put away for other people.


At this time, we have no debt except for the month to month bills that are paid in full at the end of the month.  We are both retired and right now do not have to touch any of our investments (what there is) to live on.  The time will come when we will have to start taking out a certain per cent of the 401, etc., so I think we will be ok.  Our children (at this time) are all self sufficent that we no longer are loaning money to any of them (one especially).  Our goal is to leave them with one paid for house and two paid for vehicles and if there is anything left over after that, then good.  We are still planning on doing some more travelling while we have the health to do so.

I also have myself a little mad money put aside.  Little being the operative word here!


I was working on paying down all our debts, then we got a teenager back in the house!  Killed that for the moment....
We must let go of the life we have planned, so as to accept the one that is waiting for us. -
Joseph Campbell