I love to read money makeovers in financial magazines and newspaper business sections. Usually, the story is of somehow struggling to catch up in retirement planning. The people are often disappointed to learn they have to work longer than planned and give up on some dreams.
This time the story was different. Carole and Dave did everything right but are reluctant to stop working. This couple is age 68 and 64 respectively and still work full time, have no debt and own a six bedroom home in California.
Journey to Retirement
The Lutnesses practiced frugality by rarely turning on the air conditioner (despite living in a warm area) and line drying clothes. They drive old cars and use public transportation.
By living frugally they have saved a nice nest egg and have no debts.But they made one crucial personal finance mistake.
They forgot to plan retirement.
In case you don’t click through to the story the financial planner advised the wife retire at the end of year…but only to give her time to get used to the idea. He advised the husband to retire a few months later when he turns 65. He’s not reluctant.
Why? Because he wants them to be able to enjoy the fruits of their labor while they’re still healthy enough to travel.
Their story struck a chord with me because I think people are likely to get so focused on the journey the destination gets lost. My plan is to retire in 9-10 years and travel with my husband while he’s still able.
We will sell our current home and transition to a one story. We may also buy a place in Florida for wintering but there’s time to figure that out.
Do you have a plan of when to retire? Will you sell your home, move or change living situations at all? Just don’t be afraid to retire.
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