Issue link: http://digital.corporatepress.com/i/886821
Grace Magazine | www.fbcglenarden.org 7 wrote Bunnee Butterfield of Edmonds, Wash. Butterfield said she and her husband have enjoyed traveling extensively the past few years. "Our financial adviser has a philosophy that encourages us to do things now that we probably will no longer do in another 10 years." Leeann, 62, wrote: "I am divorced with three grown kids. My 'living large' has been travel and service. I committed early to saving for retirement in a systematic and consistent way. I plan to work until my mortgage is paid off at 66. I have a long-term care policy and about $1.2 million in pretax accounts. Spending the money to travel is a bit outside my comfort zone; but I'm sticking to my financial strategy. My only regret: I wish that my husband and I had traveled before we had children. But we were consumed with starting our careers." Ellen Rittenhouse of Kent, Minn., wrote, "After retiring from my professional job nearly 15 years ago and from my second job (home business) six years ago I define the ant/ grasshopper dilemma differently. In my younger years, there wasn't time or money to do the fun things I desired such as extensive travel. Now into the fourth quarter of my life, I'm finding that 'lifelong learning' is a concept that I can do wherever I may be. I have the time to explore the many advances in new fields of interest." Now for that advice from a pretty wise millennial, who participated in my online chat last week: "I am at the upper age range for the millennial generation. Growing up I observed the relationship my parents and sister had with money. Dad and sis weren't good, but mom was. She was also smart to have me sit with her and watch/help her as she went through the bill-paying process: watching and mailing checks, balancing the checkbook, filing paid and unpaid bills to know what was done. It, along with the general middle- class upbringing, helped prepare me when I struck out on my own. I have a stable job, multiple retirement accounts (401(k), Roth IRA, pension), and am still learning what my future could hold as I help my parents through their retirement process with Social Security and Medicare. My advice to my generation: Don't live by FOMO (fear of missing out). Be brave enough to say no now so you can say yes to bigger opportunities later. And even if/as your career grows and you make more money, keep living cheaply and smartly as before to keep perspective." I'm so proud of this young person. Retirement rants and raves I'm interested in your experiences or concerns about retirement. Did you retire early and if so, how did you do it? Is retirement everything you hoped for? Are you scared you'll run out of money? Your sharing might help others. So send your comments to colorofmoney@washpost.com. Please include your name, city and state. In the subject line put "Retirement Rants and Raves." Lucas from Springfield, Va., had a rant. He and his wife are both 57. "I retired at 56 from my career as a government employee with a $1.06 million Thrift Savings Plan (TSP) account and a $300,000 IRA. My home is mortgaged at $300,000, and I have no other bill or outstanding loans. We have about $100,000 in savings, which we use in combination with my wife's salary to supplement our $7,200 monthly expenses. I receive an annuity of $4,000, which includes a $1,500 Social Security supplement until I turn 62. My biggest rant is the lack of guidance on a withdrawal strategy to sustain retirement." The couple is concerned about how to tap their savings so that it lasts. "We are deluged with advice on how to save, but are on our own when it comes to planning how to spend our savings," he wrote. If you are working with a competent financial planner, he or she should be discussing how to draw down on your savings. There is a lot of debate and advice about withdrawal rates in retirement. Columnist Barry Ritholtz, who founded Ritholtz Wealth Management, talked to Nobel laureate William Sharpe about the challenge of figuring out retirement spending. Read: Tackling 'nastiest, hardest problem in finance': Using savings in retirement For practical advice on this issue read: — Wise withdrawal strategies — 6 Withdrawal Rate Rules to Make Your Savings Last — New retiree withdrawal rate: Goodbye 4%, hello age divided by 20 Retirement blogs I believe that wealth happens intentionally and that means for me reading as much as I can about all things financial, especially retirement. In this section of the newsletter, I'll feature postings from various retirement blogs. continued on page 9