Thru Hike When I Retire

[Nanatuk]

I consider the years between 60 and 70 to be my best opportunity to be active and accomplish my bucket list. Giving up any of those years for FT work would be a sacrifice of what I've been working towards the last 40 years. If I work past 60 in my present situation, I don't think I'll be in any shape to do them after 70. If I retire at 60, I think I will be more active and live a lot longer.

The key factors for my retirement planning are:

55, Age is typically the first year you can collect a pension. Typically you can't work FT in the same vocation to collect without the 59.5 penalty
59.5, Age which you can start withdrawing from retirement accounts without penalty
62, Age which you can start collecting SS
65, Age you can go on Medicare. Need a strategy for healthcare from the time your retire to age 65
65-68, Age at which you can collect SS at full benefit
70, Age where you maximize your SS benefit
70, Age where your required to start taking disbursements from your 401k or TIRA

But that's just the details of your plan. The overriding concern in planning always comes back to how long you think your going to live and how to make the money and time run out at the same moment.

[MuddyWaters]

But that's just the details of your plan. The overriding concern in planning always comes back to how long you think your going to live and how to make the money and time run out at the same moment.

You might be amazed at the number of people whose goal is to live off of Interest or earnings in retirement and leave millions of dollars for their kids and grandkids

It's interesting to contemplate if you had money several million dollars and left it to your great-grandchildren so that your children or grandchildren could not spend it how much that could be by the time the great grandchildren were adults.... The biggest problem with accumulating wealth is that people spend the money.... The less they had to work for it the more they want to spend it. I have a friend received $250,000 when his mom died, he bought a brand new truck and a cigarette boat. Could have put that money aside for his kids and grandkids........but nope.

[Another Kevin]

It's interesting to contemplate if you had money several million dollars and left it to your great-grandchildren so that your children or grandchildren could not spend it how much that could be by the time the great grandchildren were adults.... The biggest problem with accumulating wealth is that people spend the money.... The less they had to work for it the more they want to spend it. I have a friend received $250,000 when his mom died, he bought a brand new truck and a cigarette boat. Could have put that money aside for his kids and grandkids........but nope.

I got a substantial amount from my mother. I didn't put it aside for my daughter. After turning some over to various charities, I passed the rest on to her directly - because starting off life debt-free sure beats expecting a legacy later. She called it her 'grandmother scholarship.'

As far as stashing it away to skip generations goes, I think it would fall foul of the Iron Law of Savings: Gains < Taxes + Inflation. But maybe I'm just being cynical.

I don't think it's likely that I'll have grandchildren. Maybe at some point my daughter will have few enough immediate attachments that she'll want to to a Big Hike. More power to her if that happens, She does enjoy backpacking.

[Nanatuk]

Yeah, hard lesson to learn. Instant gratification is easier.

[rickb]

It's interesting to contemplate if you had money several million dollars and left it to your great-grandchildren so that your children or grandchildren could not spend it how much that could be by the time the great grandchildren were adults....

If the great grandchildren have yet to be born, your idea might run afoul of the rule against perpetuities:

https://en.m.wikipedia.org/wiki/Rule...t_perpetuities

Interesting to contemplate why it was established in the first place.

[MuddyWaters]

If the great grandchildren have yet to be born, your idea might run afoul of the rule against perpetuities:

https://en.m.wikipedia.org/wiki/Rule...t_perpetuities

Interesting to contemplate why it was established in the first place.

Doesnt have to:
For example
In 1919, Wellington R. Burt died, leaving a will that specified that apart from small allowances, his estate was not to be distributed until 21 years after the death of the last of his grandchildren to be born in his lifetime. This condition was met in 2010, 21 years after his granddaughter Marion Landsill died in November 1989. After the heirs reached an agreement, the estate, which had reached an estimated value of $100 million to $110 million, was finally distributed in May, 2011, 92 years after his death.^[26]


I think difficulty might be run into in that you might have Many heirs by that time.

[jefals]

I just wish my Granpa had bought 1 original share of coca cola, set it up to reinvest the dividends and left it to me when I hit 65!
Then again, I might have been able to accomplish the same by buying one share of original Microsoft ...
~~~~
how you treat a big inheritance is gonna depend a lot on your life experience and your level of maturity.
if you get that money before you've ever had to work for anything, it might go towards "fast cars, whiskey and loose wimin"! Hopefully, if you get it after having spent 40 years earning a living, you'll understand what it is you've been given and make better choices

[One Half]

Theres calculators that predict based on health data and lifestyle choices. My prediction is 97.

I did a pretty through one a number of years ago. My grandmother at the time was probably 97. She died at 103. So after all these questions the results page loads pretty slow. I start scrolling and miss the "expected age" at the top of the page but I was reading the things that could extend my life expectancy. I am fortunate to have very good teeth but they are very tight and floss breaks when I floss so I mostly don't floss. But one suggestion was that I could extend my life by flossing twice (or maybe 3x) a day, by 6 months. And I'm wondering if it's "worth it." So I scroll back up and see that my life expectancy is to live until 106. I figured that in 60 years if I floss twice a day every day I'll have spent that extra 6 months flossing my teeth. I decided it's not worth it! LOL. I do floss occassionally but not every day. Still have very healthy teeth and gums.

[One Half]

I think it's as much a lack of other responsibilities than financial Independence.

If you have debt you has to service well then you're kind of screwed. Could be mortgage car car insurance health insurance, etc.

If you have to provide for anybody else will your kind of screwed as well.

If you don't mind living the lifestyle bordering on homeless bum, your prospects look pretty good.

As far as retired folk go, unfortunately it takes a lot of money to play everyday. That could be golf, fishing, whatever it takes a lot of money to go have fun everyday. So retired people tend to find things to do that aren't that expensive. A little gardening, work on projects around the house, part time work or even volunteer work to keep them busy. Then you do a little fun things maybe one day or 2 day a week or something

By comparison to some hobbies, hiking is dirt cheap.

It's just not financial for us. We could actually pay our 1 month rent penalty and break our lease today and go hike, financially speaking. But we have a 20 year old son who lives on his own but still depends on us for occassional short term loans of small amounts as he has no savings right now. He's a paycheck to paycheck guy right now. Also, he has no credit cards so when he needs something like new boots or what not, we help him out by ordering it online (just saved him $40 by buying them on Amazon) and then he pays us back. So part of our holding off is to make sure he's better off a bit. By waiting 4 years, my husband will hopefully have 5 years with his current employer and will hopefully have a job he loves to come right back to after we hike. But we are also planning for that to not be the case.

[Kittyslayer]

Thanks to all sharing your wisdom, opinions and links. This thread has been EXTREMELY HELPFUL. Happily one of the calculator links confirms I am still on target. Yeah for me!

Its a hiking based website. Please make the connection to hiking if you want to bring in economics. This thread is getting to the edge of politics. Some enticing economic discussion of opinions where I suspect many would like to chime in but this isnt the Money Mustache website or a Suzie Orman Q&A just as it isnt a food politics, rah rah organic food, or general social or cultural issues website.

Retirement savings and cash flow is the BIGGEST factor in my plans and timing for a thru hike. The fine balance of wealth and health leaves me a narrow window in the overall span of life. Just like dialing in a pack full of ounces and pounds this is critical for me. Hearing facts and multiple opinions, not all of which I agree with, is helpful. This thread is extremely relevant and the discussion and links have been helpful.
Hike your own hike.

[russb]

2026 for me. Retire and thru hike.

[TexasBob]

............... The fine balance of wealth and health leaves me a narrow window in the overall span of life..............

I am in good health and can still do pretty much all the things that I always have but the thing that has surprised me as I get older is how my stamina has decreased. I just get tired faster than I used to when I do strenuous activities. My advice is do your thru hike as soon after you retire as you can and start training as early as you can because I think that makes a bigger difference for older folks than for the youngsters.

[Deadeye]

Any physical endeavor gets tougher as you get older. I was hoping to do the AT after I retire in 2020, but I'm not even able to day hike right now, and long-distance hiking may be a thing of my past. Do it - whatever it is - as soon as you can.

[chknfngrs]

Yep. For me, right now is showing my kids how to carry only what you need and to leave no trace. That’s where I am today. Tomorrow brings its own unique problems but we’ll get there.

Amazing how this thread spawned conversation in a manner I did not anticipate.

[cs2blue]

Retirement is is two and half years away for me. I am starting in two weeks section hiking. That way i can be happy and still work towards the goal of finishing. plus i am good shape for my age and am able to do so with minimal disruption at home. Yeah Me.

[Leo L.]

Not that I've let pass too many opportunities unused in my life, but many times my wife and me agreed in: "we'll do this once we'll be retired".
Now at 60 I've started to develope some minor health inssues, and just 2 months ago got diagnosed cancer.
Right now fighting through chemo (which luckily seems to work) I might emphasize the importance of trying to do "the right thing at the right moment" throughout ones life.
Money, and more money, wo'nt help if, facing the end, you regret not having "done it". Whatever "it" might be in your case.

[TexasBob]

Not that I've let pass too many opportunities unused in my life, but many times my wife and me agreed in: "we'll do this once we'll be retired".
Now at 60 I've started to develope some minor health inssues, and just 2 months ago got diagnosed cancer.
Right now fighting through chemo (which luckily seems to work) I might emphasize the importance of trying to do "the right thing at the right moment" throughout ones life.
Money, and more money, wo'nt help if, facing the end, you regret not having "done it". Whatever "it" might be in your case.

I hope you make a full recovery. Good luck.

[rocketsocks]

Not that I've let pass too many opportunities unused in my life, but many times my wife and me agreed in: "we'll do this once we'll be retired".
Now at 60 I've started to develope some minor health inssues, and just 2 months ago got diagnosed cancer.
Right now fighting through chemo (which luckily seems to work) I might emphasize the importance of trying to do "the right thing at the right moment" throughout ones life.
Money, and more money, wo'nt help if, facing the end, you regret not having "done it". Whatever "it" might be in your case.

Sorry to hear that Leo, be well.

[Leo L.]

Thanks for the kind words!
ATM I'm in a recovery phase between treatments, and took the chance for a two week holiday in my beloved desert, doing short dayhikes and loving every single footstep.
Lets do it as long as we can!

[chknfngrs]

Attitude is the difference between and adventure and an ordeal