Give all the specifics to you. Current amount you've saved for retirement, your age, how you've allocated your retirement, your expenses, your dreams and goals in retirement. Ask it how to achieve it over the next 'x' years by 'x date' at 'x age'. Then follow up the response with more variables or inputs for refinement. I pay for GPT4 which is more in depth and robust responses. But even the free 3.5 isn't bad so you can get a taste.
Good idea. I'm going to ask it for a withdrawal strategy where I spend more in the early years of retirement while I'm healthy and can still climb Machu Picchu.
Give all the specifics to you. Current amount you've saved for retirement, your age, how you've allocated your retirement, your expenses, your dreams and goals in retirement. Ask it how to achieve it over the next 'x' years by 'x date' at 'x age'. Then follow up the response with more variables or inputs for refinement. I pay for GPT4 which is more in depth and robust responses. But even the free 3.5 isn't bad so you can get a taste.
Good idea. I'm going to ask it for a withdrawal strategy where I spend more in the early years of retirement while I'm healthy and can still climb Machu Picchu.
Let me know the response you get! Would love to compare to GPT4 to see if there's value in what I'm paying for. You can always PM me and I can input and give you GPT4 outputs!
What is smallball? I play basketball. I'm not a regular big man. I can switch from the center to the guards. The game is evolving. I'd be dominAyton if the WNBA would let me in. - Ayton
Here is the first general response which pretty much matches what I was thinking. I wonder if I give it the specifics, if it will give me a specific plan with those assets?
Help me with a retirement withdrawal strategy where I can spend more in my early retirement years.
Creating a retirement withdrawal strategy that allows you to spend more in your early retirement years while ensuring sustainability throughout your retirement requires careful planning. Here's a suggested approach to consider:
Determine your retirement expenses: Begin by assessing your anticipated expenses in retirement, including essential costs (housing, healthcare, food) and discretionary expenses (travel, hobbies, entertainment). Estimate your annual retirement expenses based on your desired lifestyle.
Assess your income sources: Identify all potential income streams in retirement, such as Social Security benefits, pension plans, rental income, or dividends from investments. Determine the expected amount and timing of these income sources.
Build an emergency fund: Set aside a portion of your retirement savings as an emergency fund. This fund should cover at least six months to a year of living expenses to provide a safety net during unexpected events.
Consider the 4% rule: The 4% rule suggests withdrawing 4% of your initial retirement portfolio balance in the first year and then adjusting the subsequent withdrawals for inflation. This rule helps ensure a sustainable withdrawal rate over a 30-year retirement period. However, if you aim to spend more in the early years, you might need to deviate from this rule.
Evaluate a variable withdrawal strategy: Instead of strictly adhering to the 4% rule, you could consider a variable withdrawal strategy. In the early years of retirement, you might withdraw a higher percentage, say 5-6%, from your portfolio to accommodate increased spending. This approach allows for more flexibility and enjoyment during the early stages of retirement.
Regularly review and adjust: Monitor your retirement portfolio and evaluate your spending patterns regularly. If your investments perform exceptionally well or you spend less than anticipated, you can adjust your withdrawals accordingly. Conversely, during market downturns or increased expenses, be prepared to cut back on discretionary spending.
Optimize tax efficiency: Consider the tax implications of your withdrawal strategy. Certain accounts, such as Roth IRAs or Health Savings Accounts (HSAs), provide tax advantages. Strategically withdrawing from these accounts can minimize your tax burden.
Seek professional advice: Consult with a financial advisor who specializes in retirement planning. They can provide personalized guidance based on your specific circumstances and help create a tailored withdrawal strategy.
Remember, every individual's financial situation is unique, so it's crucial to adapt these suggestions to your personal needs and goals. Regularly reevaluate your plan as circumstances change, and don't hesitate to seek professional assistance for a comprehensive retirement strategy.
Try giving it specifics and let me know if the results are different!
What is smallball? I play basketball. I'm not a regular big man. I can switch from the center to the guards. The game is evolving. I'd be dominAyton if the WNBA would let me in. - Ayton
Try giving it specifics and let me know if the results are different!
Will do. Probably not until later. I should have made it already but I was planning on making my retirement budget this weekend. I have a really good idea as I became a master budgeter 15 years ago and have been doing it religiously since then. Have to take out all the old categories that no longer apply and change it up for no more salary income.
Try giving it specifics and let me know if the results are different!
Will do. Probably not until later. I should have made it already but I was planning on making my retirement budget this weekend. I have a really good idea as I became a master budgeter 15 years ago and have been doing it religiously since then. Have to take out all the old categories that no longer apply and change it up for no more salary income.
Thank you! Since you've got a good idea, I'd be curious if you learn anything new that sounds beneficial or if it all just aligns to what you've got in mind.
What is smallball? I play basketball. I'm not a regular big man. I can switch from the center to the guards. The game is evolving. I'd be dominAyton if the WNBA would let me in. - Ayton
Give all the specifics to you. Current amount you've saved for retirement, your age, how you've allocated your retirement, your expenses, your dreams and goals in retirement. Ask it how to achieve it over the next 'x' years by 'x date' at 'x age'. Then follow up the response with more variables or inputs for refinement. I pay for GPT4 which is more in depth and robust responses. But even the free 3.5 isn't bad so you can get a taste.
Good idea. I'm going to ask it for a withdrawal strategy where I spend more in the early years of retirement while I'm healthy and can still climb Machu Picchu.
You can take a bus up to Machu Picchu(I did it 4-5 years ago. Incredible trip).
Give all the specifics to you. Current amount you've saved for retirement, your age, how you've allocated your retirement, your expenses, your dreams and goals in retirement. Ask it how to achieve it over the next 'x' years by 'x date' at 'x age'. Then follow up the response with more variables or inputs for refinement. I pay for GPT4 which is more in depth and robust responses. But even the free 3.5 isn't bad so you can get a taste.
Good idea. I'm going to ask it for a withdrawal strategy where I spend more in the early years of retirement while I'm healthy and can still climb Machu Picchu.
You can take a bus up to Machu Picchu(I did it 4-5 years ago. Incredible trip).
You mean instead of climbing the steps? I want to climb it. Great to hear that it was an incredible trip!
Well there is the road up to the ruins…some people walk that, but you’re mostly just walking alongside a road or cutting through the switchbacks up some steps. Once you are at the ruins, there is definitely climbing still there inside the actual ruins. You can also hike Huayna Picchu which is the peak right above Machu Picchu. There is also the Inca trail which is the 4 day or so trek into Machu Picchu.
I didn’t do the hike up from the little town at the base of Machu Picchu so I can’t really speak to that. We chose to take the bus because it’s fairly steep and mostly it’s just following the road anyways. I also went with my dad who at the time wouldn’t have been able to do that hike and have the energy to still hike around the ruins. It’s all incredible though, so can’t go wrong with whatever you decide.
Well there is the road up to the ruins…some people walk that, but you’re mostly just walking alongside a road or cutting through the switchbacks up some steps. Once you are at the ruins, there is definitely climbing still there inside the actual ruins. You can also hike Huayna Picchu which is the peak right above Machu Picchu. There is also the Inca trail which is the 4 day or so trek into Machu Picchu.
I didn’t do the hike up from the little town at the base of Machu Picchu so I can’t really speak to that. We chose to take the bus because it’s fairly steep and mostly it’s just following the road anyways. I also went with my dad who at the time wouldn’t have been able to do that hike and have the energy to still hike around the ruins. It’s all incredible though, so can’t go wrong with whatever you decide.
Grats on retirement Superbone! Your money is safe because now you are going to become a working musician playing your bone, minimizing your withdrawal rate from retirement.
Good luck in your new job in Buenos Aires Amareisgod! I vacationed there once. Brush up on your Tango.
I’ve never heard of Machu Picchu. (Looking up)… Machu Picchu is a 15th-century Inca citadel situated on a mountain ridge 2,430 metres above sea level. It is located in the Cusco Region, Urubamba Province, Machupicchu District in Peru, above the Sacred Valley, which is 80 kilometres northwest of Cuzco and through which the Urubamba River flows. Most archaeologists believe that Machu Picchu was built as an estate for the Inca emperor Pachacuti (1438–1472).
You want to walk that switchback road? I don’t think so.
I'm 16 years away from 55. I am starting a new job that I negotiated the offer (and they accepted my counter immediately). Very excited as they are global and it's my first stint in a management role. Half of the team is in Buenos Aires and we have 3 projects in the works this year alone which will require 3 to 4 trips (Buenos Aires and a few of our US locations). I plan to ride out my career where I'm going. Just applied for the first time for my passport with that Argentine travel need.
Congrats man! You'll have to post some pics from there when you go.
Grats on retirement Superbone! Your money is safe because now you are going to become a working musician playing your bone, minimizing your withdrawal rate from retirement.
Good luck in your new job in Buenos Aires Amareisgod! I vacationed there once. Brush up on your Tango.
I’ve never heard of Machu Picchu. (Looking up)… Machu Picchu is a 15th-century Inca citadel situated on a mountain ridge 2,430 metres above sea level. It is located in the Cusco Region, Urubamba Province, Machupicchu District in Peru, above the Sacred Valley, which is 80 kilometres northwest of Cuzco and through which the Urubamba River flows. Most archaeologists believe that Machu Picchu was built as an estate for the Inca emperor Pachacuti (1438–1472).
You want to walk that switchback road? I don’t think so.
Yeah, not the road. The actual stairs of the citadel.
Grats on retirement Superbone! Your money is safe because now you are going to become a working musician playing your bone, minimizing your withdrawal rate from retirement.
Good luck in your new job in Buenos Aires Amareisgod! I vacationed there once. Brush up on your Tango.
I’ve never heard of Machu Picchu. (Looking up)… Machu Picchu is a 15th-century Inca citadel situated on a mountain ridge 2,430 metres above sea level. It is located in the Cusco Region, Urubamba Province, Machupicchu District in Peru, above the Sacred Valley, which is 80 kilometres northwest of Cuzco and through which the Urubamba River flows. Most archaeologists believe that Machu Picchu was built as an estate for the Inca emperor Pachacuti (1438–1472).
You want to walk that switchback road? I don’t think so.
I find it hard to believe that you've never heard of Machu Picchu before this. I'm not saying you're lying about that though.
I've wanted to visit this place for years. My wife and I were planning a trip to Peru for this before covid hit and shut everything down. This along with a bunch of the megaliths in Peru are fascinating to me. How did they build some of them?
"When we all think alike, nobody is thinking" - Walter Lippmann "Find out just what any people will quietly submit to and you have the exact measure of the injustice and wrong which will be imposed on them." ~ Frederick Douglass
I'm planning on retiring in November after 43+ years with the City of Phoenix.
Fortunately I have one of those archaic things known as a pension (which they don't offer to anyone hired since 2013). I'm fortunate in that I've been around long enough that my pension will be slightly more than my mothly salary - so there shouldn't be a change in my standard of living.
And once I'm done with the 8 to 5 daily grind I'll have more time to publish some more work. I have a book nearing completion on the 35 top professional basketball leagues since 1898 in the works, including playing stats and chronologies for each league, as well as some other projects in the works.
Leagues included in the project I'm finishing up -
Author of The Basketball Draft Fact Book: A History of Professional Basketball's College Drafts
Available from Scarecrow Press at - https://rowman.com/ISBN/9780810890695
Congrats, Bobster! Wow, I had no idea there had been so many leagues. I'm fascinated by the history and the fact that even though basketball has been a thing my entire life, it's a relatively young sport. Let us know when published so we can buy a copy!
I was thinking, now that you're retired you can spend $250,000 and ride in a janky small submersible down in the ocean to explore the Titanic. I mean if billionaires think that's a good way to spend money, it must be a good way to spend money.
On a side note, you couldn't pay me a million dollars to get in that janky little submersible and go 13,000 ft deep in the dark ocean, cramped up with four other full grown men.
What is smallball? I play basketball. I'm not a regular big man. I can switch from the center to the guards. The game is evolving. I'd be dominAyton if the WNBA would let me in. - Ayton
