To me, it's a very simple answer: you need more income than expenses. Pensions, annuities, social security, other monthly streams of income, and investment proceeds would need to exceed your expenses. Each of those that a person or couple has is quantifiable and, when compared to expenses, would define when you have "enough" to retire. Paper and pen, spreadsheet, or packaged financial software can each do the math.
Adam: that is a great approach to determining one's risk tolerance! I am currently looking to increase the equities portion of my AA, since our pensions more than cover our monthly expenses and Social Security will allow us to grow out savings account balances. Our library doesn't yet have Bengen's new book, so I've requested it via interlibrary loan -- I want to read the book before doing anything with our current AA.
Mark: sorry, didn't see your comments until just now. I was primarily addressing travel in the USA, but kind of combined Canada with that in how I wrote my comment. Yes, a passport is required to get in (and out of) Canada. No visa requirement. As for converting money, we didn't. The tour we were on included most expenses, but we did pay for a few meals with a credit card. As for speaking French, we didn't get to Montreal where that would have been helpful.
I highly recommend the Mustang. I just rolled over 49K miles in my 2018 GT350 and have loved every mile. Added benefit: the clutch will keep you exercising your left leg!
We just got back from a week-long bus tour of Jasper, Banff, and Glacier National Parks. What you're saying, Richard, about the wonders of our country (and Canada) is spot on! And, there are plenty of other scenic places to visit in the USA. Just think, no passport, no visa, no money exchange, no language barrier, etc.!
Excellent analysis, William! So glad my wife and I each have defined benefit pensions so that we don't have to consider annuities versus other financial products!
We did discuss that approach, then got to looking at MAGI for Medicare and decided to play the waiting game on the additional income. My wife's SS income will put us very close to the MAGI figure that we want to avoid.
Comments
To me, it's a very simple answer: you need more income than expenses. Pensions, annuities, social security, other monthly streams of income, and investment proceeds would need to exceed your expenses. Each of those that a person or couple has is quantifiable and, when compared to expenses, would define when you have "enough" to retire. Paper and pen, spreadsheet, or packaged financial software can each do the math.
Post: How Much to Save to Retire?
Link to comment from September 8, 2025
Prayers for you and your family!
Post: Health Update
Link to comment from September 1, 2025
Adam: that is a great approach to determining one's risk tolerance! I am currently looking to increase the equities portion of my AA, since our pensions more than cover our monthly expenses and Social Security will allow us to grow out savings account balances. Our library doesn't yet have Bengen's new book, so I've requested it via interlibrary loan -- I want to read the book before doing anything with our current AA.
Post: Risky Business
Link to comment from September 1, 2025
Hang in there, Jonathan, we all want your doctors' actions to be helpful!
Post: Risky Business
Link to comment from September 1, 2025
Definitely go for the 6-speed GT350, if/when Ford brings it back. I've had mine for 7 years and it is a blast to drive! Mine is stock, though.
Post: Shifting Gears
Link to comment from August 31, 2025
Mark: sorry, didn't see your comments until just now. I was primarily addressing travel in the USA, but kind of combined Canada with that in how I wrote my comment. Yes, a passport is required to get in (and out of) Canada. No visa requirement. As for converting money, we didn't. The tour we were on included most expenses, but we did pay for a few meals with a credit card. As for speaking French, we didn't get to Montreal where that would have been helpful.
Post: What If You Don’t Want to See the World?
Link to comment from August 30, 2025
I highly recommend the Mustang. I just rolled over 49K miles in my 2018 GT350 and have loved every mile. Added benefit: the clutch will keep you exercising your left leg!
Post: Shifting Gears
Link to comment from August 29, 2025
We just got back from a week-long bus tour of Jasper, Banff, and Glacier National Parks. What you're saying, Richard, about the wonders of our country (and Canada) is spot on! And, there are plenty of other scenic places to visit in the USA. Just think, no passport, no visa, no money exchange, no language barrier, etc.!
Post: What If You Don’t Want to See the World?
Link to comment from August 28, 2025
Excellent analysis, William! So glad my wife and I each have defined benefit pensions so that we don't have to consider annuities versus other financial products!
Post: Outliving Your Money? Let’s Do the Math on Annuities
Link to comment from August 13, 2025
We did discuss that approach, then got to looking at MAGI for Medicare and decided to play the waiting game on the additional income. My wife's SS income will put us very close to the MAGI figure that we want to avoid.
Post: Help! Why is the total lifetime accumulated Social Security benefit more important than the monthly amount?
Link to comment from July 24, 2025