If it’s Tuesday, it must be Tai Chi. I haven’t been to the dojo for a week, and I’m looking forward to it. I still dread it a tiny bit — still too new, with new faces, new moves. And did I mention it’s three hours? But I always walk out feeling good.
This afternoon I’m on the phone with TRowe Price to launch a drawdown schedule. Deciding how much to pay yourself for the simple task of living isn’t as easy as it sounds. I spent some time yesterday with my spreadsheet (what a great tool that turned out to be!) and I’ve come up with a schedule that makes sense both in terms of monthly income, and long-term solvency.
According to my calculations, I should be able to live at more-or-less my current standard (we in the business call it "modest") and still have a reassuring amount left in the 401K at age 65. At that point I’ll have income from SSA and pensions, and hopefully won’t have to augment my income with savings much, if any at that point. Whatever’s left by moves back into “nest egg” status.
I won’t be rich, but I won’t starve either. And when my resources run out, I’ll quietly step off the planet for good. It’s a solid plan.
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