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Thumb of Michigan | Here's my take in a short version:
Practice living on what you will get (or expect to get) for the year BEFORE you try retirement. If you can't do it you know what not to do.
Next, if you sell the farm for cash, place those funds into what I call three buckets. The first bucket will be for the 1-3 years of income/expense/taxes needs, therefore invested in MM/cash investments (with no chance of principle loss). Bucket number 2 is for 4-7 years of I/E/T and invest in 70-80% bond type investments, with remainder into dividend paying stocks. The last bucket will be for 8+ years of I/E/T, 60-80% stocks, remainder in bond type investments.
Every year look at re-balancing, especially in up market years. Take the 'profits' and put them into bucket 1 and/or 2. In down years let it ride.
Lastly, if you can only take/withdraw $300 per month out of every $100,000 (basically a 3.6% draw don rate).
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Retirement Finances question
