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Welcome to this session of grand rounds, a collection of posts I have discovered in the blogosphere and have found of interest and hope you do too.

This offering of Grand Rounds looks at articles from around the web that deal with making the transition from a W2 worker to a retiree.

 

 

Currently my active income acts as my safety net.

However when I officially retire that safety net is cut out from underneath me.

This certainly can feel quite daunting, which is why I feel the decumulation phase that occurs in retirement is far harder than the accumulation phase that precedes it.

It is impossible to predict the future so how does one budget for decades down the road as an early retiree?

FI Physician has just one suggestion, just smile.

Okay, you may need a bit more advice so I suggest checking the full article out in, “Retirement Spending Smile or Lumpy Expenses?”

 

 

I can tell you right now it is not going to feel great when I look at my checking account and no longer see a substantial deposit on a bi-monthly basis.

My planned retirement in my mid 50’s only magnifies this feeling because in the back of my head I know I will be always playing “what if” scenarios which will center on how much money I left on the table by walking away from medicine earlier than the traditional age.

I am sure this is a common feeling among other high income workers who walked away from it all at a younger age than most.

Financial Samurai explores this phenomenon in, “Overcoming The Downer Of No Longer Making Maximum Money.”

 

 

Previously I have mentioned that I really have never budgeted in my life.

In the early years this got me into trouble as I did not realize the impact that the debt hole I was digging myself in had on my financial outlook.

These days I do not budget because I can essentially cashflow anything with a single paycheck or at worse two (knock on wood).

Again a large W2 income provides a huge safety net for my monthly incidentals.

But I know I will have to change my philosophy when the W2 income dries up, perhaps even being forced to budget for the first time ever.

Another Second Opinion shares some pearls of wisdom in, “5 Tips To Budget For Your Retirement.”

 

 

Do you ever wish you could go back in time and give advice to your younger self?

I personally would have told the younger me to put every penny I could into Bitcoin in 2009 and hold on to for dear life.

Because time travel has not been invented (yet), the only thing I can rely on is advice from those folks that have accomplished what I want to do.

Eggstack Blog gives you the next best option to time travel, sharing his advice in, “7 Things I Wish I Knew Before I Retired.”

 

 

Yo, I’ll tell you what I want, what I really, really want
So tell me what you want, what you really, really want
I’ll tell you what I want, what I really, really want
So tell me what you want, what you really, really want

 

Those lines, which would give any Shakespearean sonnet a run for its money, were first uttered by the Spice Girls.

So what exactly does a retiree want?

Great question.

Fear not, ESI Money has the answer in, “What Retirees Want, Introduction and Overview.”

 

 

Hope you enjoyed the reading material.

Have a great rest of the week.

 

 

Note:

If you are in search of financial help, please consider enlisting the service of any of the sponsors of this blog who I feel are part of the “good guys and gals of finance.”

Even a steadfast DIY’er can sometimes gain benefit from the occasional professional input.