Retirement in Uncertain Times

It has been a while since my last post so it is time to begin to continue the chronicle. I retired in August, 2019 from the University of Texas. However, I have continued to consult on a part time basis for several hours per week mostly working from home.

FINANCIAL

The Plan

Prior to retirement I spent a lot of time searching for a financial advisor. I am pleased with my choice and he worked with me to develop a plan for investments and withdrawals. I fully expected a recession within the first 12-18 months post retirement. As a result the current portfolio is moderate risk. I also have an "emergency fund" that would cover about 9-12 months. I delayed taking Social Security until I was 70 which allowed me to maximize my benefit. My wife's benefit will begin in August, 2020.

The Reality

The COVID-19 pandemic has introduced an unexpected challenge. While the market has been highly volatile, I have been patient having ridden out the challenges of 2009. I have attempted to maintain a long-term view rather than trying to "time" the market. While I am fairly certain that we will (or are now) be in a recession. My concern is that the pandemic may result in one that is more severe and have a longer duration. I am discussing alternative strategies with my financial advisor. The results of actions to open the economy during the month of May are hard to predict. I am hoping for the best. There are so many unknowns with this virus.

TRAVEL

The Plan

We purchase an RV and had planned several trips for this year. The first was a trip to Utah to visit several of the national parks. We also are interested in return trips to Big Bend National Park and Yellowstone. In addition, we were planning for a September cruise on the Danube River from Germany to Budapest. A few years ago we had cruised the Rhine River from Amsterdam to Lucerne which was wonderful.

The Reality

As I write this we would have been in Utah. But we find ourselves at home practicing social distancing. For now everything is on hold and certainly an overseas vacation is not likely to happen anytime soon. The good news is that we have the RV on our property and had installed 30 amp electrical service and water to the location. This allows us to do a little on site camping. Our property is very secluded with lots of mature oak trees. The bluebonnets are currently in bloom. We are lucky to be still be able to enjoy the new RV, but hoping to be able to hit the road at some point.

HEALTH

The Plan

My wife and I have both been generally in good health. We joined the local YMCA and have been working out and swimming. We pay attention to our diet and try to eat healthy. We both spend time working on our property and get a lot of exercise moving rocks and limbs so that we can mow a larger portion of our 10 acres. I also built a couple of raised gardens so that we can enjoy a bit of gardening and raising some vegetables.

The Reality

Last fall I was diagnosed with Lupus which is an autoimmune disease. Lupus is more prevalent in women and the onset is generally earlier in life. It is unusual for a man in his early 70s to contract this disease. For me it has only manifested as a rash on my neck and forearms which went away with a steroid cream. My doctor did not feel that my condition currently did not require a prescription of Paquenile. My wife had a thyroidectomy several years ago and take Levothyroxin. The COVID-19 pandemic has become a major concern. This virus is highly contagious and can be very deadly to elderly individuals with compromised immune systems. Our primary concern is doing everything possible to avoid contracting this disease.

HOBBIES

The Plan

Two of my favorite hobbies are woodworking and photography. Getting settled in the new house put these a bit on the back burner given that we needed to spend time getting our 10 acre lot in shape. So we have spent a log of time moving rocks and downed tree limbs so that we will be able to mow a large portion of the property so it will be beautiful and create a nice retreat to relax.

The Reality

I have been able to get my woodworking tools organized and ready to begin some new projects. I build a picnic table and a bench to provide a relaxing area under the trees behind the house. These were not difficult projects, but did get me back in the groove.

I have also prepared the cameras for our planned travels, but that has been put on hold due to the pandemic. I will begin to do some landscape photos around our property to work on my skills of taking and processing photos. I have also begun to add some of my favorite travel photos to this website.

CONCLUSION

Our first priority is to stay healthy. We have been staying isolated and enjoying the spring weather. It is nice to be able to go for walks and explore without being around other people. We will continue to be hopeful that we will successfully weather this stormy entry into the world of retirement and be able to enjoy the plans we had made. Hopefully only a delay.