On most days, I’m not spending more than an hour or two on activities that I define as “work”. I tend to spread the work out so I’m not working too hard on any particular day. On a weekly basis, I’m spending my time as follows: The legend at the bottom of the schedule breaks out each activity into five categories: Work, Meals, Physical, Fun, and Social. I loosely modeled this schedule on what we did in the past week.ĭownload this weekly schedule in Excel spreadsheet format (.xlsx) Root of Good is on her sabbatical right now so it’s like a test run of early retirement for her too. This past week was pretty fun, partly because Mrs. In other words, I know where I’ll be around 8 am and 3 pm each day, but otherwise my schedule varies a lot day to day and week to week. I don’t adhere to a strict schedule since my only recurring time constraints are the morning and afternoon kid drop off/pick up times. No two days are alike, and each day typically has a mix of a lot of fun, a moderate dose of physical activity and a small dose of work. The schedule also shows the diversity of daily and weekly activities for me. I thought it would be fun to look at a typical week for me because it might help others figure out how they can fill their free time. It’s even scarier if I’m forced to watch day time TV while I wait.įortunately we live in the twenty first century, a glorious time filled with entertainment overload, instant digital connections, and unlimited choices of pastimes (indoors and outside). The prospect of sitting in a waiting room for an hour without any source of entertainment or external stimulus scares me. Thank goodness there are tons of employers in this world who will gladly tell you how to spend your free time if you let them.ĭon’t get me wrong – I get bored easily. “I could never retire, I would get so bored” they proclaim. Which of the following statements is correct? Cathy's strategy is better because she has a greater account balance at age 65.“But what will you do all day?” they ask when they hear you are going to retire early. They both earned 9% on their investment and are 65 years old today and ready to retire. Carley on the other hand waited 10 years then began saving $5000 at the end of each year for 30 years. Cathy saved $5000 at the end of each year for ten years then let her money grow for 30 years. 84% Cathy and her twin sister Carley, both age 25, each believe they have the superior savings plans. Calculate Margaret's wage replacement ratio using the top-down approach (round to the nearest %) and using pre-tax dollars. Assume that Margaret wants to maintain her exact pre-retirement lifestyle. Profit-sharing plan with Section 401(k) provisions 1 and 3 Margaret, a 35-year-old client who earns $45,000 a year, pays 7.65% of her gross pay in Social Security payroll taxes, and saves 8% of her annual gross income. What do you expect Tiffany's wage replacement ratio to be at retirement based on the above information? 37% Which of the following is(are) a type(s) of defined contribution pension plan(s)?Ĥ. She currently spends $25,000 per year on her mortgage. Tiffany plans to pay off her home mortgage at retirement and live debt free. Assume Tiffany paid $13,000 in Social Security taxes. Tiffany has always been a self-proclaimed saver, and saves 25% per year of her Schedule C net income. Tiffany, a self-employed dentist, currently earns $100,000 per year. Which of the following statements concerning defined-contribution and defined-benefit qualified retirement plans is correct? The employer bears the investment risk only for a defined-benefit plan.
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