Retirees (or Soon-to-bees): Share Your Wisdom

[RallyeMike]

I'm thinking of jumping out of the rat race before something blows. As I work to come up with a retirement plan that weighs the balance of retiring early and having time to enjoy my health vs. holding out to be more finacially secure, I am wondering if our experienced folks have a wise word?

Any other insight about your plan and how it's working is appreciated. Did you move to cut expenses, etc.?

[hemi71x]

For all official intence and purposes, i'm old, retired, collecting social security.
But during the previous fours years before this, i got let go from my job, when the economy crashed.
I lived, survived, on the federal two years unemployment benefits, and my savings in my bank acount.
Nobody hires anybody in their late 50's, and i gave up looking for another job, to be employed again.
Now i'm kinda glad that it worked out the way that it has, because i was diagnosed with two medical conditions that i am going through, and need to keep on going in collecting my social security benefits that i paid into the system, for 40 years.
I can do ok in retirement, the way it is for me right now. 

[John_Kunkel]

I retired on my 47th birthday. Key issues were having my house paid for and having a pension that includes medical.

[Chargerguy74]

I retired on my 47th birthday. Key issues were having my house paid for and having a pension that includes medical.

Impressive

[ITSA426]

I also retired when I was 47.  Debt free is key, and medical insurance. A bad day at home still beats a really good day at work.

[polywideblock]

wow  ,we cant access our superannuation  until 65 ,which is also the age at which you can get the age pension .
   their trying to raise that age to 70 so decades of work ahead of me yet 

[ACUDANUT]

wow  ,we cant access our superannuation  until 65 ,which is also the age at which you can get the age pension .
   their trying to raise that age to 70 so decades of work ahead of me yet 

X2

Most of us Americans can't retire under 65

[twodko]

I retired at 50 to be closer to home knowing the chapter of our lives
where I would need to begin being my brides caregiver was on the horizon.
I was able to begin drawing my pension right away and my wife began
drawing hers a couple years later when she could no longer work.

We had med coverage through her retirement package but I lost it
when I lost my wife. Also lost her surviving spouse monthly pension
benefit but received a lump sum payment instead. Turns out I met a couple
other vets in grief counseling who told me I was eligible for VA healthcare.
I've come out OK but I'd give anything to have our life together back again.

[68X426]

On a positive note, try to retire in your 50s

* then travel the world in your 60s

* then travel the USA in your 70s 

* because when you are in your 80s you will be sitting across the table from your wife asking

                    " who the hell are you? "

[green69rt]

Somewhere I heard that there are two rules that tell you when to retire.

1. When you have enough.
2. When you've had enough (BS).

Other than choosing the right time I think it's pretty important to retire with a plan.  Don't go to work on you last day on Friday, then wake up Monday morning with nothing to do.You can't set around all day watching soaps or pestering the wife (well maybe a little.)  I've know several guys, that I worked with, that had no interests other than their job.  When they retired, they either slowly died, or after a short while they went back to work.

I eased out of my job because I had about 15 weeks of vacation accumulated so I just started working shorter and shorter weeks, then because I was retiring shortly after the new year, I just took all my remaining vacation around the holidays.  Then I came in on my last day and turned in my ID and company laptop and left.

Oh, and by the way, it's almost always better to take you vacation rather than sell it back.

I went right into Charger restoration mode ( still haven't come out.)

[John_Kunkel]

A bad day at home still beats a really good day at work.

I have mixed emotions; I absolutely loved the work I did (Uncle Sam paid me to maintain his supersonic fighters) but the politics and my fellow "workers" drove me out. Given the absence of both, I'd go back in a micro-second.

[ACUDANUT]

is that a B1, or what ?

[green69rt]

is that a B1, or what ?

Is that an old FB111??  Any still in service??

[RallyeMike]

Somewhere I heard that there are two rules that tell you when to retire.

1. When you have enough.
2. When you've had enough (BS).

I like this   


#2 is easy to figure out, hence the planning: I have accomplished what I wanted to accomplish. Now it's just a continual grind of long hours, too much responsibility, and not enough personal time. The bigger factor is that the game has changed - I used to jump through 10 hoops to get it all done, and now it's 50.... and none of the added hoops add any value. More and more I lack the patience to deal with it.

#1 is the tricky one. How much $ is "enough"? How far can you cut back and how much risk can you take on? That's where I'm hung up.     

[hemi71x]

is that a B1, or what ?

Is that an old FB111??  Any still in service??

I can answer that.
Yep, it's an F-111 and none are flying anymore.
Australia, was the last country flying them, and they took all of them out of service last year.
They were one expensive aircraft to maintain, versus flying time, and maintanence time, which was one decision in governments taking them out of service, worldwide.

[twodko]

On a positive note, try to retire in your 50s

* then travel the world in your 60s

* then travel the USA in your 70s 

* because when you are in your 80s you will be sitting across the table from your wife asking

                    " who the hell are you? "

Now that's funny right there! 

[ws23rt]

Somewhere I heard that there are two rules that tell you when to retire.

1. When you have enough.
2. When you've had enough (BS).

I like this  


#2 is easy to figure out, hence the planning: I have accomplished what I wanted to accomplish. Now it's just a continual grind of long hours, too much responsibility, and not enough personal time. The bigger factor is that the game has changed - I used to jump through 10 hoops to get it all done, and now it's 50.... and none of the added hoops add any value. More and more I lack the patience to deal with it.

#1 is the tricky one. How much $ is "enough"? How far can you cut back and how much risk can you take on? That's where I'm hung up.    

That #1 is a tough one.   Making a plan for what we want to do and estimating the cost (including estimating the value of money changing) is hard enough.  But the key to knowing how long our nest egg will last is how long will we last.

I get asked all the time about my retirement.--Did I?--when will I?--why not? etc.

The key for me at this time is a plan. I have not yet made a plan.  Since I started working I was on a path forward and wondered what the future would bring. I knew the path would be long so I settled in on a career that I liked and fit my talents.  I like what I do. Enjoy the work, the people and the company.  I get exercise, appreciation and am paid well.

As others have said and I believe is true (known many cases) retiring just because without something to engage us and our energy is a mistake.

My advice at this point is talking to myself as well as others.  Do the math on finances and when you get to a point where you may be spending money to work the push is on to move on.  ----Example of that for me is I have earned a large pension. Every pension check I don't take is one that I will never see. Also pensions are juicy targets for the gov. to help pay for those that have chosen a different path then earning their way. ---Another thing I talk to myself about often.--- After I worked on this path for all these years heading for the future.---Has the future has arrived?----

[ITSA426]

When planning my retirement my big issue was health care for me and my son.  I took a lot of leave time from work to see if I could get used to being home all day.  Turned out I could.  I used COBRA to keep up health care for awhile and took care of a few health needs while the company's health care was good.  Once my major medical was approved I talked to my financial planner and covered as many contingencies as possible.  If you know when you're going to die it's much easier but we put a plan into action.  The plan is still working.  I'm still retired, or professionally unemployed.  I did call my boss on a Monday morning and told him I wouldn't be back.

The last check you write should be to the undertaker - and it should bounce!

[twodko]

Yessiree!

May we all be in heaven a full half hour before the devil knows were dead!

[John_Kunkel]

Yep, it's an F-111 and none are flying anymore.
Australia, was the last country flying them, and they took all of them out of service last year.

Here's a video of the final fate of the Australian F-111's....breaks my heart. I wrenched on a good number of them.

https://www.youtube.com/watch?v=80OadL7f8Lo

[Steve P.]

My early retirement was at 36 years old. NOT by choice. I wrecked my back. The poll leaves out a combination of BROKE and BORED together.

[Beav]

The last check you write should be to the undertaker - and it should bounce!

I agree.... AND CONCUR! 

[triple_green]

Mike, you don't work at Boeing to you? Sounds like my life lately.

Generally they say that you need to be able to replace 70-80% of your pre-retirement income. But, accelerating medical costs are a concern now and esp what you will do for medical until you can go on Medicare.

Having all your debt paid off is an important step, esp the house paid off as was mentioned earlier.

You have to think about quality of life too...how long will your health hold out. I am planning on retiring at 60 (less than 4 years). All of my kids will be out of college and my house will be paid off then.

I have watched as my parents and others are able to do less as they get into their mid to late 70s. I am hoping for 15 years of volunteer service and travelling, etc.

If you think you are close you could go see a professional planner, but the numbers aren't that hard to run for yourself.

I've always thought quality of life was more important that a little more money.

Mark

[ACUDANUT]

The last check you write should be to the undertaker - and it should bounce!

I agree.... AND CONCUR! 

impossible 

[HANDM]

As a general contractor, I have the luxury of being able to work as much or as little as I want to. I always have weekends off, always can take time off for whatever reasons, have a great partner that can handle every aspect of the business as well as I can and great customers.

I'm 44 now and if I were to "retire" it would be dependent upon selling our house, property and cars and buying something quite a bit smaller and more manageable.

If anything though, I will most likely continue working till I can't anymore as I really do enjoy building and remodeling and the days, weeks, months and years just seem to fly by........

[twodko]

Mike, shoot a PM to 68x426. Dan can offer some solid advice.

(Yeah, OK. He paid me to post this referral. )

[RECHRGD]

As others have stated, being debt free is key.  Make a plan that takes inflation and emergencies into account.  I retired at 59.  I wanted my investment income to be as safe as possible.  Old school thinking led me to a 100% bond portfolio with a return between 4&5%.  That provided me with a nice income without having to dig into the base amount.  That only lasted one year before the Great Recession hit and the bond returns started dropping down to next to nothing.  When it was apparent that this was the new normal and we could easily out live our money if we stayed on that path, we had to make a change.  I sold all the bonds and spent time with my financial adviser going over the best moves to make.  We ended up going with a few quality mutual funds with loooong track records and a variable annuity that we have not drawn from yet.  Also bought a rental property.  With the dividends that we are currently taking and SS my income is above what my salary was when working.  The value of the funds has grown nicely over the last four years and continues to grow even with the monthly dividend taken out.  We are now both on Medicare plus supplements, so medical is taken care of.  This setup has worked well for me.  I shouldn't have a worry in the world, but if our economy totally collapses, as many predict, then we're all screwed.....

[RallyeMike]

Mike, you don't work at Boeing to you? Sounds like my life lately.

Generally they say that you need to be able to replace 70-80% of your pre-retirement income. But, accelerating medical costs are a concern now and esp what you will do for medical until you can go on Medicare.

Having all your debt paid off is an important step, esp the house paid off as was mentioned earlier.

You have to think about quality of life too...how long will your health hold out. I am planning on retiring at 60 (less than 4 years). All of my kids will be out of college and my house will be paid off then.

I have watched as my parents and others are able to do less as they get into their mid to late 70s. I am hoping for 15 years of volunteer service and travelling, etc.

If you think you are close you could go see a professional planner, but the numbers aren't that hard to run for yourself.

I've always thought quality of life was more important that a little more money.

Mark

Not Boeing here... construction. I am essentially debt free now, and really, the math is not hard. Of course the variable of inflation and health care can throw it all into a tail spin.

I don't want to be the guy who works too long in order to be more secure, and then kicks the bucket a month after retirement. The real trick, which I think is mostly a personal question to be answered is..... how much financial risk are we willing to take to get out early and enjoy that quality of life? While I do have resources built up, I don't have have the lifetime health care and uber-generous CA pension plan that we read about in the paper.

Mike, shoot a PM to 68x426. Dan can offer some solid advice.
(Yeah, OK. He paid me to post this referral. Cheesy)

Thanks for the referral. I don't think the math is that hard when you spend some time on it. It really comes down to how much risk are people willing to take.


Part of the equation is cutting expenses. It expensive here - so we've been looking around. I have not heard yet from anyone who relocated and how that worked out.