OT - What's retirement REALLY like???

[2wheelwill]

If all goes according to plan I'll retire at age 50 in three years. I've carefully estimated what I think our living expenses would be in retirement but would love to hear from retirees out there about how their estimated living expenses matched up with their actual spending in retirement. Are you spending more or less than expected? Any lessons learned you can share?

I'd also appreciate any insight folks have about successfully making the transition to retirement. I feel like I've got a thousand things I want to do, ride all day, take classes, volunteer, travel, fix bikes, etc. But I hear about so many folks retiring and being miserable. I guess I'd like to hear how folks really transitioned into the new lifestyle after the initial excitement of retirement wears off.

Thanks!!!


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[Louis]

I've carefully estimated what I think our living expenses would be in retirement but would love to hear from retirees out there about how their estimated living expenses matched up with their actual spending in retirement.

I'm not retired, but not that far away. As I've been thinking about it I'm assuming that my expenses will be similar to what they are now.

I really don't see them going down - the only real difference between employment and retirement that would cause that would be fewer miles commuting. On the other hand, I can easily seem them going up - more free time means more time to spend money on stuff like traveling, moto and pedal bikes, entertaining, etc. Overall, I think I'd do well to keep my spending level. In fact, the more I think about it, the less likely I think that will be...

More stuff: Take a look at the items on this list: https://personal.vanguard.com/us/insights/retirement/tool/retirement-expense-worksheet

How many of those will go down? In my case, very few. Which one will go up big-time? Health Insurance.

[victoryfactory]

I'm old enough to "retire" I have friends who have and those who haven't
Apart from the obvious financial concerns, we humans need an occupation.
If you have nothing to do and nowhere to go retirement can be depressing.

It's a state of mind. Leaving the traditional workplace after decades can be
freeing and attractive for a while but you still need an occupation. Some can
adapt with the help of family and various interests but we all need an occupation whether or not we are "retired "

The freedom of not having to strap on a necktie or an apron every morning
is invigorating but that wears off and you still need a life to be happy.
VF

[ripvanrando]

Who would (not) have predicted 25% yearly increases with Obamacare.

Crushing to say the least.

[witcombusa]

Maybe you 'need an occupation' but I most certainly do not! I'm far busier on non working days than I could ever be at work (and get a whole lot more done as well!). If some folks need structure they can always just work till they die if that floats their boat...

The sad fact is there is NO way of keeping up with the devaluation of our 'dollar'. If you see what has happened in just the last twenty years, the next twenty will probably be far worse. When you've had enough you just have to say, what the f000k and roll the dice and enjoy whatcha got while you can...

[victoryfactory]

Who would (not) have predicted 25% yearly increases with Obamacare.

Crushing to say the least.

Crushing but expected. "Obama" care was never going to work because it
still depends on the old system of inflated medical costs set by
insurance companies and drug companies who have their slimy hands in the pockets of our corrupt do-nothing {well insured} congress.

$600. for two lifesaving epi pens which contain $2. worth of epinephrine and
$10. worth of plastic.

Very sorry for the thread drift...
Back to your regularly scheduled program.

VF

[trentschler]

If all goes according to plan I'll retire at age 50 in three years. I've carefully estimated what I think our living expenses would be in retirement but would love to hear from retirees out there about how their estimated living expenses matched up with their actual spending in retirement. Are you spending more or less than expected? Any lessons learned you can share?

I'd also appreciate any insight folks have about successfully making the transition to retirement. I feel like I've got a thousand things I want to do, ride all day, take classes, volunteer, travel, fix bikes, etc. But I hear about so many folks retiring and being miserable. I guess I'd like to hear how folks really transitioned into the new lifestyle after the initial excitement of retirement wears off.

You need a lot more money than you might think. If you're "carefully estimating" you probably won't have enough. There are all kinds of unexpected expenses. I'm 64 now but I retired a few years ago. My wife and I didn't have kids, so we were able to save and invest quite a bit. We have Social Security and good pensions and have health insurance from the company we worked for before we bailed. I have to budget, but we get by comfortably. You can't have too much money, especially if you don't have a job!

I don't miss working, and I had a satisfying and fulfilling career. But I'm so glad I don't have to take orders from assholes any more. I have lots to keep me busy, I'm not depressed and I love that my time is my own to fill as I see fit.

[ripvanrando]

The one problem with retiring at 50 is finding other retirees with your interest. Many of your new buddies will be much older. Sitting around the shuffle board gets old. Tried it for a while. Got my Hcp down to +2 and got bored. Now messing around with cycling.

Costs increase much faster than you would think.

Lies, Damned Lies, and then there is the Bureau of Lies and Sadistics. ZIRP. Be careful with your assumptions.

[oldpotatoe]

If all goes according to plan I'll retire at age 50 in three years. I've carefully estimated what I think our living expenses would be in retirement but would love to hear from retirees out there about how their estimated living expenses matched up with their actual spending in retirement. Are you spending more or less than expected? Any lessons learned you can share?

I'd also appreciate any insight folks have about successfully making the transition to retirement. I feel like I've got a thousand things I want to do, ride all day, take classes, volunteer, travel, fix bikes, etc. But I hear about so many folks retiring and being miserable. I guess I'd like to hear how folks really transitioned into the new lifestyle after the initial excitement of retirement wears off.

Thanks!!!


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HIGHLY recommend, IMHO. Of course, having a juicy USN pension doesn't hurt. Wife and my SS, plus USN pension, Medicare and USN Tri-Care paying supplemental. Tricare also free Rx...our income went down by about 35% when we retired but we don't see any real differences in life style.

Nanny 2 grand kids 2-4 days a week(close in Broomfield), wife spends a lot of time with her mother(alzheimer's but in a memory care center-paid for), ride all off days, build wheels, do ERGO OH, some bike wrenching for locals.

What we don't have the $ to do(altho we do have a nice nest egg, investments, that we don't touch)..is travel to Europe. Maybe once more but that's it.

Busier now than ever..still do 'child care'(owner of a bike shop-employyees, get it?)...but highly recommended and quite satisfying. Each person's $ position is unique..I retired when I was 62..BTW-

[Ralph]

I've been retired since 1998. My experience is it takes a lot more money than you expect. Especially if you want the latest I Phone, nice vehicles, take nice trips, etc. We have a nice home with no mortgage, 3 decent cars...no payments, etc. No debts of any kind. Health care is our biggest cost, etc....and we both have Medicare and a secondary from our previous employer. Don't forget vision and dental care as well. Those costs go way up as you age.

Houses need expensive maintenance as they age....bathrooms and kitchens need upgrades, older cars need maintenance, older bodies need more maintenance also. We are in relatively good shape health wise (age 75 and 66) and financially.....but it gets harder and harder to keep up with folks drawing a good paycheck (or checks). Our next decision is where to buy a smaller and simpler home. How much to spend. I do know my 90 year old mother in law is currently in a skilled care facility burning thru $8000 per month.
Hope I just die suddenly.

I assume in the future....we will have the same recessions, depressions, wars, unexpected events (like 9-11) we have had in the past. So figure at least twice in savings and investments you think you will need. I still pay some Federal income taxes, but not near as much. No payroll taxes, 401K and IRA payments, etc. No expensive suits for work anymore either. I live in a no state income tax state also. That makes a big difference to me. Pick one of the 7 no state income tax states to retire in. Much of Florida's income comes from consumption taxes, which I can control how much I spend.

[oldpotatoe]

The one problem with retiring at 50 is finding other retirees with your interest. Many of your new buddies will be much older. Sitting around the shuffle board gets old. Tried it for a while. Got my Hcp down to +2 and got bored. Now messing around with cycling.

Costs increase much faster than you would think.

Lies, Damned Lies, and then there is the Bureau of Lies and Sadistics. ZIRP. Be careful with your assumptions.

How's the HandlBra biz? Only thing missing is the FRN part...:D

[trentschler]

Houses need expensive maintenance as they age....bathrooms and kitchens need upgrades, older cars need maintenance, older bodies need more maintenance also. We are in relatively good shape health wise (age 75 and 66) and financially.....but it gets harder and harder to keep up with folks drawing a good paycheck (or checks). Our next decision is where to buy a smaller and simpler home. How much to spend. I do know my 90 year old mother in law is currently in a skilled care facility burning thru $8000 per month.

Yep, too true. OP, you might find that your 60s and 70s are much different than your 50s. Mine are! The Rolling Stones notwithstanding, age happens even if you eat well, get lots of exercise, keep busy, meditate and so on.

My mom is in a retirement village - $1,000 a month to each of my two sisters and myself. Late 80s and she's spry and alert. My father, before he died, was $5,000 a month.

[54ny77]

very good point.

The one problem with retiring at 50 is finding other retirees with your interest. Many of your new buddies will be much older.

[PaMtbRider]

Have you talked with a financial planner? My wife and I are both 51 and hope to retire early. We meet about once a year with our financial advisor. They have a pretty complex program that lets you plug in desired retirement age, current savings, income level, expenses in retirement... It gives you an idea if you're on track. Some of the big unknowns are, medical costs, inflation, and return on your investments.

Retiring at 50 and needing money to last close to 40 years can be hard to predict. A 1% change in either rate of inflation or your investment returns can make a big difference on how long your money lasts or how fast it runs out.

[biker72]

I retired at 59 but have continued working part time. I'm now 78.
Company retirement and Social Security pay all the bills with some left over for bicycling stuff.

The only reason I even access my retirement fund is to take out the RMD the feds require.

[Mr. Pink]

The one problem with retiring at 50 is finding other retirees with your interest.

This is true. There aren't many retirees that young. Hell, the way things are going, there won't be many retirees at all, because most people don't have enough money to retire at all. So your social life will be strained, to say the least.


Try to plan for a future with a deteriorating body, and, well, I hope not, but, a mind that is starting to go, in some cases. When I was 50, I thought that I'd be living in the Rocky Mountains somewhere near the base of a ski hill, far from the maddening crowd, and, well, good health care. I came to my senses in my late 50s after a few injuries, and realized that a life of daily physical activity and thrill seeking may not be in the cards for my 70 year old self in the future. All it takes is one little mishap, or just the natural breakdown of joints and muscles and ligaments, and game over for at least a long time - you aren't going to heal as fast as a 40 year old at that age, if at all. Oh, sure, some are going to come back at me how they know 70 year olds who kick ass on the bike, but, they are rare, and pretty much at the end. So, I guess I'm saying is, pick a life close to good health care and senior services, not one in a place made for young people. With good road biking out the door. You'll be doing that near the end, but not just as fast. And then just travel and rent in places you want to recreate.

[paredown]

Simply put, I think work gives meaning and structure to our lives, and we all do better with companionship.

A friend joined the local volunteer ambulance corps since (as he described it) he was losing his ability to talk to people. Training and exercises for that gave him a new lease on life (I think he is about my age, so early '60s and he started with corps in his mid/late 50s).

The stalwarts of our Habitat build team are all retired--76, 70-ish and 65 respectively--the first two are retired carpenters and the youngster is a recently retired shop teacher... I'm 64, and my job is to keep ahead of the construction schedule and order the materials etc. We work two days a week, probably in 5-6 hour stints, and spend a day recovering afterwards.

Volunteering is not for everyone, but I still think at 50 you have a lot of learning and adventures left.

We had friends who tried to retire early. They built their dream house in Colorado, settled in and lasted less than 2 years before he got the itch, and went back to work, and she started her own craft business. Sold the house, and moved where more was going on, and have finally settled into semi retirement 20 years later.

In that they were typical of the folks we knew in DC who would finish their 20 years in the military, and then most of them would have a second career that started at 50-ish.

I honestly don't think it is about the money (although I recognize that the world just keeps getting more expensive), but finding meaning. I knew someone who went back to law school and qualified for the bar after thier first career, because that's what they wish they could have done first. Knew someone else who went back and qualified as an architect. There are programs like the ones where retired executives go abroad on a project basis, or programs like the one that my wife participates in where you act as an industry expert for stock analysts (and get paid for consulting calls.)

I guess I'm kind of against the notion that you walk out of work, and you are done at 50...

[carpediemracing]

I'll be 50 next year and retirement isn't anywhere near reality for me. Junior is 4 years old.

Having cared for my dad and priced some stuff... he had Medicare and AARP supplemental insurance. Also some extra stuff, like for medications etc. We priced nursing homes, around here they were $12k/month. Anything in his name would have been fair game for seizure if he couldn't pay nursing home bills, and the look back period is 5 years, so anything he gave away or transferred 5 years before would still be fair game for seizure.

He made more in retirement than I ever made working, by a decent margin. I think my best year he made 1.3x what I made. I don't know my avg salary but I'm going to guess and say he made about 2x in retirement compared to what I normally earned, 3-4x my lower paying jobs. He had two old fashioned pension plans plus Medicare plus minimum distributions from IRAs. He retired when he was 67 I think. His second pension kicked in at that time (15 years), the first one was after 20 years employment. He also got some weird pension check from a UK company that bought the 20 year employment company. Apparently UK law says something about paying pension stuff so (small) checks started arriving out of the blue from the UK.

[AngryScientist]

Such a complex topic!

I'm no where near retirement, but the underlying principal I see is that post retirement, I would expect my expenses to go UP. The biggest thing keeping me from spending money now is going to work. If I didn't have any time constraints I would want to travel a lot and do a ton of things that all cost real money

[fourflys]

interesting topic... I've got 7 yrs left until I'm forced to retire from the Coast Guard. Since my youngest will only be 15 at the time (I'll be 49), I'm looking at a second job, probably Federal still as that will get me a second retirement at some point...

As others have said, I can't imagine not working or doing something... I could see me working a couple days a week in something like a Performance shop, both for the activity and the discounts...

One thing I'm doing is looking closely at locations that will afford me both opportunity for a Fed job and good Tricare coverage as well... thankfully, I work in healthcare now, so I will hopefully always have the opportunity for work...

Good luck to the OP!

[redir]

If I could retire at 50 I'd be there in a heart beat. I say do what ever you need to do and go for it.

And when I say 'retire' I mean be able to do the work I want when I want.

[SoCalSteve]

I pretty much retired about a year and a half ago. Much too young ( 5 years) to collect my union pension, social security and lifetime medical. I was kind of forced to due to medical issues. Not that I am complaining because after 35 years in the same industry, I had mental issues as well. Namely, I was so burnt out there was not one shred of joy going to work.

I spend most days alone. I love it. I am never bored. Rehabbing myself back to health, cycling, buying, building and selling bike parts all keeps me very busy. I am never depressed!

So, to each their own. What works for one, may not for another. It's a not one size fits all question. You have to decide for yourself and yes, it's scary. For me, there was no other choice, I just couldn't do it any longer. Both mentally and physically.

Good luck with your decision!!!

[mcteague]

I'm hoping to retire next year at 62. I have pretty good savings but my main concern is the cost of health care. It would be 3 years before I would qualify for Medicare and the Affordable Care act seems to be redefining what affordable means.. I'm pretty sure I could keep myself entertained without a 40+ hour work week though.

Tim

[Tickdoc]

Not planning on retiring. I still have a retirement plan in place, but my plan is to just work a little less hard and have a little more free time until the day comes that my body or mind says otherwise.

[eddief]

I will turn 66 next month. I have been working part time for the past 20 year or so in one form of career counseling or another. Currently I do resumes by email for a company that sends me clients to work with. Just email back and forth and no phone or in person as I used to do.

15-20 hours a week and I can decide which part of my day or which hours I turn the handle on the resume machine. A bit repetitive in some ways, but even after working on resumes for many years, each one incoming is different from every other one I've ever seen. So some folks do crosswords or sudoku to keep their brain from atrophying, I wordsmith resumes.

I do like the wordplay, the structure, and the extra spending money. Sometimes wonder what it would be like to say phuck it to work. Maybe collecting Social Security will enable that decision.

[fkelly]

I'm 69 now, retired in 2002 at ... umm ... let's see ... must have been 54. At first I programmed and ran a web site for my bike club, retired from that in 2011. Now I do some support for the club for people using ride with gps. And run my own personal web site.

Key advice:
1. Don't commit to anything before you retire. You will be busier than you could possibly project. Commit to things incrementally, one at a time, and see how much time each takes before taking on another commitment. Volunteer activities are good but take them on one at a time.

2. Financially run some projection software using different scenarios from optimistic to very pessimistic and with different projected life spans. Another poster suggested using a financial planner: that can work but you can also find projection software online. It depends on your skill level.

3. Build in time for naps.

[donevwil]

If all goes according to plan I'll retire at age 50 in three years.

Retiring at 50 and staying in CA? Congratulations! I'm 52 with retirement nowhere in sight.

[guido]

When most of the cost containment was taken out of the bill to try to get republican votes it isn't much of a surprise. In the US we have the highest costs and the 31st ranked results... The for profit medical industry is the cause here not the Affordable Care Act.

Who would (not) have predicted 25% yearly increases with Obamacare.

Crushing to say the least.

[2wheelwill]

Thanks for all the comments and suggestions....very helpful. It seems logical that spending may go up in retirement given the extra time to play so I'll make sure to project for that.

The notion that in retirement you need "a purpose" is interesting. I'm sure everyone's idea of purpose is different but very hard to figure out now what will check that box. Will give this one a lot more thought.

I failed to mention that I have two young kids so I expect getting more involved in their school, sports, etc will keep me busy for years to come. Other than that I dream about days being filled with riding, wrenching, cooking and maintaining our house and rental. Travel will be limited due to kids' school schedules but I definitely plan to do as much with them as I can squeeze in.

Would love to hear from more retirees about their experience both on the spending front (how well were you able to estimate your spending in retirement) and on the general happiness issue (what worked, what didn't??).

I will definitely build in time for naps!!! Love me some good couch napping!!



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[Birddog]

Retirement to me is working when you want to, not when you have to. I see no end of that in sight and I'm 70.

[jds108]

OP - when you say you've "estimated your expenses" - have you tracked your actual expenses for the last year or two?

I've been retired for 35 days so don't have enough data yet. I do know exactly what all of my fixed costs are and feel like I've got enough above and beyond that to cover most everything. Long term assisted care is the exception - as others have point out, it's astronomically expensive.

I will say that the urge to have a "purpose" is understandable, but it hasn't hit me yet! I'm off to a french cafe downtown for some lunch. That's my main goal for today :)

[johnmdesigner]

Well having two young children, living in California and being able to retire at 50 is an envious position indeed. I congratulate you on your success!

Keep in mind that the current “generation of youth” tends to stay with their parents for a LONG time and often need assistance as adults. That can be quite expensive.

I always laugh at those ridiculous internet articles that say you need a million dollars to retire. Most Americans have no savings and would probably be in deep doo doo if they had an emergency.

I “retired” at 50 when I was forced out of a job that I hated. I worked in the same industry my entire career and hated every minute of it. So I was happy to stop. There were days of bitterness and uselessness afterwards but I think that is normal. My wife still works and loves her job so she doesn’t mind my idleness and we can live on her salary. No debt, no mortgage, no children. Both of my parents are gone now and luckily they were able to exhaust their own resources without needing money from us. We put a little money away for the future but we still enjoy ourselves.

I am alone most of the day. I don’t mind my own company and I rarely get bored. I ride less now than I did before. Most of this summer I couldn’t be bothered with it. Tried a few “volunteer” jobs but found myself dealing with much the same aholes as I did when I was getting paid for it.

Try not to over think it. Your greatest financial burden will probably be your children. Gone are my father’s days when they said “goodbye” to you at 20 and you had to go fend for yourself.

[carpediemracing]

One thing about my dad was that he was never stressed, never seemed at a loss of what to do, at least while he had his facilities. Fine, he had enough money. But in terms of doing stuff, he turned down a lot of consulting gigs which paid upwards of 3-5x what he made when he was working. He didn't want to work like that.

He really liked caring for the grandkids. He played Go (Japanese game) and chess online. He did a lot of family visits to Japan when various siblings/etc passed. And he did a ton of yard work. He got pretty good with the chainsaw and cut down a lot of overgrowth, while the trees he planted in the late 70s are now very tall (previous owner of house sold all the topsoil in the front half of the property, it was a weedy, rocky front yard, now it's a weedy, rocky, young forest lol. It's better but by no means "park like".

And something else, on money. I spoke with a (non-)customer at the car dealer. He was living on $800/mo fixed income. I have no idea how he could do that, forget about buying a $30k car. I don't do our budget but I'm guessing we're spending $4k a month on basics (housing, health insurance, car insurance, utilities) before we get into anything like food, maintenance (car/home/etc), extras.

[dawgie]

I plan to retire in January 2017 at age 63. Originally I had planned to work until I was 65, but I can afford to do it now and work has become more and more unpleasant. My thinking is also influenced by the death of my oldest brother a few years ago, who passed away after a brief bout with a cancer at age 69, and appeared to be in great health before that occurred.

For me, the biggest factor is whether we have saved enough to live off for the next 20-30 years. My wife retired about 2 years ago and we have been getting by just fine without her paycheck. Both of us will receive pensions, which are not subject to the ups and downs of the markets. We also have saved a lot in IRAs and 401Ks over the years, so our income will be almost as much in retirement as when we were both working. We are delaying Social Security until full retirement age (66), and will probably be able to avoid taking withdrawals from our IRA/401Ks after that kicks in. Finally, we paid off our mortgage about 3 years ago and our only child is working full time and no longer living at home. So, our living expenses are much lower than they were even a few years ago, and we are used to living frugally.

I think the key to having a successful retirement is being able to rely on different sources of income for living expenses. In our case, our pensions allow us to invest our IRAs and 401Ks for growth, since we won't need them for living expenses once we start drawing SS.

Aside from the financial aspects, my wife and I both have a lot of outside interests, so I am not worried at all about not having enough to do. In addition to cycling, we both do a lot of hiking and plan to visit as many national parks as possible. We also are both interested in the arts, and I hope to get back into painting and wood carving when I have more time.

[54ny77]

Boy ain't that the truth.

It was sink or swim with no backstop for my parents in their day.

And relying on state benefits was a big social stigma. So that meant you worked whatever jobs you had to.

Gone are my father’s days when they said “goodbye” to you at 20 and you had to go fend for yourself.

[Llewellyn]

I'm 53 and have been thinking about this subject for a while, driven by a couple of factors - my father died at 62 and I got married relatively late at 46 so I'd rather spend time with my wife than working. I also have a job that I really enjoy but I'm just a bit tired of the going to work 5 days a week routine. Starting next year I plan to cut back my hours to about 4 and a half days a week and I'll gradually scale back as my clients close/move on/retire etc over the years until I get to about 60. That is when I plan to just keep enough work to do a couple of days a week at most.

I think you need to have a plan of the sorts of things you'd like to do - hobbies, voluntary work etc otherwise I think it becomes too easy for one day to aimlessly drift into another. FWIW we have some friends who have retired and they all say that they don't know how they found enough time to work!!

[witcombusa]

Your greatest financial burden will probably be your children. Gone are my father’s days when they said “goodbye” to you at 20 and you had to go fend for yourself.

Why exactly are they gone? If you bring them up right they'll WANT to be out on their own when then finish High School.

Not 20... 18 and OUT!

[ripvanrando]

When most of the cost containment was taken out of the bill to try to get republican votes it isn't much of a surprise. In the US we have the highest costs and the 31st ranked results... The for profit medical industry is the cause here not the Affordable Care Act.

But my costs have more than doubled since ObamaCare....increasing huge amounts every year whereas the increases prior to the UnAffordable Care Act were very modest. So, I strongly disagree with you. It is all the fault of Obamacare.

I have been sort of retired since 49. I consult here and there to keep at it.

Healthcare costs are the big wildcard for me. Looks like around $25k for the Silver plan next year with a large deductible. That's not a lot of money to some people but you have to consider the runaway effect. What will it be in 4 years? $50k or more the way it is going.

[19wisconsin64]

Well, you're life view might change a lot when you "retire" young.....I think that mostly in a good way. You'll see things from a calmer perspective on everything from family to finances to how many bikes to buy (or not buy). While cycling, you'll tend to be more careful, more savvy, and will most likely feel less compelled to race. Oh, and if you are like me you'll be somewhat bored, and then figure out what it is you wanted to do with your life while on earth and then go do it. Now I'm doing the most rewarding work of my life and I'm happier for it.

So much for retiring early. Easier said than done!

[54ny77]

in the coming generations, "retirement" is going to have a lot of different meanings, far from the traditional no-longer-working.

[weisan]

I am far from retirement age so I can only report based on my observations of my dad before and after he retired.

My dad retired in his early 50s. Before he retired, he was a successful businessman who worked very hard for 30+ years building up a small/medium-size transportation company with two other partners (less than 50 employees). He was able to do so financially by virtue of his position within the company, prudent investing and long-term planning, not because he cashed out on internet startups that got bought by corporate America. Those was before his times. Did I already mention the fact that he invested prudently? Again always thinking long-term, seldom ever let short-term gain, greed or envy get the better of him. He is a patient investor.

He came from humble beginnings and that shaped his life philosophy. He lives a simple life even though his wealth can afford him much more. He is very humble, never put on airs in front of anyone. He is frugal with himself but generous with others. He invested and volunteered a huge amount of time in his community even though he is pretty busy with work and family. His work is highly stressful as one might expect of someone of his position and running a company but he still maintained a work-life balance, focused a lot on his family. He has a wide social circle of friends. He stayed fit by playing his favorite sport Badminton regularly. His easy-going, cheerful personality and open, generous attitude make him popular among his friends. They also trusted him because they know he is a man of principle.

After my dad retired, for the first 10+ years, he and mum traveled a lot, all over the world. I was fortunate to tag along in some of these trips, they have expanded my horizon and helped shape my worldview. He continued to be involved with more or less the same community, served in the same boards. He continued to keep an eye on the stock market and real estate and made prudent investment. He continued playing badminton 2 to 3 times a week. He continued to go out and meet with his friends regularly. He continued to serve as treasurers of several non-profit. He continued to send money back to China to help his long-distance relatives. At some point, a former employee who started a new company within the same industry requested that he "comes out of retirement" to help him because of his experience, the good reputation he has among his peers and his contacts...and so he did....but on the condition that he will only come in for a couple hours 2-3 times a week and he is free to go on vacation at a moment's notice and he can quit anytime. It was a win-win situation for him because he still enjoyed the challenge of the work, the freedom, and the paycheck.

He is now in his early 80s. The health issues were probably the most challenging aspect out of his whole retirement. He had to have a few heart surgeries and ran into some issues with his thyroid. Both the medical and financial aspects were taken care of because of where he lived - they have excellent and affordable healthcare and medical services. By all counts, those were road bumps along the way where he needed to make some lifestyle adjustments and slowed his pace down. He doesn't run for the ball or should I say, the birdie anymore like he used to in his younger days playing badminton. He still travels but he picks locations that are closer to home and requires less strenuous activities. He had to give up on a few volunteer positions but he keeps himself occupied with gardening and taking care of mum.

My point is....

I see a pattern.

My dad hasn't really changed much even after he retired. He followed more or less the same routine. He still maintained the same life outlook.

What I learned from him is to start establishing a life pattern NOW...instead waiting until I am retired. The grass always appeared greener on the other side. Live now, and for the most part as if you are already retired.

It's quite sad when I see folks doing this....

Before retirement...

http://i1.wp.com/elgl.org/wp-content/uploads/2015/02/get-off-my-lawn.gif

After retirement...

https://cdn.meme.am/instances/58870597.jpg

:D:D:D:D:D:D

[dave thompson]

Ok,

[2wheelwill]

Thanks for sharing about your dad. Lots of valuable wisdom in your post.


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[oldpotatoe]

But my costs have more than doubled since ObamaCare....increasing huge amounts every year whereas the increases prior to the UnAffordable Care Act were very modest. So, I strongly disagree with you. It is all the fault of Obamacare.

I have been sort of retired since 49. I consult here and there to keep at it.

Healthcare costs are the big wildcard for me. Looks like around $25k for the Silver plan next year with a large deductible. That's not a lot of money to some people but you have to consider the runaway effect. What will it be in 4 years? $50k or more the way it is going.

Go get a job and use your employer's healhcare plan..:)
Or have $ set aside for emergencies and pay the penalty for not having ACA..

[shovelhd]

I'll be 59 next month and until this latest job outage I was set to retire at 62. That doesn't mean not working. I'm already working my retirement job now. It means getting out of my field (IT) and not returning. With the setback I'm probably going to try and work until 65. We'll see.

[2wheelwill]

This!!!!!!
Ok,

[Ralph]

I retired from Merrill Lynch in 1998 at age 57. Mainly because I could, and because I was just burned out meeting goals and having a fluctuating income (although it was a good income).

If they had said to me..."take that office over there no one wants to use, find some old furniture around here no one wants to use......keep the clients you have a special relationship with....come in when you want because with modern electronics your office is pretty much where ever you are"......now at age 75 I might still be working a little. But Merrill wasn't like that.....they wanted everyone working 110 % or out the door.

My advice now is......if there is a way you can keep working some, maybe not much, in a field you like and have vast experience in, making decent fair money (not Walmart wages), don't ever retire. You have value to someone. I had a few miminum wage jobs just to keep busy....but quit them fairly soon. No fun, and on an after tax basis....for me anyway....no point in working for nothing. Would rather fix friends bikes if I'm working for nothing. Also....sweat shop jobs not very rewarding when you're used to nice perks (or maybe being somebody....the identify thing).

[2LeftCleats]

I'd been looking to go out at 70, but my wife, who's witnessed friends' and family members' health issues wants me to retire ASAP, so we can enjoy relatively good health longer. My financial guy thinks maybe I can make it work at 68--3.5 yr from now. I've tried to be generous in my financial need assumptions, but you never know. Biggest variable is not knowing how long we'll live, and that really affects the Monte Carlo scenarios the computer programs use. My consultant says most retirees experience a 3-level retirement. The first is the highest annual expenditure, where lifestyle costs are similar to pre-retirement. The middle third tends to be less expensive since there's less travel and other major expenses like providing for children's marriages, etc. Then the final third in the waning days when healthcare costs become the major expense.

[Johnny P]

If all goes according to plan I'll retire at age 50 in three years. I've carefully estimated what I think our living expenses would be in retirement but would love to hear from retirees out there about how their estimated living expenses matched up with their actual spending in retirement. Are you spending more or less than expected? Any lessons learned you can share?

I'd also appreciate any insight folks have about successfully making the transition to retirement. I feel like I've got a thousand things I want to do, ride all day, take classes, volunteer, travel, fix bikes, etc. But I hear about so many folks retiring and being miserable. I guess I'd like to hear how folks really transitioned into the new lifestyle after the initial excitement of retirement wears off.

Thanks!!!


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Being only 50 when you retire, what will you do concerning health insurance? I have heard of others retiring early, but going back to work later because of health insurance costs. Medicare doesn't kick in until one is 65.

[fuzzalow]

Thanks for sharing about your dad. Lots of valuable wisdom in your post.

Yes, I agree that there is wisdom expressed in the experience in weisan-pal's dad's retirement. After getting grief in commenting on wisdom in the One Million Dollars thread, there really is wisdom in knowing who you are and what you wanna do and living to the guidance that just such an internal compass in life brings.

This tale is largely one of a continuation of life into a different stage rather than a transformation and a hard-cut of life into some preconceived notion of "retirement" as both a condition of life and a state of mind. Therein lies the wisdom.

Sorry to harp on this but part of why this was possible is the availability of income to live a life in this way. So plan ahead so that it can be possible to do it in whatever way you hope it to be.

The though of retirement scares me, I haven't a clue what I'd wanna do. No wisdom here, I'm sorry to say.

[OtayBW]

I am alone most of the day. I don’t mind my own company and I rarely get bored. I ride less now than I did before. Most of this summer I couldn’t be bothered with it.Really? Not what I would have expected.

[Louis]

The though of retirement scares me, I haven't a clue what I'd wanna do. No wisdom here, I'm sorry to say.

The bottom line is that for some people work is what gives meaning and rhythm to their life. Those are the ones who can never retire, and when they do, die within a year or so.

That's a bad, bad situation to be in - there's so much more to life than working for a paycheck.

[Joel]

Big +1 on what Ralph said above.

I was 'retired' at 53 from my corporate job. We've lived very conservatively and invested prudently. So, I actually retired at 53. Well, that lasted three months. Between getting bored, driving my wife batty, and only being able to ride so much - I realized I wasn't ready to retire. And I tried teaching but didn't love it as much as I thought I would.

Some ex co-workers asked that I come on a do a little consulting. There was no way I was going to be a consultant, but heck, why not.

One client lead to another and now at 56 I'm running a global consulting firm from by the pool in my shorts! It's a full time job again - in fact maybe more hours then when I had a "real job".

I'm retired!

Retired from dealing with corporate CR@P. I only work with nice people, nice clients who are respectful human beings.

And that simple change is letting me start my retirement, stay well out of the nest egg, enjoy my craft and have a productive, low stress day, with a bike ride at noon.

Not sure I'll do it forever, but it that's what retirement is REALLY like for me, and I'm not bitching. Not bitching at all.

Joel

[fuzzalow]

The bottom line is that for some people work is what gives meaning and rhythm to their life. Those are the ones can never retire, and when they do, die within a year or so.

True for some, hopefully not for you or me. But sometimes an objective perspective is elusive to our own conciousness. Hopefully I'm old enough to know life is tenuous and hangs in a delicate balance even if I can be prone to error as any fallible human might. The good thing is recognizing that frailty might help avert disaster. But you never know.

That's a bad, bad situation to be in - there's so much more to life than working for a paycheck.

Agree. Chasing money sucks. But if there isn't planning for what's to come, that's exactly what will end up happening.

[Chief]

As a retired friend of mine said about early retirement, "There is good news and there is bad new. The bad news is that you you have to have something to do. The good news is that almost anything counts."

I retired as a professor and chairman at a major university when I turned 56 years old.

[54ny77]

I know several guys that have retired, all across the income spectrum. Some are tradesmen/blue collar, some are professionals. Most (but not all) say they miss being in the flow of things, as it were. That could be anything from the daily ribbing you get/give colleagues, the mental challenges & rewards of the profession, and job satisfaction (to the extent that's capable in one's respective field). Reality is, for many, once you're out of that flow, you're out. Might be a little bit in, but the daily nuance just ain't the same.

That I can totally understand. What I can't understand is those who say they don't know what to do with their day. Man, I'd have decades of nonstop stuff I could think of doing. That includes going back to school just for the helluvit, probably starting a small business or do consulting just to stay in the flow of things in my respective field--or in an entirely new field.

In my career I don't "punch a clock" and never have, so a lifetime of the "daily grind" that's based on heavily scheduled work doesn't color the greener grass of retirement. The idea of retirement, to me, is just shifting priorities (but based on sound financial footing to be able to pursue those priorities).

[Mr. Pink]

I'd been looking to go out at 70, but my wife, who's witnessed friends' and family members' health issues wants me to retire ASAP, so we can enjoy relatively good health longer. My financial guy thinks maybe I can make it work at 68--3.5 yr from now. I've tried to be generous in my financial need assumptions, but you never know. Biggest variable is not knowing how long we'll live, and that really affects the Monte Carlo scenarios the computer programs use. My consultant says most retirees experience a 3-level retirement. The first is the highest annual expenditure, where lifestyle costs are similar to pre-retirement. The middle third tends to be less expensive since there's less travel and other major expenses like providing for children's marriages, etc. Then the final third in the waning days when healthcare costs become the major expense.


This is why I have to laugh a little at the "wait til you're 70 to start Social Security", or, basically, "work longer". I'm pretty sure whoever says or writes that isn't 75. (I'm not either, but, it's turning into a distant light in the tunnel) the body really starts to break down in ones 60s. Medical science hasn't stopped that natural decay, it's just learned how to stall the inevitable and profit from it. If you want to enjoy some free time at the end, you're going to need a healthy body to do it with. I stopped working as soon as I could, because I wanted to get some serious seasons of skiing in and do a few serious bike trips to Europe while I could. Hell, I just wanted to be able to walk a Euro city from end to end, which, dare I say, most 72 year olds can't, just like they can't ski a four day powder storm or climb a few French passes in a week. Especially if they've been sitting in a cube for the last thirty years for a majority of their lives. No amount of training and gym work can compensate for that life. Maybe I'll have less cash flow at 72 than if I worked until then or a little earlier, but, 10-1, I'll be in a whole lot better shape unless I get injured or contract a serious ailment. Ya can't buy good health, ya know?

My accountant is about 57 and a tri athlete. He was complaining to me how he gets smoked at events by 70 year olds, because, as he said, they train all the friggin time, while he has to work. I can definitely relate, because, that's all I do these days. Train all the time. There's a ton of cube inertia I'm still trying to fix, and, it seems to be working.

[wasfast]

A great spectrum of replies and I dare say all are correct. It just depends on what you want. I'd venture to say that men derive much of their fulfillment through work despite the way/people that it gets done through.

I'm still working but took off 1 1/2 years in my late 40's. What I thought would be a great leisurely existence was downright boring in no time. I thought I'd figure it out as I went. My conclusion: have a plan on what you intend to do. Depression and loneliness are far more common than is admitted in retirement.

There are all sorts of stories about men dropping dead in their 60's-70's. I live in a 55+ community and it's easily 2/3's women who mostly had their spouse die so it's not that rare. On the other hand, no one can know the time so you just have to take your chances with the gene pool you've been given.

[SPOKE]

I really like the idea of retirement but what it means to me is being able to do something else. I also expect that this "something else" will generate some $$'s but most likely a good bit less than I earn now. Health care is a huge variable that really concerns me. The rapid escalation of premium costs as well as deductibles & co-pays is just absolutely nuts!! Healthcare is why I'll probably continue to work till I'm 60 (about 4yrs to go!!).
I found the thread about "what would do with a million dollars" interesting and entertaining because I find myself facing this very situation since my brother and mother passed this year and they both left me with size able estates that make retirement possible much earlier than expected. That million dollars was tucked away in investments that will mostly preserve the principle and return modest gains. There is also enough extra that I plan to use to build my workshop do I can setup my little machine shop that I plan to use to generate that little bit of extra income and support my bicycle, motorcycle and car habit. I do see a bit of travel in my future too. Travel will put a huge smile on my girlfriend's face😉

[pjm]

One of my favorite things about retirement, and I don't know if anyone's mentioned it yet, is that I don't have to deal with that :mad::crap::help::(ing rush hour traffic, twice a day, five days a week! I'm sure that alone has done wonders for my general health.

[Mr. Pink]

And the health of your car. Man, I look down at the odometer and think, wow, is it broken? Then I just let the gas tank go until the warning light comes on.

[sam.g]

This Sunday I'm off to Ashland Oregon to attend UBI's two bike repair and shop operation class.

I've always done a bit of wrenching on my own bikes but know that I'm not really up to working for a shop. So hopefully this will give me enough knowledge to land a part time wrench position at an "interesting"bike shop or better yet, to gain employment by a bicycle touring company to wrench and "schlepp" for a summer. Luckily the money isn't as important to me as work environment. My wife and I have always lived frugally and at 67 we can enjoy a secure retirement especially since we both are now on Medicare.

After building a successful firm over the past 43 years, I received an offer that I couldn't refuse and agreed to sell. My original goal was to retire at 70 but timing is everything and I got all of our employees rehired by the new owner, so no guilt. Unfortunately the iron clad non compete agreement has prevented me from seeking new employment or opportunities in our industry so I've been filling my time with volunteering, a few classes and searching for the best burger in Cincinnati by bike in the afternoons. It's great to give back but I really need to fill my dance card and seriously miss work.

All the years that I worked in my own business, I never really gave thought to retirement. But now that it's happened and after the initial excitement has worn off, I'm bored! But I do have to say that I'm glad that I'll never have to travel to Bentonville to pay calls on Walmart again!

Sam in Cincy

[2wheelwill]

This my my situation as well only a bit accelerated. Built up my firm and been saving like a madman. I'll have a glide path out but won't have a no-compete clause so if I bore of retirement I can always jump back in and dabble a bit. Some correctly pointed out that retiring at 50 is risky because I (hopefully) have so many years left to live sans income. But it seems equally risky to work if you really don't have to, and when it's getting in the way of the things you really want to do. The scary part for me is that I do enjoy my work so I wonder if I'll miss it on some level. Unfortunately, my work revolves around conflicts so I'm rarely putting smiles on deserving people's faces. I'd prefer to sell bikes and ice cream to kids instead[emoji16]


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[Ralph]

If you have read some of my previous posts on this subject, you know what I think. And like many of you, I enjoy wrenching on my own bikes and helping some friends.

However.....I think the bike business is a very difficult business, and nothing like what most think it's like. I know....I worked in a big shop a few days just to see what it was like. No fun or enjoyment there for me. Just work. No way would I work or invest in a bike shop. One that needed to make a profit.

[SoCalSteve]

As a retired friend of mine said about early retirement, "There is good news and there is bad new. The bad news is that you you have to have something to do. The good news is that almost anything counts."

I retired as a professor and chairman at a major university when I turned 56 years old.

This is the post of the day, week, year and maybe of all time!!!

There is soooo much wisdom in those 2 sentences, it ain't even funny! Anyone scared of retirement, read those 2 sentences and live by them. It is the truth!!!

[sasteelman]

It's hard when the weather makes cycling impractical. Swimming isn't as enjoyable as cycling but it's a great workout. When it's nice it's great to cycle as much as you want. Something that helps: "You're only young once-but you can be immature forever."

[jvp]

Retired at 55, after 30 years with ncdot. Looked at it as changing jobs though, to doing something I really enjoy (route setting at rock gym). Pay is less of course but with my pension I'm happy. I get to make people do what I want them to do!

[oldpotatoe]

If you have read some of my previous posts on this subject, you know what I think. And like many of you, I enjoy wrenching on my own bikes and helping some friends.

However.....I think the bike business is a very difficult business, and nothing like what most think it's like. I know....I worked in a big shop a few days just to see what it was like. No fun or enjoyment there for me. Just work. No way would I work or invest in a bike shop. One that needed to make a profit.

Bike shop work(and retail in general) is a labor of 'like' for sure. A lot of it has to do with the goofy bike market in general, ridiculous new product time frames, silly 'innovations' that just make it harder and more expensive to sell and ride. And don't forget the interweb.:eek:

If ya gotta do the bike shop thing, do what I did and some guys way smarter than me did...look at the automotive industry as examples..Here in the republic, 'about' 6-7 new car dealers and 30-35 car repair places. Hoshi motors, Honda/Acura only. Swedish Motors, Volvo only...strive to be that customer's 'wrench', his go-to guy for bike stuff. Learn how to build good wheels!!!

I'd much rather fix it than sell it. BUT cash flow, inventory control, personnel management..genuine PITAs..go small, identify your 'market', aggressively pursue that market, don't try to be everything to all people. Accept that some don't want what you are sellin'..that's OK..

[2wheelwill]

My plan is to be the informal wrench for my local club and a few others in town. I'd guess that's over 100 riders to keep me working on a couple of project a month. Wouldn't be doing it for the money really - just something to do. Will definitely need to brush up on my wheel building skill. Basically plan to retire to my garage after 50!!!!


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[Ray]

Just stumbled onto this thread doing a search for something else, so a late reply, but my experience is pretty much on point since I retired a bit before 50 and have been at it for about 10 years now.

In terms of money, everyone has their own wants / needs. You obviously have to be in pretty decent shape to retire this early, but some people wouldn't want to do it without huge bucks to spend in retirement and some of us have enough, but value time way more than money. I'm in the latter group.

My wife joined me in retirement within the past year - I'm just about 58 and she's 56. For the first several years that I was retired, she was still working and we felt like we had plenty. When she decided to retire we knew we'd have to cut back significantly and I was frankly a bit nervous. Well, we HAVE cut back quite a bit, live on a much tighter budget, but it's wonderful being retired together. We figure we'll be living relatively large once SS and Medicare kick in, assuming they're still there in another 7-9 years as we qualify for them - I'm thinking they will be, but not taking it for granted. In the meantime, our income is less than it was and will be and our health care costs are way more than they will be, so if those two programs are still around, that'll be a pretty nice windfall.

In the meantime, our play money is greatly reduced, but we have plenty to live on in reasonable comfort. I'm not buying bike or camera gear or other toys like I had been, but I don't miss that kind of spending either. We're not gonna be doing any fancy travel for the next several years, but now that we're both retired and our kids are both in their late 20s and fairly busy and settled, we're in a position to go visit them now. No luxury vacations or trips to Europe or much flying, but we never did a lot of that anyway. But we're currently renting an off-season place in North Carolina right on the beach for two months for relative peanuts (this place would rent for $1500 per week in the summer but is less than $1000 per MONTH in the winter) seeing a good bit of our daughter who lives 10 minutes from here, and enjoying the nice weather and scenery. We'll probably spend some time in Maine near our other daughter in the summer. So this type of limited travel is perfect at this point in our lives. We're not eating out as much as we used to, but my wife loves to cook when she's not getting home exhausted after a day of work, so we don't want or need to eat out much.

My biggest financial fear at the moment is health care. We're paying a fair amount under the ACA, but we have a great plan and we like the guarantees that the law provides (no lifetime limits, pre-existing conditions, etc). If the law goes away or even if the insurance markets just start to fall apart due to uncertainty, I'm not sure what we'll be able to get for similar cost. This is a relatively short term concern, but depending on what we end up with, we might be in a bad situation if one of us gets really sick before age 65. Or we may just end up with a bigger chunk out of pocket during these relatively lean years. Or, you know, if the Donald replaces it with "something TERRIFIC", as promised, maybe we'll be in better shape than we were, but I'm not betting on that outcome! ;)

In terms of the mental part, there's an adjustment, but my guess is the earlier you start, the easier it is to adjust. When I first retired, I left a job/boss I'd recently come to detest and so I was in heaven for the first few months, just because I'd eliminated a huge source of stress and turmoil. Then I started getting bored and within a year had started my own consulting business, which lasted a few years, so I guess I was only partially retired at that point. That temporarily dried up after the crash (I had enough work to last a couple years after that but very little new was coming in) and once the phone started ringing a couple years later, I realized I didn't want to do it anymore, so I finally just stopped answering the calls and have been 100% retired for a few years now. And I don't miss it at all, but, yeah, there was a transition. My wife is going through it now, but seems to be handling it just fine, with an occasional mention of her old job, but she's pretty well moved on from it.

The line about finding something to do but almost anything counts is right on. I stay busy. I couldn't tell you how exactly, but I do. I wonder how I ever had time to work and raise kids! There are moments of boredom, but good lord, there were plenty of them when I was working too. And now I have so many better options for how to alleviate boredom on the rare occasion it does hit! I was pretty busy most of my career, but there were a few short periods where it was kind of slow and I had to actually think about making sure I "looked busy". That was waaaaaay worse than being stressed over having too much to get done, which was more often the case. But never having to worry about looking busy again is one of the small pleasures, as is the lack of a commute!

The one big unexpected thing to mention relevant here is that my need/desire to ride was GREATLY reduced once I left the stress of my career behind. I don't think I realized how much I was riding to burn that off. I still rode a ton the first couple of years, although I had been anyway when I was working - I didn't ride more, just on a different schedule. But then I gradually lost the jones and just didn't really feel like riding nearly as much. I still rode a fair amount and stayed in good if not great shape up until health issues forced me off the bike for a couple of years in 2013. Since then, even once I was able ride again, I've mostly lost interest and barely ride at all except around town doing errands. And have a different workout routine that's probably better for me at this stage of life anyway...

So, if you're still wondering about it, there's one more fairly similar data point...

-Ray

[TimD]

One of my favorite things about retirement, and I don't know if anyone's mentioned it yet, is that I don't have to deal with that :mad::crap::help::(ing rush hour traffic, twice a day, five days a week! I'm sure that alone has done wonders for my general health.

This. I had long car commutes for 25+ years. While the traffic was modest by NYC or LA or Seattle standards it still took a huge toll on me. I am so happy that's over - at least for the forseeable future.

When I'm presented with an "opportunity" my first questions are usually "Where is it located?" and "Is it possible to work from home?"

[onekgguy]

I retired 17 months ago (http://onekgguy.blogspot.com/2015/09/an-emotion-filled-day.html) at the age of 58 after 33.5 years as an air traffic controller. There's a mandatory retirement age of 56 but I qualified for a waiver and was able to tack an additional 2 years onto my career. It made good financial sense.

I've known so many guys who left the career and find themselves bored in retirement and often seek out employment to pass the time. That's not at all an issue for me. I've cultivated plenty of interests over the years and I enjoy doing a variety of things to occupy my time.

I'm a goal-oriented type so for me I kinda need a plan for the day, whether it's going out for a walk for 2 -3 hours or deciding between my road bike, my fat-tire bike or my indoor trainer. That's really about the only thing I need to make a decision about each day and I love that freedom. I've been dreaming of being in this position for awhile so it's nice to actually make it here and still be mobile enough to play. I recognize that that's a luxury many won't get to enjoy.

We had my mother-in-law living with us the first 9 months of our retirement (she has Alzheimer's) but we've now found her a long term care facility where she's well taken care of. It wasn't until then that our retirement really began.

It's been nice.

Getting 8 hours of sleep each night and feeling more rested than I ever have in my adult life is one of the best aspects of no longer being employed. I used to work every shift imaginable in the span of my work-week and that takes its toll. I can't imagine going back to that grind again. I do miss working in the sector though and I always will. I found the work to be immensely gratifying and can't imagine a better career for me. That's no doubt why I wasn't in a hurry to give it up, but I'm happy to be where I'm at now.

Kevin g

(Retirement papers in hand and leaving work for the last time.)

[54ny77]

^^awesome story.

Never understood the comments from retired guys who are bored. Know a few like that.

Good grief, there's an entire world out there.

[Seramount]

ok, here's my take...

retired at the end of August at age 64. purchased a bunch of service time credits so I could exit earlier than what the state's requirement is for full retirement. would have had to stick around another 3.5 years otherwise.

unfortunately, I was struck by a hit/run driver 6 days before I left the job.

so, much of my new 'leisure' time has been filled with a variety of doctor visits, massage/chiro sessions, and PT. but, those are still preferable to commuting in rush hour traffic, attending endless pointless work meetings, and dealing with the dim-witted upper mgrs that made our agency an insane asylum.

now, I sleep until my body decides it's time to awaken...such a luxury not to have to be a slave to an obnoxious alarm clock. I have a leisurely breakfast, catch up on my email / surfing, maybe do a little yard work...once the temperature climbs to a suitable level, I ride for a couple of hours, have lunch, and then usually head to the pool for a lap session.

have a rotating list of lunch partners...go out with one of them 2 or 3 times a week. love hearing a former coworker's tales of office idiocy...makes me smile that I don't have to endure that nonsense any longer.

once I'm cleared from all the medical stuff, I plan on doing some traveling...going to FL for a cave diving trip and will visit some relatives in Orlando. have a friend in Thailand that's been after me for ages to come visit...

it's only been a few months, but I certainly haven't had any issues with boredom yet. it's pretty easy to burn up a day doing things I like and just taking care of basic domestic chores. rainy days are a little tedious, but since we don't have many of those and I can usually use the down-time from riding/swimming, so it's not that big of a deal.

one of my buddies retired and it took him about a year to get 'antsy'...he works part-time in a liquor store now. don't see that happening to me, but will see.

[mcteague]

I'll be 62 next year and hope to be able to retire then. I should be in good shape with savings but health insurance is the big question mark. I have no idea what that is going to cost in a year's time and will have 3 more years before Medicare is available. We shall see.

Tim

[ripvanrando]

Since posting in this thread 4 months ago, I have not been able to ride due to severe cervical stenosis (pain). I think a little differently about early retirement now.

I'd now say something different....to anyone who has the funds, do it. Do it all. Chase your silly dreams. You worked and saved. You deserve to chase them. Everyone has dreams. Go for it.

My silly stupid dream was riding a sub 50 hour PBP at 60 years old in 2019.

[572cv]

I'm 66, and still working. But, I work for myself, so I get to call the shots on what I do. Since I want to ride more and travel more with my (semi retired) wife, I have slimmed my office down to me and some part time help, and am doing only projects I deem fun or important to a community, or both. And some projects are really fun, mentally stimulating and worth doing. I have a lot of institutional memory, as it were, and it feels good to still be able to contribute that.

I am moved by many of the stories in this thread. At this point you know your available useful time is dwindling, and you should leave the premises with no regrets. More biking this year, and every year after that I can is going to be part of the plan. It'll probably keep me going longer anyway.

[Schmed]

Wow - lots of young retirees - nice work, guys!

This is all good stuff for us that are approaching retirement years (prob 15 years for me). I'm making mental notes on how to fill my days. Besides biking:

- fishing - that's a time-sponge luxury that I don't often do
- sailing - especially great when you can go where you want without a schedule
- taking 4 hours to wash/detail the car. I used to do that before kids
- reading - I don't often do that for fun right now
- photography

[htwoopup]

I will leave aside all of the money things and medical insurance things (my grandmother moved to Japan at the age of 78 because "they respect the elderly").

To me, I want to know that my playmates are also retiring. I think it would suck to have no one to play with because they are at work.

Of course, the option then is to find new friends but then that probably entails finding a new thing to do...golf, tennis, I dunno but something I don't do now. That wouldn't be bad...expand horizons in both people and activities.

One thing I do know, the bike shop thing is out for me....I once had a guy working with me that was a world class sail boat racing dude. One day he quit because he said he loved sailing and the work was work and getting in the way. He opened a sail loft where he made sails. He came back to work at the company after about a year and a half. Said it sucked because he turned his passion into work and you need to have a passion that has nothing to do with work. He said there is a reason they call it labor and a reason they call it passion. He said your job should pay for your life not the other way around.

[rounder]

This is sort of a different take. I am 71 and still not sure about retiring. Believe we have enough saved for retirement to live ok. Feel like I am positioning myself for retirement...just bought a new car for my wife and we are going to remod the kitchen.

But, then what. I like my job and the pay is ok. Love riding my bike, but do not need to do it everyday. I love going away, but can do that on vacation.

I like what I do and do not want to be the guy everyone sees at starbucks every day drinking coffee and reading the newspaper.

For now, I feel fine and am going to keep on working.

[2wheelwill]

I love reading all the perspectives here....clearly there are no right or wrong answers.

I'm still on pace to retire at 50 or so but this ACA stuff has definitely given me pause - I don't think I'd make the retirement leap until i had more certainty about key factors like healthcare.

Retiring 15 years before Medicare kicks in is risky. Getting bored in retirement doesn't worry me - healthcare does!


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[Louis]

Retiring 15 years before Medicare kicks in is risky.

What are your plans for health insurance?

[2wheelwill]

What are your plans for health insurance?



To shop around and pay thru the nose till I reach 65.


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[Louis]

To shop around and pay thru the nose till I reach 65.

That's also my plan.

As I forecast my future expenses I'm assuming an additional $1k / month (for health insurance) compared to what I spend today

I have to believe that that would be enough, but haven't priced anything yet.

[2wheelwill]

We're estimating $1500/mn for our family...with some annual inflation rate based on historical increases.


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[Peter B]

I'm 54 and SS/Medicare have been part of my assumptions. Looking forward in today's climate, are those suppositions still valid??

[gemship]

Who would (not) have predicted 25% yearly increases with Obamacare.

Crushing to say the least.

I am far from retirement at the age of 42 and self employed. Funny you mention this because...this is my second year of living without health insurance and being honest about my income. In other words not screwing the system for next to free healthcare. In saying that I did my federal return a couple of days ago and I find it ironic that I could claim 12 grand less this year than last year and my healthcare penalty went up three hundred bucks. :rolleyes: Yeah I would have to say insurance did get more expensive and this is why I gambled not to have it...

[gemship]

Bike shop work(and retail in general) is a labor of 'like' for sure. A lot of it has to do with the goofy bike market in general, ridiculous new product time frames, silly 'innovations' that just make it harder and more expensive to sell and ride. And don't forget the interweb.:eek:

If ya gotta do the bike shop thing, do what I did and some guys way smarter than me did...look at the automotive industry as examples..Here in the republic, 'about' 6-7 new car dealers and 30-35 car repair places. Hoshi motors, Honda/Acura only. Swedish Motors, Volvo only...strive to be that customer's 'wrench', his go-to guy for bike stuff. Learn how to build good wheels!!!

I'd much rather fix it than sell it. BUT cash flow, inventory control, personnel management..genuine PITAs..go small, identify your 'market', aggressively pursue that market, don't try to be everything to all people. Accept that some don't want what you are sellin'..that's OK..

Your experience in this is interesting. I mean you retired from your former career with financial security to open a bike shop and you retired from that. It seems to me you maybe having more fun just specializing in building bike wheels. Do you agree with this? If so is it possible for you to expand into the bike wheel building business? Would you offer classes on how to build wheels? Or maybe make videos? It seems like a great specialty.

[54ny77]

man that's a helluva gamble. last year my wife broke her arm. wanna take a guess how much the tally for that was?

medical costs--biggest single nightmare, regardless of age or employment status.

I am far from retirement at the age of 42 and self employed. Funny you mention this because...this is my second year of living without health insurance and being honest about my income. In other words not screwing the system for next to free healthcare. In saying that I did my federal return a couple of days ago and I find it ironic that I could claim 12 grand less this year than last year and my healthcare penalty went up three hundred bucks. :rolleyes: Yeah I would have to say insurance did get more expensive and this is why I gambled not to have it...

[Ray]

man that's a helluva gamble. last year my wife broke her arm. wanna take a guess how much the tally for that was?

medical costs--biggest single nightmare, regardless of age or employment status.

Yeah, good insurance is expensive - it was going up without ACA and for many it went up with it, but it also covered 20+ million more people - but not as expensive as not having it and needing it. If you get cancer or are in a bad auto accident without insurance, you're not just in horrible physical shape but you and your family can quickly go broke and way into debt just trying to keep you alive. With a 'pre-existing conditions' clause, everybody has to be in for markets to work. If not, everyone would game the system and wait until they got sick or hurt to buy insurance.

I'm more than willing to pay for good health insurance at the rates we had under the ACA, but I need the predictability of the protections it offers. If it goes away, that changes all the calculations. But my problems if the ACA is repealed (without an equally good replacement) are just financial - we'll still have insurance of some sort. For a LOT of people who didn't have health insurance for years and have had it under the ACA, it's back to no insurance, back to the ER. My problems are small...

-Ray

[MikeD]

I retired at 60 but am working part time which I don't need to do but like it. House paid off and have no debt. Health insurance is paid for. Living off my pension and have only recently pulled money out of my investment accounts to pay for a new car and solar. California is expensive though, being a welfare state. Taxes, utilities, everything is expensive here. There's no money for infrastructure like roads and reservoirs, but they have plenty of money to spend on free health care for poor people and protecting illegal immigrants that shouldn't be here anyway. If I needed to save more I would move to another state.

[Kirk007]

Almost 59 and thinking that at 62 if not earlier it will be time to do something else. Crystal balling I think the hardest things to predict are what type of return can you expect in a conservative portfolio and health care. With the portfolio I guess you can look at the past ten years - fixed investment income can't get much worse, and go from there. The big one though I think is clearly health care. Been paying my own health insurance for 5 years (nonprofit organization too small and far flung to get viable group plan) and costs have gone up each year for premiums, and coverage continues to restrict. Thing is, this is no different than when I ran a nonprofit that could get group coverage: from 1992 until 2013 when I left, premiums went up each year as did deductibles etc., etc. Thing is, every year I was an employee in lawfirms, from 1987 to 1992, premiums went up, each year. Those complaining about increased premiums under Obamacare have either had the luxury of working someplace where they could be oblivious to the actual cost or they weren't paying attention. With or without Obamacare I expect the same pattern as nothing seems to be changing in terms of regulating the insurance industry or changing the health care system. If I was looking at retiring today I would budget at least a 10% increase per year until 65 and hope that medicare is still around and that the part B supplement doesn't become as expensive as a full private policy.

But going bare - no way. If you ever get a bill from a provider, particularly a hospital, that doesn't have your insurance information you will be astounded by the "unnegotiated" rates and costs (even those are pretty outrageous).

[MikeD]

Yeah, good insurance is expensive - it was going up without ACA and for many it went up with it, but it also covered 20+ million more people - but not as expensive as not having it and needing it. If you get cancer or are in a bad auto accident without insurance, you're not just in horrible physical shape but you and your family can quickly go broke and way into debt just trying to keep you alive. With a 'pre-existing conditions' clause, everybody has to be in for markets to work. If not, everyone would game the system and wait until they got sick or hurt to buy insurance.

I'm more than willing to pay for good health insurance at the rates we had under the ACA, but I need the predictability of the protections it offers. If it goes away, that changes all the calculations. But my problems if the ACA is repealed (without an equally good replacement) are just financial - we'll still have insurance of some sort. For a LOT of people who didn't have health insurance for years and have had it under the ACA, it's back to no insurance, back to the ER. My problems are small...

-Ray



I agree. The system stinks. The government needs to have the will to go to a single payer system like Medicare for all and get rid of the insurance companies. Then, crack down on the health care providers and drug companies that are fleecing the public. People and business need to pay into the system to keep it going and no one can opt out. Poor folks that can't afford to pay get emergency care only; no more freebies and gut Medicaid. Why should some deadbeat have better health insurance than someone working that has to pay for it?

[gemship]

man that's a helluva gamble. last year my wife broke her arm. wanna take a guess how much the tally for that was?

medical costs--biggest single nightmare, regardless of age or employment status.

Yeah I know. Dude last November I got hit on my 2006 gixxer 1k by an illegal alien, Oh man was I lucky. I was flying around a bend and about a 100 yards this Toyota Van pulls out of a driveway, guy didn't see or hear me. So I had a bit of time to scrub speed and straighten the bike out. Locked up the wheel and tried to steer away from the van but still hit the nose. Man I was so lucky. The bike deflected off the front and skidded on the right side, passenger peg bracket and frameslider. I got ejected! So, so lucky I didn't get a broken leg sandwich, etc, etc. I basically bounced off my hip and got some good bruising on the insides of legs/knees. I walked away with no scrapes, actually rode the bike away with minimal damage. Could have taken an ambulance ride but decided to just let it be but I did file a claim with insurance and made out like a bandit. I actually went to work later that afternoon digging clams. I have a wicked strong back and maybe a weak mind and a high threshold for pain. I think digging clams in extreme conditions has me pretty much an iron man, no sheet but I am lucky. I actually had fun with the accident. It was a rush but I was wearing a full face helmet, armor gloves, armor jacket and riding boots as well as padded jeans. Protection, Luck and knowing how to fall helps. Not to mention years of wipeouts, motocross.


Yeah the illegal's wife stepped up for fear of her husband dealing with immigration so she was insured and said she was driving. Not only did I make it out alive but I made over 3k after fixing the bike. So lucky, so huge, what a rush! How many dudes on here actually make money off of bike accidents?

Just to add, my biggest fear of no insurance is more a terminal illness, cancer or something rather than resetting a bone but I know I should just have it for even a trip to the ER.

[rpm]

I retired three years ago when I was 67. My wife was still working, and I was worried about still being productive and staying sharp. So I started working with a small consulting group doing the kind of work I was doing 8 to 5.

While the consulting was fun at times, I began to realize that I really didn't like the lifestyle of a consultant. I love leisure travel, but business travel is a drag, and I didn't really like being available to clients and colleagues 24/7. That point was brought home when I was on the road missing my favorite biking event of the year. I also realized that the world of my work (data analysis) was changing rapidly, and I needed to invest significant time learning new techniques and software. And that prospect just didn't excite me.

Our finances and insurance are OK, so now I don't worry about filling my time and being "productive". It's so nice when the snow and ice are coming down in the morning to just roll over and relax. My time does fill up quickly, with a couple of hours or more riding that usually involves a coffee stop mid-ride (gym at the winter). I tutor at a Reading Partners program in an inner city school, and I'm very active in my church men's group and governing board. I take courses for fun through a seniors program at a local university (right now, it's "Dirt and Sky"--a course that combines geology and astrophysics) and I belong to a reading group that selects and discusses a given book. When I add in errands and my wife's "Honey-Do" list, I'm pleasantly busy.

So my advice for new retirees is to relax, not rush into heavy commitments, and try out new and different things as the opportunity arises. You'll naturally figure out what you like and what you want to continue. It is important, though, to do some social things, to get involved with some groups, so you're not isolated after you leave the workplace.

[sokyroadie]

I turned 62 last June, made a deal with the company that I would work 3 (10) hour days - more if it is a necessity. That is still considered full time, so all benefits still apply. Plan on doing this till 65 or maybe 66.

Jeff

[froze]

I can, if necessary, retire anytime I want, I'm now 63, but I need to pay off a rental building first which may take a couple of more years, and the amount of money I make would exclude from SS benefits. As far as fully retiring, I have no vision of ever doing that, instead I will take some time off after I "officially" retire to do at least one across the US bike tour, take some trips to various countries I want to see either again or for the first time, then once that stuff is out of the way I'm going to change career paths and try some jobs that I always thought would be interesting like sell cars, or bicycles, do it part time so I can manage my rental business too. If I get too old I can quit the job, and turn the rental properties over to a management company, but I sort of fear doing those things because it seems a lot of people die shortly after they retire completely, not that I fear death, but why hasten it? Right now my life is too hectic with a full time job as well as managing my property, but that should change in about 2 maybe 3 years...hopefully not longer than 3, but I'll see as the time goes by.

[2wheelwill]

I'm the total opposite. Once my financial planner says I have enough to stop working I will stop. Might go back to do some other kind of fun work but for me work is a means to an end.


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[gemship]

I'm the total opposite. Once my financial planner says I have enough to stop working I will stop. Might go back to do some other kind of fun work but for me work is a means to an end.


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Ahh yes the old work to live vs. live to work mantra. You got it right 2wheels:beer:

[froze]

Again, I'm not the kind of person to sit around and fish all day, nor ride a bike all day, I have to be doing something, something constructive, not really about the money, heck most millionaires and billionaires all work till they croak, did they do that for the money? No, they have all the money they need. There is only so much housework to do, after those things are done people become bored. It's only been in the last 100 years that people retired, prior to that they worked all their lives.

http://www.startribune.com/experts-agree-working-past-retirement-age-is-beneficial/388305801/

[oldpotatoe]

I agree. The system stinks. The government needs to have the will to go to a single payer system like Medicare for all and get rid of the insurance companies. Then, crack down on the health care providers and drug companies that are fleecing the public. People and business need to pay into the system to keep it going and no one can opt out. Poor folks that can't afford to pay get emergency care only; no more freebies and gut Medicaid. Why should some deadbeat have better health insurance than someone working that has to pay for it?

Righto, won't happen-Congress is in the pocket of insurance companies, period.

Health care 'should' NOT be for profit, and 'should' be single payer. I have been with 'government' health care my whole life(Father in USAF) and have never had a medical complaint(well maybe one 30 years ago with my oldest kid). Pay a little more in taxes, save a bundle in Medicare-for-all health care. 'Marketplace' health care, dumb..IMHO, of course.

[ldamelio]

Righto, won't happen-Congress is in the pocket of insurance companies, period.

Health care 'should' NOT be for profit, and 'should' be single payer. I have been with 'government' health care my whole life(Father in USAF) and have never had a medical complaint(well maybe one 30 years ago with my oldest kid). Pay a little more in taxes, save a bundle in Medicare-for-all health care. 'Marketplace' health care, dumb..IMHO, of course.


As usual, the old spud is correct. A criminal proportion of the health care dollar goes into the byzantine infrastructure of finance and billing, both on the insurer and provider ends. Cutting out the middleman and going single payer (ie, Medicare for all with fair/sustainable fees to providers) would be simple. The savings in premiums would eliminate the profit motive and overhead and outweigh the tax increase. Sadly this will never happen.

PS - I've enjoyed this thread - 56 and have saved enough to retire and exhausted after a difficult career. Balancing the desire to continue contributing to society (and always nice to save a little more) with burnout and the desire for autonomy. Some thought provoking posts here.

[Jeff N.]

I retired at 65 in August of '14. I consider myself very fortunate in that I worked 36 years for a company that really, really, really takes care of it's employees who've put in their time. I have free medical coverage for my wife and I...for life...plus a VERY generous pension and 401k that has since been rolled over into an IRA that has worked out quite well up to this point. My finance guy said we should be good until we're about 106 years old or so (jokingly, of course). I never get bored. I always find things to do. I ride all the time. I simply have more time to do the things I like. We're pretty much debt-free. House is paid off. :banana: Only rarely do I give any though about my old working life...I don't miss it a bit. I like to take naps because...I can! Life is good. No complaints. A concluded working life is "a beautiful thing", as Trump might say. -Jeff N.

[bigbill]

I've been looking at it more. My son is finishing his junior year of high school and is pursuing an appointment to the Naval Academy or West Point. He also has my GI Bill that I never used and passed to him. The GI Bill route means I would probably continue to work until he's out of college which would put me at 57. I'm a retired Naval Officer (O-4) that served 27 years, half of which I was enlisted. With retirement and some VA, I could have a decent life with some budgeting. I also have healthcare from Tricare and VA so that's covered.

I've thought about what I want. The first thing I don't want is this big house. My next place will be <2000 square feet with a large garage and shop. I'd like to get a nice trailer like an Airstream and spend part of the year on the road but it's hard to see how to do it without some kind of home base. I have a friend and his wife that are living in their RV trailer. Their kid graduated from HS last year and is in college. They sold their house and moved into their trailer until they figure out what they want. They are discovering that most travel trailers aren't built for full time living so that's something to consider for me if I wanted to live in one for months at a time.

[Ralph]

[QUOTE=

I've thought about what I want. The first thing I don't want is this big house.




Amen to that!

[oldpotatoe]

I've been looking at it more. My son is finishing his junior year of high school and is pursuing an appointment to the Naval Academy or West Point. He also has my GI Bill that I never used and passed to him. The GI Bill route means I would probably continue to work until he's out of college which would put me at 57. I'm a retired Naval Officer (O-4) that served 27 years, half of which I was enlisted. With retirement and some VA, I could have a decent life with some budgeting. I also have healthcare from Tricare and VA so that's covered.

I've thought about what I want. The first thing I don't want is this big house. My next place will be <2000 square feet with a large garage and shop. I'd like to get a nice trailer like an Airstream and spend part of the year on the road but it's hard to see how to do it without some kind of home base. I have a friend and his wife that are living in their RV trailer. Their kid graduated from HS last year and is in college. They sold their house and moved into their trailer until they figure out what they want. They are discovering that most travel trailers aren't built for full time living so that's something to consider for me if I wanted to live in one for months at a time.

Thanks for your service and shipmates don't let family go to west point!!:)
BTW-retired at 62(now 66), wife and I social security and my pension. Medicare with supplemental paid by tricare...some lifestyle changes..no annual European vacation but pretty easy. Looking to sell way overpriced house we are in..wait till market plunges, then buy something smaller outside of the republic(Boulder, Average $ for a detached home now>$1million...).

[smead]

I retired at 65 in August of '14. I consider myself very fortunate in that I worked 36 years for a company that really, really, really takes care of it's employees who've put in their time. I have free medical coverage for my wife and I...for life...plus a VERY generous pension and 401k that has since been rolled over into an IRA that has worked out quite well up to this point. My finance guy said we should be good until we're about 106 years old or so (jokingly, of course). I never get bored. I always find things to do. I ride all the time. I simply have more time to do the things I like. We're pretty much debt-free. House is paid off. :banana: Only rarely do I give any though about my old working life...I don't miss it a bit. I like to take naps because...I can! Life is good. No complaints. A concluded working life is "a beautiful thing", as Trump might say. -Jeff N.

Jeff - Yep for the most part, your age group hit the tail end of the days when private companies took care of retired employees - you are fortunate indeed. I'm 12 years your junior, worked for a big tech form for 26 years. When I started, they offered full retirement pension and medical. 15 years later, they said "sorry, we're taking those benefits away", even for existing employees. So I stuffed $$$ under the mattress for the next 10 years and walked away at 48 to live off savings. ACA allowed this to happen as it made health ins doable for myself and my wife. W/o ACA, I will be back at work, probably next year.

2wheelwill - this is your biggest challenge - bridging your 15 health ins gap between 50 and 65. And hell now I even wonder if medicare will be there at 65 now that mr. price has control of things. Sigh sigh and sigh ......

[froze]

I agree that the medical insurance in America SUCKS!

It's funny we have non profit hospitals but not non profit pharmaceutical makers.

The odd thing about non profit hospitals is that the term non profit is a joke, they make so much money they have to finance public parks, ballparks, etc, etc, to burn up the extra cash, these non profit hospitals will replace ceramic tile floors for example every 6 months to spend excess cash so as to remain a non profit. Aren't non profit agencies special? Special like John Miller, president and ceo of Goodwill Industries of SW Wisconsin gets paid over $3 million a year; or for you Jewish people the head of United Jewish Appeal gets over $3 million a year; or university presidents like NE University and Chicago U gets just shy of $3 million a year; then there's disease research centers like the Alzheimer's Assoc president who gets 2.75 million a year, or the Cancer Research Pres who makes 2.1 mill, which makes me wonder how much more research on this disease could be done if those presidents got a million dollars less and that extra million went back into research? Wouldn't these companies still be non profit if they spent the money in research? Wouldn't non profit universities be able to afford to reduce the cost of books to their students if that excess pay instead went towards lowering the cost of said books? Or dumping another million or two a year into job training programs, employment placement, and other community programs be furthered along with helping people instead of paying the Pres of Goodwill so much money; in either of those examples the non profit would still be a non profit but the money isn't being wasted as much.

I would think that person applying for the position of president at a non profit would be the type of person who wouldn't try to see how big of an income they could make because that's where they're heart is (supposedly) in helping those that need help and doing so with as much money being used the correct way.

I guess I'm just too stupid to understand the necessity of such huge salaries to heads of non profit.

[bigbill]

Thanks for your service and shipmates don't let family go to west point!!:)
BTW-retired at 62(now 66), wife and I social security and my pension. Medicare with supplemental paid by tricare...some lifestyle changes..no annual European vacation but pretty easy. Looking to sell way overpriced house we are in..wait till market plunges, then buy something smaller outside of the republic(Boulder, Average $ for a detached home now>$1million...).

My son wants to be a SEAL and his best chance to do it as an officer is to attend the Naval Academy. I told him he should get a EE or ME degree just in case he gets tired of jumping out of planes and blowing stuff up. I'd prefer to live closer to a base, maybe the San Antonio area. If the kid ends up at Annapolis, all that matters is living reasonably close to an airport, it's not like he's showing up on the weekend with his laundry.

[SoCalSteve]

I retired at 65 in August of '14. I consider myself very fortunate in that I worked 36 years for a company that really, really, really takes care of it's employees who've put in their time. I have free medical coverage for my wife and I...for life...plus a VERY generous pension and 401k that has since been rolled over into an IRA that has worked out quite well up to this point. My finance guy said we should be good until we're about 106 years old or so (jokingly, of course). I never get bored. I always find things to do. I ride all the time. I simply have more time to do the things I like. We're pretty much debt-free. House is paid off. :banana: Only rarely do I give any though about my old working life...I don't miss it a bit. I like to take naps because...I can! Life is good. No complaints. A concluded working life is "a beautiful thing", as Trump might say. -Jeff N.

Even though our industries are very different, I too am very fortunate to have full medical insurance for the rest of my life through the Motion Pictures Health and Welfare Fund. I spent 35 years working on TV shows and movies.

But due to unforeseen health issues, I had to stop working before this kicks in. But, I happened to marry a woman who works for the second largest school district in the country and I get my insurance through her until I turn 62.

After reading some of the other postings in this thread, I feel very blessed that this is one less ( big ) thing I'll have to worry about for the rest of my life.

[oldpotatoe]

My son wants to be a SEAL and his best chance to do it as an officer is to attend the Naval Academy. I told him he should get a EE or ME degree just in case he gets tired of jumping out of planes and blowing stuff up. I'd prefer to live closer to a base, maybe the San Antonio area. If the kid ends up at Annapolis, all that matters is living reasonably close to an airport, it's not like he's showing up on the weekend with his laundry.

Good for him, I'm sure he knows how tough it can be. BUDS is no fun. If he can swim like a fish and tolerate being VERY cold, wet and VERY tired..he has a chance. Yup, get a technical degree. I'm NOT a ring knocker(NROTC) but had many squadron-mates who were.

[2wheelwill]

I've decide I won't retire until the current president is out of office!


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[oldpotatoe]

I've decide I won't retire until the current president is out of office!


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I just won't.....say......it.....:cool:

[ultraman6970]

Retirement feels like this for a lot of people....

http://images.schoolbusfleet.com/post/L3-MonaCliftonSpecialNeedsBusDriverCirclevilleOhio-1.jpg

[dave thompson]

Retirement feels like this for a lot of people....

http://images.schoolbusfleet.com/post/L3-MonaCliftonSpecialNeedsBusDriverCirclevilleOhio-1.jpg

Or this...

[john903]

Hey there ultraman6970 that is what I do. I drive a school bus for the Sequim school district and ride my bike lots. I retired from the Coast Guard in 2003 and did odd jobs then was drawn to being a school bus driver. The pay supplements my Coast Guard retirement and I am in the teamsters union so I will get a teamsters retirement, then a Washington state retirement, to add to my Coast Guard retirement. Some people laugh and say "oh your just a bus driver" and I have to say it is a fantastic job. I am the driver trainer so I get to train new drivers and I have always wanted to be a teacher. I enjoy driving and a challenge. Most of all I really enjoy the kids they really help to keep you young at heart. I have so many great stories even today as I reminded a 1st grader we "don't eat or drink on the school bus" and she said "I accidentally ate my candy iam sorry." I also get lots of time to ride my bike between routes, spring break, and of course summer break.
I think more people should check it out as a retirement job you may be surprised how much you like it.
Have agreat day.

[Jeff N.]

Or this...Mr. Thompson has the right idea.

[Louis]

In more practical matters, other than the IRS itself, what have you found is the best source of information for figuring out the various options and rules for early retirement and withdrawals from a 401(k)?

I'll be 55 later this year, and have been investigating all that SEPP stuff -

https://en.wikipedia.org/wiki/Substantially_equal_periodic_payments

[dave thompson]

Mr. Thompson has the right idea.

That's my summer job.

This is my winter job. :banana:

[Jeff N.]

That's my summer job.

This is my winter job. :banana:
Perfect!

[Louis]

That's my summer job.

This is my winter job. :banana:

Covert picture of Dave T and friends, taken a few weeks ago:

(can you guess which one's Dave?)

http://cdn3-www.comingsoon.net/assets/uploads/gallery/baywatch/baywatccast.jpg

[Ralph]

Retirement is great if you can retire while you have good health, can stay busy, have someone to share it with you, and have the funds to do all the things you want to do. I retired in 1998 at 58 and have no complaints, none.

However.....I would advise you to do what it is you want to do while you can. No one knows the future. How long your health holds up.

I'm 75 now. Still in good health, still riding my bike and going to the gym. But I have slowed down. Don't travel much anymore. Don't like hassle in my life anymore. I know the future is not as good as the past.

[gemship]

Retirement is great if you can retire while you have good health, can stay busy, have someone to share it with you, and have the funds to do all the things you want to do. I retired in 1998 at 58 and have no complaints, none.

However.....I would advise you to do what it is you want to do while you can. No one knows the future. How long your health holds up.

I'm 75 now. Still in good health, still riding my bike and going to the gym. But I have slowed down. Don't travel much anymore. Don't like hassle in my life anymore. I know the future is not as good as the past.

This is an interesting and entertaining thread. I find myself of envy of some folks fixed retirement incomes but like you say the future, getting old prospect really isn't as good as the past and I am only 42 and saying that.

[2wheelwill]

Retirement is great if you can retire while you have good health, can stay busy, have someone to share it with you, and have the funds to do all the things you want to do. I retired in 1998 at 58 and have no complaints, none.



However.....I would advise you to do what it is you want to do while you can. No one knows the future. How long your health holds up.



I'm 75 now. Still in good health, still riding my bike and going to the gym. But I have slowed down. Don't travel much anymore. Don't like hassle in my life anymore. I know the future is not as good as the past.



This is very wise advice. Thanks for sharing. Just out of curiosity, was your transition to retirement bumpy at all? Did you miss the structure of work or the so-called feeling of purpose?

Thanks again for sharing!


Sent from my iPhone using Tapatalk

[Ralph]

This is very wise advice. Thanks for sharing. Just out of curiosity, was your transition to retirement bumpy at all? Did you miss the structure of work or the so-called feeling of purpose?

Thanks again for sharing


Sent from my iPhone using Tapatalk

No....No issue with the transition. Was a VP at Merrill Lynch advising private clients. Great career, got paid good, etc. Just wanted to quit. Business changing around me, and I didn't want to change...so I quit. No regrets. Stayed busy traveling...my wife and I wanted to see the USA...so been about everywhere in USA. Plus riding my bikes, going to gym, doing yard work, 7 grandkids, etc. keep me plenty busy.

But now I'm 75....have checked off about all the boxes. Slowing down. Nothing wrong with me much except being 75, but I know the future is not as good as the past re my health.

So.....if your life is good.....enjoy...and keep in mind retirement usually leads to old age. And frankly....I would trade all I got to be 40 again. So don't rush it.

[SpokeValley]

Not planning on retiring. I still have a retirement plan in place, but my plan is to just work a little less hard and have a little more free time until the day comes that my body or mind says otherwise.

I'm the same way. I like what I do and I'm blessed. My company told me I could stick around as long as I want. (Of course, anything can happen). I'm 64 this month and plan to 'officially' retire (for SS) at 70. I'm definitely good for six more years, God willing, but longer if I'm up for it.

Keep moving. :beer:

[Ralph]

I didn't have the kind of career where one can cut back....either give 110% or move on.

But for you guys who have a career you love, who get paid good, and have the ability to control your hours, especially if it's something with modern electronics you can do from anywhere....why ever retire? And for those who work in a place, just cut back and take time off as you wish. That will give you all the time you need for travel and leisure activities....working on your health....bike riding, etc.

I have a friend...a Vet....who just sold his business, and agreed to work for new owner on an "as needed" basis. So now he works some, gets paid vet wages, and has plenty of time to be "retired". And he still gets to take care of small animals...something he loves. Try for something like that....or go get retrained for something like that when making money not a huge issue anymore....when the kids are gone and educated.

I will also say this....taking a minimum wage job in retirement just to stay involved not very rewarding.

[onekgguy]

Finally, for the first time in my adult life I'm routinely getting enough rest. I used to typically operate on little more than 5 hours of sleep each night while balancing life around shiftwork. I'm so glad not to be in that grind any longer.

Kevin g

[Mr. Pink]

Retirement is great if you can retire while you have good health, can stay busy, have someone to share it with you, and have the funds to do all the things you want to do. I retired in 1998 at 58 and have no complaints, none.

However.....I would advise you to do what it is you want to do while you can. No one knows the future. How long your health holds up.

I'm 75 now. Still in good health, still riding my bike and going to the gym. But I have slowed down. Don't travel much anymore. Don't like hassle in my life anymore. I know the future is not as good as the past.

Yup. I'm out early (I'm 64, retired at 62) because I wanted to get some serious skiing and traveling in while I could. The skiing is already difficult due to the aftermath of what I was told would be a relatively minor knee operation,but , I'm taking off next week for a five to six week western mountains tour, and should be in Italy in the fall wth the bike and just walking around. I just watched two good friends get consumed by cancer n ther early sixties, and that was a brutal reminder that life is short, so, get it while you can. I'm spending more than I should (violating the 4% rule), but, I assume that I'll be happy to get up in the morning and do a local 25 miler when I'm 75 and older, instead of traveling the world. That is a hassle, as you imply, all that moving around. I've been reading lately about how so many "experts" are confused as to why America has stopped moving around so much lately, and I think the reason is simple. Older people don't want to move. After a certain point, they just want to stay put, and there's 73 million Boomers now slouching into the end game, ending it where they ended up.

[paulh]

Finally, for the first time in my adult life I'm routinely getting enough rest. I used to typically operate on little more than 5 hours of sleep each night while balancing life around shiftwork. I'm so glad not to be in that grind any longer.

Kevin g

That looks good. What activity/sleep tracker and apps, etc. give you this info?