Retirement; Thoughts, Advice, Things to know.

[Buffalo Bill]

Retire? Is it mandatory?

IF you are single then why not get a highly-educated, gorgeous woman thirty years your junior who loves you.....and then start over?

Duh…I need to look into that. WOW!

[Rob S.]

IF you are single then why not get a highly-educated, gorgeous woman thirty years your junior who loves you.....and then start over?

From Dr. Strangelove:

'I must admit, you've got a damn fine idea.'

[Nessism]

IF you are single then why not get a highly-educated, gorgeous woman thirty years your junior who loves you.....and then start over?

Good friend of mine married a considerably younger woman after his first wife died from cancer. He's an awesome guy, and she's super great as well. He's something like 57 years old now with two young kids. How's that a recipe for retirement?

[RichDesmond]

Retire? Is it mandatory?

IF you are single then why not get a highly-educated, gorgeous woman thirty years your junior who loves you.....and then start over?

Other than her being “only” 17 years younger, that’s basically what I did.

[RichDesmond]

All you dudes seem to be in sound financial shape with another decade to make sure. Lot of boasting…as per usual.
What about how you're gonna feel after you retire? What's gonna happen to your friends and family circles?
I'm 68 this year and I'm not worried about money, I'm worried about my people.
I'm watching some decline faster than others, I worry about them.
I hear about my icons dying and look at their age. I look at the age of my oldest friend 88, and ask her about aging. Her entire generation is gone. How would you process that?
It reads like a slo-mo casualty report from a combat zone.
Work on keeping your heart above cold water.

Very good points. You always hear the advice “have a plan for what you’re going to do” in retirement, but I think it’s equally important to know who you’re going to talk to.
Was just talking to my brother about this the other day. I’m 64, likely retire in a year or so. One thing I’ve noticed with retired guys is that their thinking tends to get rigid and inflexible. While I’m sure part of that is directly age-related I think a lot has to do with the smaller group of people they interact with. Particularly, in a work environment you can’t choose to deal only with people you like or agree with. You’re going to get challenged, and sometimes forced to consider other points of view.
More important than many people realize, IMO

[Rob S.]

Particularly, in a work environment you can’t choose to deal only with people you like or agree with. You’re going to get challenged, and sometimes forced to consider other points of view.

Unfortunately, 'work from anywhere' is making it easier, maybe more likely to isolate and get more rigid. Sad state of affairs.

[GSXR7ED]

Very good points. You always hear the advice “have a plan for what you’re going to do” in retirement, but I think it’s equally important to know who you’re going to talk to.

Was just talking to my brother about this the other day. I’m 64, likely retire in a year or so.

One thing I’ve noticed with retired guys is that their thinking tends to get rigid and inflexible. While I’m sure part of that is directly age-related I think a lot has to do with the smaller group of people they interact with.

Particularly, in a work environment you can’t choose to deal only with people you like or agree with.

You’re going to get challenged, and sometimes forced to consider other points of view.

More important than many people realize, IMO

You speak/write like a seasoned/wise elder.

I definitely agree with becoming rigid...I sense it happening to me and it gets validated by my family.

An important aspect in life is not ignoring the obvious things others around you notice. They care if they have the conscience to tell you. (I'm being vague because we are all different)

Work definitely affects us too because sometimes we bring it home with us...which affects everyone at home. My wife recently left her job because the stress was affecting her. This Feb would have been her 7th year with the company.

Most of my interactions is with family...I have a long-distance buddy I worked with at Boeing who I've kept in touch with since I left JAX Florida in 2016. I also still keep in touch with 3 high school friends in LA as well as my family side in SoCal.

So, it's good to be in contact with a variety of family & friends.

Ed

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[argonsagas]

All you dudes seem to be in sound financial shape with another decade to make sure. Lot of boasting…as per usual.
What about how you're gonna feel after you retire? What's gonna happen to your friends and family circles?
I'm 68 this year and I'm not worried about money, I'm worried about my people.
I'm watching some decline faster than others, I worry about them.
I hear about my icons dying and look at their age. I look at the age of my oldest friend 88, and ask her about aging. Her entire generation is gone. How would you process that?
It reads like a slo-mo casualty report from a combat zone.
Work on keeping your heart above cold water.

You raised some points that it often seems people step aside from, even try to ignore. Perhaps it is because facing them/admitting them is not always easy.
Which path is right for any one of us is personal, as there are so many variables, but today we see Betty White has just passed and she left us a wonderful example of how to live and shine until the end.

[nejeff]

Great topic Storm 64 and it's been a good discussion. I think about retirement alot but I'm several years behind you, let me tell you a little about what I learned watching my Dad.

My dad worked union factory and you could retire when you had both 30 years of service and be at least 55 years old. He opted out at 32 years, age 55. He had complained my entire life about that place. Dirty, messy work, hot conditions. We knew he was going to get out as soon as possible. The thing is in hindsight he didn't know himself as well as he thought and his vision was so clouded with getting out of there that I don't think he made adequate decisions.

When he left he had pension, that's it. No nothing else, zip. There must have been some health insurance component though as well, a percentage paid. No other investments

Anyways he rode high but not for very long. Probably 6 months in to "retirement" the facts he hadn't calculated for piled up. His wallet was short, he was bored and he was lonely. He was NEVER a sit at home guy, and never a home project guy. He was a worker and also he was a people person but didn't know it. He missed the work golf leagues with his friends, he missed being in loop, he missed the friendships over 30 years in the making . He said once he thought people had forgotten him. That's something to consider if you need that type of human connection.

He went on to do many other things to keep busy and make some scratch. He had a business buffing, stripping floors for offices, stores, ect. He worked for the city & county doing maintenance, janitorial type stuff and he drove Rural Route mail for several years. He admitted to me once he should have just stayed at the factory. Not only did none of the jobs he did later ever pay as much but he had left all his friends behind and it was never quite the same again.

Anyways that one perspective to think about.

[GSXR7ED]

Great topic Storm 64 and it's been a good discussion. I think about retirement alot but I'm several years behind you, let me tell you a little about what I learned watching my Dad.

My dad worked union factory and you could retire when you had both 30 years of service and be at least 55 years old. He opted out at 32 years, age 55. He had complained my entire life about that place. Dirty, messy work, hot conditions. We knew he was going to get out as soon as possible. The thing is in hindsight he didn't know himself as well as he thought and his vision was so clouded with getting out of there that I don't think he made adequate decisions.

When he left he had pension, that's it. No nothing else, zip. There must have been some health insurance component though as well, a percentage paid. No other investments

Anyways he rode high but not for very long. Probably 6 months in to "retirement" the facts he hadn't calculated for piled up. His wallet was short, he was bored and he was lonely. He was NEVER a sit at home guy, and never a home project guy. He was a worker and also he was a people person but didn't know it. He missed the work golf leagues with his friends, he missed being in loop, he missed the friendships over 30 years in the making . He said once he thought people had forgotten him. That's something to consider if you need that type of human connection.

He went on to do many other things to keep busy and make some scratch. He had a business buffing, stripping floors for offices, stores, ect. He worked for the city & county doing maintenance, janitorial type stuff and he drove Rural Route mail for several years. He admitted to me once he should have just stayed at the factory. Not only did none of the jobs he did later ever pay as much but he had left all his friends behind and it was never quite the same again.

Anyways that one perspective to think about.

Oh, to learn from someone else...

I know everyone is different in their thinking. One really has to evaluate their life as soon as possible. There are many things to consider and your story about your dad is true about a lot of older people of that generation. Not saying it's bad, just that the times they grew up in changed compared to now.

Thanks for sharing a little part of your personal life.

Ed

****

[argonsagas]

Great topic Storm 64 and it's been a good discussion. I think about retirement alot but I'm several years behind you, let me tell you a little about what I learned watching my Dad.

My dad worked union factory and you could retire when you had both 30 years of service and be at least 55 years old. He opted out at 32 years, age 55. He had complained my entire life about that place. Dirty, messy work, hot conditions. We knew he was going to get out as soon as possible. The thing is in hindsight he didn't know himself as well as he thought and his vision was so clouded with getting out of there that I don't think he made adequate decisions.

When he left he had pension, that's it. No nothing else, zip. There must have been some health insurance component though as well, a percentage paid. No other investments

Anyways he rode high but not for very long. Probably 6 months in to "retirement" the facts he hadn't calculated for piled up. His wallet was short, he was bored and he was lonely. He was NEVER a sit at home guy, and never a home project guy. He was a worker and also he was a people person but didn't know it. He missed the work golf leagues with his friends, he missed being in loop, he missed the friendships over 30 years in the making . He said once he thought people had forgotten him. That's something to consider if you need that type of human connection.

He went on to do many other things to keep busy and make some scratch. He had a business buffing, stripping floors for offices, stores, ect. He worked for the city & county doing maintenance, janitorial type stuff and he drove Rural Route mail for several years. He admitted to me once he should have just stayed at the factory. Not only did none of the jobs he did later ever pay as much but he had left all his friends behind and it was never quite the same again.

Anyways that one perspective to think about.

That is a particularly important aspect of life changes but it is also one few people look at as needing in-depth consideration .
It can deeply affect your life overall.

[1980GS1000E]

As a 4 year retiree after driving schoolbuses for 23 years, I think I am set up ok. House paid off, debt free, a good pension and I stay busy with pinball machines and volunteering at CHP along with riding the bikes on rotation. Have a great girlfriend and am living the dream. Plan for it.

[Jedz123]

I know I'm the pup of the group (Just turned 38 today) but starting with the end in mind has been my modus operandi in any endeavor I do, especially with my carrier and departing from it. Also with many of my staff moving off to retirement I do know that process and know the challenges for these folks moving into their golden years. I guess I'll share my plan and experience of others.

1. Be debt free. Pay off all things, this will assist in making do with limited income or stretch your saving, IRA or mutual funds. Pay for everything in cash moving forward.. Don't waste money on interest.
2. Never too late to open a ROTH IRA. These puppies are great as they go in post tax and come out tax free. 7% growth even if you opened one today and contributed the max (if you can afford to do so, $6500 annual max contribution is allowed in your age bracket ) You could get to that $100K mark in 10 years. That is tax free coin in the bank.. Great for Emergencies and such. No penalties to withdrawal as little or as much as you want... In 10 years. If you were married I would say double up and open 2 IRA's one in your name the other your spouses... How we are doing it but only works if your married and have the extra money to save.
3. Insurance is a huge challenge. You can get on Medicare at 65. I checked and the average costs to retire early for insurance is $35K a year on average. I have had folks retire early ( I have an employee planning this Spring) at age 60 but with her strategy for retirement she is budgeted to pay the $35K annually for 5 years. Allot of coin but for some, time has no dollar value.
4. Live bellow your means and save the difference. Simple but it works.
5. Move to a place with cheap taxes. Unsure how things are in Rural Ohio these days but I know SC, TN, FL and GA have some lower than normal tax rates. Also property is far more affordable there. ( I only am basing that off my personal experience here in New England)
6. Match your companies 401K or 403B IRA contributions (if they have it) Only match up to your companies max match, anything else should go into a ROTH IRA. 401K IRA is a great asset to have ( I have one and a 403B) but when it comes time to collect off of it you have to pay tax to use it. Where the ROTH IRA really helps, no taxes when it comes time to withdrawal. Sure you take a hit now with tax but you will see a sizeable savings at the end of the trip.
7. How much to live off? Well that's a loaded Q on where you live but I have seen and know folks that manage to live off $100K-$200K in their multi mutual accounts and IRAs and still work part time doing what they really enjoy to offset property taxes and such. Many say they can't just give up work and I get that, there is studies that point to shorter life expectancy if you full out stop working.

I hope you find it somewhat useful. My Wife and I basically roll money into IRAs and Money Mutual accounts when we can. Now that my Daughter is coming in a month I will need to work till I'm 56 years old. At that point, depending if she choses to go to college is when I will decide to step down to a benefited part time role or maintain my position, hopefully in a Executive Director or VP role by that point. Life has a funny way of throwing you curve balls but planning is half the battle.

Good luck Norm! I truly wish you nothing but the best and hope you can find a means to get some more time away from work, regardless which path you go!

My very best,
-Justin

[RichDesmond]

Justin, if I can I'd like to quibble on a couple of points

Debt. It just depends. Given how low interest rates are right now there's hardly any cost to carrying debt, and keeping the cash on hand gives you flexibility and the opportunity to invest it and earn more than than the loan cost. I just bought a house, and even though I'm 64 we didn't put down more than we had to, and did 30 years instead of 15. If a bank is going to give me 30 year money at less than 3% I'm going to take as much of that as I can. And between the low rate and the long term, the payment is low enough that it's not the biggest item in our budget.
Basically, I think that the abnormally low rates right now warrant a re-thinking of the conventional wisdom regarding debt.

Taxes. Moving to a low-tax state sounds nice, but it's much more important to me to live where I want to, where I'll enjoy my retirement. Friends and family nearby, decent weather, easy access to things I like to do, all that is lot more important IMO.

[salty_monk]

I'm with you. Debt is not bad per se, you just have to use it the right way The problem with a lot of people is they don't....