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Retirement. What does it mean?

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Retirement. What does it mean?

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Old 07-05-18, 03:17 PM
  #51  
70sSanO
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I retired 1-1/2 years ago at 65 and encouraged my wife to retire with me. She was 60. Retirement has been great, except for a couple of serious surgeries. Wife had open heart (valve) and I had prostate removed (cancer). Here is my take on things...

If you don't have a pension, retiree medical, or a lot in your 401/IRA, early retirement can be a tough road, especially if you have to buy health insurance. My wife just went off COBRA and private insurance costs almost $1200/month. Cost is based on 3 times the cost of a 30(?) year old. Republican plan was going to kick it to 5 times, but if 30 year old rates go down it may not be that much worse. Don't underestimate health issues coming out of nowhere.

As for retirement itself, it has been great. It is important to have a lot of interests. My wife and I get along great, and the days seem to fly by. The best part is being able to do all the fun stuff during the week when everyone else, almost, is working.

After 30 years in aerospace I don't miss it one bit. The work climate of the last few years were a real departure from my earlier days.

John
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Old 07-05-18, 04:56 PM
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Five years ago, we fell in love with the Lower Cape and bought a condo as a vacation / weekend getaway / eventual retirement spot. Four years ago, after the loss of the Unindicted Co-Conspirator’s second older sibling - both in their early-mid sixties - we decided we probably had enough money for a modest retirement, but we were fast running out of time. Our jobs were getting increasingly stressful, we were both substantially overweight, and the co-morbidities were starting to assert themselves.

Three years ago ago we pulled the plug. Since then, I survived a nasty septic foot ulcer that if left a few more days would have resulted in amputation at best. She survived endometrial cancer. We both enrolled in the MGH Weight Center last year expecting to be fast-tracked into bariatric surgery, but the doctor wanted us to try a drug first. In nine months, I’ve lost almost 100 pounds; she’s lost about half that. In April I started bike riding again, in June we got a Pedego e-assist bike for her. Today we enjoyed a 22 mile ride at the happiest place on earth, the Cape Cod Rail Trail. (Seriously, everyone smiles on the Rail Trail. Maybe they’re just smiling back at me...)

So what does retirement mean, Deacon? It’s the happy childhood that it’s never too late for. It’s getting up when you want to get up, not when an alarm jangles you awake. It’s no rush hour stress and none of the indignities of mass transit. It’s having the time to shop for and prepare healthy and delicious food, not grabbing fast food and take-out. It’s having neighbors whose names you actually know stop you on the way to the mailbox to chat, and the time to enjoy it. It’s spending every day with with your best friend and lover who can still surprise and delight you after all these years. It’s the closest to heaven I will ever get, and my cup runneth over.
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Old 07-06-18, 05:37 AM
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Originally Posted by wafflerskillme View Post
Coincidentally at exactly 5 p.m. tomorrow I join you..... I try not to bother thinking ahead too much. Looking forward to the change actually........ Whatever will be will be....
Congrats on your last day in the grind; I am enjoying a leisurely cup of coffee on the deck and then plan to take a bike ride instead of going to work; retirement does not suck

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Old 07-06-18, 06:45 AM
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The finances more than adequate, the health insurance is there, the boat is waiting in the slip, but we'll both probably work until we drop.
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Old 07-06-18, 07:20 AM
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ppl say congratulations when ppl retire but it's also a loss, I suspect. best of luck
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Old 07-06-18, 09:54 AM
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Originally Posted by rumrunn6 View Post
ppl say congratulations when ppl retire but it's also a loss, I suspect. best of luck
Thank you. Just enough ego, challenge, good pay, fear of the unknown, and inertia; if I ever do break free I will be deserving of congratulations.
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Old 07-06-18, 10:10 AM
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Originally Posted by DeceptivelySlow View Post
Congrats on your last day in the grind; I am enjoying a leisurely cup of coffee on the deck and then plan to take a bike ride instead of going to work; retirement does not suck
Thanks, I'm 10 minutes into it and going for a spin right now................................
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Old 07-06-18, 10:13 AM
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Originally Posted by MoAlpha View Post
The finances more than adequate, the health insurance is there, the boat is waiting in the slip, but we'll both probably work until we drop.
Don't........ a friend retired a couple of years ago. Had always planned x, y, and z........ Unfortunately he died less than 2 days after retirement.....
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Old 07-06-18, 11:39 AM
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Originally Posted by wafflerskillme View Post
Thanks, I'm 10 minutes into it and going for a spin right now................................
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Old 07-06-18, 11:56 AM
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Originally Posted by wafflerskillme View Post
Thanks, I'm 10 minutes into it and going for a spin right now................................
On a scale of 1 to 10, how do you like Retirement so far?
(1 = sucks and 10 = doesn't suck)
Woo-Hoo!
Five months and 25 days until I become unemployed.
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Old 07-06-18, 11:58 AM
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Originally Posted by wafflerskillme View Post
Don't........ a friend retired a couple of years ago. Had always planned x, y, and z........ Unfortunately he died less than 2 days after retirement.....
There will ALWAYS be stories like that. Doesn't mean a thing.

Enjoy the retirement.
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Old 07-06-18, 01:11 PM
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Well today I went for a ride with one of the priest from a parish across town. We had wanted to get some riding in and today was good. Priest have a difference schedule than most working folks He is 29 and so almost 28 years younger and rides well but he said I gave him a good work out for sure. I kind of feel good about that we did 40 miles in 2:07 so right at 19 mph. I can ride with that younger folks but I sure cannot run with them any more. So far so good I planning some good cast iron pork chops and a Great Lakes Amber Ale for dinner.

In my best day at 30 years old I could run a 40 minute 10k and train all day long a 8 minute mile pace. Now I am lucky to average 10 minute miles my legs will not turn over fast anymore. I can still go a long way but lost my running rhythm. I have tried to find a solution but I am afraid it is give up the bike riding and rest more.
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Old 07-07-18, 09:08 PM
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The Boss and I are 54 years old and will be retiring next year. We both are/have been ICU Nurses for almost 32 years. We first started in Neurosurgery back in 1987 taking care of very sick Patients. We realized quite quickly that time is precious. You cannot get it back. We were taking care of folks that were in there 20's/30's/40's that were dying* from Brain Tumors, bleeds and ischemic strokes. We dropped our hours a bit and worked 12 hour shifts 3 days a week. When our first child was born 23 years ago, we decided to again drop our hours to take care of our kids. One of us was always home with them when they were growing up and it was time that we cherished as a gift. It was a delicate balance. Since that time, my wife has worked 8 days a month and I work 10 days a month. So we've kinda been semi-retired for quite some time, albeit it will be nice to be work free after next year. Sorry for the rambling, but after reading through some of the stories here, I can agree with many of the writers/posters. If you can, and you want to, take the time. Enjoy all that life has to offer and give back to you. Enjoy all the loved ones around you or re-connect with the one's you have missed. We're only vertical for so long.


*or left with a poor quality of life
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Old 07-08-18, 10:17 AM
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I was kinda forced into retirement. I was diagnosed with lung cancer after having a leiomayosarcoma removed from my bowel. After 6 weeks in Houston at the MD Anderson cancer treatment center I used my remaining sick leave and retired. I wasn't really ready to retire,kinda moped around for a couple months,but that went away after the check started coming on a regular basis. I had 34 years at the postal service as a building mechanic. It was a very good and interesting job. Not the same thing day in and day out. At that time my parents health was failing so I spent a lot of my time taking care of them until their deaths. Now it trips to Houston every 3 month. This spring we have been able to travel some,have been riding the bicycles pretty regularly. My wife is also retired so our time is pretty much hours. I'm not always sure what day of the week it is and don't really care about it. It's today is what I say!
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Old 07-08-18, 10:54 AM
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This sounds great! Like all those who say "save up and retire as early as you can". My question is: what's the most reliable source of information to get an estimate of what is "enough" money to retire? I have used half a dozen 'retirement planners" and they all give different answers - not all of which are even close. And investment counselors and retirement counselors are the same - they have widely different views on the subject.

I'm 59 and would love to retire sooner rather than later, but I'm concerned about the amount of money needed, and paying totally out of pocket for health insurance until I turn 65 and become eligible for Medicare.

Originally Posted by stevoo View Post
I am 56, retired a few years ago. It has been great. Been remodeling the house, riding road and mtn bikes, SCUBA diving, rock climbing, backpacking, running. I am super busy and it has been great.
Work was stressful and it took me almost a full year to stop thinking about work related stuff.
I encourage anyone who can swing it to do so.
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Old 07-08-18, 01:35 PM
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Originally Posted by jppe View Post


For me, It’s just one part of an overall financial plan and factoring in required minimum distributions from IRAs, other income etc. Fortunately I don’t need the income at present. It also had a higher growth rate and overall return higher than other “guaranteed financial options”. My wife is also a good bit younger than me so if you assume she’ll outlive me starting the higher amount a little later gives her a little more income after I go to cycling heaven!!
JPPE - having a younger wife is the tipping point to taking the SS later. From a probabilistic point, particularly if your spouse has no big 401/IRA/pension, her benefit after someone else owns your bikes will be better. We both turned 66 a few months back and elected to take our SS. In our case, we receive about a nominal $200,000 BFIT over the next four years that we otherwise would not.
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Old 07-08-18, 03:55 PM
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Originally Posted by jppe View Post
For me, It’s just one part of an overall financial plan and factoring in required minimum distributions from IRAs, other income etc. Fortunately I don’t need the income at present. It also had a higher growth rate and overall return higher than other “guaranteed financial options”. My wife is also a good bit younger than me so if you assume she’ll outlive me starting the higher amount a little later gives her a little more income after I go to cycling heaven!!
Yeah maybe... but you should run the numbers with some different scenarios and make sure. If you could bank a tidy sum before you're 70 and don't need the income like you said, it might be a better deal with more options; it's a little like taking the cash value of your lottery win rather than the annual payout. I also have a younger wife and hopefully won't need my SS income at all - so might as well start packing it away as soon as possible... be a shame to die early before maxing out.


Originally Posted by Rje58 View Post
My question is: what's the most reliable source of information to get an estimate of what is "enough" money to retire? I have used half a dozen 'retirement planners" and they all give different answers - not all of which are even close.
The best source is your own financial plan - make a retirement monthly and annual budget that you will be comfortable with, account for some emergency fund and surprises - that's how much you need.
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Old 07-08-18, 03:56 PM
  #68  
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You guys that retired in your 50's really suck, you know that?
I'm 56, been on the same job since I was 25.
I qualify DO for company pension at this point in time, which is $560/mo currently.. the longer I work, the more it grows.
My wife is 63 in a couple months.. and we are currently evaluating our finances to see if she can retire at the end of the year.
I work in retail automotive service (manufacturer chain store), she is an RN currently 20-ish years at a radiology practice, before that 20 years of floor nursing at a local hospital.
As far as I can tell, I'm going to have to work an additional year after age 62 for every year she retires early from 67.

I feel like I'll NEVER get out of there!
I'm throwing all the money I can at my 401K and Roth.. I could do more but I upped my withholding after writing the IRS a check for $2,200 this past April..
In the immortal words of Butthead, "..This SUCKS, Beavis!"

You know what REALLY scares the fecal matter out of me? SSI's insolvency date is right about the time I'll be ready to pull the plug on my work career.
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Old 07-08-18, 07:03 PM
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Aye, I feel for everyone. It's most definitely harder these days and with the recent Administration, expect more and more cut backs with SS/Medicare/Medicaid. They've cut big chunks from from all three already. Also, with the recent cuts in regulations for Obamacare, the Insurance Companies are primed to raise premiums, especially if you have a pre-existing. Unfortunately it's going to get worse before it gets better, plus the Market is going to take a hit with all of these tariffs. For any young folk reading, just start early. Save as much as you can for retirement as early as you can. Be consistent every year even if it means cutting back on some luxuries. My wife and I have put between 20%-35% of our income into retirement every year since we we've been 23 years old. Invest aggressively into the market (Index Mutual Fund that mimmicks the S&P or similar) and just let the money sit. Don't touch it. Don't move it. Just leave it until about 5 years prior to retirement. Then start moving portions into a safe fund that will basically keep it at an extremly low risk, so it will be safe to pull when you do retire. Do not save for your kids college until you have maxed out in every way, shape and form with retirement. You can borrow for college but you cannot borrow for retirement. An example of starting early...............

If you put $5,500 into a Roth when you 20 years old and do it every year until you are 60 years old, you will have almost 1.2 million dollars if you average a 7% return.* Not too painful, eh? Compound Interest is your friend.



*not difficult
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Old 07-08-18, 07:35 PM
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Originally Posted by JLDickmon View Post
You guys that retired in your 50's really suck, you know that?
I'm 56, been on the same job since I was 25.
I qualify DO for company pension at this point in time, which is $560/mo currently.. the longer I work, the more it grows.
My wife is 63 in a couple months.. and we are currently evaluating our finances to see if she can retire at the end of the year.
I work in retail automotive service (manufacturer chain store), she is an RN currently 20-ish years at a radiology practice, before that 20 years of floor nursing at a local hospital.
As far as I can tell, I'm going to have to work an additional year after age 62 for every year she retires early from 67.

I feel like I'll NEVER get out of there!
I'm throwing all the money I can at my 401K and Roth.. I could do more but I upped my withholding after writing the IRS a check for $2,200 this past April..
In the immortal words of Butthead, "..This SUCKS, Beavis!"

You know what REALLY scares the fecal matter out of me? SSI's insolvency date is right about the time I'll be ready to pull the plug on my work career.
Really dude... retire at whatever age you can get your earliest pension... It it's really, is that simple, if the moneys aren't enough, get a part time job, and... you can make as much take home earnings, as, if you are working full time... BUT, you are only working part time... It has worked for me for the last 7 years...
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Old 07-08-18, 07:39 PM
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[QUOTE=fixedweasel;20435867]Aye, I feel for everyone. It's most definitely harder these days and with the recent Administration, expect more and more cut backs with SS/Medicare/Medicaid. They've cut big chunks from from all three already. Also, with the recent cuts in regulations for Obamacare, the Insurance Companies are primed to raise premiums, especially if you have a pre-existing. Unfortunately it's going to get worse before it gets better, plus the Market is going to take a hit with all of these tariffs. For any young folk reading, just start early. Save as much as you can for retirement as early as you can. Be consistent every year even if it means cutting back on some luxuries. My wife and I have put between 20%-35% of our income into retirement every year since we we've been 23 years old. Invest aggressively into the market (Index Mutual Fund that mimmicks the S&P or similar) and just let the money sit. Don't touch it. Don't move it. Just leave it until about 5 years prior to retirement. Then start moving portions into a safe fund that will basically keep it at an extremly low risk, so it will be safe to pull when you do retire. Do not save for your kids college until you have maxed out in every way, shape and form with retirement. You can borrow for college but you cannot borrow for retirement. An example of starting early...............

If you put $5,500 into a Roth when you 20 years old and do it every year until you are 60 years old, you will have almost 1.2 million dollars if you average a 7% return.* Not too painful, eh? Compound Interest is your friend.



*not difficult[/QUOTE]

Really….??? I would say something like 90% of the .people in the world would disagree with you.. JMO
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Old 07-08-18, 09:42 PM
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Originally Posted by 350htrr View Post
Really dude... retire at whatever age you can get your earliest pension... It it's really, is that simple, if the moneys aren't enough, get a part time job, and... you can make as much take home earnings, as, if you are working full time... BUT, you are only working part time... It has worked for me for the last 7 years...
maybe if I could get a job running parts couple days a week, and working in a local bike shop another couple days..
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Old 07-09-18, 03:32 AM
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The island of Naxos, Greece. Happy retirement
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Old 07-09-18, 03:38 AM
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The point being, in retirement you have the time to go places you could never afford time wise, when working full time!
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Old 07-09-18, 05:29 AM
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[QUOTE=350htrr;20435956]
Originally Posted by fixedweasel View Post
Aye, I feel for everyone. It's most definitely harder these days and with the recent Administration, expect more and more cut backs with SS/Medicare/Medicaid. They've cut big chunks from from all three already. Also, with the recent cuts in regulations for Obamacare, the Insurance Companies are primed to raise premiums, especially if you have a pre-existing. Unfortunately it's going to get worse before it gets better, plus the Market is going to take a hit with all of these tariffs. For any young folk reading, just start early. Save as much as you can for retirement as early as you can. Be consistent every year even if it means cutting back on some luxuries. My wife and I have put between 20%-35% of our income into retirement every year since we we've been 23 years old. Invest aggressively into the market (Index Mutual Fund that mimmicks the S&P or similar) and just let the money sit. Don't touch it. Don't move it. Just leave it until about 5 years prior to retirement. Then start moving portions into a safe fund that will basically keep it at an extremly low risk, so it will be safe to pull when you do retire. Do not save for your kids college until you have maxed out in every way, shape and form with retirement. You can borrow for college but you cannot borrow for retirement. An example of starting early...............

If you put $5,500 into a Roth when you 20 years old and do it every year until you are 60 years old, you will have almost 1.2 million dollars if you average a 7% return.* Not too painful, eh? Compound Interest is your friend.



*not difficult[/QUOTE]

Really….??? I would say something like 90% of the .people in the world would disagree with you.. JMO
it all depends on how much you make. My boss said all in all he has a million dollars.He has saved the max amount in 401-k since hire date..But.....he has made really good money. And has received yearly bonuses and stock options. He deserves it in the since he went to school and is a professional engineer. But he just doesn't realize that not everyone makes that kind of salary to be able to do so.
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