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Retirement. What does it mean?

Fifty Plus (50+) Share the victories, challenges, successes and special concerns of bicyclists 50 and older. Especially useful for those entering or reentering bicycling.

Retirement. What does it mean?

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Old 07-09-18, 05:51 AM
  #76  
GerryinHouston
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[QUOTE=coffeesnob;20436420]
Originally Posted by 350htrr View Post

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.
Fair enough! But in most cases, both partners in the couple work, so the Roth example might get you to 2M.

Being 65, all I can tell you from experience, is that the biggest problem is the consumerism that plagues most. You don't need a new car every 3 years, we junked a Honda Civic at 14 yo. You don't need a 4 bm house for retirement. Downsize when the kids leave for college. That will be a disincentive if they contemplate coming back.

I mentored a lot of young engineers back in the day and it was always, 'we want to buy a new home', the baby is coming, we 've never had a decent vacation... etc. Etc.

But why am I saying all this? We are over 50, aren't we? If you are and just started planning for Roth and 401k plans, it's pretty late.
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Old 07-09-18, 05:49 PM
  #77  
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Originally Posted by deacon mark View Post
I have to post this to a group like this. Today I retired from my job I was a supervisor for caseworkers for DHS for State of Illinois. I was going to hold out maybe until end of this year at earliest and my thought was wait till I am at least 58. Well Lord willing I will be 57 this July and I just decided the stress was getting to me and not worth the extra cash to work. It was weird and my reaction was completely unexpected. I have done this for 34 years and was able to buy an additional year of service with time off. The job is really stressful but my workers liked me and I ended up crying when I left.

Ok so at one time I thought this is the dream I am out of working everyday and can ride and run when I want. Sure it is in some ways a dream come true, but I have not come to grips with all the angles and emotions. This last week I did not ride in the mornings just ran. I was thinking I might crash and never get to retire. I normally go out very early and run or ride between 5am and 7:15 depending although running uses less time. If I do go out for a 2 hour ride in AM like I do then that is usual.

At basically 57 injuries happen more running and the years of it takes toll. I ride and that to me is just so much easier for the most part but it takes more time and planning. Now with retirement I have no clue what I might do or what the schedule might be. I am one who can over-do it and so I will not just go crazy the past creeps up when I would just tire and overtraining is a issue. I can see that I need to keep a prospective on what is important and to stay healthy. I have not idea where this post is going except that maybe some of this group has gone through something similar.

My goals are to just be able to ride and run ok and be able to see if less stress might make some things easier. Over the last few years my running pace has drastically fell off but my riding is still pretty much what it has been. I will quit babbling but any insight might be worth a take.
I retired a year ago at 61. My wife retired on the same date at 58. I ran a company which I sold and so I went from full on 60hrs weeks and lots of international travel to dead stop after working about a year for the new owner. Spent some time trying to figure out what to do before we retired but realized that we were just too dang busy and we'd have plenty of time to figure it out when we got there. That turned out to be pretty smart because it gave us something to do in that transition period in the first week or two. That was a good plan.
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All that said, I'm so busy now that I honestly can't figure out where I managed to fit work in before. I'm not being facetious - I'm not kidding. If you had a lot of interests before you retired, you're going to be super busy. The reality is retirement is exhausting because you get to do so many things that you want to do unlike work where there is a lot you like to do but there are a lot of things you don't like to do which give you natural opportunities for procrastination.
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So the first thing we did was schedule a trip that we never would have had time to do otherwise - and that was to camp our way through Iceland. Totally awesome. Before we left, we made a trip to visit all the relatives we were due to visit but hadn't had time. And now we bike every day, SUP, pick a trip per month (i.e. local within our region of states) and then we do a major trip in the summer after labor day (usually cycling related). They are detailed trips generally in places that are far from commonly traveled by tourists so they require considerable research (half the fun) and wind up being bucket list types of trips. During the winter we ski a lot (ski patrollers). Last winter I skied more than 60 days.
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Don't sweat it. You'll have plenty to do but it will take a few months for it to settle in. Then you'll be glad you're done working and can't imagine how you ever thought it would be a problem. On the other hand, if you like to sit in front of the TV and have no outside interested, you'll probably be dead soon anyhow and bored out of your mind. You pick. Me? I think this is an awesome opportunity and I intend to go after it like crazy. Go for it. You'll do great.

Last edited by JohnJ80; 07-09-18 at 05:53 PM.
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Old 07-09-18, 05:57 PM
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[QUOTE=coffeesnob;20436420]
Originally Posted by 350htrr View Post

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.
Simply not true. A tech I worked with, who made a lot less than I did as an engineer, blew me away when he retired young and well. He had saved and invested. Over the course of a working career anyone can do it and live at a comfortable style but you have to have had the discipline to save early on. That is where most people fall down - but who's fault is that?
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Old 07-09-18, 06:40 PM
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I retired at age 70 as the job wasn't bad and paid ok. It allowed more time to save and accumulate years on a pension. The major difference is 100 more miles per week. I used to fight to get in 100 mi but am able to do a full 200 if I want. But since discovering power meters I get more out of fewer miles with targeted power goals.
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Old 07-10-18, 05:12 AM
  #80  
Jim from Boston
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Originally Posted by fastcarbon View Post
I retired at age 70 as the job wasn't bad and paid ok. It allowed more time to save and accumulate years on a pension. The major difference is 100 more miles per week. I used to fight to get in 100 mi but am able to do a full 200 if I want.

But since discovering power meters I get more out of fewer miles with targeted power goals.
FYA, I posted earlier on this thread about my similar situation, including my anticipated retirement age:
Originally Posted by Jim from Boston View Post
I’m a few years away from retirement, but it is starting to loom large….I too like my rewarding job, psychically and financially, and I want to establish an inheiritance for the children, especially a disabled one. We have also recently bought a vacation / investment second home…

My cycling lifestyle is important to me and retirement vis-ŕ-vis cycling poses a dilemma.
Originally Posted by Jim from Boston View Post
I previously replied to this thread on the Commuting Forum, "How to motivate myself to ride when I'll no longer be commuting to work?"...

Just yesterday a colleague asked me when I was going to retire. I suggested a number of years, adding, "I like my job, and it’s a convenient place (and distance) to bike to [
but],
Originally Posted by Jim from Boston View Post
…I have previously posted to this thread, Why didn’t I ride
Originally Posted by Jim from Boston View Post
My job; either too much to do, so I stay (comfortably) overnight and resume very early in the AM, missing my commute; or have to travel afar for a meeting...and to a lesser extent, family activities. …

Having a mileage-based training schedule however, effectively motivates me to make time to ride. I have the opportunity to commute a minimal 14 miles one-way during the week (Commuter Rail home), and round-trip on Saturday all year-round, for about 100 miles a week.

During the nice weather, I’d like to put in about 150-200 miles to train and do long rides.

In reality though, I probably get in about 20-30 miles per week during the winter, and maybe about 75-100 during the nice weather (to include early evening rides).
And, I too have training goals (mileage, as above) that I think will transition well into retirement:
Originally Posted by Jim from Boston View Post
...last year I developed for myself my"Time-restricted, Personally Ambitious, but Non-competitive CyclistTraining Routine,"…based on Relative Perceived Exertion (RPE).”
Originally Posted by Jim from Boston View Post
...I use the semi-quantitative, standardized, but personally relavant system of (Borg’s) Relative Perceived Exertion (RPE) (link) with my own particular adaptation.
My basic premise was that I wanted to get significantly fit, within a busy work/family time-crunched life, but not suffer so much that I would abandon the program.

I do have the advantages of a very nice minimum 14 mile one way commute that is easily extended; and a high end, very comfortable carbon fiber road bike that encourages riding.

The RPE scale ranges from 6 to17, with descriptions of the intensity. Multiply the RPE by 10 is the approximate heart rate. Jim's scale is the equivalent on a 0 to 100 scale, easier to think about…

My basic training is to ride at my RPE of 50% for six miles to warm up, then cruise at an RPE of 60%, and do intervals (on hills) at 70% [described as“hard”; 60% is“somewhat hard," and 80% is “very hard" (lactate threshold;breakpoint between hard but steady breathing and labored with gasping). 50% is "fairly light" (my usual happy-go-lucky pace without thinking about it)].

I try to change gears to maintain a cadence of about 85-90 rpm on flats and rolling hills, and about 60 to 80 rpm on harder hills, to maintain my RPE. Shift up to higher gears as the cadence rises, and shift down as the RPE increases.
FWIW.

Last edited by Jim from Boston; 07-10-18 at 05:25 AM.
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Old 07-11-18, 06:17 PM
  #81  
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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
I'm talking about the 7% return not how easy it is to save $5,500/yr. What folks do with their money is up to them.* I understand very much what you are saying. Both my kids make minimum wage but live at home. They pay rent to live here. It's a forced savings actually as the money goes right into their Roth. They are 21 and 23 and both have been maxing out on their Roths since they've been 18 years old. Trust me. I very well know how difficult it is for the next generation. They in no way shape or form have it as easy as we did. This will most definitely be the first generation that has not surpassed their parents as far as financial success/security.


*no matter what, folks have to find a way to save for retirement. no one is going to do it for them and the current adminsitration wants to dismantle entitlements such as Social Security and Medicare.**
**you know, all those socialist programs that people hate
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Old 07-11-18, 07:46 PM
  #82  
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[QUOTE=fixedweasel;20442317][QUOTE=350htrr;20435956]

I'm talking about the 7% return not how easy it is to save $5,500/yr. What folks do with their money is up to them.* I understand very much what you are saying. Both my kids make minimum wage but live at home. They pay rent to live here. It's a forced savings actually as the money goes right into their Roth. They are 21 and 23 and both have been maxing out on their Roths since they've been 18 years old. Trust me. I very well know how difficult it is for the next generation. They in no way shape or form have it as easy as we did. This will most definitely be the first generation that has not surpassed their parents as far as financial success/security.


*no matter what, folks have to find a way to save for retirement. no one is going to do it for them and the current adminsitration wants to dismantle entitlements such as Social Security and Medicare.**
**you know, all those socialist programs that people hate[/QUOTE]

Exactly...

Were brought up to "hate"... Oh, guess what, I am now retired for the last 7 years, and because of a UNION pensionI can still live life like, as, if I was still working.. WO-Hoooo…. F' the 1 %, that is the way I rolled for the last 40+ years and it has worked for me.... NOW, having said that there have been a few times where some employer said , you will never work here, or anywhere else because you didn't toe the line... I just said good, I don't want to work for anyone like you anyways... and... somehow it seemed to work out not toeing the line...

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Old 07-12-18, 12:21 PM
  #83  
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Retirement means you now have time...…….to make it to your doctor appointments.
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