gwalchmai Posted December 30, 2019 Share Posted December 30, 2019 3 hours ago, tadbart said: Not that I know of, I just haven't seen his posts in a while. I didn't mean to make it sound like it did. My apologies. Yeah, he posted on one of my threads a couple of weeks ago so I guess he's OK. Buck's kind of a role model for me. Link to comment Share on other sites More sharing options...
Zonny Posted December 30, 2019 Share Posted December 30, 2019 He’s been active “over there”. 1 Link to comment Share on other sites More sharing options...
tadbart Posted December 30, 2019 Share Posted December 30, 2019 @gwalchmai and @Zonny I'm really glad to hear that! Link to comment Share on other sites More sharing options...
janice6 Posted December 30, 2019 Share Posted December 30, 2019 (edited) 3 hours ago, TXUSMC said: My first thought when I run into someone who works a fairly mundane job well past their retire eligibility date is that he/she has nothing to retire to... no hobbies, no bucket list, nothing to keep life interesting. So they remain a slave to the company. There are more than a few of them... the job lost its challenge years ago, but it’s all they know. What keeps me busy in retirement? Reading, shooting, exercise, and grandchildren... with a little Bore Sight mixed in. Travel, too — wife and I are planning a trip to Ireland this year. Before that, my 50th high school reunion. A couple of my older friends at work discussed retirement with me. They both said that work was everything to them, that there would be time for family after a late retirement. Both died unexpectedly, one while mowing the lawn one weekend and the other at work from a Heart Attack. They never got the time with their families. This has always bothered me. Don't wait too long to retire...……... Also, I have bared my financial soul here because when I retired I had no one to ask about what to expect, I had no one to ask just how much it cost to be retired. I'm offering my experience to take some worry off you. I did find out that all the financial advisers say you should keep making and saving money, well after retirement. Be careful, it doesn't take a financial genius to realize that they make money off your money, so be careful of their advice when it appears that they simply want to have an increasing income stream. You only have to be able to finance your life. When you die you may want to provide for your remaining family, but you don't need Millions of dollars if your dead! Edited December 30, 2019 by janice6 Link to comment Share on other sites More sharing options...
G21H30 Posted December 30, 2019 Share Posted December 30, 2019 I retired 4 1/2 years ago at age 60. I had spent 42 years building railroad bridges across 7 states. I was a 3rd generation railroader and both my grandfather and father died before they could retire. My older brother also a railroad engineer was injured in a train wreck and on a disability pension for 21 years before his death at 64.I made up my mind that I would be the first of my family to draw a full pension as soon as it was available. My wife who was a RN was also able to retire at the same time due to being able to draw on my pension. Since my wife is also a cancer survivor I have never regretted my decision. 3 1 Link to comment Share on other sites More sharing options...
misterfox Posted December 30, 2019 Share Posted December 30, 2019 On 12/28/2019 at 10:28 PM, astepup said: I turn 56 next April and as far as I know that's the minimum retirement age with less than 20 years with the postal service. I'll have about 18 1/2 years in. I've been putting into my TSP (thrift savings plan) and will qualify for social security when I get to that age. I'm still not sure exactly what my pension will be be but I do know I can carry my health insurance with me when I retire, albeit at a slightly higher rate. I've been very very blessed in my life in no small part due to my dad. He worked his tail off until he retired and he left behind a solid income stream that in and of itself can and could carry me through for the rest of my life. Everything else, my pension, TSP, social security and savings would be icing on the cake. Once I get all the info I need to make the decision I'll cross that bridge when I come to it. Over the last 15 years or so I hunkered down and got everything paid off so I'm debt free. Everyone I've mentioned this to usually says the same thing, that I'll be bored stiff and go stir crazy once I'm not punching the clock. I'm pretty sure I'll keep busy just doing things around the farm, things I haven't gotten done because I'm always working. I must admit it's a bit scary leaving the security that steady work and income provide but that's something I can get over. For those that have retired early did you have any difficulties adjusting? The idea of finally being my "own boss" and not having to work for someone else is liberating. If you did retire early did you have any regrets, or have any advice to offer? OK -- I'm a little late to this party. I retired 4 1/2 years ago at 62. And have not regretted a minute of it. I started sleeping better, and the several times a week acid reflux stopped almost completely. Other improvements. I can't speak to your situation, but will offer some general pieces of advice: Sit down with an investment guy. They've seen this before and know what questions to ask. 'Interview' several of them until you find one you trust and can communicate with. I have a couple ideas but I won't 'advertise' here. Avoid any investment that is not easily explained, or you don't understand. Also - you'll need to be prepared for inevitable market downturns. Determine if your 'stream of income' will at least replace your take home pay. The wild card, here is health insurance. If you're planning expensive activities, like travel - is that built into your financial plan? I assume, in addition to saving for retirement, you controlled your debt, etc... Good! Now - let's get personal: What are you retiring TO? Do you identify as your job/profession? If so, you may feel somewhat useless and at loose ends - that's bad. Do you have hobbies, interests outside of work? Building cars? fishing? Travel? Family?-- it almost doesn't matter what the interest is - you will need to keep your mind, heart and hands occupied. Retiring is scary. You are making a huge change in your life, often without a 'safety net'. A good financial guy is invaluable in guiding you through this. Yes, they make money on your accounts - but (my understanding) is that it is a fee based (not transaction based) model. In my case - my retirement accounts are larger now (about $20k/year withdrawals for the last four and a half years) than when I retired. GOOD LUCK 1 Link to comment Share on other sites More sharing options...
Walt Longmire Posted December 30, 2019 Share Posted December 30, 2019 I have been following this thread closely. I'm 66 and still working......sort of. I'm self employed, but don't chase the work the same as I used to. I have plenty of time for hobbies. I started collecting SS last year. Spousal benefits from the ex old lady. (she remarried, but I didn't) I get half the amount she gets. It isn't a lot, but at least I haven't locked mine in yet. I won't collect on mine until I turn 70. I have no debt. I have money in the bank and a Roth IRA. Still, thinking about completely pulling the plug and not having the income stream from my business is going to be an interesting change. I have payments on property I sold that should continue to come in for another 20 years. I have other raw land I can sell if need be. Don't want to sell some of it though because it's a buffer around my place keeping new neighbors at bay. I plan to lease the shop I own and use for my business. The math all adds up good, at least on my calculator. Anybody want to relocate to Alaska and own a gravel business? 2 Link to comment Share on other sites More sharing options...
Vegas Eggus Posted December 31, 2019 Share Posted December 31, 2019 Tomorrow is day 1 of retirement for me. Turn 60 in February. The next few months are going to be wild. Sell a house, buy another across the country and then get moved. Initial focus is to be able to spend quality time with elderly parents. Damn glad we have prepared well enough to be able to do it. 1 1 Link to comment Share on other sites More sharing options...
Zonny Posted December 31, 2019 Share Posted December 31, 2019 On 12/30/2019 at 9:14 AM, Walt Longmire said: I won't collect on mine until I turn 70. Why are you holding out on that? You're at your maximum benefit now, correct? Is it that it limits your potential earnings? I'm considering starting mine because I don't see my job lasting long enough to earn the 17.5 allowed. I won't max out until July but it's such a small difference. Decisions, decisions. 1 Link to comment Share on other sites More sharing options...
gwalchmai Posted December 31, 2019 Share Posted December 31, 2019 28 minutes ago, Zonny said: Why are you holding out on that? You're at your maximum benefit now, correct? Is it that it limits your potential earnings? I'm considering starting mine because I don't see my job lasting long enough to earn the 17.5 allowed. I won't max out until July but it's such a small difference. Decisions, decisions. IIRC, you don't max out until 70. I took mine at 63 because I think the State will start leaning on ORGs when the trust fund runs dry. 1 Link to comment Share on other sites More sharing options...
janice6 Posted December 31, 2019 Share Posted December 31, 2019 Don't hesitate. Money isn't everything. Your quality of life improves just by living for you now instead of living for someone else. 1 Link to comment Share on other sites More sharing options...
Zonny Posted December 31, 2019 Share Posted December 31, 2019 (edited) 34 minutes ago, gwalchmai said: IIRC, you don't max out until 70. I took mine at 63 because I think the State will start leaning on ORGs when the trust fund runs dry. Yeah. I was confused. Nothing new. I've just had so many numbers running through my head these days...I should have used 'full retirement age'. Mine is 66. Which, I won't be until July. Edited December 31, 2019 by Zonny 2 Link to comment Share on other sites More sharing options...
tous Posted December 31, 2019 Share Posted December 31, 2019 11 minutes ago, Zonny said: Yeah. I was confused. Nothing new. I've just had so many numbers running through my head these days... Stop a few an play the lottery. Those with state-funded pensions should suck out as much as possible before they all go bankrupt. The same with social security. Get it before the hippie socialists can. You know that they will. 2 1 Link to comment Share on other sites More sharing options...
gwalchmai Posted December 31, 2019 Share Posted December 31, 2019 15 minutes ago, Zonny said: Yeah. I was confused. Nothing new. I've just had so many numbers running through my head these days... Welcome to the club. I've go to where I welcome confusion for its entertainment value... 1 1 Link to comment Share on other sites More sharing options...
OGW Posted December 31, 2019 Share Posted December 31, 2019 On 12/30/2019 at 11:14 AM, Walt Longmire said: Anybody want to relocate to Alaska and own a gravel business? Vart, calling vart....... 1 Link to comment Share on other sites More sharing options...
gwalchmai Posted December 31, 2019 Share Posted December 31, 2019 (edited) 56 minutes ago, OGW said: Vart, calling vart....... I wonder if you could make a gravel cart. Edited December 31, 2019 by gwalchmai 1 Link to comment Share on other sites More sharing options...
OGW Posted January 1, 2020 Share Posted January 1, 2020 2 hours ago, gwalchmai said: I wonder if you could make a gravel cart. Or a trailer to haul it cross country. 1 Link to comment Share on other sites More sharing options...
Huaco Kid Posted January 1, 2020 Share Posted January 1, 2020 Work is the most fun I have. It's often deadly hot, way too extremely dirty, sharp and jagged, wet and rusty, and cold enough to make me cry and barf at the same time. But I get to do crazy -dangerous stuff every day, which is me, incarnate. I eat like a king and sleep like a princess. And see places I'll never see again. And get stabbed a little, on occasion. I'm old enough to retire, and will probably be let go because of that some day, but I'll wait for them to decide. 1 Link to comment Share on other sites More sharing options...
Walt Longmire Posted January 1, 2020 Share Posted January 1, 2020 9 hours ago, Zonny said: Yeah. I was confused. Nothing new. I've just had so many numbers running through my head these days...I should have used 'full retirement age'. Mine is 66. Which, I won't be until July. My full retirement age is also 66, but it keeps growing, 8% a year until 70. Link to comment Share on other sites More sharing options...
JimBianchi Posted January 1, 2020 Share Posted January 1, 2020 (edited) I went part time after we had our first child, I was 43. By age 50 I was real unhappy with work and could retire if we were careful. It worked out pretty well and after all my benefits kicked in at 56, things were excellent. I'm glad I got the time to be full time dad for all these year. Wife can retire now, money is not the issue, she just wants to work a little longer and maximize her retirement income. We've invested well and are financially set, with enough to pay for a top tier collage for our kid. I have a lot of hobbies, I've been very involved politically and have really enjoyed myself. Unfortunately my health has recently taken a turn, I have had a huge change in my abilities and future. If you can retire, do it and enjoy yourself. If you got nothing else to do, keep working, boredom will kill you. Edited January 1, 2020 by JimBianchi 1 1 Link to comment Share on other sites More sharing options...
Zonny Posted January 1, 2020 Share Posted January 1, 2020 2 hours ago, Walt Longmire said: My full retirement age is also 66, but it keeps growing, 8% a year until 70. Sure but you miss out on 4 years of income. Add it up. Tough choices I know. Link to comment Share on other sites More sharing options...
Walt Longmire Posted January 1, 2020 Share Posted January 1, 2020 8 hours ago, Zonny said: Sure but you miss out on 4 years of income. Add it up. Tough choices I know. I did the math and am quite certain I will be money ahead before I croak. I don't need the money now, but when I'm in my 80's the extra amount could be very important. 1 Link to comment Share on other sites More sharing options...
gwalchmai Posted January 1, 2020 Share Posted January 1, 2020 Seems like when I did the math my break-even point was when I hit 78. If I live beyond that I'd make more by waiting until I was 66 to collect. Die young, stay pretty. 1 Link to comment Share on other sites More sharing options...
janice6 Posted January 2, 2020 Share Posted January 2, 2020 20 hours ago, Zonny said: Sure but you miss out on 4 years of income. Add it up. Tough choices I know. Money isn't the only consideration. Your spouse and relationships have significant value too. It's hard to weight them against what you think you will need for finances. The reality is that you will need less money than you think. As you age all those plans for physical demands will start to take second place to just the enjoyment of being together. 1 Link to comment Share on other sites More sharing options...
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