Retirement

Make sure you have a hobby.

You need your day job to be getting more and more in the way of what you really want to do.

Don't be like "work work work work work retire."  You'll drive your spouse crazy, and just tick off the neighbours with all your complaining.

I'm probably 15 years behind you, frenchy.  I have become the old guy in a young man's business.  IT.  Databases, in particular.  I figger that as long as they keep paying me, I'll keep driving 35 miles up here every day.  I am fortunate that a lot of people don't "get" data and databases, so that keeps my skills in demand.  I could probably walk away from it all now and "get by," but not real comfortably.  Maybe do a bit of doctorin' on the side, kinda stuff, and the expensive hobbies would certainly have to go, but "get by."  In the mean time, they pay me reasonably well and the stress is minimal, so WTF, I keep driving up here.  I could make more now, a lot more, but I'd have to start at a new company and have to put up with a new level of bullE36 M3.  Meanwhile, my bills are paid and I can fund the car and boom stick projects.  I am also the year that the Feds change everything on every time.  Same age as Margie.  I got to register for the draft when Carter wanted to send a message to the world that we were bad-ass, and serious about these problems and not going to be intimidated, 'cuz we can draft Hess, see?  Seems like SS age keeps moving for me too. 

I turn 62 in a couple months.  I'd retire now, but the only thing keeping me working is having health insurance paid for...I've racked up something over $300,000 in medical expenses in the last 12 months.

In reply to Dr. Hess : It’s funny how things change.  I carefully saved towards retirement in my 20’s - 50’s 

i read all those who talk about early retirement and I want to dope slap them.  Events you cannot foresee will change your plans.  

How does it go? “Man plans and God laughs”  

My retirement plan was to Trade wind sail the South Pacific in a 50’ Schooner and return by the roaring 40’s 

As GPS came into use and modern navigation equipment got cheaper and cheaper I knew it would happen.  In fact I was even thinking about a circumnavigation around the Roaring 40’s just to say I’d done it.  

alfadriver said:

By the time I'm 70- I should be retired for 15 years.  I don't plan on defining my life by work.  And I would like to enjoy life outside of work.

In other words, I'm working to live, not living to work.

If I do what appears to be "work" when I retire, it will be for fun, not for the paycheck.

I’ve spent a fair amount of time with farmers who thought like you in their youth. Here they are in their 80’s and 90’s hoping for that one good year when yields are up and prices are too.

They now talk about farming being in their blood. Or not wanting to sell to the corporations buying all the farms etc. Every spring the equipment is readied and seed purchased for another year

It's obvious that health insurance or more realistically Healthcare is a common concern when it comes to retirement . An unexpected stroke at age 58 really changed my retirement plans. But that's okay, Life Goes On.

Luckily the Air Force will also be giving me health insurance, along with whatever Medicare plan is in place, so I've got that covered.  House and building will be paid off when I'm 57, that's a big part of me being able to retire then.  Not sure if I'll completely stop working, but I won't be in private practice anymore for sure.

I may work part time at the school or at the VA...

frenchyd said:

alfadriver said:

By the time I'm 70- I should be retired for 15 years.  I don't plan on defining my life by work.  And I would like to enjoy life outside of work.

In other words, I'm working to live, not living to work.

If I do what appears to be "work" when I retire, it will be for fun, not for the paycheck.

I’ve spent a fair amount of time with farmers who thought like you in their youth. Here they are in their 80’s and 90’s hoping for that one good year when yields are up and prices are too.

They now talk about farming being in their blood. Or not wanting to sell to the corporations buying all the farms etc. Every spring the equipment is readied and seed purchased for another year

Some people live to work.  And that's fine.  I'm not one of them.  Work isn't life to me.  I don't intend to be a constant slave to make more and more money with no end.  I'd rather die with $0 than tens of millions that I didn't use.

frenchyd said:

In reply to Dr. Hess : It’s funny how things change.  I carefully saved towards retirement in my 20’s - 50’s 

i read all those who talk about early retirement and I want to dope slap them.  Events you cannot foresee will change your plans.  

How does it go? “Man plans and God laughs”  

My retirement plan was to Trade wind sail the South Pacific in a 50’ Schooner and return by the roaring 40’s 

As GPS came into use and modern navigation equipment got cheaper and cheaper I knew it would happen.  In fact I was even thinking about a circumnavigation around the Roaring 40’s just to say I’d done it.  

 

Why do you assume that your situation is the only outcome?  You do that all the time.  I'm pretty sure I'm different than you- on many levels.

37 here could retire now but not on the coast.

I want another 7 years or so to about 45 then I will have just under 8 figures and I will walk out the door middle fingers in the air. I have a bunch of projects at the office that are important to finish that will take about another 7-10 years to see to fruition and I want that.

alfadriver said:

frenchyd said:

In reply to Dr. Hess : It’s funny how things change.  I carefully saved towards retirement in my 20’s - 50’s 

i read all those who talk about early retirement and I want to dope slap them.  Events you cannot foresee will change your plans.  

How does it go? “Man plans and God laughs”  

My retirement plan was to Trade wind sail the South Pacific in a 50’ Schooner and return by the roaring 40’s 

As GPS came into use and modern navigation equipment got cheaper and cheaper I knew it would happen.  In fact I was even thinking about a circumnavigation around the Roaring 40’s just to say I’d done it.  

 

Why do you assume that your situation is the only outcome?  You do that all the time.  I'm pretty sure I'm different than you- on many levels.

I made the same assumption at your age.  I’m not saying anyone else will follow me but bad things do happen.  

 On the other hand roughly 25,000 people at any one time is out to sea on an extended cruise.  A very high percentage of them live in Europe where extended leaves of absence in midlife is the Norm. 

Germany is one of those countries.  You are entitled to a 2 year sabitical  to do whatever you want where you receive your regular paycheck. Scandinavian countries have similar programs.  

alfadriver said:

Ian F said:

I would love to retire at 60 (12 years from now) with the hope I'm still young and healthy enough to do a lot of the outdoor hobbies I'd like to do.

The elephant in the room of early retirement is health care.... 

One has to hope that many have access to the company health care from the early retirement to when Medicare is fully in place.  I know I do.

The other issue for that is where- some places have better hospitals and doctors than others.

Do you plan on retiring here in America or go someplace with better healthcare that is Free? 

In reply to frenchyd :

Not relevant.  But I do know that the US healthcare system is not even from one place to another.  

SaltyDog said:

The upside is that I really enjoy my job,.... .  

I'm happy for you. 

In reply to frenchyd :

You have to plan for what you want to happen, not in fear of what might happen. If something does happen, then you adjust your plans. 

Cancer runs in my family. A four grandparents and both parents to some level.  At 48, I give myself a 50% chance of living long enough to even reach my retirement age goal, much less Social Security age.  I seriously doubt I'll outlive my mother, who turns 70 this year. 

frenchyd said:

alfadriver said:

frenchyd said:

In reply to Dr. Hess : It’s funny how things change.  I carefully saved towards retirement in my 20’s - 50’s 

i read all those who talk about early retirement and I want to dope slap them.  Events you cannot foresee will change your plans.  

How does it go? “Man plans and God laughs”  

My retirement plan was to Trade wind sail the South Pacific in a 50’ Schooner and return by the roaring 40’s 

As GPS came into use and modern navigation equipment got cheaper and cheaper I knew it would happen.  In fact I was even thinking about a circumnavigation around the Roaring 40’s just to say I’d done it.  

 

Why do you assume that your situation is the only outcome?  You do that all the time.  I'm pretty sure I'm different than you- on many levels.

I made the same assumption at your age.  I’m not saying anyone else will follow me but bad things do happen.  

 On the other hand roughly 25,000 people at any one time is out to sea on an extended cruise.  A very high percentage of them live in Europe where extended leaves of absence in midlife is the Norm. 

Germany is one of those countries.  You are entitled to a 2 year sabitical  to do whatever you want where you receive your regular paycheck. Scandinavian countries have similar programs.  

How is that relevant to you assuming that your situation is the only one that applies?

Yes, bad things happen.  Big deal.  If I spend my whole life worrying about them, all that does is give me an ulcer.  

stuart in mn said:

I turn 62 in a couple months.  I'd retire now, but the only thing keeping me working is having health insurance paid for...I've racked up something over $300,000 in medical expenses in the last 12 months.

Sorry to hear about your health issues Stuart.  I’ll bet you would like living someplace with socialized medicine so you could retire without that concern.  

Just turned 40.  Thinking that I'll try to go semi-retired in my early-50's as I want/need some enforced structure in my life.  

I hope I have a job that I like by then.  Right now I don't.  This current thing was always supposed to be temporary so that's okay, but, I'm getting tired of bouncing around hoping for the best and not really learning/progressing in my career in a way that feels successful.  Maybe a good subject for another discussion.

I don't own or are making payments on a home.  At some point that probably has to change.  I also wonder where the USA will be on the healthcare debate which may affect the calculus that goes into this sort of thing.  I would like to end up in a place with walkable neighborhoods and some culture.  Hoping to go back to New England eventually which will make home ownership more costly. I've got a lot to figure out.  

This whole thing could get turned on its ear if I ever get married, or my employment picture drastically changes, so I don't really dwell on it.  Too many variables.   

Ian F said:

In reply to frenchyd :

You have to plan for what you want to happen, not in fear of what might happen. If something does happen, then you adjust your plans. 

Cancer runs in my family. A four grandparents and both parents to some level.  At 48, I give myself a 50% chance of living long enough to even reach my retirement age goal, much less Social Security age.  I seriously doubt I'll outlive my mother, who turns 70 this year. 

I’ve reacted to life’s events and I’m OK with that.  So I didn’t travel the south seas,  so I had to sell my favorite race cars.  What’s important to me I’m still healthy and live with someone I love in a  House I built with my own hands. 

I just turned 66 last month and retired almost 10 years ago. Haven't applied for Social Security yet, but will be shortly. I get a decent pension from 25 years in the auto industry with a parts supplier, but rely heavily on savings accumulated over my entire working career. Part of that savings is from 2 years of severance pay the company offered up to anyone who would choose to leave in November, 2008. That money went into the stock market in February/March of 2009 when stocks were at fire sale prices. It has paid of well. Health problems have cropped up and run in the family, so I'll not likely live to a ripe old age, but my finances are solid enough that'll I'll be OK if  I do. My financial guys says "Plan like you'll live to be 100, live like you've got 3 months left."

I keep busy with a little golf, a little hockey, hitting the gym 2 or 3 times a week and fiddling around with projects in the garage. Currently making glacial progress on my 2018 Challenge car, but it keeps me amused. It will be my most extensive build ever and it'll be my first V8. I'm trying things "just cuz". I took a welding course at the local community college just because I enjoy doing stuff with my hands after a career of sitting behind a desk. I've also become a master of putting things off, because there's always tomorrow. Retirement is different things to different people. I'm enjoying mine.

In reply to DeadSkunk : Good for you.  It’s nice to hear from people who profited from those times. 

mad_machine said:

the best I ever saw. I had a 95 year old neighbor who used to work for the rail road. He retired at 60 and lived 35+ years retired.

My father-in-law drove a forklift at a GM plant for 30 years.  This summer he will be retired from GM for 30 years. His plant shut down or he would have worked longer.  

He then worked at Builders Square for 10 years until they folded up.   

Now at 82 he watches Fox News and Golf all day and likes to argue about the two political parties ALL DAY LONG.  

I've retired once already at age 38, that was 22 years ago. Ok, so it is military retirement so I count it as guaranteed house payment and only have 2 more house payments left. Then it will be shop payment to build a shop on my property. For real retirement is in about 6 years, full social security age. Couldn't/didn't save enough when younger to retire earlier. Just because retired doesn't mean not active. There are things I want to do and see, project cars to do. Don't plan on sedentary retirement. Keep active helps keep you young.

frenchyd said:

i read all those who talk about early retirement and I want to dope slap them.  Events you cannot foresee will change your plans.  

You do know that there are people that successfully navigate the financial system we have here and manage to retire early - some very, very early - and lead decades of healthy retired life? You chose a very risky, and highly cautioned against path and it - big surprise - blew up on you and then you seem to think that absolutely everyone that makes financial plans will fail at them. Well I'm sorry yours didn't work out but it sounds to me like you set yourself up to fail and when you failed you blamed everything except your risk taking behavior. Given that the 1987 crash appears as a teeny tiny blip in the market from today's perspective, if you were diversified, unleveraged, and stayed the course, you would be wealthy and financially comfortable today. It's not rocket science. In fact, it's not even 8th grade math. It's elementary school math. You also have had 30+ years to recover from that, but haven't. I'm sorry, but it's not me that needs a dope slap.

Life throws challenges at people, and those challenges can and will be met and bested by people as they have been for centuries. It's just the people that best them are the ones than plan well for them, not throw caution to the wind and use borrowed money to buy risky investments.

You know what would happen if the stock market went down 50% tomorrow? Nothing. I would actually probably empty what little I have in cash out of the bank to buy more stocks, then go to work. Assuming it's a Monday, Tuesday, or Thursday. ;-)

In reply to dculberson :

" Compound interest is the eighth wonder of the world. Those who understand it get it ....those who don't pay it. It's modern man's greatest invention."

    --Albert Einstein