Pellet Fan
All Things Considered => General Discussion--Non food Related => Topic started by: Bar-B-Lew on February 17, 2018, 03:02:46 PM
-
I believe that a good way to prepare for events in life is to learn from others experiences. That is the background for these questions.
How did you know you were ready to retire?
How did you replace the time you had filled with working hours with something else?
What were your biggest surprises to date in retirement?
Would you retire at the same age if you could do it over again?
-
Here's part of my reason why:
How did you know you were ready to retire? Tired of shift work and having to get into physical altercations frequently. The folks we were apprehending stayed the same age and I was getting older and slower.
How did you replace the time you had filled with working hours with something else? That's easy. Became a step and fetch it for my wife. And finally watched Game of Thrones, The Pacific and Band of Brothers. And I found out about pellet grills. Best thing ever!
What were your biggest surprises to date in retirement? It was easy to find part time work doing what I do now.
Would you retire at the same age if you could do it over again? In a heartbeat. Finally getting to be a dad to my teen daughter. :cool:
-
I was going to retire at 62 at the end of 2008 but the company made me a buy out offer in March of 2008 which I could not pass up.
First couple of years the wife and I traveled a lot and just enjoyed ourselves. After that she was having trouble with me being around 7 days a week so I got a part time job at Ace Hardware, also went through or local Citizens Police Academy and Fire Academy and do some volunteer work plus like working in the yard and around the house.
Would I do it again at 62 heck yes.
Good luck and enjoy what ever you do.
-
How did you know you were ready to retire?
-- Kind of a long and convoluted story. If you really want to know all the ins and outs, pm me. But the biggest factor was financial security for the lifestyle I wanted (which is pretty modest,but I didn't want to have to worry about it, especially financing my own health insurance from 57 to 65).
How did you replace the time you had filled with working hours with something else?
-- I took a class and became a Cooperative Extension Master Gardener and spend time doing volunteer activities in the community with gardens and education (have have several events planned at James Madison's Montpelier this spring if anyone is in the area ;D); raise service puppies (lots of organizations need puppy raisers for any of you folks out there looking for something in retirement); joined the local Volunteer Fire Dept Aux and now do lots of cooking to raise funds for our FD; taught English as a Second Language with our local literacy council (there is a big need for volunteer ESL teachers and you don't need a teaching background); design, plant and maintain my home landscape -- a never ending project -- and pretend to be a vegetable gardener; participate in our annual logging operations; help with this forum; be a slug a lot of the time which is easy for me. There are many more things I could volunteer for -- volunteers are in very short supply anymore -- libraries, schools, civic clubs and groups, food closet, our local winter inside shelter for overnight supervisors, Habitat for Humanity. We desperately need Master Gardeners and Aux members and puppy raisers, so I know all these other groups do also. I am now looking into taking on-line history classes through Oxford University. If I lived in a town with a University, I would probably take some classes.
What were your biggest surprises to date in retirement?
--How much my health insurance premiums have gone up each year.
Would you retire at the same age if you could do it over again?
--yes, probably even earlier if I wasn't so paranoid about having a stock pile of money so I didn't become a bag lady.
-
1. I'm basically lazy and I only worked because I needed to eat and have place to live, Oh, and support my wife and five kids. Retired at 57, kids all gone and divorced wife.
2. During my working career, I had nearly a hundred of my employees ask me the same question. My advice to them was to make a list of all the times during their life that they were somewhere or doing something that they could not either stay or do more of it because of work and prioritize the list. Start with doing the first item and proceed down the list. I'll almost guarantee that you will not reach the end.
3. No surprises other than that getting old sucks, I followed my own advice above.
4. Heck yes, earlier if I could have afforded it.
-
I retired a month (March) before I turned 62. I hauled U.S.mail for the past 13 years working a split shift 6 days a week. I couldn't do it anymore. My boss was getting worse by the day, Trucks were junk.
I got sick, So sick I couldn't recover so I was put on antibiotics. Then I got a condition called C Dif from the antibiotics, Got some meds to treat that & had a allurgic reaction from that. I was a sick dude for quite a while.
I took my three weeks vacation & never went back to work there. Took the summer off, Rode motorcycles, Camped, spent a lot of money!
Got a part time job at a catering company, I love it! The lady is super to work for. 8am to 2pm Monday to Friday. I drive a Lunch truck, I do a morning route come back load for the lunch route, Have lunch, load truck with condiments & leave. Its easy, I interact with people, It keeps me active. Keeps me in fun money!
-
Retired @ 54. Conditions were right so I did it. As how do you know - It feels right.. What do I do to pass the time?? Not an issue as I have lots to do and more..I just can't sit around doing nothing..The house, car and cooking work is endless as I like to maintain and repair things..I am a big believer in preventative maintenance... Then there are the grandchildren.
-
bump. Those of us with 10 or more years to go until retirement are watching this thread with interest.
DK
-
bump. Those of us with 10 or more years to go until retirement are watching this thread with interest.
DK
BUMP x2
-
Thought it was just me...
1. I'm basically lazy and I only worked because I needed to eat and have place to live...
-
1. When I physically could no longer perform my job. Getting on roofs and crawling under houses is for younger folks!
2. I am still struggling to fill my time during the day, especially during the winter when I can't garden or fish.
3. How much less income I need to maintain my lifestyle-listening to all the so called "financial experts" had me convinced that
I could not retire until was 70.
4. I tell everyone who asks me to retire as early as you can while you still have your health. No amount of money can
recover the years lost.
-
I believe that a good way to prepare for events in life is to learn from others experiences. That is the background for these questions.
How did you know you were ready to retire?
How did you replace the time you had filled with working hours with something else?
What were your biggest surprises to date in retirement?
Would you retire at the same age if you could do it over again?
Age 67, had a good IRA and annuity income and figured that 6% or better return a year would last
First I fixed everything in the house, delivered meals on wheels, and did some traveling.
Biggest surprise was how easy it was to get bored if not busy.
Would probably wait till 70, as I had great health.
(solution to the boring part is I discovered golf and now it is my profession. Playing 3 times a week (even in the winter if weather allows). Never played before 70. 3 holes in one--all in the first 18 months. Now 82 and still playing. What more is there?
-
Retired as soon as I could at 62 even though I loved my job. I do not have longevity in my family history and wanted to be sure to experience what it is like to be a kid again, with no responsibilities. Now just over a year into retirement, I can say that I have absolutely no regrets. Of course I've heard the stories about being bored, regretting retirement early and such, but I've not experienced that even for a moment.
As to the experience so far, it has been one of the best of my life. I do not plan my days, do not ever have an agenda, and each day I wake up wondering what I will do that day. At the end of that day I find that I have either accomplished something useful, or that I have done nothing that an adult finds "accomplished". Either way, I feel completely satisfied that I have survived another day, and look forward to waking up the next morning to do the same.
As an example, a couple of moths ago I woke up that morning and decided to build a generator shack that included places for garden tools, which morphed into the addition of a wood shed - a project I would not have done when I was working. A spur of the moment decision to do something that was very satisfying, and since then I have done many things I never imagined I would do.
The bottom line for me is that retirement has become something I never would have dreamed of, and I am thankful that I decided to retire as early as I could. Of course, financially preparing for retirement is an absolute must. For me, investing in my own retirement packages to the point where Social Security is not needed was the target point.
To sum it up, imagine what it felt like to be a kid on summer vacation all those decades ago, and then apply it to how you would feel today being on vacation for the rest of your life.
-
I retired almost 2 years ago exactly. I had been eligible for about a year and a half and then had a pulmonary embolism that just about killed me. Something like that makes you really contemplate your work/life balance. About six week later my father went into hospice. After that I said screw work, life is too short and I was lucky to have a second chance at it, so I filled out the paperwork and said good bye.
Retiring was one of the things that motivated me to get a pellet grill! I knew I was gonna need a hobby! :) Walks, biking, going to the movies more, flea markets, etc.
All the previous times I had considered retirement, I thought I'd really miss work. Guess what, I don't! I thought it would be a tougher transition but it was very easy.
I would definitely retire at the same age, if not a little earlier. Though I had the PE, I'm still able to be pretty active. I saw far too many people still at work using canes, walkers, lots of mobility & health issues. What's retirement going to be like for them, presuming they ever take it?
-
keep the replies coming as i appreciate the information
common theme....most would have retired earlier
-
keep the replies coming as i appreciate the information
common theme....most would have retired earlier
+1. I really like reading these. Any advice for a 40ish year old guy with two young kids? Anything you would have done differently or something you believe in regarding retirement and planning?
-
How did you know you were ready to retire?
I taught school for 36 years, and the "rules" were changing. Took away seniority (I could be let go for any reason), more paperwork and hoops to jump through, no more salary increment (although I was at the top of the scale by then), moving students and grades around (I would have had to switch buildings).
Plus they were getting ready to change interest rates which would affect my pension. So it was the best time to get out. I have a good pension.
How did you replace the time you had filled with working hours with something else?
My favorite response when people ask what I do now is, "Whatever I *darn* well please." ;D
My wife retired at the same time, and we travel quite a bit, have a new grandson to visit, work around the house and yard. I'm into shooting sports, play in 4 different music groups, play pickleball, run the local chess club, and have more time to make bacon, smoke cheese, make jerky, etc.
What were your biggest surprises to date in retirement?
Cost of insurance. Money I had for insurance would have covered me until Medicare, but it wasn't enough to cover both my wife and me. It ran out in January, and I'm still 2 years away from Medicare, so I had to go on SS early to pay the roughly $20,000/year insurance for the next 2 years.
Would you retire at the same age if you could do it over again?
In a heartbeat. After I retired, I lost 100 lb through diet and exercise and took up pickleball. I think my health problems would have gotten worse instead of better if I hadn't retired when I did. Plus you want to be able to travel before you get too old.
-
To Ralphie,
Although I’m a couple of years away from retirement, my advice is to save, save and save. And start 529’s for the kids!
Charlie
-
Ralphie, my Dad was an investment adviser and stock broker, so I know what I am going to say goes against a lot of what financial planners (including my Dad) will advise someone your age, but I am going to say it anyway.
I was and am a very conservative financial person. I read all the stuff on the 4% rule, but since there were years the market did badly, I had problems completely embracing that philosophy. Finally, at the age of 58 and after talking with my financial adviser, I put a chunk of money in an annuity with a guaranteed yearly return after a minimum of 5 years. If I leave it longer, the guarantee on the return goes up each year. This has allowed me to project out that, at X age, I will have a guaranteed income of Y dollars a year. I could have started putting money into this type of vehicle in my 40s and now wish I had. Having a security net of a guaranteed income every month -- separate from anything I may receive from Soc Sec -- has given me a nice peace of mind. May have given me the confidence to retire a little earlier.
I know all the arguments against it and it is not the path for everyone, but may be worth you at least investigating. And I agree with the save, save, save -- it will involve sacrifice, so you just need to decide whether current consumption is more important than early retirement. And that is a personal decision for each of us.
-
I have been and am a financial advisor for the past 22 years. Lots of good info in the thread about expectations, thought processes, etc. For details on investment strategies, retirement planning strategies, MC simulation, risk tolerance, etc., best to sit down with a professional and determine a plan of action for YOUR specific situation and goals. Everyone’s situation is different and as such, what works for one may be completely wrong for another.
I had many a talk with my financial advisor prior to pulling the trigger. Talk to one you trust first and foremost. The younger you are when you start planning, the better. You don't drive your vehicle by looking right in front of it. You look waaayyyy down the road. I was able to retire younger than planned thanks to some good advice and lots of luck.
-
I have been and am a financial advisor for the past 22 years. Lots of good info in the thread about expectations, thought processes, etc. For details on investment strategies, retirement planning strategies, MC simulation, risk tolerance, etc., best to sit down with a professional and determine a plan of action for YOUR specific situation and goals. Everyone’s situation is different and as such, what works for one may be completely wrong for another.
Sent from my iPhone using Tapatalk Pro
this is good advice. Check in with a seasoned pro. But if you know what a Monte Carlo simulation is you're probably more sophisticated than most. I'm here for the personal anecdotes. It's been rather refreshing the little emphasis on fiances in this thread. I agree it's clearly the biggest factor, but the individual stories are what is holding my attention.
DK
-
I doubt I'll get to retire. My wife tells me my retirement was the 18 months I couldn't find work during the recession. Funny - she gets to retire at the end of this year.
-
keep the replies coming as i appreciate the information
common theme....most would have retired earlier
+1. I really like reading these. Any advice for a 40ish year old guy with two young kids? Anything you would have done differently or something you believe in regarding retirement and planning?
I'm mid-40's.
My kids are between 8 and 14.
I don't have the vision of the retired people yet, but it's important to make sure you take advantage of the years you spend with your kids while they are with you. A pile of money with no memories isn't as good as memories with a modest amount of money.
Life is more about experiences than goods.
What I'm hoping to do is have the kids in a spot where we can pay their college and retire, but you're not doing them any favors if you pay their college, and you can't retire.
Seems like a common mistake is that the parents don't ensure their own well being first.
No offense to the financial advisor, but I'm skeptical of most. Most are more interested in selling you a financial product rather than help you retire.
When I was in my early 20's I met with a financial advisor and they deposited my couple thousand bucks into a high fee mutual fund which ended up doing worse than market rates (way worse due to the high fees). It was easily the worst financial advice I ever got.
I'd say invest in index funds and real estate with any extra money you have.
The other big thing to do is to track your net worth each month.
That's how you keep score.
I have a spreadsheet I update each month that tracks all assets and liabilities. It's the biggest aid in tracking whether I'm getting closer or not and see how decisions made affect your goals.
-
I only say this because it is personal experience. This is so true and just a waste of Your Money...if you do this and they are not ready or willing for college when you think they should be...
...but you're not doing them any favors if you pay their college...
-
Not to get too far a field, but where Bent wasn't ready for college, I was ready for college and law school and am eternally grateful that my parents funded 100% of college and about 75% and two law schools (J.D. and Ll.M.). It gave me a tremendous start in life and definitely contributed to my current financial security. So probably a better philosophy is to know each child!!
-
I'm mid-40's.
My kids are between 8 and 14.
I don't have the vision of the retired people yet, but it's important to make sure you take advantage of the years you spend with your kids while they are with you. A pile of money with no memories isn't as good as memories with a modest amount of money.
This is probably the most important factor you can consider regarding memories, and one you certainly can regret if you do not spend enough time with your kids when they are young. Remember the old song "Cat's in the Cradle" by Harry Chapin? If not, listen to it again - it will haunt you when your kids are grown and gone from home.
What I'm hoping to do is have the kids in a spot where we can pay their college and retire, but you're not doing them any favors if you pay their college, and you can't retire.
Quite true - I would never jeopardize my retirement because of the kids (they need to have some responsibility to further their lives), but sometimes the bit of help that a parent can offer makes a huge difference - I have a son who I somewhat helped through college - I paid his tuition but he was responsible for his living expenses. He told me recently that he would go the back door of grocery stores waiting for them to throw out the over-time vegetables - he said that it helped build his character. Today he in the Navy, in his early 30s and makes more money that I made at retirement, so his life is set, and I feel good about it.
The bottom line is that every person has an entirely different set of circumstances that will drive the focus on retirement - every person needs to thoroughly examine all the factors in their lives and adjust accordingly.
-
I recently had a conversation with an 80ish year old family friend. We discussed saving for retirement and kids college. His message was to invest in both. But be careful with college savings because it does your kids no good if it results in them having to take care of you in retirement, health circumstances notwithstanding.
Similar philosophies are posted above. Take care of yourself first financially so you will be able to help your loved ones more effectively.
-
So my thoughts - Some people really dislike their jobs but that was not my case at all. I loved my job at NWA and luckily rode out the bankruptcy and merger with Delta. Then Delta moved up the timetable for re-locating all pilot training to ATL. I could have moved or commuted to work but not something that I wanted to do. So could I afford to retire? Here's what I did.
I kept it simple by doing a spreadsheet to exactly track income and every penny you spend! I did this for both pre-retirement and post retirement projected income. It quickly shows the financial reality of your financial position. Realize it's all about cash flow. Yup - I sold the boat!! Final action (if you are unsure whether you can afford to retire) is to live on your expected post retirement income for a year before you retire.
Do I regret retiring, no.
Do I get bored - no.
Advice for younger folks, save via IRA or some kind of retirement investment vehicle.
Good luck!
-
Forgot to mention some important factors:
House was paid off
Kids were out of college and on their own
No credit card debt (or any major debt, besides car payment)
Retirement for us was contingent on those.
-
Ditto, except no car payment. Retirement is a whole lot more enjoyable when your major financial decision is how to spend your discretionary resources. :cool:
-
Same here, but my retirement was totally unplanned but after refusing a transfer back to Michigan - here I am.
-
Appreciate so many of the responses.
Great stuff.
Threads like this always help give me hope and a light at the end of the tunnel.
-
These are great questions...
I am still working, and am blessed to have a great job with a great salary...
I am 54 and would love to retire at 65 or sooner.
I would definitely look at earlier retirement if the potential cost of health care were not so high. I am planning on 2k to 2.5k per month for my wife and I just for that.
We have purchased our retirement home, and plan on making it exactly what we want it to be in the next 10 years, and when we sell our current home, add that to our nest egg.
Kids are grown, and through college...
Plan on volunteering at our church, and in the community. Someone mentioned Habitat for Humanity, I love them, will definately ben spending time with them, mixed with travel, and time with my family.
I think my biggets surprise will be how slow the money comes in and how fast it goes out...lol