Retirement thoughts

[KSRBEvans]

ESPN's Bob Ley, a guy I respect among sports journalists, is retiring after 40 years:

https://twitter.com/BobLeyESPN/status/1143874316041371650

It got me thinking about retirement and wondering what everybody here had in mind when they retired, or what you're thinking about when and how you might retire in the future.

I used to think it would be a long time, if ever, before I retired. I have a relatively low stress job, it's intellectually rewarding, I work with colleagues who challenge me to bring my A game. And I get a lot of time off every year, so I can recharge my batteries fairly regularly.

But I had this accident last year and a lot of time off. It made me realize man makes plans and God chuckles at our arrogance. Plus Mrs. BEvans and I spent a few days down at The Villages (https://www.thevillages.com/) in April to see if it was someplace we might consider for a warm-weather retirement destination in the future. Living a few days like a retiree is something I'd never done before (it felt different from a vacation) and I really liked it. So whereas before my accident I saw myself working indefinitely, perhaps forever, it now looks like something I could do, and maybe sooner rather than later. I'm in my mid 50s now and could see giving it serious consideration in my early-mid 60s.

So wondering of those of you have who have retired, what your thinking was and how you like it. For those who are kind of in my shoes (getting to a "certain age" where it starts looking more real), what you're thinking about when/where/how you will retire.

[Catonahottinroof]

Well, I have a bit of similarity to your situation. I had to take disability in June of 2015 and it has taken just short of 4 years for all the legal wheels to churn out the Social Security judgement and all that goes with it. My wife and I sold our home in Brandenburg (Doe Valley) in April and in the process of purchasing a condo in Naples Florida. I didn’t get to my retirement place/time in my life because of disability. However, my wife and I have decided we would move to our retirement destination a bit early to enjoy life while we have the opportunity to do so. It will change our vacation patterns back towards home now, but other than that we are full steam ahead to enjoy life a little earlier than anticipated.

[KentuckyWildcat]

Not sure I'll ever give up working, but hope to do what I want to around 60. Farm, mow yards, work at golf course, etc...what ever really....to mainly help fund some travel. Especially hope I can move to a 10-12 month contract here around age 55.

I'd like spend 2-4 weeks on a warm beach during February. 1-2 weeks seeing places I've never been. And a lot of my free time going to wherever my girls are at once they are grown.

[MickintheHam]

Focus on what gives you pleasure. For me it is kids, grandkids, and following the Cats. It’s who I am. I decided not to invest in beach property. I am 4 hours away. I can live there 1 month a year for the next 20 years for a lot less money than it would take to purchase. I love the beach, but that’s enough. Going to Lexington and being around kids and grandkids for a week every month keeps me connected with what’s important. And there is fun associated with getting together with daughter and SIL a couple of times a week here in the Ham. These things are what pleasure me. I have great friends in Kentucky and Alabama and they add great pleasure to my life.

But, above all, do what makes you happy. Nothing else matters. Do not do what someone else expects you to do. Best wishes and Good Luck.

[KentuckyWildcat]

I decided not to invest in beach property. I am 4 hours away. I can live there 1 month a year for the next 20 years for a lot less money than it would take to purchase. I love the beach, but that’s enough.

Yep, thought hard about buying a condo a few years ago and let it help pay for itself. Just did not seem worth it for the money. Plus being tied to one location seems less exciting as I get older.

[Darrell KSR]

I want to get my pilot's license, buy a plane, and continue working but being very selective with what I do. I have a job that allows me to do that if I choose. Unfortunately, I'm in nowhere near any position to retire yet, anyway. So I guess it's a good thing that I have no desire to retire at this point. My dad worked until he was 80, and then retired. I see myself much in that same vein, but hopefully operating on a reduced schedule and being very selective many years before that.

Oh, I should add that I like the beach, but much like Mick, could not justify having a place there. A month would be a long time for me, and in reality, more like two weeks at a time a couple times a year would be plenty.

[dan_bgblue]

Probably will never work out for me, but I would love to retire in the spot in this video. Western NC mountains, and the video does a very poor job of capturing the beauty of the place.


https://www.youtube.com/watch?v=GNyovlxOS5c

[BigBluePappy]

Couldn't have guessed, dan...:sign0157:

[bigsky]

Got retired. Was I ready? No. I think you have to retire TO something. TO what I’m still puzzling out

[kingcat]

I want to retire and become a movie critic. The trouble is I only want to watch movies I know I will like.

But I agree on the grand kids thing. I could hang with them every day.

As far as retirement, I'll have to work until I cant get around anymore to supplement what little we will draw in retirement.

[Darrell KSR]

Got retired. Was I ready? No. I think you have to retire TO something. TO what I’m still puzzling outI think that's solid advice. Have no doubt you'll find yours, though.

[KentuckyWildcat]

As far as retirement, I'll have to work until I cant get around anymore to supplement what little we will draw in retirement.

I feel the same. I hope I can retire and work how I want. But I'm not sure many in my generation will really retire.

[CitizenBBN]

I'll never completely stop working. I'd be bored to death.

But I'd like to do free lance work from my boat docked in the Keys. that's my retirement plan right now. Right now it's 90/10 work and life. Would like to get that to 70/30 life/work maybe, with that 70 broken out evenly between sitting at bars and everything else. :)

[BigBluePappy]

In all honesty, I will more than likely work until they throw dirt in my face...
I have a type AAA personality.
I also recognize the symptoms of what they call ADHD, but in my day you were just a brat, an overactive child or your mother just wore it out of you, if you know what I mean and believe me, today that little Baptist preacher's daughter would be on death row for some of the spankings I got.
Just can't be still...;)

[KeithKSR]

One more school year and I will have enough time in the school district to retire. I think when I do retire I’ll sub a few days a week to supplement the income. Summers give me an opportunity to practice being retired. The youngest grandchild will be a year old in July and I’ve spent a lot of time with her this month. I also plan to get our detached garage insulated and put some heat in it to do some woodworking.

[suncat05]

I was going to retire to the Philippines, with the idea that we could look after my bride's parents. Unfortunately, they have both preceded us into the afterlife, and that beachfront property that we purchased is no longer needed.
So we're going to sell it( it was a fantastic investment though, worth over three times what we originally paid for it! ) and buy something up around Titusville, as my bride as taken employment in Brevard County, and it would get us a lot closer to our daughter in Orlando.
I'm going to retire from the Sheriff's Office at the end of next year.

[Doc]

I was fortunate to have a business partner who planned early which forced me to do the same. Sold my practice just over 3 years ago and now debate retirement frequently...mostly due to having to work for somebody else. However we have started the physical preparations as we are in the permit process for our house in Colorado, expected to be completed by Dec of 2020. At 56 years of age, I hope I still have plenty of time and activity left. My ultimate "plan" is to work sparingly just to keep me sharp. Most likely look for 4-6 month working a year. Will keep FL residence (for tax purposes) and split time between FL, where I will work, and CO where I will play (since I don't have a CO license)

[catmanjack]

Always enjoy these threads on retirement and how to retire(money talk).
I have come to the conclusion that I will probably never get to retire and am ok with that so I try to enjoy life as much as possible at this point.

[dan_bgblue]

Couldn't have guessed, dan...:sign0157:

Pappy I re ceived an email from a friend that lives there letting me know that Joye's Pancake House had reopened and get this, the new owner is from Lexington and he visited the town once, saw the vacant restaurant location, went back to Lexington and put his restaurant business up for sale and moved. He is now partners with Joey's widow and has all the recipes of the original business that operated for over 40 years.

I let Mrs dan_bgblue know this and we are driving down for a long weekend before the grandchildren sitting duties restart to eat at Joey's, snappy's Pizza, and J Arthurs

[BigBluePappy]

Pappy I re ceived an email from a friend that lives there letting me know that Joye's Pancake House had reopened and get this, the new owner is from Lexington and he visited the town once, saw the vacant restaurant location, went back to Lexington and put his restaurant business up for sale and moved. He is now partners with Joey's widow and has all the recipes of the original business that operated for over 40 years.

I let Mrs dan_bgblue know this and we are driving down for a long weekend before the grandchildren sitting duties restart to eat at Joey's, snappy's Pizza, and J Arthurs

That is good news...

[Darrell KSR]

@CBSNews: Nearly one-quarter of Americans say they'll never retire, according to new poll https://cbsn.ws/2NBZavj https://twitter.com/CBSNews/status/1148136782162251776/photo/1

[CitizenBBN]

I'll never fully "retire". Like get up and not have any income producing work out there to do. I'd lose my mind.

I'd like to go slower, be able to work enough to cover basic expenses so I don't have to eat into anything I do manage to save up, but I'll never just stop and do hobbies I don't think.

I'll probably go back to programming. I can do free lance work from anywhere, pick and choose projects that suit my skills and still not have to deal with dozens and dozens of clients simultaneously.

Or just get on as a bartender. I surely know the job well enough. lol

[suncat05]

I'm contemplating getting a job at the Kennedy Space Center. Something simple. Test space monkey or G-force equilibrium gadget repairs. Maybe run radar on the mobile rocket launched to see how fast it actually moves.
Just a little something to keep me busy.

[suncat05]

Launcher, I meant 😁

[KentuckyWildcat]

@CBSNews: Nearly one-quarter of Americans say they'll never retire, according to new poll https://cbsn.ws/2NBZavj https://twitter.com/CBSNews/status/1148136782162251776/photo/1

I just don't see how most younger than me will be able to retire. Very few stable pensions now. 401k is nice, but you definitely need more than that. SS? Who knows. Most people I know are not making enough to really save for retirement beyond their employers plan.

[MickintheHam]

I just don't see how most younger than me will be able to retire. Very few stable pensions now. 401k is nice, but you definitely need more than that. SS? Who knows. Most people I know are not making enough to really save for retirement beyond their employers plan.

I hear this all the time. I politely say bunk. The problem is not making enough money. The problem is spending too much or spending it and not investing it. Anyone with the discipline to save 10% of their Gross Income can retire very nicely and at a young enough age to really enjoy it. Sometimes it means delayed gratification. Sometimes is means a smaller house or driving an older vehicle. The fact is, you may not be able to work into old age. Everyone needs a contingency plan for what they would do if they could no longer work. As individuals, we spend way too much money and invest too little.

The example I always use is if you put $5000 initially into an IRA invested into a S&P 500 fund and add as little as $2500 a year for 30 years, assuming the avg returns of the last 62 years, you would have about $550,000. That coupled with Social Security would yield about $52,000 per year to live and still leave a handsome nest egg for your heirs. Continue investing after 30 years and you would be living a nice life.

Contrary to your assertion the millennnials in this country have the best opportunity of any of us to grasp their own futures without hoping for a bunch of free stuff from the Government. Less than half of them are smart enough to make that choice. View the initial contribution the way you would a down payment on a house. Matter of fact, before buying a house come up with the $5k for the IRA. It is more important than buying a house. Is $2500 a year too much to save? How much do people save for a vacation?

Those that have a 401(k) plan with an employer contribution can have a much larger retirement benefit or take less risk in your investment choices. And not to get on my soap box too much, I would add a message to the Teachers in the Commonwealth's Retirement plan, your Union (KEA), lobbyists and their sponsor candidates, are selling your future down the river. Money in a state funded pension plan is much less secure than money in an IRA or 401(k). In addition the IRA money belongs to you and your heirs.

[KentuckyWildcat]

I hear this all the time. I politely say bunk. The problem is not making enough money. The problem is spending too much or spending it and not investing it. Anyone with the discipline to save 10% of their Gross Income can retire very nicely and at a young enough age to really enjoy it. Sometimes it means delayed gratification. Sometimes is means a smaller house or driving an older vehicle. The fact is, you may not be able to work into old age. Everyone needs a contingency plan for what they would do if they could no longer work. As individuals, we spend way too much money and invest too little.

The example I always use is if you put $5000 initially into an IRA invested into a S&P 500 fund and add as little as $2500 a year for 30 years, assuming the avg returns of the last 62 years, you would have about $550,000. That coupled with Social Security would yield about $52,000 per year to live and still leave a handsome nest egg for your heirs. Continue investing after 30 years and you would be living a nice life.

Contrary to your assertion the millennnials in this country have the best opportunity of any of us to grasp their own futures without hoping for a bunch of free stuff from the Government. Less than half of them are smart enough to make that choice. View the initial contribution the way you would a down payment on a house. Matter of fact, before buying a house come up with the $5k for the IRA. It is more important than buying a house. Is $2500 a year too much to save? How much do people save for a vacation?

Those that have a 401(k) plan with an employer contribution can have a much larger retirement benefit or take less risk in your investment choices. And not to get on my soap box too much, I would add a message to the Teachers in the Commonwealth's Retirement plan, your Union (KEA), lobbyists and their sponsor candidates, are selling your future down the river. Money in a state funded pension plan is much less secure than money in an IRA or 401(k). In addition the IRA money belongs to you and your heirs.

Mick I agree with pretty much all of this. Especially with those spending more than they make. Thankfully we are fairly blessed for this area and able to save fairly well.

But I know lots of people around here that make very little and I don't know how they make it. Many of these have "professional" jobs as well. Dads that are getting destroyed on child support. Single moms struggling to make anything. These are not the people going to Disney when they can't afford it. There must be more assistance out there than I am aware of or they have family support. Granted, they could choose to move and find better employment.

[Doc]

My wife's only retirement plan is to get a UK crocheted sweater vest and wear it to UK games. So, Mick, if you catch Shawn in one of these, we are officially retired

https://d2h1pu99sxkfvn.cloudfront.net/b0/2886678/468480502_LAtVKE8Bph/P7.jpg

[MickintheHam]

Good Grief!
My wife's only retirement plan is to get a UK crocheted sweater vest and wear it to UK games. So, Mick, if you catch Shawn in one of these, we are officially retired

https://d2h1pu99sxkfvn.cloudfront.net/b0/2886678/468480502_LAtVKE8Bph/P7.jpg

[Doc]

Good Grief!

We always have a competition when we go to games to see who can spot the crocheted sweater vest first. Has to be a woman, >60 years of age, preferable with UK earings, and bonus points if wearing a tin button > 3 inches in diameter. And if they say "GO CATS"...game over!

[MickintheHam]

You’re talkin’ about my women.

[kingcat]

Those gals are advertising.

Not themselves naturally but to sell their crotchet, needlepoint, and other types of needle work.

[ETWNAPPEL]

I turn 55 this year and thanks to My government pension and 401k I can retire very well. My issue is it scares me. How will I fill my days? I love my job. Look forward to it every day. On sunday nights I can’t wait until Monday.

I keep putting off the age I think I will retire. Not sooner than 67 now.

I seriously think I will volunteer either at Habitat for Humanity or be a handy man at my church. Like everyone else I want to travel, but not non stop.

I just hope I am healthy enough to stay active.

[KSRBEvans]

I was listening to a Rick Steves podcast and he interviewed this couple who call themselves The Senior Nomads (https://www.facebook.com/seniornomads/). When they retired in 2013 they decided to rent out their house and take the money to travel the world. But they don't necessarily do it the way tourists on a short vacation do: they might spend a month in Lisbon, then 6 weeks in Madrid, etc., living more as locals. Eventually they sold their home and use those proceeds to travel.

That appeals to me, at least in a modified version. I could see us getting a place and renting it out for a few months/year and living like they do, but coming home after awhile.

[Catfan73]

I was just discussing retirement with a brother the other day. He retired from the Army (full Colonel) a couple of years ago. He said it’s like every day is Saturday lol.

I plan on working another 9 or 10 years God willing, which would get me to 67 or 68. My 401k and stock should be enough to live on by then in the manner we’re accustomed to. I’m not planning on really getting anything from SS so anything at all will be icing on the cake. The problem is my wife will be able to retire in 2 or 3 years. She’s a teacher and should get a decent pension but I worry about what she’s going to do. I’m hoping she’ll sub part time for awhile because I know she won’t be able to sit around the house every day. We’ll probably end up either in the Florida panhandle or around Henderson NV but I hope to be able to travel for a couple of weeks at a time a couple of times a year.

[MickintheHam]

All the time I hear people say they will never retire. One fact I have learned is while you may enjoy your work, you may not be able to exist in the ever changing workplace. I had a call just before Christmas from my old business partner. He is probably one of the world’s 10 leading experts in his field, a person I never expected would ever retire. He announced he was retiring this October. While his knowledge and expertise is in demand, he can’t deal with the changing workplace. Anyone planning to work past 65 to 70 needs a Plan B. It is almost impossible to continue doing what you are doing.

[catmanjack]

Always enjoy post in this thread, I am about 15 years away and honestly can’t wait, that would put me at about 45 years in the auto industry and about 25 too many!
Wife is a teacher and will be able to retire before me but we discuss the changing environment within the schools and how each year the kids start kindergarten knowing less and less and are more disruptive.

[suncat05]

I am going to retire from the Sheriff's Office, but I do not intend to "retire" retire. Not as long as I am physically capable of making a contribution to the household.
But I am 100% for sure finished with ANYTHING that has to do with law enforcement. Finished. Done. Over. FINI.
I am looking at civilian work at the Kennedy Space Center and/or Patrick Air Force Base, which is due to become the Space Command Headquarters.
Or maybe take that guy's offer to work security at his medical herbal dispensary. I
I don't know about anything for sure yet, but I'm finished with po-lice work. 😎

[Carolinawildcats]

I have 2 more years and my plan is to leave and start drawing my pension and then get a part time job elsewhere. I am SOOO ready to go.

Peace

Richard (CW)

[ukpumacat]

Focus on what gives you pleasure. For me it is kids, grandkids, and following the Cats. It’s who I am. I decided not to invest in beach property. I am 4 hours away. I can live there 1 month a year for the next 20 years for a lot less money than it would take to purchase. I love the beach, but that’s enough. Going to Lexington and being around kids and grandkids for a week every month keeps me connected with what’s important. And there is fun associated with getting together with daughter and SIL a couple of times a week here in the Ham. These things are what pleasure me. I have great friends in Kentucky and Alabama and they add great pleasure to my life.

But, above all, do what makes you happy. Nothing else matters. Do not do what someone else expects you to do. Best wishes and Good Luck.

Well said Mick.

Oddly, I have been thinking about this a lot more lately. My wife and I both basically work for ourselves so our retirement will be on us (as opposed to a pension, 401K match etc). Thankfully, we own a home in an area that will soar in value in the next 20 years. And we are spending a decent amount of time researching whether we want to buy a rental property etc.
A lot to consider for sure...so I am trying to be smart about it before I really need it.
Appreciate threads like this for advice.

[blueboss]

At 59.5 I took out 90% of a 401K and put it in an IRA. I’ve still got the 401k working, but I have better/easier control with IRA and the money guy has done pretty well with it.

I keep the 401 for the match deal, sooner or later I’ll move that into something with a better return.

Stocks are rolling pretty well with the Trumpster, so that’s helping too. We had those two episodes over the last year or so that stung a little but it opened the door to buy, buy, buy.

...bottom line (pun), God willing and the creek don’t rise, I’m short timing. Thinking, maybe five more years.

At that point I think I’ll follow the ole adage, if it flys, floats, or f@&>~ks... rent it. I got Mrs. boss so I’m going go for 2 out of 3.


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[MickintheHam]

At 59.5 I took out 90% of a 401K and put it in an IRA. I’ve still got the 401k working, but I have better/easier control with IRA and the money guy has done pretty well with it.

I keep the 401 for the match deal, sooner or later I’ll move that into something with a better return.

Stocks are rolling pretty well with the Trumpster, so that’s helping too. We had those two episodes over the last year or so that stung a little but it opened the door to buy, buy, buy.

...bottom line (pun), God willing and the creek don’t rise, I’m short timing. Thinking, maybe five more years.

At that point I think I’ll follow the ole adage, if it flys, floats, or f@&>~ks... rent it. I got Mrs. boss so I’m going go for 2 out of 3.


Sent from my iPhone using Tapatalk

Good Luck Blueboss. the last few years have been great for investors. Just putting money in a S&P index fund would have given an investor returns beyond belief. Going after fair trade has unlocked unbelievable returns in the US market. It should continue for a while as long as we continue the same policies. The US economy has been suppressed for 20 years. We are in a period of catch up.

[bigsky]

Mick nailed it about the changing workplace.