How do you guys retire?

[dsgrey]

Less than 10yrs away from retirement but I'm mentally ready now.

I spent 16 months being unemployed until late 2023 and during that period I also had some health issues that prevented me from job hunting. You definitely need hobbies and ones that you can afford. Being temporarily retired, I eventually found plenty of things to keep me busy.

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[AdebaSmithonian]

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Beyond finances, I think it’s crucial to plan how you’ll spend your time — whether it’s travel, hobbies, or volunteering. Perhaps it is even more important than financial issues.

 

[wibornz]

Beyond finances, I think it’s crucial to plan how you’ll spend your time — whether it’s travel, hobbies, or volunteering. Perhaps it is even more important than financial issues.

Yup, got to have something to look forward to. I think a lot of folks have been so set on saving for retirement, that they struggle to spend money doing the things they want to enjoy in retirement. They are like I have this much money coming in each month and that is all they will spend, Yet they have hundreds of thousands or millions in investments that they will not pull from. Heck I know people that get pissed because they have to take their minimum distributions! Then they end up in a nursing home that takes everything from them. Or they pass it on to their kids and never lived.

My mom was a good example. She was not rich, but she could have taken her dream vacation to Australia. But she never did. My mother in-law just went into a nursing home two days ago. Madecare/Medicaid will pay for it after all of her financial resources are exhausted. Well at $6000 a month, she could have lived on a cruise ship cheaper.

We always have travel planned. The plan changes at times, but there is something always in the works. Next is fly to Anchorage and go Jeeping on glaciers in February. I still plan to leave my kids some money, but they both make double what I earned and because I raised them right, my money passed to them will not be a something that they have to depend on.

 

[dsgrey]

Beyond finances, I think it’s crucial to plan how you’ll spend your time — whether it’s travel, hobbies, or volunteering. Perhaps it is even more important than financial issues.

Correct! In 2022 I was laid off from my job of 20 years. Due to 2 major health issues that occurred afterwards and a down market in my field, I was unemployed for 16 months which gave me a glimpse of retirement. I found plenty of things to do and some hobbies that I hadn't been able to do much for a long time. But I also realized how expensive some of those hobbies and travel cost. While the financial piece is very important, so are your plans unless you plan to turn into a slug on the couch. Oddly enough, I found a new job that's 100% WFH which probably would have drove the wife up the wall if she hadn't been forced to having me around for 16 months while unemployed.

 

[roaniecowpony]

I think there are many things to be concerned about when retiring. Health is up at the top, but it relies on other things like your financial well-being in some ways. So, IMO, taking care of your financial needs and health comes first, then the rest of the activities become available to you.

 

[LDSSILLS]

People,

Sadly, the pension days are gone. Unless you're employed by the Railroad per say. If your not business savvy, then I would do this.

Get a house when you can. Stop donating money to landlords. Tax advantage for the first 7 years will help you save. Don't be afraid to relocate to a state with lower home prices. A older 2000 square foot home in the Midwest is about 185,00 to 250,000 now. In the upper east or West coast, you are talking millions.

Invest in a retirement plan early, even if it's 5 dollars a week. If your employer offers it and will match to a certain amount let's say 6% of your max, invest that amount, it free money.

For IRA heres an example... when I was in my mid 20's the Dow Jones was 1800. Look where it is today, over 44,000. Even if you choose a mutual fund that just deals with the Dow Jones look where you will be in 20-40 years. With a Roth IRA you don't must pay taxes on it.

Buy used vehicles and inexpensive ones but reliable brands. And hold on to them, most cars will last 10 or more years anymore. Even with occasional repairs you're still money ahead. The money you will save Cars will allow you to buy nice ones in your golden years.

Join the military, good career, stay in for 20 years, retire and get a full pension right away. Then start work in the civilian world when you in your mid 40's while still collecting military pension. Take advantage of IRAs and 401K's and enjoy a great retirement at age 68.

Time is not standing still, the older you get the faster it seems to go. Act now and discipline yourself to stick to it!

Grandpa Larry

 

[AcesandEights]

68! Who wants to work until they're 68!?!?!?

 

[Wabujitsu]

People,

Sadly, the pension days are gone. Unless you're employed by the Railroad per say. If your not business savvy, then I would do this.

Get a house when you can. Stop donating money to landlords. Tax advantage for the first 7 years will help you save. Don't be afraid to relocate to a state with lower home prices. A older 2000 square foot home in the Midwest is about 185,00 to 250,000 now. In the upper east or West coast, you are talking millions.

Invest in a retirement plan early, even if it's 5 dollars a week. If your employer offers it and will match to a certain amount let's say 6% of your max, invest that amount, it free money.

For IRA heres an example... when I was in my mid 20's the Dow Jones was 1800. Look where it is today, over 44,000. Even if you choose a mutual fund that just deals with the Dow Jones look where you will be in 20-40 years. With a Roth IRA you don't must pay taxes on it.

Buy used vehicles and inexpensive ones but reliable brands. And hold on to them, most cars will last 10 or more years anymore. Even with occasional repairs you're still money ahead. The money you will save Cars will allow you to buy nice ones in your golden years.

Join the military, good career, stay in for 20 years, retire and get a full pension right away. Then start work in the civilian world when you in your mid 40's while still collecting military pension. Take advantage of IRAs and 401K's and enjoy a great retirement at age 68.

Time is not standing still, the older you get the faster it seems to go. Act now and discipline yourself to stick to it!

Grandpa Larry

Larry, it seems like you were channeling Dave Ramsey when you wrote your excellent post, above!

 

[Trout Slayer]

When into VA pharmacy at 23 and retired at 44.
During those 21 years I also jumped on many real estate opportunities as they surfaced.
Flipped many homes and hung on to many properties.
Pharmacy and real estate created an easy early retirement.
Offroad racing, camping, fishing, and traveling take all my time now.
No complaints to speak of.

 

[Flip]

I'm certainly not telling anyone how to live their life........ to touch base on the subject. I 2nd @LDSSILLS grandpa Larry.

Along with the Military, State & Federal jobs also include pensions. They also have matched 401k's. As Larry said, NEVER turn down free money, even if you just match the bare minimum. The biggest advantage to me was; getting out of debt. Paying off the house was huge, then saving $$$ was easy! But it was a SACRIFICE! I reclocated and bought a smaller fixer upper house. I sold my TJ and Toyota Tacoma to put towards the mortgage, no costly vacations, no credit cards, buy used vehicles, avoid eating out at costly restaurants. Daily Starbucks....? WAKEUP! That's a joke! A treat was a $5 hot & ready pizza on Friday nights. Keep working, failure is not an option! I worked a ton of overtime most of my life! Team work with your spouse, both have to, not only be willing to exercise discipline but believe getting out of debt can be done and it will. Don't worry how other people are living their lives. If you're doing the right thing for you & your family, you're not missing out on anything.

Edit: I canceled Dish Network decades ago. Still to this day TV is free/aerial TV antenna. This monthly cost savings was huge.

Best of luck to everyone

 

[LDSSILLS]

Larry, it seems like you were channeling Dave Ramsey when you wrote your excellent post, above!

Honestly, I have never heard of David Ramsey?

BTW I retired at 55. Started receiving "full" SS payments at 67.

Grandpa Larry

 

[WranglerMan]

I had planned on retiring at 65 but the Gas Company I worked for in Houston closed the office and moved it to the Panhandle of Texas near a small nowhere town so I took a severnce package, we sold our home there and used the equity to pay for the home we have now in the midwest back with family. We have zero debt except our monthly expenses, we saved over the years and we both have some retirement accounts, we are not rich but super happy.

 

[Ranger2992]

I retired from the Army in 2012, so I have that pension. I currently work for the fed government and will retire in 6 years. Lastly, I have my investment account. I should live pretty well when I fully retire in 6 years.

 

[Wbino]

I retired from the Army in 2012, so I have that pension. I currently work for the fed government and will retire in 6 years. Lastly, I have my investment account. I should live pretty well when I fully retire in 6 years.

Not fired yet?

 

[sherpaJL]

Finances are set. Over the years I've had rental properties (bought and sold), investments, and always managed to secure a well paying job despite a few corporate downsizings.

At this point I am LITERALLY going Friday to Friday holding off giving notice.
I'm waiting for the weather to break which is just another lame excuse not to retire at this point.
I don't need the money.
I love my career as a Sr. Mech Design Engineer. Currently I design custom machinery that prints (ink & laser) and laser drills Pharmaceuticals, Nutraceuticals, and Confectionery products. Think 'M' on M&M candies and the 'S' on skittles to mention a few. I did design on the M&M machine that 'prints' a custom image provided by a customer at those kiosks found in a few stores, Vegas, Mall of America, Disney Springs, and one in Berlin, Germany.
Gotta admit, it does suck hitting the alarm clock @ 5:50am each morning then driving into the city.
Maybe I should put an hour glass on my desk as a reminder that time is slipping by.

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