Retirement Thread

[Mosbonian]

After the positive responses and congratulations on my Retirement thread, the idea came to me that there should be a thread that helps everyone prepare for the eventuality of retirement.

There were many great ideas, comments and great suggestions that came out of the conversation. What I would like to do is put this here as a repository for information for anyone who is:

• Ready to retire
• Close to retirement
• Beginning to plan for retirement

One of the things I came to find out is that no matter how much I had thought I was prepared for retirement, there were still things I had not pondered or prepared for.

So this thread is for all your questions, comments, advice to help others that are close to retirement.

I mean....this board is about a year and a half away from being around for a quarter of a century, and many of us who have been around are there already.

So, please feel free to contribute!

[tx4chiefs]

If you're young enough, get a job in government (teaching, fireman, police officer, etc.) there is nothing better than a defined pension at the end of your career. Government employees, don't get rich, but it is made up later when they pay you for not coming to work.

[BigRedChief]

Originally Posted by HemiEd

When we retired in 2014, I would have never believed that I would have to pay $10.50 for 5 peaches or $950 for 6 months of car insurance.

I'm paying $1275 for 6 months on a 2013 Lexus SUV with 26K miles. I've looked around several times. Cheapest I could get. Maybe its different in Florida due to hurricanes?

[BigRedChief]

Originally Posted by tx4chiefs

If you're young enough, get a job in government (teaching, fireman, police officer, etc.) there is nothing better than a defined pension at the end of your career. Government employees, don't get rich, but it is made up later when they pay you for not coming to work.

I remember my parents trying to get me to work at the post office. Same pitch as yours above.

[crayzkirk]

Originally Posted by tx4chiefs

If you're young enough, get a job in government (teaching, fireman, police officer, etc.) there is nothing better than a defined pension at the end of your career. Government employees, don't get rich, but it is made up later when they pay you for not coming to work.

You won't make as much money in the public sector compared to the private however people I have known retired at 55 instead of 65 and have benefits paid for. It really makes sense now that we 'get' to contribute to our own retirement fund instead of having a company provided pension as part of our compensation. All I can say is start early on your 401k and put in as much as you can because it doesn't hurt your take home pay as much as you would think.

[BigRedChief]

Originally Posted by crayzkirk

You won't make as much money in the public sector compared to the private however people I have known retired at 55 instead of 65 and have benefits paid for. It really makes sense now that we 'get' to contribute to our own retirement fund instead of having a company provided pension as part of our compensation. All I can say is start early on your 401k and put in as much as you can because it doesn't hurt your take home pay as much as you would think.

Thats the basic stuff people should be doing. Most are not thinking retirement at 30. Starting early makes for a bigger pile on money at the end.

Also buy a house ASAP that has potential for growth. in prices. The equity can be a source of income if you run into trouble later. It builds wealth.

We paid the same price for a house in Florida as my house back in Lees Summitt. But, in the 10 years I've lived in this house its almost tripled in value. Lees Summitt house, maybe 5% growth. Do your research and make the leap.

[HemiEd]

Originally Posted by BigRedChief

I'm paying $1275 for 6 months on a 2013 Lexus SUV with 26K miles. I've looked around several times. Cheapest I could get. Maybe its different in Florida due to hurricanes?

Could be a lot things. Driving record? Liability ceiling?

Mine is for 3 vehicles and the newest is a 2014 Prius. We just changed yesterday, so it's all pretty fresh on my mind.
One thing I have learned is you have to change every three or four years as they all keep jacking it up once they think you are comfortable with them.n

[Misplaced_Chiefs_Fan]

Yeah, about five years into my job, my manager at the time came to me and said they were thinking about giving me a team so they could show management I was ready to be promoted. I asked her how many and she said, "Oh, 3 or 4. I don't want to stress you."

"Lori, I was pushing 3-4 people around 12 years ago* in the Army. If you're worried that'll stress me, then please do not consider me for the job. I've been management (aka senior NCO) and I don't like it. I don't like paperwork and I don't like useless meetings. I like tech writing/editing." That's when I told her about my time as the Operations Sergeant with 84 people. "Honestly, I think being asked to lead 3-4 people would be a big step backward for me."

"Oh. So, how's the tech writing going?"

"Great."

"Good to hear. Any suggestions for who might be good at this team lead slot?"


*12 years before that conversation I was a Specialist serving as a squad leader. My first squad as a Sergeant was 23 kids right out of Basic Training . . now that was an experience to say the least. Eventually, they assigned half of them to another Sergeant which did NOT make me cry.

Originally Posted by GloryDayz

I'll be honest, I had staff members who were exactly like you and they were some of the most productive and easy people to have on staff. I was in network engineering so it was actually very nice having staff who just wanted to engineer and/or troubleshoot networking issues, but weren't jockeying for the next supervisory job. So my hats off to you for being the dude who made it clear that you were happy where you were and got on to talking football.

[ChiTown]

I’ve been thinking about retirement a lot lately. It’s different when you work for yourself. You keep telling yourself that you can do this another year, or keep a few clients of whatever. I’m 57 and could have easily retired at 50 - so $$ is not the issue. It’s the what’s next. I’m not afraid of dying, but I am afraid of growing old.

Working keeps my brain active and inspires me to get out of bed and get moving. I’m wrestling with the idea of what will motivate me everyday going forward when work can no longer be the motivator. I think the answer might be to never fully retire, and to keep a client or two (or a project) for as long as my brain and body hold up. Lots to think about in the coming years. I have a project I’m committed to for the next 3 years that will require about 10-15 hours per week. My thought is to maybe just do that and nothing else and see if that satisfies my need to stay busy/relevant.

[GloryDayz]

Originally Posted by ChiTown

I’ve been thinking about retirement a lot lately. It’s different when you work for yourself. You keep telling yourself that you can do this another year, or keep a few clients of whatever. I’m 57 and could have easily retired at 50 - so $$ is not the issue. It’s the what’s next. I’m not afraid of dying, but I am afraid of growing old.

Working keeps my brain active and inspires me to get out of bed and get moving. I’m wrestling with the idea of what will motivate me everyday going forward when work can no longer be the motivator. I think the answer might be to never fully retire, and to keep a client or two (or a project) for as long as my brain and body hold up. Lots to think about in the coming years. I have a project I’m committed to for the next 3 years that will require about 10-15 hours per week. My thought is to maybe just do that and nothing else and see if that satisfies my need to stay busy/relevant.

Live your hobby/passion and teach it to others, you'll wonder why you didn't retire sooner.

[Misplaced_Chiefs_Fan]

To be honest, Chi, I don't think you're ready for retirement yet. It's a mindset as much as it is a lifestyle change. If you're having second thoughts, you'll keep having second thoughts and not be able to enjoy your well-earned time to do what "you" want to do.

The problem I see with a lot of people is they've spent so much time "at work", even when they're not at work that they haven't developed things they like to do and would love to have more time to pursue - whether that's wood working, gardening, golfing, traveling, etc. - because they were either thinking about work when they weren't there or they felt guilty that they weren't at least planning for the next business day.

Since you're not in a position to be forced out at a certain age, you've got plenty of time to think about life after work. If you don't have any hobbies that really interest you, then try some new ones. Like you said, maybe cut down on a few projects if you can afford to and maybe do some traveling. You don't have to plan an around-the-world trip - just go visit a historical site or go to a concert in a different town and leave work behind without guilt for those few days. See if something resonates with you that you'd enjoy having more time to enjoy fuller.

THAT'S when you'll know you're ready for retirement.

Originally Posted by ChiTown

I’ve been thinking about retirement a lot lately. It’s different when you work for yourself. You keep telling yourself that you can do this another year, or keep a few clients of whatever. I’m 57 and could have easily retired at 50 - so $$ is not the issue. It’s the what’s next. I’m not afraid of dying, but I am afraid of growing old.

Working keeps my brain active and inspires me to get out of bed and get moving. I’m wrestling with the idea of what will motivate me everyday going forward when work can no longer be the motivator. I think the answer might be to never fully retire, and to keep a client or two (or a project) for as long as my brain and body hold up. Lots to think about in the coming years. I have a project I’m committed to for the next 3 years that will require about 10-15 hours per week. My thought is to maybe just do that and nothing else and see if that satisfies my need to stay busy/relevant.

[scho63]

Next June I can retire at 62.

I'm having a great time and success in the AI related company I am working for and if a couple of the big sales I have been working on close, I will ride off into the sunset on a real high note.

As long as I don't have any major setbacks, I'm looking forward to stepping away and enjoying what time I have left in life. I have worked so many extra hours and overtime since my first fulltime job in 1981, I have easily worked enough for two people.

I have traveled to nearly 40 countries, 38 states, played about 200 golf courses, scuba dived in the Great Barrier Reef and Cayman Islands, skied Chamonix Mount Blanc and Kitzbuhel and Squaw Valley among others, I witnessed the Hong Kong handover to China on July 1, 1997.

Been rich and poor and homeless at times, met a shit load of celebrities, have a wonderful brother and sister and nieces and nephew and cousins, a close handful of best friends, a load of good friends and global business connections, a few awards for sports and business, had some fancy new cars such as a 1986 Jaguar XJ6 and 1984 Cadillac Eldorado and some used clunkers, lived at Jersey Shore and Northern Virginia and Toronto Canada and San Fran and Mountain View in Silicon Valley and now Phoenix area.

I smoke the top cigars including Cuban cigars while in Cuba, eaten at some of the best restaurants, drank top beers and wine, I've dated great women except one and slept with over 300 women around the World and about 20 escorts and a few Asian massage parlor hotties, attended 30-35 fantastic concerts Bruce Springsteen, Phil Collins and Genesis and Meatloaf and Duran Duran and Brian Setzer with the Strat Cats, comedy shows including Rodney Dangerfield and Steven Wright.

I've seen the KC Chiefs win 4 Super Bowls watched the Chiefs on Christmas Eve on the 50 yd line w Gblowfish and his lovely bride, I've seen the Pittsburgh Pirates and Roberto Clemente and Bill Mazaroski and Will Stargell and Dave Parker and Barry Bonds all play.

I had a few articles and letters published in magazines and major newspapers, I led a takeover attempt of a publicly traded REIT company that is now on the NYSE with the same CEO I dealt with, I've given away 100 lunches to the homeless riding around NYC from my car on Thanksgiving several times and worked for The Foster Hope Foundation for foster kids here in AZ, I've owned a hardwood flooring store and had my own consulting business, was fluent in Spanish and learned basic Mandarin, and have even been on TV and radio a few times.

I'm not really sure what more I need out of life other than be happy and content, which I am at the moment. The only thing left is to get my health back on track and see Patrick Mahomes live at Arrowhead.

[BigRedChief]

Originally Posted by scho63

Next June I can retire at 62.

I'm having a great time and success in the AI related company I am working for and if a couple of the big sales I have been working on close, I will ride off into the sunset on a real high note.

As long as I don't have any major setbacks, I'm looking forward to stepping away and enjoying what time I have left in life. I have worked so many extra hours and overtime since my first fulltime job in 1981, I have easily worked enough for two people.

I have traveled to nearly 40 countries, 38 states, played about 200 golf courses, scuba dived in the Great Barrier Reef and Cayman Islands, skied Chamonix Mount Blanc and Kitzbuhel and Squaw Valley among others, I witnessed the Hong Kong handover to China on July 1, 1997.

Been rich and poor and homeless at times, met a shit load of celebrities, have a wonderful brother and sister and nieces and nephew and cousins, a close handful of best friends, a load of good friends and global business connections, a few awards for sports and business, had some fancy new cars such as a 1986 Jaguar XJ6 and 1984 Cadillac Eldorado and some used clunkers, lived at Jersey Shore and Northern Virginia and Toronto Canada and San Fran and Mountain View in Silicon Valley and now Phoenix area.

I smoke the top cigars including Cuban cigars while in Cuba, eaten at some of the best restaurants, drank top beers and wine, I've dated great women except one and slept with over 300 women around the World and about 20 escorts and a few Asian massage parlor hotties, attended 30-35 fantastic concerts Bruce Springsteen, Phil Collins and Genesis and Meatloaf and Duran Duran and Brian Setzer with the Strat Cats, comedy shows including Rodney Dangerfield and Steven Wright.

I've seen the KC Chiefs win 4 Super Bowls watched the Chiefs on Christmas Eve on the 50 yd line w Gblowfish and his lovely bride, I've seen the Pittsburgh Pirates and Roberto Clemente and Bill Mazaroski and Will Stargell and Dave Parker and Barry Bonds all play.

I had a few articles and letters published in magazines and major newspapers, I led a takeover attempt of a publicly traded REIT company that is now on the NYSE with the same CEO I dealt with, I've given away 100 lunches to the homeless riding around NYC from my car on Thanksgiving several times and worked for The Foster Hope Foundation for foster kids here in AZ, I've owned a hardwood flooring store and had my own consulting business, was fluent in Spanish and learned basic Mandarin, and have even been on TV and radio a few times.

I'm not really sure what more I need out of life other than be happy and content, which I am at the moment. The only thing left is to get my health back on track and see Patrick Mahomes live at Arrowhead.

Doesn't sound like you got cheated. Sounds like a life well lived.

[Hoover]

Originally Posted by tx4chiefs

If you're young enough, get a job in government (teaching, fireman, police officer, etc.) there is nothing better than a defined pension at the end of your career. Government employees, don't get rich, but it is made up later when they pay you for not coming to work.

I did this last year. I've been basically self employed my entire career, didn't like how retirement was looking so I made the change. Benefits and defined pension easily make up for what I walked away from. Plus I now work from home on Monday's and Fridays. Seems like I'm cheating...

[scho63]

Originally Posted by BigRedChief

Doesn't sound like you got cheated. Sounds like a life well lived.

I know many here have wonderful wives and kids but I never wanted kids.

The single life has allowed me to experience a great deal.

I saw a lot of older guys I worked with in the newspaper pressman's union back in the 80's work their whole life in the business from 15 or 16 years old until mid to late 60's, retire and then drop dead within a few years. It always made an impression on me to not get cheated in life or try to do everything you want in life AFTER you retire.

Sometimes people don't make it that far.

[Rain Man]

Originally Posted by Misplaced_Chiefs_Fan

To be honest, Chi, I don't think you're ready for retirement yet. It's a mindset as much as it is a lifestyle change. If you're having second thoughts, you'll keep having second thoughts and not be able to enjoy your well-earned time to do what "you" want to do.

The problem I see with a lot of people is they've spent so much time "at work", even when they're not at work that they haven't developed things they like to do and would love to have more time to pursue - whether that's wood working, gardening, golfing, traveling, etc. - because they were either thinking about work when they weren't there or they felt guilty that they weren't at least planning for the next business day.

Since you're not in a position to be forced out at a certain age, you've got plenty of time to think about life after work. If you don't have any hobbies that really interest you, then try some new ones. Like you said, maybe cut down on a few projects if you can afford to and maybe do some traveling. You don't have to plan an around-the-world trip - just go visit a historical site or go to a concert in a different town and leave work behind without guilt for those few days. See if something resonates with you that you'd enjoy having more time to enjoy fuller.

THAT'S when you'll know you're ready for retirement.

I think sometimes, or at least in my case, you have to force that mindset onto yourself. After 40 or 50 years of work, there's a habit built up to work, and like any other long-standing habit, it's hard to break. That's not just from a work perspective, but also a financial perspective. I've been running on positive cash flow for a long time, and have defined progress as a larger amount of savings at the end of each year. It was hard for me to tell myself that I had enough, and that I need to switch to a "spending it down" mindset. That's always been a sign of a bad year to me in the past, but now it's the new normal, and it's not a bad thing.

I've been retired for a month, so I'm actually still in positive cash flow since I got some vacation pay and a few one-off windfalls. I'm sure I'll be a bit traumatized the first time I have to move money from savings to checking. But I just need to recognize that that's what the money is for.

Retirement is a big deal because I think it involves three major changes: no longer working, shifting one's financial mindset, and figuring out how to use the sudden flood of free time. I've tried to prepare for these changes, but it's going to take a little time to learn how to navigate in these new waters.