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!

[Mosbonian]

Originally Posted by AussieChiefsFan

Enjoy retirement Mosbonian, was good meeting you in Jacksonville last year!

It was great meeting you too!

[Mr. Kotter]

Originally Posted by kepp

We have one kid halfway through college and the other lined up right behind. We're looking forward to being empty nesters, but haven't figured out WHAT we want to do during that time, or in retirement.

I want to hear what CPers are doing, or planning to do, in retirement!

My wife and I have both been “retired” for 3-4 years. We have mostly enjoyed it, and are pretty fortunate—but it is definitely an adjustment. This is our experience, though I suspect it is pretty representative. To be clear, we “retired” early because we had solid pensions and our previous jobs became less gratifying than in younger years, but we intended to continue working side-gigs, hobby jobs, but sought a less stressful lifestyle—where we could choose if, when, and where we worked.

We choose to continue to work at something, rather than FULL retirement, to maintain cash flow, increase disposable income for travel and “fun” stuff, and to avoid dipping into the investment principals—but also to satisfy our need for “purpose.” Investing new money wouldn’t hurt either if you can afford it, while maintaining your preferred lifestyle. Regarding travel, consider what you really want to do: international or domestic, flying and hotels, camping or glamping, or just taking the opportunity to visit family, friends, or places you didn’t have time for when you were working full-time. In retirement, do what you want, not what you think will impress your Facebook friends.

As for general advice, based on our experience: first, have a solid plan for paying the full premium for healthcare if you are accustomed to employee provided benefits. If you still have kids under 26 who you chose to cover—be prepared for sticker shock. Medicare won’t kick in until. 65, so it’s a hefty expense. Dental and vision coverage is usually extra too.

Pay off all credit card and other incidental debts prior to “retirement.” Get your car(s) paid off, and get to within at least 4-6 yrs of paying off the mortgage. That will ensure you aren’t working part-time or side gigs longer than you want into your late 60s or even 70s—unless it’s by choice. One expense we cut when our four kids left home was life insurance. If you have a reasonable nest egg and even a modest estate, disability coverage and long-term care coverage are likely more worthwhile depending on your circumstances.

Continue to pursue passions, travel responsibly, and indulge or at least discover a hobby—or better yet, do all three. Otherwise, our experience suggests retirement can be hard, even depressing. We know some who’ve retired—and basically quit at life. That’s a potential downward spiral that can be hard to reverse. Don’t fall into it. Binging Netflix, playing golf, wasting your day in DC on CP, and poker with the guys are fun for a few weeks, even months; unless they are a true passion even those types of things get old pretty quick.

Unless you are big introvert, socialize. Schedule, schedule, schedule. If you don’t schedule life, it can slip by you. Plan your week with friends, the gym, breakfast or lunch outings, volunteering, bible studies, book clubs, happy hour(s), and weekend special events. Don’t overdo it, but days, weeks, and years can simultaneously drag by, and fly by. Being retired is about choice—not doing nothing. Do what you like, love—and can afford. In our experience, doing nothing is a prescription for boredom and unhappiness.

My final thought is don’t expect to know what your retirement will look like early in the process. You may think you know, but don’t be surprised or discouraged if you end up changing course. Two kids found adulting these days challenging enough they came home to reset—we are glad to be there for them. I know a guy to retired to Kalispell, MT—and inexplicably seems to love his new life as an aspiring lumberjack. Another intended to “golf every day,” but mostly volunteers and mentors students in schools. Some think they will travel a lot, but find hotels and airports, or maintaining a RV to be too annoying to be worth it. For most I’ve known it’s a dynamic venture filled with twists and turns. Breathe, relax, and enjoy the journey. You’ve earned it.

[ptlyon]

Originally Posted by Mr. Kotter

My wife and I have both been “retired” for 3-4 years.

Thank God you no longer infiltrate students brains with your shitty ideals

[Mr. Kotter]

Originally Posted by ptlyon

Thank God you no longer infiltrate students brains with your authentic democratic ideals

Actually, I do…just in a different, chosen, and more lucrative role.

Thanks for your concerns though. God loves us both.

[scho63]

Is Mosbonian getting a little more loving with all this free time or is the wifey telling him to get a new hobby?

[BIG_DADDY]

Originally Posted by 2bikemike

I read this book prior to retirement. " How to Retire Happy Wild and Free"
Good read for those approaching retirement on how to adapt to being retired.

https://www.erniezelinski.com/How-to...-and-Free.html

I just agreed to sell my ownership to my partner yesterday. I am really set at this point. I just don't think I can ever fully retire. lil momma and I have been interested in selling Real Estate. We would be good at that and I think I would enjoy it. Doing that instead of nothing for at least awhile would really leave my son in a good spot too.

[Misplaced_Chiefs_Fan]

I retired on 19 Jan after 25 years of being a technical writer.

Best decision I ever made was doing the 10% pre-tax contribution to my 401K. It was painful the first few years, but now that I received my first monthly payout, it definitely was worth it. Also, was lucky that for the first 12 years, the company was doing a 10% match (got dropped to 6% after that, but 6% beats nothing).

Now, I'm moving into the house-husband stage while my wife finishes up her last few years with the government and gets her pension/401K going too. Definitely perusing the "What's for Dinner" thread for ideas. You guys are way creative.

Also, taking advantage of my downtime to get some writing in. Hope to get at least two novels finished this year.

So, life is good, and we're beginning to look around to decide where the final retirement location is going to be (definitely NOT Maryland . . . state never met a tax it didn't like). But, so far, after two and a half months of being retired, things are going well.

[jdubya]

Originally Posted by Mr. Kotter

My wife and I have both been “retired” for 3-4 years. We have mostly enjoyed it, and are pretty fortunate—but it is definitely an adjustment. This is our experience, though I suspect it is pretty representative. To be clear, we “retired” early because we had solid pensions and our previous jobs became less gratifying than in younger years, but we intended to continue working side-gigs, hobby jobs, but sought a less stressful lifestyle—where we could choose if, when, and where we worked.

We choose to continue to work at something, rather than FULL retirement, to maintain cash flow, increase disposable income for travel and “fun” stuff, and to avoid dipping into the investment principals—but also to satisfy our need for “purpose.” Investing new money wouldn’t hurt either if you can afford it, while maintaining your preferred lifestyle. Regarding travel, consider what you really want to do: international or domestic, flying and hotels, camping or glamping, or just taking the opportunity to visit family, friends, or places you didn’t have time for when you were working full-time. In retirement, do what you want, not what you think will impress your Facebook friends.

As for general advice, based on our experience: first, have a solid plan for paying the full premium for healthcare if you are accustomed to employee provided benefits. If you still have kids under 26 who you chose to cover—be prepared for sticker shock. Medicare won’t kick in until. 65, so it’s a hefty expense. Dental and vision coverage is usually extra too.

Pay off all credit card and other incidental debts prior to “retirement.” Get your car(s) paid off, and get to within at least 4-6 yrs of paying off the mortgage. That will ensure you aren’t working part-time or side gigs longer than you want into your late 60s or even 70s—unless it’s by choice. One expense we cut when our four kids left home was life insurance. If you have a reasonable nest egg and even a modest estate, disability coverage and long-term care coverage are likely more worthwhile depending on your circumstances.

Continue to pursue passions, travel responsibly, and indulge or at least discover a hobby—or better yet, do all three. Otherwise, our experience suggests retirement can be hard, even depressing. We know some who’ve retired—and basically quit at life. That’s a potential downward spiral that can be hard to reverse. Don’t fall into it. Binging Netflix, playing golf, wasting your day in DC on CP, and poker with the guys are fun for a few weeks, even months; unless they are a true passion even those types of things get old pretty quick.

Unless you are big introvert, socialize. Schedule, schedule, schedule. If you don’t schedule life, it can slip by you. Plan your week with friends, the gym, breakfast or lunch outings, volunteering, bible studies, book clubs, happy hour(s), and weekend special events. Don’t overdo it, but days, weeks, and years can simultaneously drag by, and fly by. Being retired is about choice—not doing nothing. Do what you like, love—and can afford. In our experience, doing nothing is a prescription for boredom and unhappiness.

My final thought is don’t expect to know what your retirement will look like early in the process. You may think you know, but don’t be surprised or discouraged if you end up changing course. Two kids found adulting these days challenging enough they came home to reset—we are glad to be there for them. I know a guy to retired to Kalispell, MT—and inexplicably seems to love his new life as an aspiring lumberjack. Another intended to “golf every day,” but mostly volunteers and mentors students in schools. Some think they will travel a lot, but find hotels and airports, or maintaining a RV to be too annoying to be worth it. For most I’ve known it’s a dynamic venture filled with twists and turns. Breathe, relax, and enjoy the journey. You’ve earned it.

Lots of good advice here. Whats your experience in "long term" coverage? Does that include plans to help if and when "assisted living" is needed? Lost both my parents last year when they were both in assisted living. For both of them to share a 1 bedroom studio room, we were paying $12k or more each month.

[2bikemike]

Originally Posted by Rain Man

As a fun related anecdote, my wife and I were just interviewed for a documentary about retirement planning. No idea if we'll make the final cut or not, and we left thinking, "I hope they don't present us as fools or something."

We showed up assuming that it would be one guy with a camera making a youtube thing. Instead, we went through hair and makeup and had a wardrobe check, and when we went into the next room there was a 10+ member crew of light, sound, and camera people waiting for us. The producer was from another city flying in for this. Now I'm really curious what it's going to be. We were interviewed for about 20 minutes, so maybe we'll get a minute of air time when all is said and done. We got paid $200 for it.

Just prior to my retirement I was a project manager on a project that was a first of its kind that generated a ton of attention. I literally gave hundreds of tours and talks on the project to people from all over the world.

The media came out to tape interviews with me and 2 others. Once that little red light on the camera came on, my ears got hot, my face got flushed and I couldn't speak intelligently. They finally got the footage they wanted, but it was a torturous path.

[BigRedChief]

Originally Posted by Sofa King

Some of the highest rates of STD's in the nation come from nursing homes.

Best orgies in the nation take place in the 55+ community, the Villages.

[BigRedChief]

Originally Posted by jdubya

Lots of good advice here. Whats your experience in "long term" coverage? Does that include plans to help if and when "assisted living" is needed? Lost both my parents last year when they were both in assisted living. For both of them to share a 1 bedroom studio room, we were paying $12k or more each month.

Most of them I’ve seen in southern Missouri charge $1000 a week for semi- private assisted living with 24/7 health care. It’s not covered by Medicare after 100 days.

[RedRaider56]

I'm targeting July 1st to be my retirement date. My wife still has 3 years to go before she can retire with a full teachers pension.
All vehicles and credit cards will be paid off by then, but I still have a number of years left on the house mortgage.

I'm looking forward to doing stuff around the house that I haven't had an opportunity to do. Maybe take up golf again etc. I don't think I'll be bored with all the stuff I will have time to do once I retire.

[jdubya]

Originally Posted by BigRedChief

Most of them I’ve seen in southern Missouri charge $1000 a week for semi- private assisted living with 24/7 health care. It’s not covered by Medicare after 100 days.

My folks were in Calif. The highest quote we got from a very nice facility was $20k a month for both of them. Ouch

Ive told my kids if and when I get to that point, move me to the least expensive state or build an ADU and I'll stay out of their hair lol

[Mosbonian]

Originally Posted by Misplaced_Chiefs_Fan

I retired on 19 Jan after 25 years of being a technical writer.

Best decision I ever made was doing the 10% pre-tax contribution to my 401K. It was painful the first few years, but now that I received my first monthly payout, it definitely was worth it. Also, was lucky that for the first 12 years, the company was doing a 10% match (got dropped to 6% after that, but 6% beats nothing).

Now, I'm moving into the house-husband stage while my wife finishes up her last few years with the government and gets her pension/401K going too. Definitely perusing the "What's for Dinner" thread for ideas. You guys are way creative.

Also, taking advantage of my downtime to get some writing in. Hope to get at least two novels finished this year.

So, life is good, and we're beginning to look around to decide where the final retirement location is going to be (definitely NOT Maryland . . . state never met a tax it didn't like). But, so far, after two and a half months of being retired, things are going well.

Congrats mcf!

[Mosbonian]

Originally Posted by scho63

Is Mosbonian getting a little more loving with all this free time or is the wifey telling him to get a new hobby?

Been happily married for almost 40 years.....and definitely married up.

What has kept me a happily married man is never discussing my sex life online.