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!

[cabletech94]

Hey Mosbo , if you downvote me again for joking about signing Boyd, I’ll have Billay break your retired hip!!

Happy retirement brother, hope I can make it one day!!!

[Mosbonian]

Originally Posted by 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.

Congrats on the retirement! This is my first week and mostly what I am doing is decompressing....enjoying what it is like to not have to manage people or get up early.

Found out that I had forgotten what it was like to not have pressure each day.

[RedRaider56]

Originally Posted by Mosbonian

Congrats on the retirement! This is my first week and mostly what I am doing is decompressing....enjoying what it is like to not have to manage people or get up early.

Found out that I had forgotten what it was like to not have pressure each day.

Thanks! I’m looking forward to it.

[Mosbonian]

Originally Posted by cabletech94

Hey Mosbo , if you downvote me again for joking about signing Boyd, I’ll have Billay break your retired hip!!

Happy retirement brother, hope I can make it one day!!!

Says the guy who downvoted me because I said the Royals haven't had a major league level team since 2015.

Thanks and I hope you have a happy retirement when that day comes.

[Mr. Kotter]

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.

Long term care can definitely help—research the companies prior though. Some are better than others. Helps with both full and assisted care, but to differing levels. Understand that even those run out at some point if you live forever (85-90+) and know that the sooner you start, the less expensive the plan. Plan for essentially a car payment, the better plan the more expensive the premium—KIA Forte vs. F250 Raptor (or Mercedes) difference. Depends on where you retire too, though.

My family history suggests I won’t make it to 90, so I if I really wanna live that long I probably need to start soon. On the other hand, tequila, tacos and a special “cocktail” (when the time comes) sounds better than prune juice, baked chicken & steamed broccoli, and green jello…and forgetting my spouse’s name. If they shared a room for that, that sounds par for the course, so they had a decent, though not extragent plan.

[scho63]

Originally Posted by Mosbonian

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.

How about videos instead? That could be your new retirement hobby, videographer.

[BigRedChief]

Originally Posted by cabletech94

Happy retirement brother, hope I can make it one day!!!

I remember being in my early 20’s, looked at my check stub and thought of that Social Security money being taken out. Thought I’d never see that money…. May have to retire soon. Never know where life will take you.

[jdubya]

Originally Posted by BigRedChief

I remember being in my early 20’s, looked at my check stub and thought of that Social Security money being taken out. Thought I’d never see that money…. May have to retire soon. Never know where life will take you.

Speaking of social security, I guess 30 credits is what is needed to receive benefits/medicare. I checked my account and I have 29/30 credits as most of my 20 year career I didnt pay into SS so I received no credits.

[Mr. Kotter]

Originally Posted by jdubya

Speaking of social security, I guess 30 credits is what is needed to receive benefits/medicare. I checked my account and I have 29/30 credits as most of my 20 year career I didnt pay into SS so I received no credits.

Take a job for six months somewhere at Menards or Lowe’s and you’re good?! That or take spousal benefits from your spouse? ��

[cabletech94]

Originally Posted by Mosbonian

Says the guy who downvoted me because I said the Royals haven't had a major league level team since 2015.

Thanks and I hope you have a happy retirement when that day comes.

lol. My bad!! May have been a sausage-finger moment!! Heh, good catch!!

[Mosbonian]

Originally Posted by cabletech94

lol. My bad!! May have been a sausage-finger moment!! Heh, good catch!!

Yeah...I catch myself doing that also....no harm, no foul.

Plus one time I did it when I was using my new phone and it was still bringing up all the posts....I accidentally negged something I agreed with and felt like a fool.

[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.

Wonder if people try to game the system? Put all your assets in only one spouse's name so Medicare doesn't take all your assists before they pay for the assisted living?

[trndobrd]

Originally Posted by BigRedChief

Wonder if people try to game the system? Put all your assets in only one spouse's name so Medicare doesn't take all your assists before they pay for the assisted living?

Yes. An irrevocable trust is one way. The look-back period varies by state….5 years is common. Most states have exemptions, vehicle, primary residence , etc.

Oh, you have to REALLY trust the trustee. Effectively all the assets put in the trust are controlled by the trustee….and no way to reverse the decisions of the trustee without litigation to prove beach of fiduciary duty.

You can also simply transfer the assets to another person…still subject to look-back period. But if a person intends to leave an asset to a particular person in a will it can be better to transfer title earlier. For instance, you are going to leave the classic car to someone.


https://www.verywellhealth.com/irrev...dicaid-4173386

[Mosbonian]

Originally Posted by trndobrd

Yes. An irrevocable trust is one way. The look-back period varies by state….5 years is common. Most states have exemptions, vehicle, primary residence , etc.

Oh, you have to REALLY trust the trustee. Effectively all the assets put in the trust are controlled by the trustee….and no way to reverse the decisions of the trustee without litigation to prove beach of fiduciary duty.

You can also simply transfer the assets to another person…still subject to look-back period. But if a person intends to leave an asset to a particular person in a will it can be better to transfer title earlier. For instance, you are going to leave the classic car to someone.


https://www.verywellhealth.com/irrev...dicaid-4173386

The look back period is so important and something most people never look at.

That is why I hope that at age 80 I can just go to sleep one night and not wake up. Don't want to put my wife thru the pain of having to put me in a care/memory care place.

[HemiEd]

Originally Posted by 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.

I can identify with so much of this. July 1st, it will have been a decade of retirement for us.

Like you mentioned, debt free was number one for us, so we have yet to touch our savings even though inflation has cut it's value in half.

I learned after a couple years it had been me creating my own stress in life, and it has not changed.

Like you mentioned, you are doing your own shit and I have a ton of it to do. Car/Boat shop, wood shop, etc. etc.

We enjoy our own company with kids and grandkids visits being the best.