MAS444 said:+1 cgh1999Quote:
I'm sure everyone that reads this thread will join me in saying a prayer on your family's behalf.
And damn jja79...do you know all of us old dudes on this thread?!?
Anybody that has a property and a tractor isn't bored.insulator_king said:
After I got RIF'd out of the US Navy in the early '90s, I went rural and basically homesteaded on 40+ acres in west central NM. Built a log house on the property and all the associated infrastructure. Earned less than $5000/year for about 15 years, so I know about frugal.
For marriage reasons. I moved to ABQ ~ 6 years and got a job with the VA, and was going to work until 70. Alas, I ended up divorcing 2+ years ago, so now I am retiring in 300+ days, still in my early 60's agewise.
I'm a laid back introvert, and not a lot of drive, so looking forward to not being on a schedule. Work is not my purpose in life, just an end to the means of doing what I want to do. Have a 55 HP turbo Diesel enclosed cab tractor, and a list of projects 2 miles long to do around the house and on the property, so I won't miss work AT ALL. Will also be close to my 2 grandkids who will be 11 & 9.
Moneywise, I'll have a very small amount coming in, probably $1400/mo SS and gov pension, and ~$250k in my TSP, and $50k each in HSA & IRA.
I can keep my federal healthcare into retirement for about $250/mo, and as a vet, am eligible for health care through the VA.
Travel? I had plenty of that in the Navy 'It's not just a job, it's an adventure" held true for me. I'll be fine hiking and exploring the beautiful scenery of NM, AZ, CO, UT, etc.
I'm still in very good health, and want to have the time to enjoy it. My dad died at 80, my mom is still living at 88, so it's time.
RightWingConspirator said:
I always feel like I never have enough. Would be curious to hear from those of you who retired, when was enough? We have reached the magical 7 figures about ten years back so we have that plus a couple more. Is this enough? I'm Type 1 diabetic and in pretty good shape considering I've had it since I was 11. I'm now 51. Wife is 46. One kid is off and married and I have a sixteen and a young thirteen year old still at home.
My job pays me well enough to have my wife stay at home as she chooses, but keep thinking of what "five more years" can do for my retirement accounts.
infinity ag said:SW AG80 said:
You and your friend are very spot on. In the early 1990s I was making more money than I should have been for a guy in my early 30s. My financial planner, who did me a really good job and was a good guy, sat down with me one day and told me I was more focused on saving for retirement than any of his other clients had ever been. He convinced me that I needed to enjoy the journey much more than I was.
I took his advise and did better.
Now my wife and I are both retired. 67&66 years of age. In good shape financially and pretty healthy. BUT we are now caring for my wife's 95 year old father. I had always heard it is harder on the care givers. But I never imagined it would be this hard nor life changing.
So what should be our truly golden years are spent doing things I never imagined. I know many people of my generation are going through the same situation. Just never know what life will throw at you.
Guess this was more of a rant. Sorry.
That's some good insight here, I hadn't thought about that. I am guilty of the same thing, of being too focused on retirement and kid's college and debt freedom that I neglected enjoying the journey. But then grass is always greener, it is great to be debt-free with a good amount saved up. I am beginning to absolutely hate the tech industry these days. I am 10 years away from retirement but I feel like just quitting and doing other things with the 30 odd years I have left.
I mean our kids haven't started kindergarten so obviously a lot can change. But, based on our models and planning, we should be able to retire earlier, but our goal is to retire once the youngest is out of college, maybe her junior or senior year.LMCane said:RightWingConspirator said:
I always feel like I never have enough. Would be curious to hear from those of you who retired, when was enough? We have reached the magical 7 figures about ten years back so we have that plus a couple more. Is this enough? I'm Type 1 diabetic and in pretty good shape considering I've had it since I was 11. I'm now 51. Wife is 46. One kid is off and married and I have a sixteen and a young thirteen year old still at home.
My job pays me well enough to have my wife stay at home as she chooses, but keep thinking of what "five more years" can do for my retirement accounts.
I think it would be prudent to keep working until AT LEAST all your kids are out on their own in college or working.
I HATE the idea of going from 100 to zero (full time work to just nothing) all at once. Unfortunately, health insurance is a big reason why many have to do that, and that kind of stinks. But the people you are talking about can likely afford concierge or Obamacare for 15k a year or so. Unfortunately, my personal experience has seen far too many people retire at or near normal age with money and a lot of plans, and then within 1-2 years get cancer (2 separate people) or get emphysema, or just lose their sense of purpose and let themselves go too quickly. A couple are still alive, but haven't really enjoyed retirement. They would have been far better off leaving the full time work for a decade earlier. It stinks for them.one safe place said:
I would think most people who post here (even if you discount those who make 7 figures, pay $275,000 in income tax, max our their 401(k), IRA, HSA, etc.) will die with a decent pile of money they never got to spend. Once the pile is high enough, not sure why people continue to work, many well into their 70s, Perhaps working gives them some feeling of worth, I don't know. When you have way more net worth than time, it would seem sensible to make better use of the thing that is slipping away.
I've not been bored since I retired. Always have something to do, we have hundreds and hundreds of acres of water to fish within 15 minutes of the house (went yesterday and my son kicked my butt), berries to pick, volunteer work, enjoy the grandbabies, and so many things. The best part of it is having no timetable in which you must do things, do it today, or tomorrow, or next week. I truly don't see how I ever found time to work, lol.
where did you move to?jja79 said:
By the standards of this board I'm probably not wealthy but I pulled the plug on my career earlier this year. I'm 67 and might have continued to work but my industry isn't fun anymore. I am not suggesting anyone follow my path. I gave away all my personal property, packed what would fit in my Kia Telluride and moved 1,200 miles away to a place I didn't know one person. I knew I was moving to where I want to be and quickly found I out I had found the right people. I know people that are so focused on having everything within their control and every I dotted and T crossed and their stress level is through the roof as the time approaches.
Again I'm not suggesting anyone else follow my plan.
good questionStrat said:Any concern that giving your employer 2+ year notice will impact your compensation and work opportunities? I'm turning 55 in a couple of months and plan on retiring next year. I'm going to wait until I receive my bonus (50% is discretionary) and LTI grant (which will vest pro-rata since I'm 55) next March and then turn in my notice with my last day worked around July 1. I will be willing to work a little longer if they want me to but I expect a retention payment. I'm in a niche single incumbent role so I have some leverage.LMCane said:
and this is why I have told my company I am retiring July 2026 at age 55
and going to Europe for 4 or 5 months
then down to Florida, Scottsdale, or southern california (if there is a cool job near the beach)
You've got to admit, though, that paying Medicare Part B is a pretty good deal (even though it's means tested).Quote:
I feel for those who served in the military and expected Tri Care to stay the same. It didn't, and they too have to pay premiums that are adjusted based on income.
SW AG80 said:
I had that same notion with MediCare. Boy was I in for a surprise.
But the coverage is good. What I can't believe is how little the Drs. are paid by Medicare.
YouBet said:
That Time, Health, Money paradox is valid. We are 50 and 48. Can retire now if we want to, but I'm working my ass off at a startup. My hours have eased up since we finally hired a few people under me but it's been 55-70 hrs per week for close to two years now.
But I've been constantly thinking about the time box we have from 50ish to 70ish that you can physically do stuff. I haven't taken a PTO day that was real in a year. We are squandering our time on earth and I know this. It's time to fix that and we are now planning real time off this fall.
My next decision is going to be do I wait for the golden handcuffs to pay off or do I just walk away from it and forego the payoff. First world problems but I'm leaning more and more just walking.
jja79 said:
If you polled truthful retirees they would tell you the first 2 or 3 weeks of retirement are boring as hell. When you've been on a schedule, had responsibility and the positive feedback of accomplishment waking up with nowhere to go hits hard. If it happens to you welcome to the club.
Quote:
you really should spend more and enjoy Europe for a few months
cgh1999 said:
A few years ago, someone pointed out to me that I was the only person who found joy in watching my net worth grow. My family didn't care. My son tells me what's the point of having "lots" of money if you don't spend it.
On the other hand, my wife is fighting cancer right now and my job is stressful…and I'm able to manage because finances aren't a concern. Bills are rapidly approaching $1MM (pre insurance) and if I had to pay all of them out of pocket, I could figure that out.
Her fight has given me a much clearer perspective. I will continue to do my job…but it is 100% secondary to quality time with the family.
DannyDuberstein said:
Planning to go at 55 (5 more to go) and look forward to more golf and making my health a bigger priority. Instead of having to make time for my workouts, I look forward to building the rest of my schedule around my workouts. I also look forward to having more time to cook healthy meals at home.
There are so many things I enjoy doing, but it always feels like I am working to find time to squeeze them in. I am so looking forward to when those things ARE my schedule.
The times I've stayed home for a week the past 5-10 years have proven to me that I'll have no trouble with boredom. Less cortisol. More fun.
Love Mesa although it's sad and depressing seeing all of the new massive BOT computer farms tearing down nature to help the BTC boys or NVIDIA and AI.jja79 said:
Mesa, Arizona.
jja79 said:
Maybe your first year will be great. I was talking about the first 2 or 3 weeks. My last work day was a Friday. I was involved in meetings, taking calls, answering emails and trying to contribute to transactions still weeks or months in the future. That lasted until about 6pm. When Monday came no one needed to talk or communicate with me. I had no input so yes that's a jolt. I live in a community with about 5,000 mostly retired people, and the vast, overwhelming majority of them have shared similar feelings with me.
LMCane said:jja79 said:
Maybe your first year will be great. I was talking about the first 2 or 3 weeks. My last work day was a Friday. I was involved in meetings, taking calls, answering emails and trying to contribute to transactions still weeks or months in the future. That lasted until about 6pm. When Monday came no one needed to talk or communicate with me. I had no input so yes that's a jolt. I live in a community with about 5,000 mostly retired people, and the vast, overwhelming majority of them have shared similar feelings with me.
I hear where you are going with that and it's valid.
but my personality is okay with subsuming the ego for the larger goal.
I moved overseas to Israel where I had no job lined up -and then got stuck in a world of COVID, so I have a lot of experience of "one day you are an executive the next you are up a creek without a paddle and nothing to do and nowhere to go."
just depends on a person's ultimate drive for what makes them happy-
the accolades and status from a profession for some people.
or working on a book / hiking in nature / travel / learning new things / enjoying all different hobbies for someone like me.
