One Week to Retirement

[Mosbonian]

Good afternoon fellow Planeteers!

Exactly one week from today I will log off my laptop, gather what is left of my belongings at the office, hand in my equipment and turn in my badge.

After almost 48 years in my selected occupation I decided that the end of March is my retirement date. I've met many good people in my line of work and made a great deal of life long friends....(some of them Chiefs fans too)

Without getting too sentimental.....I think I have run my race and done the best I could to always be at the top of my game.

Now comes the next stage of my life....and I do have plans. But it would be nice to hear from any of the rest of you who are retired as to what happened after you retired......did you take a few weeks off before just moving to something part time or volunteer work? Or did you just hit the ground running.

Any retirement wisdom is greatly appreciated.

(And no....I am not taking a trip to Belize nor will I be drinking any anti-freeze)

[Straight, No Chaser]

Originally Posted by Mr. Wizard

I am close. Been a shop teacher for 34 years. Lots of steps on concrete have rendered my feet and ankles mush. I now have a scooter at school. Love teaching and fear walking away. Trying to transition in my brain and wallet what retirement will look like.

And... how are you at relating to students nowadays? Ease up and play Grandpa seems the way to go with a behind the back bird at the Admin

Generally, I see women retire at the right time, long before the men. Lots of old guys afraid of not "having a plan". Some are coaches and can't leave that part. Being a PE teacher, working out and listening to rock music all day --isn't that retirement?!?!

[BigRedChief]

Originally Posted by kcbubb

How did his retirement get turned into a Medicaid discussion?

There has been no Medicaid discussion. You are in need of some education.

Medicaid = Free healthcare for the really dirt poor at any age

Medicare = Healthcare for everyone 65 and older

[cwhocares]

I retired in 2013 at the age of 55. I play golf 5 times a week (weather permitting). My hobby is astronomy via the Astronomical Society of Kansas City (ASKC). Trying to teach young people about space. I see my grandchildren almost any time I want to. (ages 22-4. 11 of them). I never had been so bored that I thought about working again. To the younger folks out there, pay yourself first. Have a budget and live within your means. In other words, save your money now via a 401k. Don't touch it until you retire. Compound interest is your friend.

[Demonpenz]

Make sure you guys go to the casino

[Zebedee DuBois]

I fretted a lot before I retired. You have a mindset for ~35-40 years of putting as much money as you can in the retirement bucket - to not continue that mindset feels like a mis-step. I read a couple articles about how much cash you should have on hand, and I quadrupled that by the time I actually retired ( I fretted).

Well - It took me about one year of retirement to get my brain re-oriented and I realized that I WAS RICH and probably could have retired several years earlier. I'm still spending down those cash reserves 5 years later. My money woes now are around converting my 401k/Traditional IRAs to Roths so that the kids won't have to pay taxes on them when they inherit (because I'll never spend it all)

LIFE IS GOOD (of course it would be a lot better if I had this much money and I was 25 -35 years old and could still do all those young people things)

[scho63]

Just 5 1/2 days left on the countdown clock.

[trndobrd]

Over/Under on how many items on Mosbonian’s agenda for this week’s staff meeting are going to be set over to next week.”?

[kcbubb]

Interesting take. I’ll need some kind of goal in retirement but I look forward to figuring out what that will be. My life feels like 100% kids and work, so I’m curious to see what the next stage of life will look like for me.

Originally Posted by Zebedee DuBois

I fretted a lot before I retired. You have a mindset for ~35-40 years of putting as much money as you can in the retirement bucket - to not continue that mindset feels like a mis-step. I read a couple articles about how much cash you should have on hand, and I quadrupled that by the time I actually retired ( I fretted).

Well - It took me about one year of retirement to get my brain re-oriented and I realized that I WAS RICH and probably could have retired several years earlier. I'm still spending down those cash reserves 5 years later. My money woes now are around converting my 401k/Traditional IRAs to Roths so that the kids won't have to pay taxes on them when they inherit (because I'll never spend it all)

LIFE IS GOOD (of course it would be a lot better if I had this much money and I was 25 -35 years old and could still do all those young people things)

[TrebMaxx]

Originally Posted by GloryDayz

100%

Along with many conversations, consultations, and research, all of these topics and points are things that people need to think about along their life journey. It gets more real with each passing year, especially topics like Medicare and other such topics, but many of the items need to be occasionally brought to the frontal lobe even in your 20s.

This is so true. I didn't get any advice on such things when I was in my 20's. I didn't start a retirement plan until my early 30's which was a major mistake. Fortunately, I was able to catch up.
I have some young employees that I manage in their 20's that have chose not to participate in any of the retirement plans that are offered. When I talk to them about just putting in 3% and getting the matching from our employer they balk. I try to tell them but it falls on deaf ears. So to you youngsters out there, start investing now!

[Mosbonian]

Originally Posted by scho63

Just 5 1/2 days left on the countdown clock.

Actually closer to 5 because I am turning in my equipment at noon on Friday. 😀

[Mosbonian]

Originally Posted by trndobrd

Over/Under on how many items on Mosbonian’s agenda for this week’s staff meeting are going to be set over to next week.”?

Take the over on 15...

[Mosbonian]

Originally Posted by Zebedee DuBois

I fretted a lot before I retired. You have a mindset for ~35-40 years of putting as much money as you can in the retirement bucket - to not continue that mindset feels like a mis-step. I read a couple articles about how much cash you should have on hand, and I quadrupled that by the time I actually retired ( I fretted).

Well - It took me about one year of retirement to get my brain re-oriented and I realized that I WAS RICH and probably could have retired several years earlier. I'm still spending down those cash reserves 5 years later. My money woes now are around converting my 401k/Traditional IRAs to Roths so that the kids won't have to pay taxes on them when they inherit (because I'll never spend it all)

LIFE IS GOOD (of course it would be a lot better if I had this much money and I was 25 -35 years old and could still do all those young people things)

You're kind of a victim of the " OMG you need 10 million dollars in retirement so let me help you (and of course myself too)" mantra by today's investment gurus.

You can live comfortably and not have to have a million dollars in retirement.

[Mosbonian]

Originally Posted by TrebMaxx

This is so true. I didn't get any advice on such things when I was in my 20's. I didn't start a retirement plan until my early 30's which was a major mistake. Fortunately, I was able to catch up.
I have some young employees that I manage in their 20's that have chose not to participate in any of the retirement plans that are offered. When I talk to them about just putting in 3% and getting the matching from our employer they balk. I try to tell them but it falls on deaf ears. So to you youngsters out there, start investing now!

Luckily for me my daughter and son in law who are in the late 20's are heeding the advice to start your retirement funds now...in fact they are already ahead of where my wife and I were at this stage of life.

[Mosbonian]

Thanks everyone fir the well wishes/congratulations/reminders that I am an old f@rt

Also didn't know that there were as many of us either retired or close to retired. And old enough to have witnessed all 4 Super Bowl wins.

[Rain Man]

Originally Posted by Mosbonian

Actually closer to 5 because I am turning in my equipment at noon on Friday. 😀

And all afternoon you'll be blasting Alice Cooper's "School's Out" on your phone while playing air guitar.