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)

[Graystoke]

Honest question. When you began contemplating retirement did it scare you a bit?
I am struggling pulling the cord. Im 62, healthy, have a few hobbies and have grandkids in the area. But still a little worried about keeping busy and having focus.
It’s just going to be a whole new phase of life and I’m having a hard time coming to terms.

[Hog's Gone Fishin]

Originally Posted by Graystoke

Honest question. When you began contemplating retirement did it scare you a bit?
I am struggling pulling the cord. Im 62, healthy, have a few hobbies and have grandkids in the area. But still a little worried about keeping busy and having focus.
It’s just going to be a whole new phase of life and I’m having a hard time coming to terms.

Best to stay busy in some way, I walk for 40 minutes twice daily and play the stock market during trading hours. Keeps me happy.

[Mosbonian]

Originally Posted by jerryaldini

Hey Stewie and BRC that's impressive you can meet expenses with just SS. The data I've seen is the average retired couple household is around 5k spending a month. Which if they are both drawing they could be covered. I did a quick budget and could see my discretionary spending as low as you suggest, simple life, single, just don't want/need much.

My wife and I set up our retirement so that with both her and my SSI pays the bills with spending money left over. My wife is a couple of years younger and continues to work for additional income. I plan to do contract work and other things to add spending money where I can.

We are simple people....no extravagance in our lives. Like BRC having Medicare A & B along with the supplemental part G actually is better than the Medical I had at my present employer. (We chose to go with Medicare this year instead of the company insurance which was more expensive)

[REDHOTGTO]

Originally Posted by Mosbonian

I will say this...the closer I got the easier it got. Actually the last couple of years really have picked up steam and it has gone fast...

I will also say this...there will be times that you look at what is going on around you and you will say....I've had enough of this silliness....

yea ive already had the feelings of ive had enough of this sh@#, hope it fades so i can get back to doing a good job for a few more years

[Mosbonian]

Originally Posted by Graystoke

Honest question. When you began contemplating retirement did it scare you a bit?
I am struggling pulling the cord. Im 62, healthy, have a few hobbies and have grandkids in the area. But still a little worried about keeping busy and having focus.
It’s just going to be a whole new phase of life and I’m having a hard time coming to terms.

I won't say I was scared as much as apprehensive...I have worked all my life since I was 18 years old at a regular full time job.

[BryanBusby]

Originally Posted by Mosbonian

Are you saying wait until age 70 to start taking Social Security?

Because waiting until age 70 isn't always the best course for everyone.

If you think you will live to age 90...waiting is right. But if your lifetime left isn't that long that extra 3 year wait may not be right for you.

My financial advisor and I talked about this. General gist of it (for men) is to cash out by 67.

Hardly makes sense to wait till 70.

[Mosbonian]

Originally Posted by REDHOTGTO

yea ive already had the feelings of ive had enough of this sh@#, hope it fades so i can get back to doing a good job for a few more years

It will come and go....you will know when it is really time to hang it up.

I found my point...and honestly my friends tell me I seem much more relaxed.

[Mosbonian]

Originally Posted by BryanBusby

My financial advisor and I talked about this. General gist of it (for men) is to cash out by 67.

Hardly makes sense to wait till 70.

Yep...I sometimes chuckle at the people who push to get people to wait to 70.

[BryanBusby]

Originally Posted by Mosbonian

Yep...I sometimes chuckle at the people who push to get people to wait to 70.

It's nuts. At some point in your life, money just isn't the most important thing anymore.

I just hope to retire some day and hope this emerging mindset on how we should enjoy working and should work until we die is not a thing that becomes popular.

I've got about 30 years to go so yeah I am pretty nervous about it.

[Mosbonian]

Originally Posted by BryanBusby

It's nuts. At some point in your life, money just isn't the most important thing anymore.

I just hope to retire some day and hope this emerging mindset on how we should enjoy working and should work until we die is not a thing that becomes popular.

I've got about 30 years to go so yeah I am pretty nervous about it.

I used to be of the mindset to work till I couldn't anymore. But watching some of my friends and peers not even make it to 62 before dying changed my perspective.

You should always give your best effort at work...but working till it kills you is never an option.

[Iowanian]

Congratulations. Now go do the things you want to do, with the people you want to do them.

[jerryaldini]

Originally Posted by Mosbonian

My wife and I set up our retirement so that with both her and my SSI pays the bills with spending money left over. My wife is a couple of years younger and continues to work for additional income. I plan to do contract work and other things to add spending money where I can.

We are simple people....no extravagance in our lives. Like BRC having Medicare A & B along with the supplemental part G actually is better than the Medical I had at my present employer. (We chose to go with Medicare this year instead of the company insurance which was more expensive)

That's great, how much is that combination per month? Just A&B? I'm still a few years from Medicare. Thanks.

[jerryaldini]

For those worried about having enough to do, there's a great national website, volunteermatch.org. Assuming you live in a decent sized area you'll likely find plenty of needs to serve.

[BigRedChief]

Originally Posted by jerryaldini

Hey Stewie and BRC that's impressive you can meet expenses with just SS. The data I've seen is the average retired couple household is around 5k spending a month. Which if they are both drawing they could be covered. I did a quick budget and could see my discretionary spending as low as you suggest, simple life, single, just don't want/need much.

I was talking about what I could get from SS. Not our planned income. We are above 7K in monthly money coming in. We have a house that’s tripled in value in the last 7 years. We will be fine.

[BigRedChief]

Originally Posted by Mosbonian

My wife and I set up our retirement so that with both her and my SSI pays the bills with spending money left over. My wife is a couple of years younger and continues to work for additional income. I plan to do contract work and other things to add spending money where I can.

We are simple people....no extravagance in our lives. Like BRC having Medicare A & B along with the supplemental part G actually is better than the Medical I had at my present employer. (We chose to go with Medicare this year instead of the company insurance which was more expensive)

I was totally surprised that Medicare was so good. I always heard it was shit.