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Retirement In Your Future.

What do you do in retirement

  • Play Golf

    Votes: 0 0.0%

  • Go Fishing / Hunting

    Votes: 10 20.4%

  • Ride my motorcycle

    Votes: 40 81.6%

  • Go Camping

    Votes: 23 46.9%

  • Sit on the porch and drink beer

    Votes: 12 24.5%

  • Gardening/Lawn work

    Votes: 14 28.6%

  • Volunteer

    Votes: 7 14.3%

  • Traveling

    Votes: 23 46.9%

  • All the above

    Votes: 6 12.2%
  • Total voters
    49
56 years so a ways to go yet but I'm working on being smarter at my job, going for the tasks with less hysteria and do-or-die.

+1 for having a plan... my wife's parents retired right on the dot of eligibility, no plan more than his pension (which is pretty good) and her social security and whatever was in the bank. They've spent years since going on fancy trips, new car when they need one, renovations of the house and so on. Their only old-age "plan" is a long term care insurance policy and a refundable deposit on a retirement community-- no evidence of detailed financial planning. All their kids and related spouses are a bit concerned that the wheels are going to fall off at some point and they'll be in a jam waiting for us to bail them out but its like talking to a brick wall with them. So, we'll see I guess...
 
a long term care insurance policy? sounds like that is not a bad idea.

Anyone here ever do a cost benefit analysis on such a plan ?
 
Watched my dad work until he was 69 (after my grandpa died), he could have stopped sooner but it kept him on the road and away from my grandpa. (Lots of tension between them after my dad found out, at age 60, he had a half-sister the same age as him)
Dad passed away at 71, 2 years doesn't make much of a retirement.

I'll be 51 this year and my goal has been to "retire" at 55 but I lost quite a bit in the retirement funds this year before I could move things to safer funds. Because I didn't get serious about saving until my 30's I've ran higher-than-normal risk with my funds.

I'm eligible to retire at 55 but don't want to start drawing on those funds, so would technically be quitting...which knocks me out of some healthcare benefits enjoyed by retirees at my job. We don't pay into SS so I only have SS benefits from between high school and 32 years old (I've never counted on SS anyway). Spending a lot more time looking at options lately for sure.
 
EuroMoto said:
Watched my dad work until he was 69 (after my grandpa died), he could have stopped sooner but it kept him on the road and away from my grandpa. (Lots of tension between them after my dad found out, at age 60, he had a half-sister the same age as him)
Dad passed away at 71, 2 years doesn't make much of a retirement.

I'll be 51 this year and my goal has been to "retire" at 55 but I lost quite a bit in the retirement funds this year before I could move things to safer funds. Because I didn't get serious about saving until my 30's I've ran higher-than-normal risk with my funds.

I'm eligible to retire at 55 but don't want to start drawing on those funds, so would technically be quitting...which knocks me out of some healthcare benefits enjoyed by retirees at my job. We don't pay into SS so I only have SS benefits from between high school and 32 years old (I've never counted on SS anyway). Spending a lot more time looking at options lately for sure.
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I talked to our money nerd about early retirement, his opinion was the big risk is not having enough amd then facing the age discrimination etc trying to get back into the workforce.

He advocated a job change rather than early retirement.
 
gpounce said:
I talked to our money nerd about early retirement, his opinion was the big risk is not having enough amd then facing the age discrimination etc trying to get back into the workforce.

He advocated a job change rather than early retirement.
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While age discrimination is illegal, it is real.
 
Yep, so he talked about how difficult it is to get back into the old sort of payscale and benefits, right when you're needing both.

Maybe the old company would want you back for a year or two, but what about 5yrs later- now you're 60 and, theyve worked it out and you're a distant memory.
 
Find a job you love, that pays well enough. Stick it out as long as it takes until you can pull the rip cord. But then do it when the time is right

Good Paying jobs are hard to find, esp if you leave and are out of the work force for a few years.
 
I'm working until I'm 70 or die, which ever comes first.
 
So a couple more years and that's it ?
 
Money can buy almost anything except time, and no one knows how long they will be above the dirt. The longer you work the less time you have to enjoy being retired.

My motto has always been when work is no longer fun its time to retire. I retired a little earlier than I planned (59) and have to pay a lot closer attention to spending habits than when I was working. That said, knowing what I know now, if I had to do it again I would have retired a couple more years earlier.
 
Sage advise Mr Simmons1

I have a couple of long term Projects I'd like to see finished. They should wrap up by 2025, and that will be my target to pull the rip cord from corporate

After the I'll focus on MVI Welding and MVI Moto, Running MVI for those two jobs have never felt like work to me.
 
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Simmons1 said:
Money can buy almost anything except time, and no one knows how long they will be above the dirt. The longer you work the less time you have to enjoy being retired.

My motto has always been when work is no longer fun its time to retire. I retired a little earlier than I planned (59) and have to pay a lot closer attention to spending habits than when I was working. That said, knowing what I know now, if I had to do it again I would have retired a couple more years earlier.
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I completely agree. My wife is all about the $$$ saved for retirement. I am all about the time left to enjoy it. I can comfortably retire at 62, my wife wants 5 more years to maximize retirement. Who knows if I will live that long? I know many like me who have not.
 
JimVonBaden said:
I completely agree. My wife is all about the $$$ saved for retirement. I am all about the time left to enjoy it. I can comfortably retire at 62, my wife wants 5 more years to maximize retirement. Who knows if I will live that long? I know many like me who have not.
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A lot of people don't seem to have a good grasp of the definition of the word enough. If you can retire comfortably there is absolutely no good reason to continue working. I don't believe you will ever hear someone on their death bed say they wished they had worked longer.

You should retire at 62 and she can keep working if she so chooses. She will come around sooner or later.:D
 
MVI said:
a long term care insurance policy? sounds like that is not a bad idea.

Anyone here ever do a cost benefit analysis on such a plan ?
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The wife and I retired two years ago at 58 & 52 and had been considering such a plan. My Dad is 87 and has been paying into a longterm healthcare plan for decades and now needs it due to mobility issues and the insurance company is fighting him at every turn and denying his claims.

My Dad and stepmom are nearly at the point of hiring a lawyer to help them fight the insurance company. I don't know if this is normal or just an aberration but it has left me with a healthy skepticism and we will certainly be reading the fine print if we decide to go that route.
 
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I have seen so many people die either before retirement, or only a few months after, it's not funny. I worked with computers, and a few years back, the company did (yet another) re-organisation, and made a right mess of it, so they couldn't fit me into their nice new shiny company structure! They decided that they could get my job done better, and cheaper by out-sourcing it, so decided to make me redundant. They gave me a payout + a full pension to get rid of me. It seemed churlish to refuse, so at 59, I retired. I've been so happy since. It's been like Christmas every day. I get to do what I want, when I want to do it, and don't have to do crap I don't want to do! My blood pressure is down, my happiness factor is way up, it's win-win. I only wish it had happened years ago !
My wife is semi-retired, but she misses work, so she continues to do part-time work. Horses for courses.
 
Sounds like you were fortunate, esp with a payout + a full pension.

The corporate gig I have streamlined its policy to reduce the payout to as set rate many years ago --- to just 2 weeks pay for every year of employment,, with a max of 15 years.

Working past 15 years with them makes no sense any more
 
Ausfahrt said:
My wife and I retired two years ago at 58 & 52 and had been considering such a plan. My Dad is 87 and has been paying into a longterm healthcare plan for decades and now needs it due to mobility issues and the insurance company is fighting him at every turn and denying his claims.

My Dad and stepmom are nearly at the point of hiring a lawyer to help them fight the insurance company. I don't know if this is normal or just an aberration but it has left me with a healthy skepticism and we will certainly be reading the fine print if we decide to go that route.
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My father and stepmother (both mid-80's) opted to avoid those plans for exactly that sort of reason. I sure wouldnt go for one without being lawyered up for the duration.
 
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