Perils of retirement

[check]

No retirement for me – I'm going out feet first! The government elminated mandatory retirement years ago. But, federal law dictates that you must start taking your pension at the age of 71. Shockingly, however, you do not have to retire at that point, so you can have your employment income and your retirement income at the same time. Works for me!

 

[ovrszd]

You think the time is going fast now wait until you retire. I have no idea where the last 7 1/2 years have went.

For those that are talking about how much before and after take home money. Lots look at it like I'm making this much now and if I retire this is how much after. Can't look at it that way at all. You have to figure gas, travel, lunches, clothing, wear and tear on cars, trucks what ever your driving. Just about everything your spending money on while working will change once you no longer work. The only clothing I have purchased since retiring is socks and some cheap slip on tennis shoes - 12 dollars a pair. Socks from Walmart. I shave once every 10 days or so instead of every day. Cloths have holes in them but the chickens and steers I feed twice a day don't care what I look like as long as I have a bucket of feed in my hand. I go to town looking like I do when I'm working with crap on my shoes and smelling the same. Your attitude changes so spending on stuff you did before changes. Can't possibly factor in everything.

I looked at it like can I pay my bills, and will I have enough left to spend on some things I want. No matter what people think the thousands you have in the bank or all the things you think you need and have you not going to take with you to the other side. If all I have enough for is sitting on the front porch and drinking a cup of coffee is way better than having to deal with that rat race that use to start a 5 every morning just 7 1/2 short years ago.

This philosophy is what inspires my signature motto.

 

[ovrszd]

Worst thing about retirement ids there are no holidays or vacation

And every week only has 6 Saturdays and 1 Sunday...
.

 

[GMIslander]

I just retired August 1 after forty-seven years. I turned 65 in June.
Twelve years diesel power plant operator, industrial mechanic (millwright).
Thirty-five years power line tech (lineman).
Most of my years working meant being on call 24/7, I don't miss that, or any of it for that matter.
Same wife forty-five years, she lets me do as I please.

I bought a few toys before I retired.

 

[Rock Crawler]

I'm 46 years old now. My plan is to run out to 65 because I have a good paying job and it's not stressful or hard on me.

I have a pension (locked) from Westinghouse at $804 a month.
If I stay here until 65, I'll have a pension of $4565 a month.
I'm assuming that I will get social security of a couple grand a month ($2,932 is my current estimate based on 2016 earnings), and I will have around $500,000 in my 401K at that time. The current estimate calculator on Fidelity says $6,400 a month with all showing, I'm not sure why it shows so low compared to my numbers above? They have this blurb attached to that estimate:

This represents an estimate of the amount of monthly income you may have once you reach the age at which you've indicated you expect to retire. The estimate is based on the potential performance of a hypothetical portfolio of indexes with an asset allocation similar to the accounts assigned to your retirement goal under simulated significantly below average market conditions, and Social Security and other income sources you chose to include in your retirement goal. This estimate is based on the Accounts and Income Sources, Savings Rate and Asset Mix information you provided the last time you used the Planning & Guidance Center's Retirement Analysis tool (the "Tool"). This analysis assumes that you continue to save and budget as you've modeled in the Tool.

My current gross is just over $10K a month, but I plan to eliminate any loans (cars, house and such) prior to taking the leap.

So I expect to live decently comfortable in 19 years when I retire, or maybe I will be dead and none of it will matter?
But if I am forced to survive on about $8K a month plus whatever I set up from the 401K I should be able to keep playing into my crippled old age. At least that is the plan!

My hopes are that my plan works and I retire not rich, but comfortable.

 

[oosik]

Doofy,

Based upon where you are located and the fact that I've lived there for a little over a year(1965 to 1966)....... Your wife should be very pleased if you are not a totally committed ALCOHOLIC. My God, the winters in Glennallen go on FOREVER. And on top of that - they are dam cold.

Back in the day - the I-Bar-F was a favorite hang out and they even showed movies on Friday nights.

 

[Doofy]

Worst thing about retirement ids there are no holidays or vacation

What? Everyday is a holiday and every meal is a feast!

 

[mapper]

Two years into retirement, have not regretted a single minute of it. No daily commute, get up when I feel like it, no deadlines to meet, no project engineers on the phone demanding their 2000 hr project be delivered in a week, etc.
Now I work on stuff I want to do at my own pace and have the time to do that.
Money is a little bit tighter but it so much that you notice it.

 

[Doofy]

Doofy,

Based upon where you are located and the fact that I've lived there for a little over a year(1965 to 1966)....... Your wife should be very pleased if you are not a totally committed ALCOHOLIC. My God, the winters in Glennallen go on FOREVER. And on top of that - they are dam cold.

Back in the day - the I-Bar-F was a favorite hang out and they even showed movies on Friday nights.

Hahahaha. I should be a blithering idiot! Been here since 1963, so going on 54 years. The town is dying slowly. I-Bar-F changed hands about 5 times and is closed now. No place to eat out anymore unless you want to drive to Copper Center Lodge or out to Eureka.

The School District is down to 3 schools, when I worked there we had 8. One real grocery store, 4 places to get gas, 3 liquor stores and about 5 churches. Just not the same.

Winters are still long but not extremely cold. Don't hardly ever see -50 any more. We just love the peacefulness, solitude and beauty.

 

[k0ua]

Things I don't miss about work. I don't miss the long drive to and from work, I don't miss those darn Monday morning meetings. I don't miss deadlines and pressures, especially my last year there the pressures to make sales when I was a sales exec. really sucked. My time there as an engineer wasn't bad. I don't miss the constant training schedule and seminars to attend, I don't miss the air travel and the time away from home at all. No, I guess I don't miss work much at all.