Retirement Planning - Lessons Learned

[Thomas]

I been retire 1year 3 months and your life style will change in many ways that you didn't realize.

Indeed think long range 4 to 7 years will be here in snap of finger...tractor,maybe new retirement home,Mrs. when she retires,vehicles,home improvements but most of all health of your wife and yourself....be careful of scammers when you do retire.

 

[beowulf]

I have been retired for 13 years. Many friends and co-workers that retired after that would sometimes ask me for advice about retirement. Other than advice about lining up net to net pre and post retirement income analysis, I always said the same thing: You will be retiring 'from' something, but be sure to retire 'to' something. I then quote something that was said by a visitor to Monticello about what he observed about Jefferson, something like "If full occupation of hand, heart and mind is happiness, then surely he is happy."

I have seen others retire to a couch, or to nothing and are a bit lost, and some have died way too early. Be sure to stay busy and have a reason to get up every day. My list is never very short.

 

[MAD777]

I retired at 65, Medicare eligible, and wife & I moved from South Florida to the mountains in Northern New Hampshire. Although I enjoyed the tropics when young, racing sailing yatchs, teaching scuba, constantly playing tennis. As I aged, I simply could not stand the year round heat & humidity , day & night. Plus all our vacations throughout my life were ski vacations to the mountains somewhere.

So we bought several acres and built our dream home on the side of a mountain in the White Mountains. We couldn't be happier. We have 6 grown kids and now they have a vacation spot they can visit anytime. Grandkids come & stay most of the summer, like a camp.

My wife & I could ski 12 months a year, winter is our favorite season. The tractor clears the snow, after making a ski run down my 20% driveway. I stay healthy by continually hiking, skiing, snowshoeing, splitting wood for the wood stove with an axe (no power splitter).

But, for you younger readers, this lifestyle requires socking away as much money as possible, preferably tax free, starting early and being consistent.

 

[Bearsixty7]

Good thread!

I'm 53 and plan to retire at 59-1/2 (That's when I can draw from my 401k with no penalty, then I'll draw a decent amount of SS at 62 (If it is still intact then). I've been with the same company since I was 21. I spent 6 years in Santa Clara CA, 10 in Austin and 17 so far here NE of Dallas. I am fortunate that I was given the advice when I started with the company, to max my 401K contribution (which was 15% then). I've been at 20% for many years now.

I been retire 1year 3 months and your life style will change in many ways that you didn't realize.

Indeed think long range 4 to 7 years will be here in snap of finger...tractor, maybe new retirement home, Mrs. when she retires, vehicles, home improvements but most of all health of your wife and yourself..

I've been doing some of this as well, tractor bought last year, will be paid off before I retire. Buying decent left over or used implements I think I'll need or can use now for Deer food plots and our future large garden.
My wife already retired from teaching and brings in a nice check but has been interviewing to go back to teaching.

..be careful of scammers when you do retire.

Please elaborate on this?

 

[ruffdog]

Grandpa always said "you will retire either too soon or too late". I started planning my retirement when I was in my 20s, worked hard, saved money, and retired at 50. I did not retire too late and we live very comfortable. I did give up play-time because I worked long hours but it paid dividends later. We are happy and content at where we are now.

 

[deserteagle71]

I really enjoyed my job so I did not retire until I was over 70 years old.

In one way, that was good. By the time I retired, everything was paid for. No mortgage payments, no vehicle payments. And max Social Security payments/pensions make for a very comfortable retirement with no financial worries.

On the other hand - the way I've loved to spend my free time all my life is in exploring the outback of this great country. And so I find myself physically no longer able to undertake things like strenuous multi-day backpacking trips. Or climbing mountains, which is how I got the name "deserteagle" because my friends said I was happiest perched on the highest peaks, just like an eagle. My eyesight has gotten so bad my favorite way of exploring the outback, by dirt bike, is no longer safe.

So I'm having to adapt to old age, and the lesson here is that you need to remember your body changes with age so you'll no longer be able to do those things at 75 that you were able to do at 55.

As far as moving or staying put after retirement...I made sure when I was still young that I was living where I wanted to spend the rest of my life - moved from the east to the west just for the wide open spaces and the view.

 

[old and tired]

So my original plan was to die before I retire... Like my dad. I never really planned to save anything, spent money on lots of trips to see and do (experience) whatever life had. Got married and our wedding vows continued that trend where we were take long trips twice a year. That stopped when we bought land, but still snow skied every year. Been to every state multiple times (except RI, never been there...) not a fan of leaving the country - Canada is about all I can handle and have done it several times now.

I lived like there was not going to be retirement... My wife's pension got pulled out from under her... She was laid off a couple years ago and because of her age, couldn't get a good job so she "retired" and she is starting a website design business (mainly to keep her busy); Green Geek Designs

She squirreled away some and I put into 401k (pretty sure the wife did that for me!!!). I pay the bills until I don't have money and she saves what she can.

The thing that I didn't plan on was working for the state but it happened when US Forest Circus and I had an "involuntary separation"... I started as a research technician @ NC State working in agriculture. Loved it and 30 years later, here I am looking at a nice pension that I didn't really care about when I started. It kind of fell into place for me...

Also, have checked off everything that was on my bucket list todo... and several more things that I did because it was on my wife's list (hate white water rafting, but have been on so many trips).

 

[Oaktree]

I retired at 65, Medicare eligible, and wife & I moved from South Florida to the mountains in Northern New Hampshire. Although I enjoyed the tropics when young, racing sailing yatchs, teaching scuba, constantly playing tennis. As I aged, I simply could not stand the year round heat & humidity , day & night.

N.H. isn't the first place many people would think of as a retirement destination, but here in the north country (BTW, I would consider Albany more central than northern N.H.) we have a lot of retirees...people who love the outdoors, whether it be skiing, hunting & fishing, snowmobiling, etc. Like you, I couldn't live in the south where it's hot & humid all the time. I get cranky when it gets into the 80s, can't imagine how crabby I'd be if it were in the mid-upper 90s for weeks/months at a time!!

On the other hand - the way I've loved to spend my free time all my life is in exploring the outback of this great country. And so I find myself physically no longer able to undertake things like strenuous multi-day backpacking trips. Or climbing mountains, which is how I got the name "deserteagle" because my friends said I was happiest perched on the highest peaks, just like an eagle. My eyesight has gotten so bad my favorite way of exploring the outback, by dirt bike, is no longer safe.

So I'm having to adapt to old age, and the lesson here is that you need to remember your body changes with age so you'll no longer be able to do those things at 75 that you were able to do at 55.

I'm finding that too. While I've lived here in N.H. for most of my life, we didn't move to the north country until we were in our 50s, and that was to be nearer to the mountains and hiking (which both my wife and I enjoyed). Unfortunately, I inherited my father's knees, and can't really do that anymore. I was able to finish the New England 4Ks, and 88 of the N.H. highest hundred. Still wouldn't want to be anywhere else.

BTW, is that view from your property? Incredible!!!

 

[Jstpssng]

Good thread. I've got 4 years on you (62 this week) and am hoping to leave my job at 65... not because of SS, but that's when I should be able to afford it. I will still need to do something part time butbit will be on my schedule. By then everything should be paid for, if I make enough to pay for expenses I won't need to touch my 401K for a while. I don't need much except my health, so as long as that stays as it is now I should be good.

 

[polarred21]

Great discussion. Wife retired due to health reasons 3 years ago. All of our parents have passed so kids and grandkids nearby and 1 sibling each. We cared for our parents in declining health so we know what it means to need someone during those times so that weighs heavily on my mind.

Dad died at 57 with cancer and never retired, so there's that.

My first thought is to maybe find a job doing something I "want" to do that is enjoyable since that ship is sailing fast in the declining industry I'm in. This would include maybe something in the recreation industry near the coast or boat related, maybe part time. I have many hobbies but they have slowed quite a bit.

We vacation several times a year in N.C. from the Blue Ridge mountains to the Crystal Coast and find everything we need at these destinations.