Retirement Planning - Lessons Learned

[3Ts]

First of all, be flexible in your plans. We planned ahead and I had a goal of retiring at 66. Well, when some of my co-workers started dying on the job I re-evaluated my plans and my wife and I looked at our finances and decided that if we were careful I could retire at 57. She was going to retire 2 years later, but got laid off shortly after I retired so she retired also. Our original plan was to travel within the US and to find a small farm where we could grow fruits & vegatables and settle in for the rest of our lives. But, it didn't happen that way. We travelled some and ended up moving closer to my mom & brother which turned out to be a mistake so we moved again. We've traveled to a dozen foreign countries, done overseas missionary work, did an African safari and I say this only to emphasize my first sentence. Have a plan, but be flexible. The place we have now we can grow stuff, we can travel if we want, the neighbors are great and until COVID we got together with them regularly, so we've done far more than we ever expected to.

 

[Frankenkubota]

Did a search and didn't find any recent threads so here we go......

At 58 with the Good Lord willing my retirement window is 4 to 7 years out. Job is steady albeit stressful at times and hoping I can just ride it out and be happy until it's time to pull the trigger. Finances are in order and almost debt free! Wife and I have been truly blessed.

I hang out here on TBN hoping to buy that subcompact one day for a retirement toy. It will be the Massey GC when that day comes.

One marital debate is will we uproot and move to a retirement dream home we've always wanted or will we stay closer to home and family.

So for the experts:

- What have you learned in retirement?

- What would you have done/planned for differently?

- Did you move away or stay at home and are you happy?

Thanks for your time.

Andy in N.C.

2 Things

1. If at all possible, Try to have your house free and clear, no mortgage.

2. 4 of my buddies have retired to Pinehurst to play golf, from various northern regions, wife gets bored, wants to move home to be with grandkids so, back they go.

I understand, I love kids as much as anyone.

 

[Hay Dude]

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.
View attachment 684242

If that is your ranch at the end of that beautiful snow dusted driveway at the base of that spire of a mountain top, you have done well sir.

 

[Thomas]

Bearsixty.
Please elaborate on this?
..................
We gotten scammer phone calls emails even contractors knock on the door wanting to do work,than there so call volunteers asking for some of your free time and donation.

 

[MossRoad]

If you have the means, having a mortgage in retirement is no different than having a mortgage in your working years.

 

[JethroB]

After 35 years of saving and investing in mostly mutual funds I retired at 57. I looked back at the losses I made infrequently dabbling or speculating on a few stocks here and there. I said huh, I'm not so good at this. So I turned the majority over to Vanguard to manage for a fixed % fee. No regrets and I sleep better too.

 

[JethroB]

If you have the means, having a mortgage in retirement is no different than having a mortgage in your working years.

But that piece of mind and sense of accomplishment is priceless. . The tax deduction advantage is gone for most people.

 

[Thall303]

But that piece of mind and sense of accomplishment is priceless. . The tax deduction advantage is gone for most people.

The tax deduction “advantage “ never equals the interest you pay on any mortgage!

Free and clear always trumps tax deduction!

 

[dmccarty]

We built our dream, retirement house, on more land than we thought we could buy and it is danged near perfect.

However, we are thinking of selling it all. :shocked:

The Grand Plan, which we have been talking about before we even had built the house but after buying the land, was to get a boat and travel the world. We have been actively looking, planning and training for this since 2014.

If we sold out today, we could easily retire, but where would we go live? We have thought about moving to The Beach, and we have found an interesting condo, but there is no way I can live in a flood zone like that. Hurricane Hazel went right over the place and the islands where all under water. The condo building would very likely survive, but the destruction would be so bad, I doubt the place would be habitable for many weeks, if not months.

A retirement place has to be either rural or in a development where we can walk for exercise and to get groceries and such but not in a city. It also has to be near good hospitals but not in a flood zone. The wifey wants to be near the beach but that flood zone thing won't go away. The boat can get us where we want, or need to be, but we can move as we see fit. :laughing:

The other issue is kids and elderly family members. We have family members with some major issues right now. Some are sorta nearby and some are not. It is a problem and not an easy one to solve. Our kids do not seem to want to stay in the area and will almost certainly leave so at some point, WE will be the family members with issues and need to get close to family.

The boat idea would allow us to travel, and if need be, get close to family members who need help. When we get to that stage in life, we would have to sell the boat and move near where one, or both, of the kids live. Who knows where that will be. :confused3:

Or we might just stay here. :laughing:

Later,
Dan

 

[riptides]

I found out through hardships with medical, that one cannot have enough good medical insurance. <- try finding that.

Unexpected medical issues can bankrupt even the savviest investor.