Retirement Planning - Lessons Learned

[polarred21]

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.

 

[RickB]

We moved from Upstate NY to the Piedmont, but had the advantage of moving towards close family rather than away from them. We were the last of our immediate clan to leave NY. We could have chosen a location with a lower cost of living but we are far better off in that regard than we were. Proximity to health care and shopping was/is important while access to rural scenery nearby and many outdoor recreation opportunities make for a great balance. Other than missing two lifetimes worth of friendships we are very happy to be where we are. We planned our move several years in advance but the actual relocation happened while we were both working which wasn't really forseen. Having a longer timeframe to edit our belongings prior to a long distance move was very helpful.

My wife is retired now, I'm working part time but those days are becoming numbered.

 

[TractorGuy]

WAIT, I was supposed to PLAN?

Seriously I wouldn't start thinking about it that soon before you can do it. It will make going to work that much harder.

I had originally planned to work to age 70. As 65 approached I started to wonder if I could go at Medicare age. I ended up throwing caution to the wind to signing up 3 months before I turned 65. Best decision I've ever made.

Sounds like you have a better handle on the finances than I did. We had the house and cars paid off but refinanced to buy surrounding property. It will be paid off in a couple of months and we MIGHT finally start building up our savings.

 

[Sheldon Hamblin]

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.

All good questions. I retired at 55, 10 years ago. I was career fire service, with state retirement, a small IRA (which I strongly recommend to out as much as possible into), and a union retirement fund. The day I retired, I got a raise.

We had always said that when I retired we would move to Florida. However a couple of grandchildren living in town, and experience with my mother-in-law living in Florida, ( my wife visiting her 4 times a year and then staying with her for weeks, sometimes months at a time convinced me we needed to stay right here on Cape Cod, and vacation in Florida.

What ever you do, you must have something to retire to. We raise a few laying hens, and dairy goats. I also am a competitive bagpiper and run a bagpipe band.

My one piece of advice, completely think out moving away from family, they may need you, or you may need them. It is so much easier for us as my son and his family and my daughter and her family all live in the same town.

 

[oosik]

We moved from Alaska to here in Ea WA state. Alaska is/can be a tough environment. After living there and REALLY loving it - we realized that our retirement was not in AK. We were young when we went to AK. It was fun and filled with great adventures. As we got older we wanted an easier more relaxed style. There were other reasons but "here" is close to family and old friends.

We were able to quit working and retire at a very early age. Due to the wife's meticulous planning and the Alaska Oil pipeline project. We had saved enough money and sold our house at the absolute most advantageous time. We retired in 1982 at age 40 & 38 respectively. Retirement has been an adventure in itself.

Part of all this is that we have always lived somewhat conservatively. So in retirement our living style is the same as when we worked. Our "style" has had to neither expand nor contract.

 

[workinonit]

I didn't get my PERFECT job until I was 59. For 15 years I traveled my tail off working on large generator voltage regulators. Had extensive dealings with the guy I work for now and he reached out to me. I had 2 stipulations, cut down drastically on my travel and I work from home. Done and done. Since I was eligible I've been putting 23% in my 401K. I have 2 partial retirement checks that go in the bank and never are used. My wife still works and has a really good job that she could walk away from anytime. I plan to work to 66, I'm 62 now. If I still feel good I may go longer. Mine is a niche job and in very high demand. I've already bought and paid for all the toys I presently own. I need to buy a new truck at some point to replace my 2008 Tundra.

 

[KennyG]

I've learned you can't expect to plan everything. Make your best judgments and enjoy it.

I always thought I would retire early, but I got into some career situations I really enjoyed and didn't retire until 68. Moving to a warmer, more scenic area always sounded good, but I've got so much of the things I do locked in here, it seems impractical. (I can't even imagine moving the shop at this point.) I was very careful financially because I thought I would retire early and my wife is somewhat younger. Now I have more money than I thought possible and my wife is in poorer health than I am.

Be prudent, go slow and enjoy the trip.

 

[newbury]

<snip>
- What have you learned in retirement?

As Robert Burns wrote in:
To a Mouse
BY ROBERT BURNS
On Turning her up in her Nest, with the Plough, November 1785.
To a Mouse by Robert Burns | Poetry Foundation

But Mousie, thou art no thy-lane,
In proving foresight may be vain:
The best laid schemes o Mice an Men
Gang aft agley,
An' lea'e us nought but grief an pain,
For promis'd joy!

Plans must be extremely flexible.
Plan on needing twice as much money as experts predict and spend half as much as you would like to.

As the saying goes - excrement happens.
We bought our "retirement" home/treefarm in 2010 because it was near relatives, son who had just bought in the area and an aging MIL. We planned on selling out in Alexandria, Virginia by 2015 and be permanently in northeast Mississippi.
Didn't happen. The son who had just bought divorced within ~ 2yrs, sold his land. The MIL is still here thankfully.
We had just had a very successful timber sale in ~2007. Expected another on other land ~ 2019. Prices dropped, trees still growing.
We "rented" (often rent free) another house we have in the area to another son that was DEFINITELY going to move out of the area by 2015. The family grew by two more grandchildren, now it looks like he might stay until he inherits it.

- What would you have done/planned for differently?

Probably nothing. Many people think life is like hunting geese in open skies, give a good lead and they'll run into the shot. It's more like partridge in dense woods- you never know which way they will turn.

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

We still own the base and spend time in both places. Do to many factors prior to Covid 19 it was usually winter in Alexandria, summer in Mississippi, sort of a revers snowbird. We finally came down in January 2020 to spend 3 months in Mississippi and it looks like we may be stuck in our "safe place" until summer/fall 2021.
As far as being "happy" - it's not what we "planned" but it's working well.

Thanks for your time.
Andy in N.C.

Welcome, I've plenty of it

 

[Spindifferent]

The future is uncertain. It will not be how you imagine it. However, having plans is good.

Here are some resources that I've found very useful:

Book:
The New Rules of Retirement: Strategies for a Secure Future
by Robert C. Carlson

Podcasts:
The Retirement and IRA Show

The Retirement Answer Man

The Retirement Wisdom Podcast

Website/blog:
The Retirement Manifesto Blog

 

[Oaktree]

My semi-retirement came a little sooner than I would have really liked it to, the company I worked for went into bankruptcy just before I turned 62. To find another similar job that paid what my old one did would involve a long commute, and most likely no company vehicle so I signed up for SS and scouted around for some freelance work in my field. Fortunately, that turned out better than I'd expected so at 71 I'm still doing that, though on a limited basis. None of my employers had pension plans, though I did participate in 401K's when available.
That and having always been conservative financially I'm doing OK.

We retired in 1982 at age 40 & 38 respectively. Retirement has been an adventure in itself.

Part of all this is that we have always lived somewhat conservatively. So in retirement our living style is the same as when we worked. Our "style" has had to neither expand nor contract.

I "tested the waters" at about the same age...had gotten laid off during a recession, just had a couple P/T jobs...I think my first year I earned less than I'd paid in taxes the previous year, but got by just fine by keeping expenses low. Had a CD mature right around that time so I used it to pay off my mortgage. After a couple of years one of the P/T jobs became a fulltime one so I just kinda ended up back in the workforce.
Gotta say, I was glad in a way to get back to work...'most any projects I had around the house were as done as they were ever gonna be and I was getting bored and antsy.

 

[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.