Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs.

[sfloggie]

Getting pretty tired literately and figuratively. Military (away) for 27 years and now DC for 13 years. Looking at 3 more.

If you retired this year, would you post the process, how you are and what you might have done differently? This is a rambling question. I am looking at retirement with some savings, some assets including land, military retirement with medical, SS next year and Medicare plus VA Disability. So I am in better shape than I expected.

Thanks, Jim

 

[tcartwri]

Start looking for a part time job....

 

[bcjmmac]

I am in the last year of my "transition" to full retirement (or at least that is the current plan). "Retired" from the RCAF 3 years ago & moved to where we want to live, bought a chunk of an old farm & had our house built. In the meantime, I have been doing overseas rotations (~ 6 months/year) and using the money to both build up our savings but also to buy toys (JD & implements), build barn/sheds, etc. I've done most of my own landscaping & building, other than the house, on my "off time".
My plan is to do a few more rotations & call it quits next spring. I have lots of projects around the property that I can use to keep busy, +gardening, + golf, + visit kids, travel, raise bees, etc. We've been living off my pension (house is well built with in-ground heat pump so cheap to run + cost of living is low here) so don't really have any worries. Time to kick back & do what I want while we are both in good health (you just never know). Worse case; I could go back to work after taking a year or so off//company I work for is always looking for qualified people so could go back//have contacts at another company that will likely need people with my qualifications in a year or so - close to where I live with better schedule, pay & benefits (1.5 to 2 weeks work/month).
Anyhow, best advice is to make sure you like the area where you are, you have friends/family in the area, have stuff (hobbies, etc) to keep you busy & worse case have a back-up plan.

 

[Gary Fowler]

With a military pension, free medical via VA, SS benefits and some savings, you should be well set. Medical expenses are big expenses when you get older. Depending on your local VA and how well you can get medical, that may be better than medicare for you and wont cost you anything. My wife's sister's husband has partial disability with VA and uses it exclusively for his medical needs.
As for your other expenses- If you have your home paid for and no other bills, you should be able to live fairly well on SS and military pension. My sisters husband is also retired after 20 years with Army and they live well enough on SS and pension, so it can be done if you manage your money and don't buy extravagant things.
Personally, I retired a couple of years ago (my company called me back last year for some short term assignment -4 months and this year for 2 month jobs) which put a little money back in the bank. I have all my chattel paid for and only expenses are groceries, utilities, insurance and of course taxes. For the most part, I can buy my food and pay utilities with SS money. You will be surprised at how little money it takes to live on when you don't need to go to work. Of course, you cant take European vacations every year while living on SS wages but you can drive to see kids (sponge off them for a few days and play with grandkids)if you want. Since you are in the military, likely you have seen a lot of the World already so you maybe like me and be satisfied to just stay at home and tend to the tractor work on the acreage. It seems there is just about always something to do to keep the body busy when you own a house and have some acreage and a tractor.

 

[newbury]

I AM retired, as of Sept. 2011, 3 yrs in military, 34 as an Army civilian. The one MEMORABLE thing is GET ALL YOUR PAPERWORK IN!! When I started putting in my paperwork in 2010 they told me it would take 6 months. It took about 18 months.

If

DC for 13 years

means DOD Civilian you are probably under FERS. I was under CSRS.

Regardless, carefully calculate your needs - housing, food etc. AND your wants - new tractors etc. then see how close your retirement $$ will exceed that.

Many of my cohorts with over 35 years in realized that after careful calculation we would take home about the same or more being retired as we were being paid.

Our main regret was that we had not retired sooner.

If you don't HAVE to work 3 more bail now. You put in your duty to God and Country. There's no guarantee how long it's going to be until a truck hit's you or you have a stroke.

And it helps if you can retire to a lower cost area.

For example there is a COL calculator Cost of Living Calculator: Compare the Cost of Living in Two Cities - CNNMoney . My base retirement pay is about the same as my salary WAS.

Plus I didn't have to take a 20% furlough pay cut.

 

[jinman]

I am a disability retired Navy veteran. I retired (quit-tired) in 2008, one month before my 61st birthday. I had enough in my savings to supplement my military retirement until I started drawing SS at age 62. Since I'm disability retired, I had Tricare and VA medical coverage. Setting up SS was a snap by doing it online. In 2012, I turned 65 and now I have Medicare as additional insurance. With Medicare parts A & B, you can convert to "Tricare for Life." What that means essentially is that Medicare pays your primary coverage and Tricare picks up what's left. I get care from the VA for all my disability related issues and eyeglasses and hearing aids with batteries/accessories for free. I also get prescription medicines from the VA for free.

Now, my wife also has income because her deceased 1st husband was a fireman and he retired before he passed away. That income along with mine and my savings makes our lives very comfortable and secure because of our great medical coverages. My sizable 401K continues to grow tax-free and I tap out of it only for luxuries.

My feeling about retirement is only that I wish I'd done it earlier. The last three years on my job were so stressful that it took a toll on my health. Even so, I think I've recovered and just enjoy everyday and my relative good health to the maximum. Of course, I drive paid-for cars that are not new, but work very well. I've accelerated my house payments on my 15 yr note and that will be paid off in 3 years. I have no other debt. I'm just saying that we live within our means, but that is still without financial stress or worry. For me, retirement has been just as I dreamed it would be.

EDIT: I forgot to add that I have Tricare Dental coverage through Delta Dental. My coverage for my wife and me is around $70 per month.

 

[sfloggie]

I am really overwhelmed and appreciative that each of you took the time to provide information in detail. All good and I will see where I stand "before the truck does hit me". "DC is D.C. as in Washington,D.C.
I do love the time on our land even if just tracking the animals or watching the wind blow through the trees. Also starting to get to know my wife of 33 years as I was gone so much, and still am.

Thank you, Jim

 

[Stimw]

I was debt free at age 50 (1998) and have been ever since. I sold my house of 22 years and paid cash for my current property!
I took SS at 62 and now run my business part time.
I read an article that you must live past 81 to make it worth while to wait until you are 66 to take SS. If you die earlier you will loose money.
I had a girlfriend die at 39 from cancer, my brother died at 53 from cancer, BIL and cousin died of heart attacks at 59. The earlier you can retire the better! This isn't practice, you only get one chance!

 

[sfloggie]

I had to laugh at the humor and smile at the truth. Thanks, Jim

 

[QRTRHRS]

Having medical benefits is a really big plus. I was never "in-country" so I don't qualify. Backing up to last fall before I turned 62, I was looking at my options when a chance conversation with my neighbor gave me the option I was looking for. He mostly farms but got into driving school bus for the medical. It is only 61 bucks/month through the district.

I looked into it but missed a late fall opening. I pulled the plug the beginning of March anyway partly to not make to much money this year. The school called me a couple of weeks ago and I have been taking the class to get the bus endorsement on my CDL. Not for everyone mind you, lots of responsibility obviously but 61/month for another 2.5 years I can do what I need to do.

Beyond that, do a little searching. There are plenty of good threads on signing up for SS, etc.

I will admit to making a big mistake five years ago that is affecting me today. My wife and I started winding down by selling our horse operatioin and moving to KY to get away from northern PA winters and to get to a more tax friendly state, etc. We bought to much house. Partly, we did that because we thought the son and family were gong to live with us for a time but that never happened. So, now I am trying to prep the house for market to downsize to something very very minimal. However, the endeavor is taking far longer than I envisioned.

Overall, I don't know how I ever had time to work a regular job. If staying busy is key to longevity, I should be good to go, lol!