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

[doxford jim]

Hi Guys,
I am finding this thread interesting and am also retired.
I retired at 60 and was able to get part pension - got the rest when I turned 65 (three years ago).
I have a reasonable pension but rely heavily on the retirement funds I built up over the years. I need to draw around $25,000 each year on top of my pension. It does worry me a bit, but I have the equity in my property (I hope) and will probably sell in a couple of years depending on how things go.

I have never been so busy and so short of money, as I am now. Don't get me wrong, I am enjoying it and hope to continue for years to come.
Prices have gone crazy here in Canada these last ten years or so (I retired in 2005) and in many cases prices have doubled or more. It is/will be challenging but worth while. If someone can work part time then things will be much different. Those who cannot and have to live on pension funds only, will be in for a big surprise.

I suppose I am saying, if you can afford to retire go ahead and enjoy it. If your finances are not the best, maybe a part time job should be considered.

Thanks
Jim

 

[sfloggie]

My Father died at 41 and all males on his side died at 60 years, mainly from heart attacks. When he died there were five of us kids. He had about 2000 acres, tractor trailers, home, registered cattle (several types). The week after Dad died one of two partners told Mother everything we owned was owed to him as collateral. He took her in front of a crooked judge who confirmed (not true we learned years later) and this partner and one of Mother's relatives took everything. We ended up in a rental home.
Moving forward, I have prepared to die by ensuring my wife was covered where Mother was not, more than a true retirement. When I passed 63 and still alive, I still prepare to die, but thinking more as one would to retire. I am Blessed to have the Military benefits, but as Canada Jim said, costs are climbing mainly through political moves and false economy instead of private investment and true growth.
I invest in land working with Farm Credit to finance and then I sell at some point, but every time I sell land I come to love.
My job pays more than any man should make, but it is wearing me down fast.
The Blessings I have noted, but most of all (for me) I thank God I am not in anything alone as I look and talk to him in my way daily where I walked alone for many years. I have a good friend or two as I have not been around enough to make many more. I have a great wife who is my second. The first died of breast cancer and was also a good woman.
I really have learned a few things on this thread and appreciate your comments and thoughts. I hope all have a good day! Jim

 

[sfloggie]

I forgot to add there are people here, like Bird of Texas, who gave freely of advice and I was/am to consider and use it. I also have a small group of hunters who hunt my land that are special. They are Marines, Special Ops guys, Game Warden and HLD guys. One was the Marine pilot who rescued Scott OGrady. Really good men who help me maintain the land and cook a great after hunt breakfast! I added this post to reinforce the need of those around us in daily life, but especially in retirement.

http://en.wikipedia.org/wiki/Scott_O'Grady

 

[Larro Darro]

The mention of life insurance reminded me of something we are looking into. We have a policy each, but wanted a little more without the worry of the ever increasing payments. Any of you still working or with a few $K extra might look into single payment whole life. You pay the entire cost upfront, so there isn't any payments later on. 4 or $5K will buy a 60 year old $75K or more in life insurance. The way we look at it, unless we are in a car wreck, one of us is going to go before the other. This way, whoever is left has a little something to live on. This kind of policy isn't pushed by the salesmen because he doesn't make as much off it. If you die next week, it would have been cheaper to pay the monthly payments. But if you live to 85, like my mother, you will come out very much ahead. Mamma has outlived all her old term life, and is paying high premiums on smaller policies now. I wish we had learned about this soon enough for her.

 

[sfloggie]

You are correct Larry. When my Father died, he had been in the hospital for a month. During that month ALL of the life and equipment insurance lapsed as he oversaw everything. Mother got nothing from insurance. The local VA rep did help her get VA and SS, plus he helped me and my sister/brothers in getting into college fully paid as Daddy was 100% VA disabled.
We have life insurance, but due to my heart history (4 heart attacks/8 stents) I can not buy more, and mine end next year. Our insurance was so one or the other could pay off any debts or have it as a cushion if no debts.
I signed us up for the local State Veterans Cemetery as it is free for me and costs $300 for my wife if she is buried in the same plat with me (not at same time I hope-laugh!)

 

[Larro Darro]

The VA have been good for my family. Daddy had frozen feet, was shot twice and a POW in Germany. He always got 30%. But late in his life, Congress passed a law saying POW's could blame old age diseases on their time in the prison camp. He was upgraded to 60%, then after trying again, he got 100%. As he lived over a year with 100%, Mamma gets half of that now, has TRI CARE insurance, as well as her drugs for free from the VA. It saves her thousands of $ per month.

With her SS, VA and half of Daddy's longshoreman retirement, she makes as much as I do. Being raised in the depression, she has trouble spending it. It cost a quarter to call Bristol from Altha, but it is a local call from Blountstown, where I work. She will call me at work and have me call her friend in Bristol and tell her to call on her cell phone. I tell her at 85, she don't need to save for her old age anymore. But she has been that way too long to change now. We have a family cemetery, so that is taken care of. But years ago Mamma got on the Trading Post, a call in show on the local radio station. She ask for bids to build two caskets. Several cabinet makers called and she dickered back and forth with them. In the end, she got two very nice caskets for $1800. Hers is oak and her sister's was popular. My aunt died about two years ago, and everyone was amazed at how beautiful the casket was. When they heard the story, they were even more amazed.

 

[dmccarty]

...
We have life insurance, but due to my heart history (4 heart attacks/8 stents) I can not buy more, and mine end next year. Our insurance was so one or the other could pay off any debts or have it as a cushion if no debts.

There was an article in the WSJ about a study of heart attacks and family history. One of the key things from the study was for doctors to pay attention to heart attacks in a patient's family. They had some odds of a person getting a heart attack if a family member had one given ages. Basically, the younger a family member had a heart attack the more likely the patient would have one as well. Your family history seems to support the study.

I would retire ASAP.

Retirement and survivor benefits has been bouncing around in my head because of what Daugen said about insurance in another thread, what has been happening at my job, and this discussion. I just changed some stuff as a result and I need to do some insurance shopping. My assumption lately has been that I won't retire until 67, though years ago, I had hoped to retire between 55 and 60. I don't think that will be possible given how things have turned out but who knows. For full SS benefits I have to retire at 67 but I really do not want to wait that long but retiring ta 62 reduces the benefit by 30%. On the other hand, I have good genes and my family lives into at least their 80s, so retiring early might mean more money over time. I guess I need to add that calculation to the retirement spreadsheet. :laughing::laughing::laughing:

Later,
Dan

 

[dmccarty]

The mention of life insurance reminded me of something we are looking into. We have a policy each, but wanted a little more without the worry of the ever increasing payments. Any of you still working or with a few $K extra might look into single payment whole life. You pay the entire cost upfront, so there isn't any payments later on. 4 or $5K will buy a 60 year old $75K or more in life insurance.

That right there was some really helpful information. :thumbsup: I did not know there was insurance like this. Thanks.

Later,
Dan

 

[MacLawn]

Hmmm, I'll have to check into that insurance too. I'll be 65 in 5 months, still not retired, but my work is fairly stress free (not 100%), and no real advantage to retiring yet since I made a spreadsheet showing how much I'll get and very liberal monthly expenses. One has to figure how much wife will get if we kick off first. That's one reason to keep working, it usually maximizes her money. Plus, the gap between insurance and Medicare. I'm 70% service connected Vietnam disable vet, so go to VA for medical, but I guess those like me still need the part A, B, (whatever those letters are!) Medicare insurance, right? I've got to sign up soon.

Anyway, this is a very important subject for us geezers. We need to be about debt free, have plenty of hobbies and projects (I'm overwhelmed in that department!), and friends - I'm hurting in that department! Thanks for this thread, flog.

 

[Mudfarmer]

Getting ready to retire in 10 months. In prep I have been keeping an XCEL spreadsheet of EVERYTHING I spend monthly (now up to 8 months of data), really helps in identifying those difficult to identify incidental costs. And helps identify which months are the expensive ones (like April for instance when property and income taxes are due). Already it is showing me where to cut back. Mf