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

MacLawn · Jul 19, 2013

Yep, that's what I'm talking about, Mud. We need to know this stuff before we retire!

Mudfarmer · Jul 19, 2013

Another thought. I tend to look at social security as insurance in case all my other assets go south. Hence, rather than starting early and hoping I live long enough to get my money's worth, I intend keeping off SS until age 70 when it maximizes (unless the bad times come and I HAVE to start earlier).
Mf

Larro Darro · Jul 19, 2013

Mudfarmer said:
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

I tell anyone who will listen it is the small stuff that gets you. If you are buying a car, truck or tractor, you spend months thinking about it. But a trip through the drive-thru every day of your life could cost you a million dollars. $5 a day put into a simple mutual fund over 40 years will grow to $1000000. Everyday at work I see people lined up to put dollars in the soda machine. To me that is plain dumb. It is all corn syrup and water, and it cost a dollar. Tracking what you spend will open your eyes to how the small stuff adds up.

Dr_Zinj · Jul 19, 2013

I did 22 years in the military. Retired from Uncle Sam for the past 14 years and working for various companies ever since.
Ain't no way I can afford to retire retire. I figure the wife and I will need to keep working until we're both about 80, which is 25 years from now.

Step 1: Do whatever it takes to get rid of the extra weight. Obesity is a killer. And it will make you tired all the time. I've dropped 25 pounds so far and feel (and look) 10 years younger. (Back doesn't hurt anymore. Yippee!) Another 25 to go and I should be all set. Thank God my wife convinced me to go to Weight Watchers with her. That, and taking up walking an hour a day have made a big difference.

Step 2: Check with the VA, or your nearest service installation. They may be having transition assistance seminars that will provide you with up-to-date useful information. I still have my binder from when I retired and I pull it out every so often to at least know where to check for changes in programs.

Step 3: See a financial adviser. It may cost you 500 to 600 dollars, but he or she should be able to look at your situation and tell you what your options really are. (Don't let them sell you on investing with their company, or buying their insurance, without really checking them and their competition out.) And since you're probably around 60, you're probably not going to need as much life insurance. But do look into healthcare and long term care.

Step 4: I know this may sound silly, but you should do a thorough and honest evaluation of your life goals. 7 Habits of Successful People, or the Landmark Forum courses can help you out there. Takes a lot of skull work to know thyself and what you really want, as opposed to what you think you want. But I think it's well worth your time and energy to do it.

Dr_Zinj · Jul 19, 2013

I really need to get a VA review myself. I keep avoiding it as I feel fit and applying for medical would be a cheat - even though I'm banned from donating blood (did you know that you could earn $500 a month by donating blood components?) or organs due to service.

Stick895 · Jul 19, 2013

Jim, make sure you review your hard copy personnel files and make sure everything there is copasetic. DAMHIK!:smiley_aafz:

sfloggie · Jul 19, 2013

MacLawn: I read we have to sign up for Medicare five months from our 65th birthday. Not sure what the "punishment" is, but you might want to plan a day trip.

Mudfarmer: Great idea and one I will ask my wife about as she does all of our bills.

ovrszd · Jul 19, 2013

Larro Darro said:
I worry about the sudden change in life style more than the money part of it. Her job is as stress filled as mine is not. It is wearing on her now, but I worry about her going from being right in the center of a whirlwind everyday, to having nothing to do but walk out and check the mail once a day. She has lots of hobbies she has put off until then. I'm just hoping they will keep her interest.

I probably should have read to the end of this thread, but had to respond to this.

We all have our "War Stories" and "Money Stories". That's natural.

I retired in December 2011 at 60, 40 years Army and 25 years Civil Service. Spent last 20 years as First Sergeant of an Army Reserve Company that Deployed total or partial 11 times in that period. My life was extremely stressful. So I faced what's described above.

I think coming to grips with this is much more important than how much money you have or do not have. In the beginning I worried a lot about it. I was so used to having a plan for the day the moment my eyes opened in the morning. Suddenly I was free to make my own plan, not driven by necessities and emergencies.

For the first couple months my Wife would ask me each day what my plan was for the day. Not maliciously, lovingly. I didn't know, hadn't formed a plan for the day yet. So I started stressing about that. Gotta have a plan!!!! About that time she realized what that question was doing to me and stopped asking.

I don't wake up with a plan. But by the time I get done with my morning coffee and bowl of Cheerios I have something figured out. So now my wife asks me at the end of the day how my day went instead. That works great.

I work harder now than I ever did. I am outside every day weather permitting. I'm in better physical condition than I was 18 months ago. I am tanned dark brown with farmer tan lines. I am Blessed with a great life and great health beyond what I deserve.

But some are not so lucky. Some struggle with health issues. But more importantly some struggle with what to do with their time. I did not retire to become a door greeter at WalMart and refuse to do such. So I create my own plan to occupy my body and mind. And in the end it enriches my spirit.

So although money discussions are important, they are not what's most important about retirement planning. Happy retirement is not having everything you want. Happy retirement is wanting everything you have.

ovrszd · Jul 19, 2013

MacLawn said:
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.

This is something else that's important about retirement.

Being debt free maximizes whatever retirement income you have. But that has to be a focus at least 20 years before retirement. I cringe when I hear of people in their 60s with debt loads that won't be paid for anytime soon. For any young readers of this thread. Forget the new cars, high priced vacations, fancy Cell Phones, etc., double up on your mortgage payments and drive that old car til it won't move. GET DEBT FREE!!!

Hobbies and Projects. My Dad said, "Work Hard and Play Hard". I always remembered that and lived that. I have great hobbies and projects, more than I can get done. I am only idle when I choose to be idle.

Here's my favorite quote for discussions like this. "My Job is not my Life. My Job is how I pay for my Life."

brin · Jul 19, 2013

ovrszd said:
I probably should have read to the end of this thread, but had to respond to this.

We all have our "War Stories" and "Money Stories". That's natural.

I retired in December 2011 at 60, 40 years Army and 25 years Civil Service. Spent last 20 years as First Sergeant of an Army Reserve Company that Deployed total or partial 11 times in that period. My life was extremely stressful. So I faced what's described above.

I think coming to grips with this is much more important than how much money you have or do not have. In the beginning I worried a lot about it. I was so used to having a plan for the day the moment my eyes opened in the morning. Suddenly I was free to make my own plan, not driven by necessities and emergencies.

For the first couple months my Wife would ask me each day what my plan was for the day. Not maliciously, lovingly. I didn't know, hadn't formed a plan for the day yet. So I started stressing about that. Gotta have a plan!!!! About that time she realized what that question was doing to me and stopped asking.

I don't wake up with a plan. But by the time I get done with my morning coffee and bowl of Cheerios I have something figured out. So now my wife asks me at the end of the day how my day went instead. That works great.

I work harder now than I ever did. I am outside every day weather permitting. I'm in better physical condition than I was 18 months ago. I am tanned dark brown with farmer tan lines. I am Blessed with a great life and great health beyond what I deserve.

But some are not so lucky. Some struggle with health issues. But more importantly some struggle with what to do with their time. I did not retire to become a door greeter at WalMart and refuse to do such. So I create my own plan to occupy my body and mind. And in the end it enriches my spirit.

So although money discussions are important, they are not what's most important about retirement planning. Happy retirement is not having everything you want. Happy retirement is wanting everything you have.