To retire or not retire?

[sixdogs]

My doctor told me that people that live the longest do so because they have a reason to get up in the morning and things to accomplish. They have a goal and a mission.

 

[newbury]

My doctor told me that people that live the longest do so because they have a reason to get up in the morning and things to accomplish. They have a goal and a mission.

I have a reason to get up in the morning -
I have to urinate!

I like to get up, work a couple of hours in the shops, rest for an hour or two on TBN, repeat.

 

[doxford jim]

I retired at 60 - seven years ago. My father worked until 65 and then died six months later after retiring.
I thought what the heck, enjoy life a little instead of working long and weird hours around the clock.
I have gone through my savings and now live on SS and retirement money put aside. Cannot beat the feeling of getting to do what you want to do instead of what you have to do. I may not be rich (financially) but I have so much to do I could hardly call this retirement. Living on an acreage with several buildings isn't retirement, but a lifestyle change.

 

[Mickey_Fx]

Sounds like very sound advice Mickey. I haven't reached the magic $1M in savings but have had a blessed life and have a nice nest egg, plus everything is paid for including the house. I think I can be comfortable if not extravagant, but I'm not an extravagant person. I'm happy with the simpler things in life.

Thanks for all that have replied to my thread. I don't think there is a right or wrong answer here. We all have to make our decisions in life and live with those decisions. It seems there is a common thread running through most of the comments. Have a "keep busy" plan and a financial plan. I will plan accordingly.

Thanks Jerry. Hope my comments were useful to others. Not sure where the million dollar figure came from but suspect it was based on the typ person/family near retirement age and wanting to maintain same living std. If one has no debt and lives a modest lifestyle one can get by on a lot less than those that still have a lot of debt and live high on the hog so to speak.

When one looks at studies on typ family's financial picture, the figures are pretty disheartening. I know I've read a couple articles in the past 6 months on personal finances. One was on total assets and the other on liquid assets, i.e. money readily available. Seem to recall the study on total assets was in the range of $100-150k and the one on liquid assets seemed more like pocket change a couple thousand dollars. The USA has one of the poorest saving rates in the industrial world. Something on the order of 3%. Lot of countries the saving rates are well up past the double digit figure.

As for SS and Medicare, I'd not count on them to remain at the level they are today. Both programs are on life support and the only way to save them is to cut services. With the healthcare kicking in next year, we can read daily the added cost that is going to cost and numerous Co's are cutting back on healthcare benefits and some are even dropping them. The coverage I receive from my previous employer has changed this last yr and who know what the future holds. One of my sons works for same company and in the last couple yrs, they've dropped healthcare for retirees. Personally, I'd not count on programs where others are helping you pay for expenses to be there when you may need them. You'd had better be in a place where you can mostly rely on your own person finances.

 

[riptides]

... Not sure where the million dollar figure came from but suspect it was based on the typ person/family near retirement age and wanting to maintain same living std. ....

The million figure seems like Wall Street propaganda, not even sure you'll find current thinking in line with that. Especially in today's market.

I'd venture to say, it is a lot more than that needed for current lifestyle, especially if your carrying debt.

 

[Redbug]

There's different way to look at it, too. I would say that if you have an annuity coming in from your company...$40,000 a year...that's worth a million dollars with a 4% withdrawal rate. Especially if you get a COLA each year.

I have one year to go before I plan to retire. I am 55, now. In fact, I have my retirement packet on my bureau...already filled out and ready to go. I can't wait to begin a new life!

My question is: Who would want to work, except for money? If you don't need the money...the world is your oyster. Why waste your life? We all are on a time line and don't need to be wasting any more of it, either.
We don't all get to be astronauts. But many people get confused and identify themselves with their job and not who they really are.


I did not author the following passage...However I believe the words truly reflect what retirement is all about:

"It's not the beginning of the end.....it's the end of the beginning....only the end of one single chapter in life......there are many more chapters yet to be written....by you! You are you now, and you will continue to be you after retiring. The only major difference will be that you no longer will have a job to clutter or clog your mind and/or life! You'll no longer have to meet someone else's standards.....you get to set your own standards, and achieve whatever you want to achieve.

Your job is not who you are, it's merely been a means to reach the beginning of a new chapter in your life.....the beginning of a new journey.

It's like you drive to the airport....but the airport isn't your destination. At the airport you board a plane....but the plane isn't your destination. The plane drops you off in some port city.....but that port city isn't your destination. In the port city you hop aboard a cruise ship.....but the cruise ship isn't your destination. The cruise ship takes you to some tropical paradise......and it can go on and on and on, limited only by your desires and your imagination. Each step is just a tiny piece of puzzle of your life's journey. As you keep pressing forward, the past will gradually fade into the distance.....not necessarily forgotten, but rather just not as important as the present. I remember the past, but I don't live there....and I look forward to the future, but I haven't reached it yet....so I just live each moment for all it's worth, and life is great!"

 

[duke7595]

zonta223

May I ask you a question ? It does not pertain to this subject and I hope I am not out of line in asking, however, if you feel like answering it would be appreciated.
In regards to the terrible tragedy that occurred in Sandy Hook that took the lives of the little children, some of our politicians are bent on gun bans.
Yourself living in Australia have seen first hand the confiscation of your guns by your government.
What I would like to know is how the people of Australia feel about this. You were left unarmed ,and unable to protect yourselves against criminals rampaging your
homes without worry .
Was there any recourse that the people could have used to stop the confiscation, and is there anything your people can do about it now ?
I fear we are in that same boat.

Thank you

 

[TNhobbyfarmer]

zonta223

May I ask you a question ? It does not pertain to this subject and I hope I am not out of line in asking, however, if you feel like answering it would be appreciated.
In regards to the terrible tragedy that occurred in Sandy Hook that took the lives of the little children, some of our politicians are bent on gun bans.
Yourself living in Australia have seen first hand the confiscation of your guns by your government.
What I would like to know is how the people of Australia feel about this. You were left unarmed ,and unable to protect yourselves against criminals rampaging your
homes without worry .
Was there any recourse that the people could have used to stop the confiscation, and is there anything your people can do about it now ?
I fear we are in that same boat.

Thank you

Duke.....there is a thread currently raging in the Rural Living forum called "Outrage after NY paper publishes names of gun permit holders". It is already 32 pages long so it will take awhile to get caught up but probably would be an interesting read for you. I like you am very concerned regarding gun owner rights. Obviously in light of the recent events in CT, there are bound to be knee jerk reactions by our "leaders". The world is changing at a faster pace than is comfortable for me.

 

[zonta223]

zonta223

May I ask you a question ? It does not pertain to this subject and I hope I am not out of line in asking, however, if you feel like answering it would be appreciated.
In regards to the terrible tragedy that occurred in Sandy Hook that took the lives of the little children, some of our politicians are bent on gun bans.
Yourself living in Australia have seen first hand the confiscation of your guns by your government.
What I would like to know is how the people of Australia feel about this. You were left unarmed ,and unable to protect yourselves against criminals rampaging your
homes without worry .
Was there any recourse that the people could have used to stop the confiscation, and is there anything your people can do about it now ?
I fear we are in that same boat.

Thank you

Sorry for the late response.
"Confiscation" sounds like a harsh term. The government had a buy back scheme.
I still own guns.
A .22 bolt action rifle and a 12 gauge single barrel shotgun shotgun both used to control vermin in my vineyard.
The only real effect the changed law has on me is if I want to buy a new gun I have to fill in a form from the dealer ( and these rules are uniform across the country we don't have "weak or strong" gun control states).
He processes the form (normally between 4 days to a week) I can then pick up the weapon and take it immediately to a police station to be processed by them. When you present the gun in the police station it must be covered and in a disarmed state. Failure to do this could mean confiscation of the weapon. And yes police are armed in this state. (much to the annoyance of many people)
Every time I want to buy ammunition I have to produce my shooters license or no sale.
Gun control here (much to my own surprise ) also includes air rifles or pistols.
As I stated in another forum I can only see one use for an automatic or semi automatic weapon. To kill someone, everything else can be done with a less powerful weapon
And as for being "left unarmed" I am the only one of my close friends who owns a gun. If you asked them do they want to buy a gun the answer would be...are you crazy who would want a gun..what would you do with it / use it for???
And it seems we are lucky we don't have and I quote " criminals rampaging your homes without worry ."
Is there any recourse against this law sure there is. Every 4 years the government comes up for re-election just vote them out and change the law. The only problem with this is that you have to get people to vote for that. Doubt if any political party put that agenda before the voters they would get one representative elected.
We just have a vastly different culture when it comes to guns. Not saying yours is wrong and ours right.
Every country has to have its own gun laws and has to live with the consequences and I am certainly not going to tell you how to run yours.

Hope the answer is what you wanted and once again sorry for the late response and a happy new year to everyone

 

[Travelover]

Well this retirement discussion turned ugly.