Hey Jerry, is retirement the cat's meow?

[Dottleshead ★]

I've heard mixed results about retirement.  Some claim it to be wonderful while others claim it wasn't what they thought it'd be.  No structure, lack of motivation, lack of purpose, etc.  Personally I already excel at all those points so retirement should be an easy transition.  What say you @JerrySTL?  How has it been treating you?

[shootingstar]

11 minutes ago, Dottles said:

I've heard mixed results about retirement.  Some claim it to be wonderful and others claim it wasn't what they thought it'd be.  No structure, lack of motivation, lack of purpose, etc.  Personally I already excel at all those points so retirement should be a easy transition.  What say you @JerrySTL?  How has it been treating you?

I worry.... more on the brain stimulation/challenge side. I do have some natural activities that I love doing but still think it's not enough to stretch my neurons. Then the whole idea of not earning money, but spending it wisely without running dry near final stage in life. It would be a drastic mind shift for me.

 A close friend who is just 1-2 yrs. older than I, took early retirement 3 yrs. ago.  She said you could spend the whole morning leisurely eating breakfast.

I also think for those of us who never had children or at least children living locally, it is a different experience. So we would have to seek an activity that exposes us naturally to broader age range. 

[Dottleshead ★]

Just now, shootingstar said:

I worry.... more on the brain stimulation/challenge side. Then the whole idea of not earning money, but spending it wisely without running dry near final stage in life. It would be a drastic mind shift for me.

It is for almost all.  My wife and I have been talking about living hard off a budget early so we're ready.  I know some of you anal and fiscally responsible -- no doubt tight wads -- are laughing at this now because you've been doing it since day one.  Well, I work off a rough outline and I don't care if my i's or t's are dotted and crossed.  But it does make sense to me to begin doing that prior to entering retirement.

[shootingstar]

11 minutes ago, Dottles said:

It is for almost all.  My wife and I have been talking about living hard off a budget early so we're ready.  I know some of you anal and fiscally responsible -- no doubt tight wads -- are laughing at this now because you've been doing it since day one.  Well, I work off a rough outline and I don't care if my i's or t's are dotted and crossed.  But it does make sense to me to begin doing that prior to entering retirement.

Dottles, I don't keep an Excel tracking budget like Mick for daily living. What I should begin to pay attention to spending is the occasional events...ie. trip vacations and for restaurant/cafe eating locally.  Latter can add up. While still working FTE I don't pay attention but book lower priced fares, medium-low priced restaurants.  But it probably needs to change in terms of my vigilance, when I retire.

When my sister and her family will visit me next wk., I will be paying for some of their meals /make some big meals. And for museum/wilderness park entry fees. I haven't seen them for 3 yrs. I'm doing all this by feel because after all, they will be paying for gas and van rental.

[Chris...]

It helps to have hobbies. 

[shootingstar]

6 minutes ago, Chris... said:

It helps to have hobbies. 

We're not clear about Dottles hobbies yet.  Your photography is fabulous!

[Prophet Zacharia]

10 minutes ago, Dottles said:

retirement should be an easy transition

How far away would you guess you are? The stock market being on it’s ear hasn’t helped, but heath care will keep me working for longer than I may have otherwise needed.

[petitepedal ★]

I am more concerned about $$$ than keeping busy or mentally active, walking, biking and some regular exercise..maybe some yoga...and meditation will be part of the activity level.

Although  my neighbor and I discussed the 1 check aspect of retirement  and she will be managing on SSI alone til Jan 1 cos she doesn't want to draw on her 401k the rest of this year...

I am finally making a decent salary..I just wish it had been this good 3 or 4 years ago 

[Chris...]

Just now, Prophet Zacharia said:

How far away would you guess you are? The stock market being on it’s ear hasn’t helped, but heath care will keep me working for longer than I may have otherwise needed.

Luckily for us the V.A. Let’s you continue to keep your health insurance at the same payment you would pay if you were still working. 

[Prophet Zacharia]

Just now, Chris... said:

Luckily for us the V.A. Let’s you continue to keep your health insurance at the same payment you would pay if you were still working. 

My job won’t grant me retirement benefits until I’m 62. I am hoping my wife’s job (same employer, different position) offers her early retirement at 60. Which would mean her insurance at what she currently pays, and mine would be 2x that, through her.

[BR46]

10 minutes ago, Chris... said:

It helps to have hobbies. 

I spend large amounts of time in the garage building race bikes and building race motors. Wo46 spends a lot of her time with the cats and dogs at the Humane Society. 

With the market down we did have to tighten our belts a bit. 

[shootingstar]

Well a stock of mine, has fallen drastically...so it's yes, made me pause. I should have been bolder and sold it all at its peak.

[Parsnip Totin Jack ★]

30 minutes ago, Prophet Zacharia said:

How far away would you guess you are? The stock market being on it’s ear hasn’t helped, but heath care will keep me working for longer than I may have otherwise needed.

Health care is the reason I returned to the work force ten years ago. I was planning to work until age 65 to qualify for Medicare but pushed that off to 66 10/12 for SSI. March 1, 2026.

[shootingstar]

In retirement, my employer doesn't provide any add-on health care insurance for retirees.  

So it will have to be public health care plus probably a top-up plan I would have to buy. Still manageable unless something drastic happens.

[Dottleshead ★]

56 minutes ago, Prophet Zacharia said:

How far away would you guess you are? The stock market being on it’s ear hasn’t helped, but heath care will keep me working for longer than I may have otherwise needed.

Somewhere between 7 and 10 years is my guess.  I'm hoping the world will realign and straighten itself out in those years so the market is up but I don't count on anything.  All I can do is pump money into it -- figure I buy low -- and if the market rebounds in the next 7 years -- I'm good.  Wishful thinking maybe but what the hell are my options??

[BuffJim]

4 years 9 months for me. Lord willing. 

[Razors Edge ★]

1 hour ago, Prophet Zacharia said:

How far away would you guess you are? The stock market being on it’s ear hasn’t helped, but heath care will keep me working for longer than I may have otherwise needed.

My numero uno topic is healthcare costs.

Our planner has 57 as the "easy" goal and 55 as the "optimal" goal still.  Even still, I'm thinking 57-60 just for the healthcare is reasonable, but then my WTF kicks in and says get out ASAP and figure it out.  A lot depends on the next couple years of the market, but luckily, not as much as it does for most folks.

[MickinMD ★]

The people I knew who found retirement boring were those who had few artistic, social, hobby, etc. interests.  Many who had a financially comfortable retirement got part time jobs filing or telemarketing for H&R Block or similar jobs just to keep busy.

When I was in college I was envious, not jealous or angry, that the kids from rich families often studied art, theater, creative writing, philosophy, and other majors about which they were passionate because they didn't have to worry about paying the mortgage with their earnings.

I wanted to be like them when I retired, not necessarily rich but financially comfortable enough that I could spend my time and money on things that interested me.  I wanted to return to competitive chess, learn piano, travel more, and do whatever hobby that attracted my attention.

For example, I had always wanted to learn to play piano but was too poor as a kid and too busy as an adult.

So I took piano lessons for a few years before I retired so I could audition and get a position as a student in the Adult Program of the world-class Peabody Institute of Johns Hopkins U. I wanted to do classical piano because I knew very little about classical music.  I auditioned for late child-prodigy and virtuosa Frances Cheng-Koors, who required her students to also take courses in Music History, Composition, Performance and Improvisation.  I studied under her for 7 years.

It was a whole new world and I had no time to be bored in retirement.

Now, I can hear a classical piece I've never heard before being played in the background of a movie, etc. and usually tell immediately, by the musical rules it follows, if it's Baroque (1600-1756, Bach, Handel, etc.), Classical (1756-1832 Mozart, Beethoven, Haydn, etc.), or Romantic Era (1832-1900's, Chopin, Brahms, Tchaikovsky, etc.) music and often who probably wrote it.

When I play a piano piece by one of the great composers I know how much space to leave between notes for each one, whether I can borrow time from the next note to extend a feeling, how to use pitch, duration, and loudness as accents that fit the composer's era, etc.

As soon as I'm comfortable about the pandemic - probably Fall Semester 2023, I'm going to resume studying at Peabody.

 

[sheep_herder ★]

 

[JerrySTL ★]

3 hours ago, Dottles said:

I've heard mixed results about retirement.  Some claim it to be wonderful while others claim it wasn't what they thought it'd be.  No structure, lack of motivation, lack of purpose, etc.  Personally I already excel at all those points so retirement should be an easy transition.  What say you @JerrySTL?  How has it been treating you?

Retirement is awesome. I haven't been bored one bit. I've picked up a few old hobbies; done some long-term projects; read more books; ridden my bike a lot more; and have traveled a bit. 

I have done a few small jobs more as a favor for some of my old consulting customers. 

[BR46]

22 minutes ago, JerrySTL said:

Retirement is awesome. I haven't been bored one bit. I've picked up a few old hobbies; done some long-term projects; read more books; ridden my bike a lot more; and have traveled a bit. 

I have done a few small jobs more as a favor for some of my old consulting customers. 

I've been so busy I wondered where did I have the time to go to work. 

[Bikeguy]

3 hours ago, Dottles said:

I've heard mixed results about retirement.  Some claim it to be wonderful while others claim it wasn't what they thought it'd be. 

It all depends...    IMHO    There are 2 MAJOR things people need to have first for a chance at a wonderful retirement. 

1) Income (or savings, 401k, etc...) to live on for the next 20 years (or more).   

2) Healthcare costs that won't eliminate item 1 

Missing either of these 2 items.... you still can retire... but will it be wonderful?  

The next check box is your health.   

One guy I worked with had these 2 items checked off of his list.   He retired.   A month later he found out he had a brain tumor.  7 months later he died.    

For me...  my retirement is wonderful.    After I retired... THAT is when I started to realized just how much STRESS my job added to my life.  Just that... makes life a LOT better.  I just never realized how bad it was. 

I learned in 2016 my health is not as 'invincible' as I imagined it was. 

4 hours ago, Dottles said:

no doubt tight wads

Thank you....  

[Wilbur ★]

I have been semi-retired with travel benefits for 30 years now.  It is quite enjoyable but you do need hobbies and activities.   

[Razors Edge ★]

12 hours ago, Bikeguy said:

One guy I worked with had these 2 items checked off of his list.   He retired.   A month later he found out he had a brain tumor.  7 months later he died.    

Exactly how I feel.  My dad died at 74.  WTF do I want to be working until 65, 67.5, or later???  Those sorts of health scares, emergencies, and/or life-enders are reason enough to me to get out ASAP.  The day the numbers hit their "go" point, I'm handing in my notice and hugging everyone good-bye.  I want retirement to be active and on my terms (within the range of what can actually be controlled), and I actively encourage folks to do what they can NOW so that they can enjoy retirement SOONER rather than later (or never).

If I were Dottles, I'd look at the absolute least I could get by on for the next five years, and dump that annual extra $50k or $100k or whatever STRAIGHT into every tax advantaged savings and retirement option out there and make sure I was talking to financial planners and tax folks to figure out my future.

[Bikeguy]

5 hours ago, Razors Edge said:

Exactly how I feel.  My dad died at 74.  WTF do I want to be working until 65, 67.5, or later???  Those sorts of health scares, emergencies, and/or life-enders are reason enough to me to get out ASAP.  

Sorry about your dad...  

Back in 2006 WoBG was diagnosed with breast cancer.  She was working at the time.  She worked long enough to be sure her medical would cover all of those costs.   We talked about and she retired in the spring of 2007.  I told her WTF why not retire, you never know how this will turn out, and we could afford it too,   @Dottles is correct being a tight wad and living below your means is a good thing.  

I retired 3 months before I was 62.  I had a WTF moment at work an just retired.   That was the best thing I did.   I'm glad I retired.... 

[shootingstar]

10 minutes ago, Bikeguy said:

Sorry about your dad...  

Back in 2006 WoBG was diagnosed with breast cancer.  She was working at the time.  She worked long enough to be sure her medical would cover all of those costs.   We talked about and she retired in the spring of 2007.  I told her WTF why not retire, you never know how this will turn out, and we could afford it too,   @Dottles is correct being a tight wad and living below your means is a good thing.  

I retired 3 months before I was 62.  I had a WTF moment at work an just retired.   That was the best thing I did.   I'm glad I retired.... 

I"m not quite there yet. I have fall-out from dearie's death to deal with.  It's a long shadow. So work actually during this whole  time, keeps me intellectually distracted  and productive for chunks of time so my head doesn't overfocus on things. It sounds like escape I'm sure.  But the reality is the stock market fell and is lying low too.

[Razors Edge ★]

1 minute ago, Bikeguy said:

Sorry about your dad...  

Back in 2006 WoBG was diagnosed with breast cancer.  She was working at the time.  She worked long enough to be sure her medical would cover all of those costs.   We talked about and she retired in the spring of 2007.  I told her WTF why not retire, you never know how this will turn out, and we could afford it too,   @Dottles is correct being a tight wad and living below your means is a good thing.  

I retired 3 months before I was 62.  I had a WTF moment at work an just retired.   That was the best thing I did.   I'm glad I retired.... 

Exactly how I feel (and things I think about health-wise).  I rarely hear an argument for NOT retiring early that resonates.  If the money isn't an issue, then it would be hard to sell me on why I need to keep "working" when I don't have the $$$ motivation.  I'd be happier getting my "work" done via volunteering at the dog shelter or a food bank.  On my terms and "paying" the pups instead.

[Ralphie ★]

I feel a lot like shooter, even though I am older and have not had a big life event. My main issue is I am leary of change. Being a lifelong cheap bastard, it is pretty hard to give up a steady paycheck. My main financial worry WAS medical costs, but now inflation and the stock market have me spooked. 

Health is an issue though. I have  had a hard time maintaining enough activity with my long time away from home every day, aboot 12 hours worth. Hopefully when I am retaared I will have the time and motivation to be more physically active.