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At what age do you want to retire, do you have plan to retire, or have retired?


Dottleshead

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It would seem most folks step away when they are at least SS age.  The age to receive maximum benefits is moving up to 70.  For me it is 67, and for many others it was 62.  Of course you can collect up to 5 years earlier than that but like at 66% of the monthly income (or something close to that).  Still others have been fortunate enough to work in jobs they could make enough money to plan on getting out even earlier.  Lot's of different ways to do this.

So my ask is at what age did you retire, do you want to retire, or realistically expect to retire?

 

I'll go first.  I turn 57 in June.  If I stay domestic, then I need to retire at 65-67. If I go international, I could probably retire now -- but certainly at age of 59 1/2 .

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I retired once at age 52. Health care was too expensive so I returned to the grind for cheap healthcare. I turn 65 in May and must wait until 66 years and 10 months to collect a decent SS wage. I’ll qualify for Medicare at 65 but wait to take that at 66.10/12. March 2026 is my retirement date. Income will take a 30% cut but we will have to deal with that. I will still be making good income. 

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38 minutes ago, ChrisL said:

Yeah it’s an odd feeling… We really don’t know how his remaining years will be, if he needs long term care & how that impacts his assets but they are substantial.  We are planning as if nothing is coming but if it does come before 65, I’m sooo pulling the rip cord!   

I told WOChrisL to expect legal action from her brothers too.  Their dad felt that he shouldn’t recognize his sons just for being his sons.  He has hardly spoken to them the past 20 years whereas we visit often and he stays with us as well.  

I got the impression his health seemed ok now so far. Sad about father-son reaction.  In CAnada, if family squabbles over estate, sometimes a judge decides payment of lawyers comes from the estate. Check what the norm is as per state law.  

Litigation can shrink down the estate.

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34 minutes ago, Dottleshead said:

Do you have any plans in retirement or just try to enjoy life?

So far I've been sluggish after Nov.'s fitness classes. 

Returned back to  blogging,  after inspiration fell down last 2 yrs. 

This month, just want to be available to visit/help each local good friend since:     friend #1 is getting weak with loss of blood (she is 85)   friend #2 needs help since she broke her leg in cycling group trip accident. She will be returning home to Toronto in spring.

Two 2024  trips planned in North America.  Good friends & family-oriented =  Some friends not yet visited last yr.  + 2 friends each are retiring this yr.  I would like to spend time with each person.

Not sure about art courses since don't know of choices yet.

 

 

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13 minutes ago, shootingstar said:

I got the impression his health seemed ok now so far. Sad about father-son reaction.  In CAnada, if family squabbles over estate, sometimes a judge decides payment of lawyers comes from the estate. Check what the norm is as per state law.  

Litigation can shrink down the estate.

He is recovering from numerous back/spine issues and is dealing with prostate cancer but neither will cause his imminent demise.  

It will be interesting to see what happens… The will specifies everything goes to WOChrisL and the Schwab account is also in her name with her listed as beneficiary…  Not that her brothers still can’t come after the money but it seems he set it up so they can’t get anything from her.  

But she does have a good relationship with her brothers so it puts her in a weird situation with them…

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19 minutes ago, ChrisL said:

He is recovering from numerous back/spine issues and is dealing with prostate cancer but neither will cause his imminent demise.  

It will be interesting to see what happens… The will specifies everything goes to WOChrisL and the Schwab account is also in her name with her listed as beneficiary…  Not that her brothers still can’t come after the money but it seems he set it up so they can’t get anything from her.  

But she does have a good relationship with her brothers so it puts her in a weird situation with them…

This could become quite messy/expensive, Chris with her brothers.  Seriously. 

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2 minutes ago, shootingstar said:

This could become quite messy/expensive, Chris with her brothers.  Seriously. 

In what way?  BTW I’m not questioning you, I’m asking for more information on how you think it could get messy?  

I’d like to hear any others insights on the matter as well.

 

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22 minutes ago, ChrisL said:

In what way?  BTW I’m not questioning you, I’m asking for more information on how you think it could get messy?  

I’d like to hear any others insights on the matter as well.

They would file a court claim with help of their lawyer they are entitled to xxxxx.  It doesn't mean that they are right, but they can very easily do that in their anger/disappointment. They are biological brothers etc.  People are not rational in anger.  

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1 minute ago, shootingstar said:

They would file a court claim with help of their lawyer they are entitled to xxxxx.  It doesn't mean that they are right, but they can very easily do that in their anger/disappointment. They are biological brothers etc.

I guess I understand that aspect but if a will states everything goes to WOChrisL and the Schwab account lists her as beneficiary and she’s already on the account, I don’t know how a court can make change that set up.  But again I’m not knowledgeable of these matters.

But I do expect her brothers to make a stink of it.  Actually I expect one sister in law to make a stink of it…

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I’m hoping to be done at 65. Just waiting for Medicare eligibility. WoW and I both have pensions from a former employer. That and SS should be very near the 70% income they say is doable for retirement. We both have 401ks as well. Use those for the unexpected bills. 

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33 minutes ago, shootingstar said:

They would file a court claim with help of their lawyer they are entitled to xxxxx.  It doesn't mean that they are right, but they can very easily do that in their anger/disappointment. They are biological brothers etc.  People are not rational in anger.  

I've got a similar situation with my sister.  My mother says my sister is written out but that won't stop her from making things complicated.

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2 hours ago, MickinMD said:

So I did.  The frugal living wasn't very stressful because I knew I'd be good shape in a short time, but honing my skills at comparison shopping, budgeting, etc. was something of value that magnifies my comfort now.

I agree. In my opinion, I don't live large/extravagant.

However you wouldn't believe the comments of some folks over in Finance forum where I hang out for past year.  All kinds of frugal habits on food home preparation (which is good and less food waste)  and naysaying alot of restaurant / cafes.  Sure pricing has gone up, but being at home too much and squirreling away money, not seeing friends is not great, especially retirement.  It's not that good for mental health especially soloists.  Some of these folks probably have decent portfolios...

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I kept working to 67 to get my wife to 65 for Medicare last August, and then kept on going because the worst part of the job is just getting up at o dark thirty for the long commute.  If something goes south at work I will retaar, but if it stays smooth I will just try to find the right moment.  I am quite annoyed that I have to stop HSA contributions 6 months before I retaar or have to pay a penalty.  I hate to give up the triple tax benefit but I probably should so I can be ready to go at any time.

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3 hours ago, Zephyr said:

I will complete a full 35 year tour a month before my 60th birthday in just under two years.  Not sure just yet if I will pull the chute then because the work is (at this point anyway) still way too much fun

Fun work is a ball and chain of it's own. :) 

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You did right. We will have a mortgage but it's allotted for by our advisor.  He's pushing for a 67 but I already know I want out earlier.  That means two things:  1) we sell and buy somewhere cheap (probably in an undesirable area) or 2) I move abroad (probably in an undesirable area).  I guess 3) @Kzoo's basement.  I got some killer video games he'll dig.

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17 hours ago, Dottleshead said:

I'll go first.  I turn 57 in June.  If I stay domestic, then I need to retire at 65-67. If I go international, I could probably retire now -- but certainly at age of 59 1/2 .

My goal is 55-60 with 57 the sweet spot right now (since I'm 53).  Two years seems to soon to sort my shit out :D but I have reached "eff it" level of money now to either retire or find a flexible side gig instead.  It just seems to make sense to instead do what we've started doing - take more time off, go more places, and do more things, and let my current gig cover refilling and add to the coffers while also providing the annoying healthcare part.

In some ways, like you, I have an aging "child" - our 14yr old super pup, and she's close to the top of the reasons we're willing to stick around without any big changes.  We have gotten her acclimated enough to RV living that we may be able to start ramping that up a lot in 2025.  

We'll see, but I definitely don't want to be spending the last decade or two of "maximum function and ability" simply earning more of what I have - money - in favor of what I don't have - time on earth & the energy to enjoy it.

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46 minutes ago, smudge said:

My boss wants me to come back as a per diem. I probably should, but I don't want to.

My sister dumped her high paying full time gig for about a year and then returned as a part time contractor in the same position. It really shifted the "power" dynamic as she went from being an employee to being someone they "needed". Poor management, which was making her life a PITA, became her advantage as they struggled to replace her when she left, and now she can make "full time" pay with part time hours of her choosing. :dontknow: Her husband gets their insurance, so she didn't have to play that game.

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They totally get my value, but HR hates that we are a union shop. I would have to commit to being per diem and accept the position before 30 days has passed. I could still come back as per diem after that but at a reduced rate of pay. Nope. 

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1 minute ago, smudge said:

They totally get my value, but HR hates that we are a union shop. I would have to commit to being per diem and accept the position before 30 days has passed. I could still come back as per diem after that but at a reduced rate of pay. Nope. 

I sort of feel like that's how my sister's place was (no union though).  Totally unresponsive to employees regarding pay and boundaries - ie zero "respect" - but that tune changed as she was no longer there putting in the massive billable hours and they were either losing that income or trying and failing to get existing or new folks to pick up the slack.

I imagine unions play a part in the "rules" so they will vary for you, but after a few months have passed, that "reduced pay" concept might just be another bit of scare tactics they are throwing at you instead of reality. You know better, but never believe HR and never fall for their nonsense.

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55 minutes ago, Razors Edge said:

My sister dumped her high paying full time gig for about a year and then returned as a part time contractor in the same position. It really shifted the "power" dynamic as she went from being an employee to being someone they "needed". 

Better to get part-time /contract work with a completely different employer in retirement. I've seen this type of treatment with major employers.

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I was almost 67 when I retired June 30 2019.  I think I could have collected full SS at 66, but we waited until mrs_az_cyclist was over 65 for Medicare, which actually could have been June 2018.  We worked about a year longer.  I was part time, 20 hours / week from Jan to June 2019.

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