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Thread: Retirement!!!

  1. #121
    Registered User RINTY's Avatar
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    I'll need to lay in a few more cases of Red Breast...Dakar001
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  2. #122
    Seeking Mental Floss
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    Two weeks retired as of yesterday. Loving it so far, but I have to admit it still feels like a vacation. I definitely have not been bored so far. Played golf three times last week (twice in shorts - gotta love Texas!). Winter yard work is done. I think I might like this!

  3. #123
    Registered User greenwald's Avatar
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    Thumbs up

    Quote Originally Posted by hlothery View Post
    Two weeks retired as of yesterday. Loving it so far, but I have to admit it still feels like a vacation. I definitely have not been bored so far. Played golf three times last week (twice in shorts - gotta love Texas!). Winter yard work is done. I think I might like this!
    Actually, the first 60 days can feel like either an extended vacation or some sort of sick leave.

    When it finally sets in that you have 365 vacation days per year, you get that un-erasable grin!
    Kevin Greenwald - Touring Tips Editor
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  4. #124
    Old man in the mountains osbornk's Avatar
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    Quote Originally Posted by hlothery View Post
    Two weeks retired as of yesterday. Loving it so far, but I have to admit it still feels like a vacation. I definitely have not been bored so far. Played golf three times last week (twice in shorts - gotta love Texas!). Winter yard work is done. I think I might like this!
    It won't be long before you will wonder how you ever had time to work.
    'You can say what you want about the South, but I almost never hear of anyone wanting to retire to the North.

  5. #125
    dude987
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    Retirement. Interesting concept. All this talk of retirement has got me thinking if and when I'll be ready for retirement. Currently in the late 40's so not much time left to think or prepare for it I suppose.

    Can't think of anything better then going to work and getting paid for something a person enjoys doing as commented in some earlier posts. I'm still trying to figure out what that would be for me. Seems there's some sort of asymmetrical balance between establishing the environment, making it happen, and having the right frame of mind. Still trying to find that balance sort of speak.

    Hypothetically, assume for a moment at point of retirement:
    1. Home is paid for free and clear of any encumbrances.
    2. Equity bank account is one million dollars in investments.
    3. No debt.
    4. $3,000/mth pension starting at age 56.
    5. $2,500/mth social security starting at age 67.
    (All figures in today's dollars)

    Assuming this person retires at age 56 and lives another 30 years to age 86, is this enough?

    Costs to consider:
    1. Health insurance premiums.
    2. Catastrophic or major medical health care costs.
    3. Elderly care costs.
    4. Inflation (almost a certainty in the next decade).
    5. Leisure and travel.
    6. Insurance, maintenance, property upkeep, utility, food, and clothing.
    7. Gifts, family socials, transportation, hobbies, cars, motorcycles.
    8. Property tax.

    All the continuing cost that may gradually increase over time as well as potential medical costs are where the uncertainty sets in. I dunno if above situation is enough. The idea is not to scrimp but retire in modest comfort and with some degree of financial security.

    Also as noted in an earlier post, different people have different concepts of retirement. Personally, I would consider myself retired if I can pursue any activity part-time or full-time with a passion that which my heart desires and which I enjoy doing and consider therapeutic.

    At the moment my idea of therapeutic activities are modifying cars, rebuilding motorcycles, hunting, reading books, researching financial investments, photography, watching sports, mountain biking, golfing, road trips, driving sports cars, and being a couch potato when and where I want.

    Well, I suppose that about sums it up. Seems there's not much demand in the way of jobs for these sorts of activities. I really have no lack of activities that I have a passion for or want to pursue. I do have limited resources in pursuit of these activities so there in lies the conundrum and thus the need to prioritize and balance passions against capabilities based on most bang for the buck.

    Just my $.02 worth on the whole notion of retirement.

    Glad to read so many posts on early retirement and general overall satisfaction with life style. I am eagerly awaiting my time to retire as soon as possible. Ciao.

  6. #126
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    Since i was sort of forced in to an early retirement and spent most of what I had put aside to stay alive I think my perspective may be a bit slanted.

    I am asked every so often about this situation, my response is:

    It really does not matter how much you have it's probably not enough.
    You cannot even begin to second guess what the future holds so as long as you are happy or can at least live a lifestyle that you think makes you happy, just get on with it.

    I know a fair number of retirees now and almost everyone has some sort of financial strain at one time or another. A few do not and they still watch the pennies pretty close.
    You make the adjustments you need to and find something to occupy your time.

    Health and family are the most important to me at this point. I would hate to give up my only real vice ( motorcycles) and am blessed with a wife that does not mind , but if it came to it I would .

  7. #127
    FatChance
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    I tell everyone I'm retired. FatWife tells everyone I'm unemployed...

  8. #128
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    Quote Originally Posted by 406409383 View Post
    Glad to read what all of you are writing. I am not sure I have enough assets to actually live here in Calif (where my 3 grown kids are), but am getting readier & closer to the glorious day.
    You can always sell out there & come to KY and "buy up". A small house there will get you a ranch here...

    Talking assets to retire it was a no brainer for us as we have what we have, so to speak & time was right. I talked to a man,age 98 then, a few years back (while out for a walk on my mother's retirement home property) & he had taken early retirement many years ago from Briggs & Stratton in Wisc. and had been the VP in charge of parts, or similar title. Kind of wierd as here I was about the age he retired then and it was over 40 yrs later at the time of the conversation. Anyway, he had been at a higher level of admin and had lots of savings too and had come to KS based on a daughter being there. He had about run out of $ to stay in his apt(as had my Mom) and would soon move "downstairs" to a simpler living situation(could continue until the end) at that point. As people live longer & especially if you have no inflation protection or longivity protection there will be many more in his "running out of money" situtation.

  9. #129
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    Quote Originally Posted by dude987 View Post
    Retirement. Interesting concept. All this talk of retirement has got me thinking if and when I'll be ready for retirement. Currently in the late 40's so not much time left to think or prepare for it I suppose.

    Can't think of anything better then going to work and getting paid for something a person enjoys doing as commented in some earlier posts. I'm still trying to figure out what that would be for me. Seems there's some sort of asymmetrical balance between establishing the environment, making it happen, and having the right frame of mind. Still trying to find that balance sort of speak.

    Hypothetically, assume for a moment at point of retirement:
    1. Home is paid for free and clear of any encumbrances.
    2. Equity bank account is one million dollars in investments.
    3. No debt.
    4. $3,000/mth pension starting at age 56.
    5. $2,500/mth social security starting at age 67.
    (All figures in today's dollars)

    Assuming this person retires at age 56 and lives another 30 years to age 86, is this enough?

    Costs to consider:
    1. Health insurance premiums.
    2. Catastrophic or major medical health care costs.
    3. Elderly care costs.
    4. Inflation (almost a certainty in the next decade).
    5. Leisure and travel.
    6. Insurance, maintenance, property upkeep, utility, food, and clothing.
    7. Gifts, family socials, transportation, hobbies, cars, motorcycles.
    8. Property tax.

    All the continuing cost that may gradually increase over time as well as potential medical costs are where the uncertainty sets in. I dunno if above situation is enough. The idea is not to scrimp but retire in modest comfort and with some degree of financial security.

    Also as noted in an earlier post, different people have different concepts of retirement. Personally, I would consider myself retired if I can pursue any activity part-time or full-time with a passion that which my heart desires and which I enjoy doing and consider therapeutic.

    At the moment my idea of therapeutic activities are modifying cars, rebuilding motorcycles, hunting, reading books, researching financial investments, photography, watching sports, mountain biking, golfing, road trips, driving sports cars, and being a couch potato when and where I want.

    Well, I suppose that about sums it up. Seems there's not much demand in the way of jobs for these sorts of activities. I really have no lack of activities that I have a passion for or want to pursue. I do have limited resources in pursuit of these activities so there in lies the conundrum and thus the need to prioritize and balance passions against capabilities based on most bang for the buck.

    Just my $.02 worth on the whole notion of retirement.

    Glad to read so many posts on early retirement and general overall satisfaction with life style. I am eagerly awaiting my time to retire as soon as possible. Ciao.
    I wonder how someone your age figures for inflation these days? On a "today" basis, you can do some figuring but given the state of the economy and what folks my age have seen since our youth, it's a tough guess,HUH? Having worked in grocery store from like 59-65 & knowing prices for food then it is amazing whats transpired.

  10. #130
    On a Ride
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    For those retired or retiring soon, congrats, and be sure to keep the mind active, learning happening, and challenges coming. In a way, retirement should just be the close of one "Act", and the start of another. Enjoy the season of taking things easy, long rides, less work stress, etc. But it is going to get old and stale after awhile. Volunteer, get involved with something, keep the brain stimulated.

  11. #131
    dude987
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    Quote Originally Posted by kantuckid View Post
    I wonder how someone your age figures for inflation these days? On a "today" basis, you can do some figuring but given the state of the economy and what folks my age have seen since our youth, it's a tough guess,HUH? Having worked in grocery store from like 59-65 & knowing prices for food then it is amazing whats transpired.
    There was rampant inflation in the range of 15% to 19% in the 70's and 80's. Rumor has it that it was a way for the government to offset / reduce of cost of the debt load from the recent wars (WWII, Korea, and Vietnam). By printing more money there was too much currency chasing too few goods (Keynesian Economics). The result was devaluation of the dollar as well as the debt.

    Given our current economic conditions, it would not surprise me if we see a couple decades of rampant inflation in similar pattern as in the 70's and 80's to devalue the debt. Monetary policy so far has made a valiant and commendable effort to resist the devaluation of the dollar within reason and contain inflation. However the ethanol fuel subsidy has diverted the corn supply from food products to fuel for cars and driven up the commodity costs of food and meat products. Only time will tell, but I suspect there is a good possibly that the government will succumb to the pressures of the national debt and start printing more monies as a short sighted easy way out and to the detriment of good long term economic policy.

    Again just my $.02 worth.

  12. #132
    Registered User 39520's Avatar
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    I retired at age 49 in 2001, or perhaps I just went on a long sabbatical to be a stay at home dad for my three daughters, which was not only fun, but the ideal way to raise children.

    I've been thinking about going back to work now that the kids are in college. At the time I retired, it was a no-brainer to find a job in my technical field, as I had a good education, great experience, and a good resume. Usually it just required a phone call. However, in recent months I have been applying for positions in my field - some at much lower levels of salary and expertise than I previously commanded - and I rarely hear back. I was told by a headhunter that once you hit about 55 years old, HR departments metaphorically toss your resume in the trash.

  13. #133
    just mike for now
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    Quote Originally Posted by kantuckid View Post
    You can always sell out there & come to KY and "buy up". A small house there will get you a ranch here...

    Talking assets to retire it was a no brainer for us as we have what we have, so to speak & time was right. I talked to a man,age 98 then, a few years back (while out for a walk on my mother's retirement home property) & he had taken early retirement many years ago from Briggs & Stratton in Wisc. and had been the VP in charge of parts, or similar title. Kind of wierd as here I was about the age he retired then and it was over 40 yrs later at the time of the conversation. Anyway, he had been at a higher level of admin and had lots of savings too and had come to KS based on a daughter being there. He had about run out of $ to stay in his apt(as had my Mom) and would soon move "downstairs" to a simpler living situation(could continue until the end) at that point. As people live longer & especially if you have no inflation protection or longivity protection there will be many more in his "running out of money" situtation.
    My people don't seem to live that long: I'll be grateful to live to 90, but point strongly taken re: inflation. Did have to sell the house (divorce) after 29 yrs marriage, so it's driving me crazy that I don't have a place to leave to the 3 kids, but do have a (modest) stake. I realize all my kids could move to Uganda tomorrow, but I will never willfully put distance between us. Thanks for responding. Just for kix, Googlemaps (416 so. mc dowell, petaluma, ca.). This is the bottom dollar for a single family dwelling in the county just above mine- note the "kennels" in the backyard. I'd really like to have this place. Cheers

  14. #134
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    Fear

    Let's review: NOBODY knows what the future holds. NOBODY.

    If you are in the group that believes you have to have a million dollars in assets, and need many thousands of dollars income per month, then that belief eliminates the possibility of retirement for nearly everybody, as VERY FEW of us have that fortunate circumstance. This is exactly the mind-set that you might want to examine when contemplating retirement for yourself. Owning this level of assets, and having this large of an income is not a "requirement" and a lot of us know that from first-hand experience. We each have our own comfort zone, and none of these beliefs are "wrong" -- it's just a case of "one size does not fit all."

    This just in: One day, you are gonna die. I didn't want to do that at my desk, but maybe some of you do.

    Walking Eagle

  15. #135
    Registered User greenwald's Avatar
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    Smile

    Nobody makes it out of this life alive.

    NEVER swap time for money.

    Retire as soon as you can.

    Health and what years you have left on this earth is all that matters now.

    Live within your means, whatever this is or will become, and find a reason every day to smile and laugh at least once.

    The end.
    Kevin Greenwald - Touring Tips Editor
    Nationally Certified Law Enforcement Motor Officer (Ret.) / IBA Member #34281
    MSF RiderCoach # 121656 (BRC,SBRC,IS,IME,SMARTrainer)
    Motorcycle/Driving Instructor - ROAD AMERICA Race Track

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