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Originally posted by CoolRich59:

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Originally posted by Cliff:
Timely thread. I just retired past Friday.

Congratulations Cliff. Enjoy!!

Thank you sir. Much appreciated. Really looking forward to this coming Sunday night when I realize I don't have to go in Monday mornings anymore.

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Originally posted by old rugged cross:Just realize that you will never be completely ready and the time to just do it needs to come sooner than later if you ultimately want to pursue other avenues.

That's what I've been told. Of course, it's always good to have more saved, work longer, die sooner in terms of the math.

I do worry that I might find myself reluctant to spend even up to my pre-determined budget levels once the income is cut off. I don't need to go on world cruises, but don't want to feel like I have to be straightening and saving nails, either.

I'm of the mindset of having enough to at least live in retirement as long as I worked! Twice as long works for me also. Starting my 17th year and plodding forward.

Is that working or retirement Fla. Jim? If retirement how is that working out?

For me, the trade off of retirement vs working a drawing a paycheck has been worth it. Yes it does take sacrifice. But as the old saying goes. Your spending and earning go hand in hand. The less you make, the less you spend. At least on the non essentials. And the more you make, the more you spend.

I think you should also consider your life expectancy as far as your genetics and health. What good is it to work until your 68 to have money to last until you’re 100 then die at 69? Im retiring from my current employer at 55. I can start pulling a small pension then. I’ll find other work until 60 at which time l retire permanently. At 60 I will start getting another pension and at 62 I’ll get SS and my wife will get half of my SS. I have a 401k I can pull from at 55 if needed but I won’t until necessary . I’m not worried about leaving my heirs anything, I plan to spend my last dollar the day I die. I told my daughter that I started with nothing and worked hard to get where I’m at and it wasn’t in order to make her rich. I want her to work like I did and depend on her own effort.

You can retire at any age it just depends on how you want to live. I paid off my house when I was 43, my only obligation is a small home improvement loan that will be paid off in a couple years max. I did all this without a college education and with one income (my wife never worked) but we lived within our means. If you live within your means it will give you the freedom to do what you want within your budget and not be a slave to bills.

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Originally posted by mrvmax:You can retire at any age it just depends on how you want to live.

Very true. One person's dream retirement is another's version of poverty.

Crap. I'll frickin' be 90 before I can retire.

First, congrads Cliff! Hope you enjoy your new life!

Our plan was for Mrs. Pal to retire this year at the end of the school year. She is 62. She has has two bouts of skin cancer and one of breast cancer and wanted to have some time with good health. I was planning to work another year or two depending on the sale of my(our) business.

Well, a brokerage company contacted us about selling the business. We didn't sign with them but one thing that they said stuck with me. It takes two to four years to sell a business like ours. I made one phone call to someone in my field and they were interested in buying. It's not a done deal but I may be retiring soon as well.

Between pensions, SS, and IRAs we should do fine. As a side note, we don't live high on the hog and we have been saving since before we got married.

As a friend said"the next adventure"

Jim

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Originally posted by mrvmax:
I’m not worried about leaving my heirs anything, I plan to spend my last dollar the day I die. I told my daughter that I started with nothing and worked hard to get where I’m at and it wasn’t in order to make her rich.

This is a great point - and one I think too many planners and advisors ignore.

We’ve had two planners and have talked to others. They all started with the assumption that our plan needed to include leaving some big $$ for our kids, funding college for our grandkids, etc.

Like mrvmax, I started with nothing and worked hard to earn and save. I did that for me and the wife. I love my kids, and adore my grandkids, but they are on their own. If there is $$ left when we go, great. If not, that's ok too.

Well due to some maybe poor choices I am currently on the 'work until I drop" plan.

But my kids have had every advantage I could give them. It might mean that I don't have much of a life after work but hopefully they will make it worth it.

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Originally posted by Pal:
First, congrads Cliff! Hope you enjoy your new life!

Our plan was for Mrs. Pal to retire this year at the end of the school year. She is 62. She has has two bouts of skin cancer and one of breast cancer and wanted to have some time with good health. I was planning to work another year or two depending on the sale of my(our) business.

Well, a brokerage company contacted us about selling the business. We didn't sign with them but one thing that they said stuck with me. It takes two to four years to sell a business like ours. I made one phone call to someone in my field and they were interested in buying. It's not a done deal but I may be retiring soon as well.

Between pensions, SS, and IRAs we should do fine. As a side note, we don't live high on the hog and we have been saving since before we got married.

As a friend said"the next adventure"

Jim

Thanks Pal. Much appreciated.

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Originally posted by old rugged cross:
Is that working or retirement Fla. Jim? If retirement how is that working out?

For me, the trade off of retirement vs working a drawing a paycheck has been worth it. Yes it does take sacrifice. But as the old saying goes. Your spending and earning go hand in hand. The less you make, the less you spend. At least on the non essentials. And the more you make, the more you spend.

Working quite well I was fortunate that where I worked we went with our own self funded retirement system instead of the State. When I retired I was bringing home as much as if I was still working. Also I went with a middle option with less pay that will allow my wife to continue receiving my benefits should I die first until she passes. Insurance has become more affordable since my main policy is now Medicare. It has been nice to be around to help raise my Grandchildren do and learn. Of course like all retired people I never knew how busy I would become to others as I was retired and had all that free time......Right!

Seven years and I'm done.
I can start drawing my pension.
But I'll probably hang around for three more years to retire at a full 37yr level.
Unless the BS gets too thick!

It's a prison so the BS is already pretty thick !


I do actually plan to get a part time job to keep me in motorcycle tires and fuel in the motorhome!

61 I'm done. The wife and I have decided it is worth every penny it will cost us to retire 4 years early.

+1 for mrvmax.

I never bought a new car. Hell, I've never made a car payment. Never paid rent (okay, I went to Blockbuster a few times in the '80s). Sure, the lifestyle isn't for everybody. No fancy stuff and working long hours sucks. Had a few wake-up calls early on. What didn't suck was paying my house off at 32. Haven't owed anybody since then. Looks like I'll be able to comfortably retire at 52. Been hitting the Roth, 401K, I bonds, etc... & still have a bit left over for that impulse 1911 purchase.

Best and simplest advice I can give is this: Avoid depreciation and interest. Unless you are on the receiving side of the interest.

I know a guy that waited till he was 72, he would be 100% vested , ( what ever that is)

now he is getting $100,000.00 per year ( gross)
and loving life, whats left of it.

Me?
2 more years and I am done, win the lottery 16 months from now, retire, build a nice house on a 1,500 acre lake and sit back and feed the birds,

My philosophy is
Am I tired enough of this shit to go to work for my wife 24/7.
Cuz that's what she thinks me retiring, taking a day off, calling in sick.. whatever.. is.

I'm guessing I'll retire in 50 or 60 years

One more thing, I’ve seen people work until they’re too old to do anything due to health and the body breaking down from age and abuse. My gramps worked his whole life to get to retirement then died of cancer two years later before he could enjoy it. It’s all a gamble but I’d rather retire early and live without all the “niceties” but have the necessities. I won’t be rich in retirement money wise but I’ll have more than I need to live well.
“He is rich who is content with the least; for contentment is the wealth of nature”. - Socrates

A lot has to do with how you feel about your job. If you absolutely hate it, then go for the early retirement. If you get some satisfaction from your job, like the people and your boss, sticking it out a few more years might not be such a chore.

Since most people are pretty much on a fixed income once they pull the plug, make sure you'll have enough disposable to allow you to have an enjoyable retirement. I've seen it happen to a number of people in my little circle. They retire only to find that in a year or so they must find part time or even full time employment to meet unexpected expenses.

Wow. I'm kind of envious of those who got lucky and managed to work as long as they wanted. I'd never figured I had bad genes. But coming up on my 62nd Bday, I needed heart surgery. A few days after the surgery, the company called and they were hysterical. We had a tape cartridge drive that needed to be unloaded and reloaded. I'd been meticulous and gave them detailed written instructions on the easy (for me apparently) way to do it. So they'd hired my replacement but he wasn't interested, he suggested spending a bundle and buying an easy solution going forward. It was kind of funny that I was told to go home and sit.

So instead I called my youngest son to come pick me up and drive me to work. Nope not cleared by the doctors, but I'd always been dedicated. So I took the ride with a pillow on my chest. Got there and was met by a wheel chair pushing volunteer. No shit. So they pushed me into the vault room where the equipment was installed. I got out of the wheelie and my so sat in it because I told him it would take a while. I sat on the floor. No one else bothered to even come in and view what I was doing! Made me wonder why continuing to work was worth it.

So we ignored my written instructions and I just did what needed to be done from memory. It actually took a couple of hours sitting on the floor. I got it done with no hangups. Then I faced the big decision, but I gave in and told my boss I was done and going home. He thanked me but actually wondered why no one else had bothered to even watch. Except my son who had no idea what I was doing.

So I kind of healed from the surgery and went back to work full time. For about 6 months. And it became clear that all the planning in the world wouldn't wouldn't have helped me much. I left at about 62 1/2. I was the only one really concerned about saving the company money. It allowed me to leave with a smile on my face.

That was about 8 years ago. I'm happy. We saved enough. It also became clear that I wasn't the one deciding "when". Events pretty much dictate the timing. Everyone should allow for that to happen. Just because some advisor says a certain year would be good doesn't mean it will work for you.

Now I'm having a terrible health problem and no one has a clue what it is. I'm tired of going to doctors and being a guinea pig. If they were honest it would save me a lot of pain, poking an proding. If they had a clue, I might approach the next series of tests with a good attitude. But things aren't all that bad. I'm not in pain or anything.