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**Official Retirement Thread** (1 Viewer)

The Dude said:
 just a little scared by all the people saying you need over 2 million to do so.
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Every single retirement is different.

Never, ever listen to anyone say you need "X" to retire.  It is an absolutely meaningless number with out knowing your specific situation.

X is driven entirely by how you intend to live in your retirement (ie: your expenses).

For example, X in "travel the world twice a year and eat out at restaurants 4 times a week, buy a bigger house" needs to be significantly bigger than X in "enjoy hiking, cooking,playing video games and going to downsize house".

 
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NewlyRetired said:
as a retired person I will never understand this thought process as you could keep busy 24/7 in retirement if you wanted to on just volunteer work alone.
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I think it's the feeling of being "needed" for me. I know my employees count on me to be there to run the business. It gives me purpose and gets me out of bed in the morning.

I'm sure I could find other things to do, but I'm not sure it would be as satisfying for me, at least for now. 

 
kutta said:
I think it's the feeling of being "needed" for me. I know my employees count on me to be there to run the business. It gives me purpose and gets me out of bed in the morning.

I'm sure I could find other things to do, but I'm not sure it would be as satisfying for me, at least for now. 
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And we need you to run the T-shirt exchange and to send us cool, free Kutta swag.  Don't forget about that GB. 

 
kutta said:
I think it's the feeling of being "needed" for me. I know my employees count on me to be there to run the business. It gives me purpose and gets me out of bed in the morning.

I'm sure I could find other things to do, but I'm not sure it would be as satisfying for me, at least for now. 
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Sure, I can't tell you what is satisfying to you.  Only you know best.

I can safely say though, there are countless/endless retirees who will tell you some of the volunteer work they do is more satisfying to them than anything they did in their real career.

As one tiny example, one of my buddies was a fabulous engineer, who was responsible for keeping many big customers up and running with our products.  When he retired early like me, he looked for volunteer worked.  He found a place that helped adults learn to read.

He got paired up with this guy in his 20's who some how made it through our school system and could barely read at a 2nd grade level.   The guy was trying to fix his life and needed his drivers license to get a job.  So my buddy, who had no idea what he was doing, decided if they guy needed to read, he might as well learn to read the drivers license manual.  He met with him 3 nights a week in a library which over time led the guy to get his license and a job.

My buddy said nothing he even did in real work (which made him a ton of money) ever compared to that feeling of helping someone who needed it.

That story has always stuck with me.

 
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NewlyRetired said:
Sure, I can't tell you what is satisfying to you.  Only you know best.

I can safely say though, there are countless/endless retirees who will tell you some of the volunteer work they do is more satisfying to them than anything they did in their real career.

As one tiny example, one of my buddies was a fabulous engineer, who was responsible for keeping many big customers up and running with our products.  When he retired early like me, he looked for volunteer worked.  He found a place that helped adults learn to read.

He got paired up with this guy in his 20's who some how made it through our school system and could barely read at a 2nd grade level.   The guy was trying to fix his life and needed his drivers license to get a job.  So my buddy, who had no idea what he was doing, decided if they guy needed to read, he might as well learn to read the drivers license manual.  He met with him 3 nights a week in a library which over time led the guy to get his license and a job.

My buddy said nothing he even did in real work (which made him a ton of money) ever compared to that feeling of helping someone who needed it.

That story has always stuck with me.
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I get zero job satisfaction, so talk of "needing to feel needed" does not resonate with me.  I know I will volunteer more, I just hope I can retire early enough so I can still make a difference.  I've coached, help run youth sports programs, tutored, and a bunch of other stuff and all that has been rewarding.  I want to be able to do a lot more of that without it taking what little free time I have at this point of my life with more work and family demands that I will have later on.

 
Bull Dozier said:
I get zero job satisfaction, so talk of "needing to feel needed" does not resonate with me.  I know I will volunteer more, I just hope I can retire early enough so I can still make a difference.  I've coached, help run youth sports programs, tutored, and a bunch of other stuff and all that has been rewarding.  I want to be able to do a lot more of that without it taking what little free time I have at this point of my life with more work and family demands that I will have later on.
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you will be amazed at what life can be like when you are not only going to work just to make money.

The people that love their jobs are very lucky IMO.  If I had to sit through one more meaningless meeting, I think I was going to have to kill myself.

 
NewlyRetired said:
you will be amazed at what life can be like when you are not only going to work just to make money.

The people that love their jobs are very lucky IMO.  If I had to sit through one more meaningless meeting, I think I was going to have to kill myself.
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I'm very jealous of people who love their job.  If I had my life to do over, that would be the one thing I would change, finding a passion to make a living at.  It's the one lesson I need my kids to learn; don't waste your life at work.

 
NewlyRetired said:
you will be amazed at what life can be like when you are not only going to work just to make money.

The people that love their jobs are very lucky IMO.  If I had to sit through one more meaningless meeting, I think I was going to have to kill myself.
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I've always felt like if I didn't like my job I would find one I did like. I never understood people who stayed in jobs they hated.

But, I've always enjoyed work. There hasn't been one day of my life for the past 37 years that I didn't have some kind of job. Even if I retired from my current job, I think I'd pick up a night job bartending or something. It would just be so strange to me to not be working at something. 

 
Bull Dozier said:
I'm very jealous of people who love their job.  If I had my life to do over, that would be the one thing I would change, finding a passion to make a living at.  It's the one lesson I need my kids to learn; don't waste your life at work.
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This. I don't hate my job but I don't love it either. It pays the bills and thats about it. 

 
I'll be crunching the numbers in 10 yrs when I turn 62. Between SS, a company pension and maybe a part time job, I should make what I would be making if I continued to work. Wife will be still working so health coverage won't be an issue. 

 
kutta said:
I've always felt like if I didn't like my job I would find one I did like. I never understood people who stayed in jobs they hated.
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for me it was a trade off.  I was making so much money it was very hard to leave.  So my wife and I made a decision.  I would stay and rake in as much as I could and then retire as early as possible.

 
I'm about three years away from retirement if my business keeps performing as it has. I won't be living the Chet lifestyle but we'll be comfortable and able to maintain our current lifestyle. My wife and I aren't big spenders. I ride my bike to work everyday and we only have one car (a Honda), we shop sales and work all the angles on credit card points etc... living that way makes an early retirement much more realistic. 

I look forward to devoting myself more fully to volunteer opportunities. I like helping people out and not worrying about how valuable my time is. I want to do more of that.

 
Foosball God said:
Do you always sculpt in the nude?
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Since there was a photographer and a reporter present I opted for my bathing suit in this instance. I usually work outside and save the fine wet sanding of marble and alabaster pieces for the summer as I use my pool deck as my work bench, I don't actually wet sand in the pool water but in a large tupperware container on the deck.

 
Question for all of you early (pre-medicare) retirees:  what are you doing for health care coverage?  This is the biggest open question for the wife and I.

We both retired last year and are currently on Cobra, but the max coverage period for that is 18 months.  I have no idea what we’re going to do after that.  

What are you all doing?  Appreciate any insights you can offer!

 
audiophile said:
Question for all of you early (pre-medicare) retirees:  what are you doing for health care coverage?  This is the biggest open question for the wife and I.

We both retired last year and are currently on Cobra, but the max coverage period for that is 18 months.  I have no idea what we’re going to do after that.  

What are you all doing?  Appreciate any insights you can offer!
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we just use a state plan (Tufts Medical).   Here in Mass. everyone is required to have health insurance so the state provides a ton of different plans.  You just pick the one the suits you and then based on your income, a price is set.

 
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kutta said:
I've always felt like if I didn't like my job I would find one I did like. I never understood people who stayed in jobs they hated.

But, I've always enjoyed work. There hasn't been one day of my life for the past 37 years that I didn't have some kind of job. Even if I retired from my current job, I think I'd pick up a night job bartending or something. It would just be so strange to me to not be working at something. 
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I have 20 years with the same company, and 16 years in a fairly narrow field.  My experience doesn't lead to many lateral opportunities, unless I went somewhere to do something very similar, which would just be another job I would hate.  I have a kid in college, and two in high school, so taking a significant pay cut to basically start over at something else isn't in the cards right now.

 
audiophile said:
Question for all of you early (pre-medicare) retirees:  what are you doing for health care coverage?  This is the biggest open question for the wife and I.

We both retired last year and are currently on Cobra, but the max coverage period for that is 18 months.  I have no idea what we’re going to do after that.  

What are you all doing?  Appreciate any insights you can offer!
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My wife and I retired from high income jobs 3 years ago. We both now have low paying home biz' that bring in about $15K a year. Health care is our biggest expense outside of food/booze and we have coverage from BCBS thru healthcare.gov and with the tax bennies our premium is $300/month with a $2K deductible. We're not eligible for Medicare until we are 67- we're both 59 now and plan on grabbing SS @ 62. Our combined SS income will be a little over $30K. We have 0 debt, love our house and vehicles and with our savings (less than $2M) we have no worries.

 
audiophile said:
Question for all of you early (pre-medicare) retirees:  what are you doing for health care coverage?  This is the biggest open question for the wife and I.

We both retired last year and are currently on Cobra, but the max coverage period for that is 18 months.  I have no idea what we’re going to do after that.  

What are you all doing?  Appreciate any insights you can offer!
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We will use Cobra for 18 months. So, when I'm 61.5 we'll have to buy our own plan.  I already got a quote, and in today's dollars/rates it'll be $30K/year.

 
I am the Walrus said:
I'm 59 and I'm done somewhere between Dec and June '19.  All depends on how fast my replacement is found.

It's been fun planning with my wife.  We decided to keep our place in a very low cost of living area, but to also rent another place during winters.  Have zeroed in on NC, SC, TN, or CO.  Also started  compiling list of all the trips we're going to take. First on the list is Italy.

Have been huge savers and now have structured payout from deferred comp plan of $400K/year for 8 of the next 10 years, and then have several more million we have to burn through after that.  I plan to blow every damn cent.  Can't wait.
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You looking to adopt?

 
Just turned 59, wife is 58.   I have enough now to retire but will work about 6-7 years until both the wife & I can get medical insurance via Medicare.  

 
I was downsized from my 9-5 about a year ago.  Just helping out with the rentals and have a nice side gig going on now as well.  We can basically get as much or as little side work as we want to take on and the pay is 4-5x what I ever made working in my cubical.  42 years old.

 
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audiophile said:
Question for all of you early (pre-medicare) retirees:  what are you doing for health care coverage?  This is the biggest open question for the wife and I.

We both retired last year and are currently on Cobra, but the max coverage period for that is 18 months.  I have no idea what we’re going to do after that.  

What are you all doing?  Appreciate any insights you can offer!
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Because of the number of years at my company + my age > 60, I was able to continue my health benefits (health, dental, eye) at my expense.  My wife loves the health insurance and although it's expensive ( ~$3400/month for med, dental and eye), that's what we decided to do.  It's Blue Cross Blue Shield PPO and covers our family--me, wife, daughter (16) and son (12).  

 
chet said:
Because of the number of years at my company + my age > 60, I was able to continue my health benefits (health, dental, eye) at my expense.  My wife loves the health insurance and although it's expensive ( ~$3400/month for med, dental and eye), that's what we decided to do.  It's Blue Cross Blue Shield PPO and covers our family--me, wife, daughter (16) and son (12).  
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HOLY ####!!

 
chet said:
First post retirement task:  I am at a mediation in Delaware for a dispute with a much larger company who didn’t pay us for work completed. I am an investor and on the board of the smaller company. 
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this sounds like work

 
audiophile said:
Question for all of you early (pre-medicare) retirees:  what are you doing for health care coverage?  This is the biggest open question for the wife and I.

We both retired last year and are currently on Cobra, but the max coverage period for that is 18 months.  I have no idea what we’re going to do after that.  

What are you all doing?  Appreciate any insights you can offer!
Click to expand...
I am on Cobra now.It lasts 18 months.I will be 63 when it ends.I hope they change the laws back to where you can buy the coverage you need such as just coverage for hospital stays or catastrophic coverage.I very rarely go to Doctors office fairly healthy knock on wood.If it doesn't change then I guess I will have to gamble on staying healthy for two years.It is a shame that folks that have worked hard their whole lives can't afford health insurance in this country.Guess it is what it is though. I am not going to let that stop me from enjoying life.

 
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Congratulations to all that are there already.  My in-laws have been retired for a few years and my parents just finally retired... at 75! so sounds like you're doing it right.  My wife and I are both kind of "meh" on our jobs so we've started thinking ahead to it.  My kids are 12 and 10 though so we'll probably at least be working until they're out of school, that would be in 2030 when we're 54.  I would think I'd look for some part time work in something I enjoy to keep from just sitting around at home too much. 

I'm not even sure how to go about calculating out what our expenses would be, how much we'd need to have saved, etc.  We're probably too careful to end up running out of money.  Instead we'll probably realize a year or so into retirement that we could have done it earlier.  So my question to the retirees in the thread who are willing to share, how did you personally go through the process of figuring out that you had enough to retire?

 
Lehigh98 said:
 I'm not even sure how to go about calculating out what our expenses would be, how much we'd need to have saved, etc.  We're probably too careful to end up running out of money.  Instead we'll probably realize a year or so into retirement that we could have done it earlier.  So my question to the retirees in the thread who are willing to share, how did you personally go through the process of figuring out that you had enough to retire?
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I tracked, in great detail what my expenses were every year.

I then researched what some items like medical insurance would cost.

We decided on what type of lifestyle we wanted (which was to live the same in retirement as we did when working).

We used various inflation models to determine what our expense needs would be and various models to determine asset growth while in retirement.

Then we determined what % we felt safe withdrawing from our nest egg to cover those expenses.

All those items then added up to the total amount we thought we felt comfortable retiring at when choosing the conservative models from each.

===============

it all starts with your expenses.  Once you know those in detail, you can start to make some educated guesses into where you are going.

 
Lehigh98 said:
Congratulations to all that are there already.  My in-laws have been retired for a few years and my parents just finally retired... at 75! so sounds like you're doing it right.  My wife and I are both kind of "meh" on our jobs so we've started thinking ahead to it.  My kids are 12 and 10 though so we'll probably at least be working until they're out of school, that would be in 2030 when we're 54.  I would think I'd look for some part time work in something I enjoy to keep from just sitting around at home too much. 

I'm not even sure how to go about calculating out what our expenses would be, how much we'd need to have saved, etc.  We're probably too careful to end up running out of money.  Instead we'll probably realize a year or so into retirement that we could have done it earlier.  So my question to the retirees in the thread who are willing to share, how did you personally go through the process of figuring out that you had enough to retire?
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Firecalc.  Add up current expenses and then removed mortgage (was going to be paid off).  Remember to include current health insurance, property taxes, vacations, buying cars and insurance.  Adjust anything that you know will change - college? how much does your company cover health insurance when you retire, etc.  This will give you a spending number - firecalc will let you add inflation to the level you want to assume. 

What do you have in savings and investments? How much can save per year from now until your retirement date (you pick it in the model).  What do you expect from SS (get your statement ...or leave it out if you want to be more conservative).  You put in a conservative growth number and see how much you will have.  

Firecalc runs a bunch of Monte Carlo sims and gives you a percent estimate of your chance at making the spending number you have laid out and when you are most likely to run out of money.  Its easy to adjust any of the inputs and play around with the model to see how the results change.  It's likely to get you to save more  :D .

firecalc

Then go see a fee-only financial advisor that is FPA certified.  Pay the money and don't mess with a local "broker" that pitches retirement planning.  

ETA:  Don't plan on withdrawing more than 4% a year - and you're better off around 3.5 - 3.75%.  

 
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chet said:
The difference being I choose what I work on and have no day-to-day responsibilities.
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:thumbup:  that, IMO, is the ideal "retirement". 

Do what you love, not what you're forced to do. 

I've been listening to "listen money matters" recently, and they had the host from https://moneyfortherestofus.com on. He basically did exactly what you're describing andb advocates that we eschew the normal idea of retirement in favor of your plan. Really good stuff. 

 
-OZ- said:
:thumbup:  that, IMO, is the ideal "retirement". 

Do what you love, not what you're forced to do. 

I've been listening to "listen money matters" recently, and they had the host from https://moneyfortherestofus.com on. He basically did exactly what you're describing andb advocates that we eschew the normal idea of retirement in favor of your plan. Really good stuff. 
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Sounds ideal.  The question then becomes how do you find things that you love to do that you can choose to do to supplement retirement income? It doesn't seem that every career lends itself to that kind of thing.

 
SFBayDuck said:
Sounds ideal.  The question then becomes how do you find things that you love to do that you can choose to do to supplement retirement income? It doesn't seem that every career lends itself to that kind of thing.
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For you, take up coaching and sherpaing could be lucrative :)  

And rubbing feet.

 
chet said:
Because of the number of years at my company + my age > 60, I was able to continue my health benefits (health, dental, eye) at my expense.  My wife loves the health insurance and although it's expensive ( ~$3400/month for med, dental and eye), that's what we decided to do.  It's Blue Cross Blue Shield PPO and covers our family--me, wife, daughter (16) and son (12).  
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This seems like a horrible deal unless someone in your family has serious chronic medical conditions.  For a relatively healthy family you can get a cheaper high deductable plan an just pay out of pocket.  I would think it would come out to less than $40k/yr

 
Some really good info in here fellas.  I'm lucky that I don't have kids yet but they're prolly coming in a few years so that's a potential cost I have not accounted for.  Key for me is multiple revenue streams.  I like making money when I sleep.  Air BNB is good for this.  Things like Uber and 9-5 worker bee stuff, not so much.  

 
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-OZ- said:
:thumbup:  that, IMO, is the ideal "retirement". 

Do what you love, not what you're forced to do. 

I've been listening to "listen money matters" recently, and they had the host from https://moneyfortherestofus.com on. He basically did exactly what you're describing andb advocates that we eschew the normal idea of retirement in favor of your plan. Really good stuff. 
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This is what my wife and I are planning. I've talked about our early retirement plan on here before but it's more of a 're-purposing' and getting out of our 50+ hour workweeks for something a lot less stressful. We'll be doing something but it'll be on our terms and likely part-time unless we find something super-interesting. The fun part is going to be figuring out what I want to get into and trying a few different things.

 
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