The “I want to retire soon” thread (1 Viewer)

[tri-man 47]

But isn't there a max social security benefit? At some point, does replacing lower years with higher years make no difference to what someone might receive in SS?

Sure, if you've earned the maximum income (table here) for 35 years you'd have topped it off is my understanding.

I exceeded the SS earnings max for the last one and a half paychecks in 1986 ...pretty sweet to get that little bump in net pay without the SS withholding. In 1987, I entered higher education, and I've been chasing the max ever since.

 

[brun]

Always wanted to retire before 55. Mostly because my dad died at 55. Unfortunately, for various reasons, I was never in a position to make that happen.
So, still working full time at 68. I'm thankful that I'm able to do some updates on the house as I started collecting SS as soon as I reached full retirement age. An extra 30k or so can really make a difference.
I'll probably scale back in the next year or so and focus on WFH opportunities.
In any case I just wanted to suggest that collecting SS and still working once you reach full retirement age can be a good thing.

 

[Todem]

I am nowhere near a full retirement in my mind......I love what I do....and don’t see myself ever fully retiring for at least 20-25 more years......I am 53.

Do I see myself slowing down in say 12-15 years and taking on a lighter workload? Yeah....that I can see.

Blessed that I love what I do and can literally do it for a long time as long as my mind stays healthy.

 

[New Binky the Doormat]

I'm 65, and celebrated 10 years of retirement in October.

reaction.

 

[Sand]

But isn't there a max social security benefit? At some point, does replacing lower years with higher years make no difference to what someone might receive in SS?

Sure, if you've earned the maximum income (table here) for 35 years you'd have topped it off is my understanding.

That's correct, though you have to have a pretty nice income for a long time to hit that. If looking at this actuarily and with time in mind I'd aim for getting over the second bend point in benefits. Once over that the benefit accrues very slowly and isn't worth it to chase from then on.

From here I'd have to max out every year until age 71 to get there. Pretty sure I'm not looking to do that.

Can you explain what you mean by "getting over the second bend point in benefits"?

SS is broken up into three benefit percentages and they decrease as your 35 year income goes up. It's tuned toward making sure that those who don't have a lot of lifetime income get the most bang/buck and those with high incomes subsidize the lower end (not political, it seems fair to me, to be honest). After each bend point you get less benefit per dollar of FICA tax put in. After the second bend point you go from 32% to 15% - a big decrease. IMO, chasing SS benefits for the sake of SS income after the second bend point isn't worth your time working - the ROI is pretty poor. This is a good article:

https://thefinancebuff.com/early-retirement-social-security-benefits.html

 

[-OZ-]

Each spouse claims SS based on their own indexed earnings. But when one spouse dies, the surviving spouse (assuming full retirement age) can switch over to the deceased' benefit, if it's higher. Basically, the larger benefit continues for the surviving spouse.

Clipped from an article:
If you are a married person with little to no earnings history, you can receive a benefit up to half of your spouse’s Social Security. More specifically, you receive half of your spouse’s “primary insurance amount,” which is the benefit they receive at their Social Security full retirement age, which right now is age 66 or 67 for most people.

When you receive half of your spouse’s Social Security, this is known as the "spousal benefit."

As of May 1, 2016, your spouse has to be receiving their Social Security in order for you to take the spousal benefit

 

[Mr.Pack]

*

 

[stbugs]

A general reminder that social security, which is available at age 62, automatically increases by 8% each year until it maxes out after age 70. The trade off becomes life expectancy.

Are you meaning that if I choose to start drawing at 62, that payment will increase 8% each year?

I've always thought that whatever number you start at is the number you get. So for me, if I draw at 62 my number right now is like $1600 and stays that way forever (other that normal cost of living increases). If I wait til 67 it's something like $2700

No, you have it right. He was saying the same thing but didn't clarify that it's if you wait.

However, having looked at the numbers before, I'm pretty sure it makes sense to just start taking it early If you can take it and invest. By the time the increased amounts catch up (assuming 5% market vs. 8% higher amounts), the break even is like 85 years old IIRC.

Yea, this part is never mentioned in the overwhelming amount of "wait" advice I see. In raw dollars, the break even only occurs if you exceed life expenctancy by a decent amount.

Not to spend more time on it here but if you have a decent sized retirement fund where you can keep it in the market without worrying about down years, it would be pretty easy to not even have a break even point. If you can get somewhere in the 7-10% return area, I think the numbers were such that at 70, the money collected over the first 8 years would provide a return (including the start at 62 monthly) at or above the start at 70 SS monthly amount. The kicker was that you owned that nest egg so it would pass to your children. Again, only a case where you’ve got a nest egg that produces income enough that you are actually investing the SS amounts. Personally, I’ll be using that SS money for expenses but keeping the corresponding amount invested. That said, 9-10 years until we even have the choice so we’ll see where we are then.

I do get jealous of all those pensions!

 

[Judge Smails]

Need separate threads on Social Security and Long Term Care strategies.

 

[fruity pebbles]

A general reminder that social security, which is available at age 62, automatically increases by 8% each year until it maxes out after age 70. The trade off becomes life expectancy.

Are you meaning that if I choose to start drawing at 62, that payment will increase 8% each year?

I've always thought that whatever number you start at is the number you get. So for me, if I draw at 62 my number right now is like $1600 and stays that way forever (other that normal cost of living increases). If I wait til 67 it's something like $2700

No, you have it right. He was saying the same thing but didn't clarify that it's if you wait.

However, having looked at the numbers before, I'm pretty sure it makes sense to just start taking it early If you can take it and invest. By the time the increased amounts catch up (assuming 5% market vs. 8% higher amounts), the break even is like 85 years old IIRC.

Yea, this part is never mentioned in the overwhelming amount of "wait" advice I see. In raw dollars, the break even only occurs if you exceed life expenctancy by a decent amount.

Not to spend more time on it here but if you have a decent sized retirement fund where you can keep it in the market without worrying about down years, it would be pretty easy to not even have a break even point. If you can get somewhere in the 7-10% return area, I think the numbers were such that at 70, the money collected over the first 8 years would provide a return (including the start at 62 monthly) at or above the start at 70 SS monthly amount. The kicker was that you owned that nest egg so it would pass to your children. Again, only a case where you’ve got a nest egg that produces income enough that you are actually investing the SS amounts. Personally, I’ll be using that SS money for expenses but keeping the corresponding amount invested. That said, 9-10 years until we even have the choice so we’ll see where we are then.

I do get jealous of all those pensions!

Unfortunately largely a thing of the past in the non unionized private sector.......which is the vast majority

 

[STEADYMOBBIN 22]

A general reminder that social security, which is available at age 62, automatically increases by 8% each year until it maxes out after age 70. The trade off becomes life expectancy.

Are you meaning that if I choose to start drawing at 62, that payment will increase 8% each year?

I've always thought that whatever number you start at is the number you get. So for me, if I draw at 62 my number right now is like $1600 and stays that way forever (other that normal cost of living increases). If I wait til 67 it's something like $2700

No, you have it right. He was saying the same thing but didn't clarify that it's if you wait.

However, having looked at the numbers before, I'm pretty sure it makes sense to just start taking it early If you can take it and invest. By the time the increased amounts catch up (assuming 5% market vs. 8% higher amounts), the break even is like 85 years old IIRC.

Yea, this part is never mentioned in the overwhelming amount of "wait" advice I see. In raw dollars, the break even only occurs if you exceed life expenctancy by a decent amount.

Not to spend more time on it here but if you have a decent sized retirement fund where you can keep it in the market without worrying about down years, it would be pretty easy to not even have a break even point. If you can get somewhere in the 7-10% return area, I think the numbers were such that at 70, the money collected over the first 8 years would provide a return (including the start at 62 monthly) at or above the start at 70 SS monthly amount. The kicker was that you owned that nest egg so it would pass to your children. Again, only a case where you’ve got a nest egg that produces income enough that you are actually investing the SS amounts. Personally, I’ll be using that SS money for expenses but keeping the corresponding amount invested. That said, 9-10 years until we even have the choice so we’ll see where we are then.

I do get jealous of all those pensions!

Unfortunately largely a thing of the past in the non unionized private sector.......which is the vast majority

Which is why more young people should join the trades.

Join early, retire early, live life!

 

[Sand]

Need separate thread Long Term Care strategies.

I just plan on going walkabout at that point.

 

[-OZ-]

do get jealous of all those pensions!

Those of us with pensions are generally underpaid while working.

 

[tri-man 47]

Need separate threads on Social Security and Long Term Care strategies.

Yeah, sorry I started a SS hijack

(And @-OZ- , thanks for the info on spousal benefits.)

 

[NutterButter]

Need separate thread Long Term Care strategies.

I just plan on going walkabout at that point.

Problem is your loved ones find ya and bring ya back.

 

[SFBayDuck]

Need separate thread Long Term Care strategies.

I just plan on going walkabout at that point.

Same, my instructions to my family are to take me to a trail head and drop me off.

 

[IvanKaramazov]

do get jealous of all those pensions!

Those of us with pensions are generally underpaid while working.

True, but if you take that pension and reverse the math to impute the additional savings you'd need to generate that permanent income, the depressed annual salaries suddenly don't look so bad. The obvious catch is that you have to stay. I'm the type of person who likes to settle in one spot, so it worked out great for me, but a long career at one place isn't for everybody and is getting to be fairly rare these days.

 

[NutterButter]

Need separate thread Long Term Care strategies.

I just plan on going walkabout at that point.

Same, my instructions to my family are to take me to a trail head and drop me off.

LOL. Maybe put a sign around your neck so that the various hikers that run into you just know to let you be.

 

[SFBayDuck]

Need separate thread Long Term Care strategies.

I just plan on going walkabout at that point.

Same, my instructions to my family are to take me to a trail head and drop me off.

LOL. Maybe put a sign around your neck so that the various hikers that run into you just know to let you be.

Some people have a DNR order, with the R being "Resuscitate". My trail DNR stands for "Rescue". I will encourage trail mix be shared, I would like to wander off munching on M&Ms and peanuts.

 

[tri-man 47]

Need separate thread Long Term Care strategies.

I just plan on going walkabout at that point.

Same, my instructions to my family are to take me to a trail head and drop me off.

LOL. Maybe put a sign around your neck so that the various hikers that run into you just know to let you be.

Some people have a DNR order, with the R being "Resuscitate". My trail DNR stands for "Rescue". I will encourage trail mix be shared, I would like to wander off munching on M&Ms and peanuts.

Remember when I was pacing you at the Western States 100 and I led you off-course in, like, the first mile? That was actually with encouragement from, uh, some family and friends. "Wally, it's late at night. Just lead him out into the wilderness and the critters will take it from there." Lucky for you another runner called us back, mister.

 

[Phil Elliott]

Sorry if a Honda...Since several mentioned SS and Medicare...FWIW, for those looking at Medicare, read up about IRMAA which is an additional tax for those with significant income. Medicare will look back two years at your tax returns. IRMAA can be more than your Medicare premium. It is adjusted annually.
Also, if you go on Medicare but delay SS, you pay in advance for monthly Medicare premiums. When you start SS, Medicare premiums are automatically deducted from your monthly SS benefit and Medicare premium applies to the month you receive your SS benefit.
AARP has some good Medicare supplemental plans (United Health Care) with discounts based on age and adding your spouse, when eligible.

 

[Judge Smails]

Sorry if a Honda...Since several mentioned SS and Medicare...FWIW, for those looking at Medicare, read up about IRMAA which is an additional tax for those with significant income. Medicare will look back two years at your tax returns. IRMAA can be more than your Medicare premium. It is adjusted annually.
Also, if you go on Medicare but delay SS, you pay in advance for monthly Medicare premiums. When you start SS, Medicare premiums are automatically deducted from your monthly SS benefit and Medicare premium applies to the month you receive your SS benefit.
AARP has some good Medicare supplemental plans (United Health Care) with discounts based on age and adding your spouse, when eligible.

Starts at $206,000 for married couples in 2024. Not a bad retirement income

 

[Phil Elliott]

Sorry if a Honda...Since several mentioned SS and Medicare...FWIW, for those looking at Medicare, read up about IRMAA which is an additional tax for those with significant income. Medicare will look back two years at your tax returns. IRMAA can be more than your Medicare premium. It is adjusted annually.
Also, if you go on Medicare but delay SS, you pay in advance for monthly Medicare premiums. When you start SS, Medicare premiums are automatically deducted from your monthly SS benefit and Medicare premium applies to the month you receive your SS benefit.
AARP has some good Medicare supplemental plans (United Health Care) with discounts based on age and adding your spouse, when eligible.

Starts at $206,000 for married couples in 2024. Not a bad retirement income

Yes, but with the two year look back, that may not be your current retirement income, especially if you just retired.

 

[Terminalxylem]

I'm 47 and in my 22nd year teaching in Florida. . I have to do a minimum of 30 years. That will put me at age 55. At that point, my pension would only pay me 48% of my top 5 years. In a perfect world, I would enter the deferred retirement option plan offered in Florida and teach another 6 years and that would get almost to 62 and social security. I just don't know if I could do it. i'm already feeling burnt in and pondering a possible second career in my mid 50s. No clue what that would be. No matter what, I'm not working past 62.

A general reminder that social security, which is available at age 62, automatically increases by 8% each year until it maxes out after age 70. The trade off becomes life expectancy.

I did the math on my SS figures one time.............I think if I can live until 78 it pays to put it off until 70 (but then again, I was not reinvesting the payments for 8 years and working.........I was just retiring, so I'm not sure that is totally accurate).

Right, and this is probably another thread all on it's own, but for those that put off collecting SS for 6,7, 8 years, you are really making a tremendous bet on your health/luck.
SS is also indexed for inflation, so if you draw early, not only are you getting paid all of those years, you are getting potential raises of a few percent per year.
Lastly, the one "flaw" I find in all of these retirement calculators is they expect you to be spending the same per year at 65 as you are at 85. I really don't think this is going to be the case at all. I expect to spend at least 20% less per year for every decade after retirement.
Government wants you to wait till last possible moment to draw SS because they are betting against you

Is it really a gamble though? I really think it depends on the person.

Life expectancy for a 62 year old male is 19 years. If you make it to that age without any major medical problems, you’ll likely live quite a bit longer. In that case, I’d consider deterring payments. On the flip side, if you’re obese, smoke, have diabetes or other chronic conditions, cashing out as soon as possible makes sense.

Adjustment for inflation, program solvency and return on alternative investments make the equation more complex, of course, but I don’t think it’s a no-brainer nonetheless.

Also, completely agree about the flawed logic of expected spending. I wonder what the reality is? Do retirees spend more or less as the years progress?

 

[Terminalxylem]

I'm 47 and in my 22nd year teaching in Florida. . I have to do a minimum of 30 years. That will put me at age 55. At that point, my pension would only pay me 48% of my top 5 years. In a perfect world, I would enter the deferred retirement option plan offered in Florida and teach another 6 years and that would get almost to 62 and social security. I just don't know if I could do it. i'm already feeling burnt in and pondering a possible second career in my mid 50s. No clue what that would be. No matter what, I'm not working past 62.

A general reminder that social security, which is available at age 62, automatically increases by 8% each year until it maxes out after age 70. The trade off becomes life expectancy.

I did the math on my SS figures one time.............I think if I can live until 78 it pays to put it off until 70 (but then again, I was not reinvesting the payments for 8 years and working.........I was just retiring, so I'm not sure that is totally accurate).

Right, and this is probably another thread all on it's own, but for those that put off collecting SS for 6,7, 8 years, you are really making a tremendous bet on your health/luck.
SS is also indexed for inflation, so if you draw early, not only are you getting paid all of those years, you are getting potential raises of a few percent per year.
Lastly, the one "flaw" I find in all of these retirement calculators is they expect you to be spending the same per year at 65 as you are at 85. I really don't think this is going to be the case at all. I expect to spend at least 20% less per year for every decade after retirement.
Government wants you to wait till last possible moment to draw SS because they are betting against you

The type of care you need will certainly be a huge factor. In home care could run you 30k. Then there's a full blown nursing home which is easily a 100k for something nice.

I don’t think 24-7 care is a fixture for most people as they age, except near the very end. On average, I vaguely recall nursing home residents only live a couple years, for example (don’t quote me, as I’m too lazy to look it up.)

 

[Sand]

I'm 47 and in my 22nd year teaching in Florida. . I have to do a minimum of 30 years. That will put me at age 55. At that point, my pension would only pay me 48% of my top 5 years. In a perfect world, I would enter the deferred retirement option plan offered in Florida and teach another 6 years and that would get almost to 62 and social security. I just don't know if I could do it. i'm already feeling burnt in and pondering a possible second career in my mid 50s. No clue what that would be. No matter what, I'm not working past 62.

A general reminder that social security, which is available at age 62, automatically increases by 8% each year until it maxes out after age 70. The trade off becomes life expectancy.

I did the math on my SS figures one time.............I think if I can live until 78 it pays to put it off until 70 (but then again, I was not reinvesting the payments for 8 years and working.........I was just retiring, so I'm not sure that is totally accurate).

Right, and this is probably another thread all on it's own, but for those that put off collecting SS for 6,7, 8 years, you are really making a tremendous bet on your health/luck.
SS is also indexed for inflation, so if you draw early, not only are you getting paid all of those years, you are getting potential raises of a few percent per year.
Lastly, the one "flaw" I find in all of these retirement calculators is they expect you to be spending the same per year at 65 as you are at 85. I really don't think this is going to be the case at all. I expect to spend at least 20% less per year for every decade after retirement.
Government wants you to wait till last possible moment to draw SS because they are betting against you

Is it really a gamble though? I really think it depends on the person.

Life expectancy for a 62 year old male is 19 years. If you make it to that age without any major medical problems, you’ll likely live quite a bit longer. In that case, I’d consider deterring payments. On the flip side, if you’re obese, smoke, have diabetes or other chronic conditions, cashing out as soon as possible makes sense.

Adjustment for inflation, program solvency and return on alternative investments make the equation more complex, of course, but I don’t think it’s a no-brainer nonetheless.

Also, completely agree about the flawed logic of expected spending. I wonder what the reality is? Do retirees spend more or less as the years progress?

They spend more, then less. After 75 spending slows down a decent bit.

 

[SFBayDuck]

Need separate thread Long Term Care strategies.

I just plan on going walkabout at that point.

Same, my instructions to my family are to take me to a trail head and drop me off.

LOL. Maybe put a sign around your neck so that the various hikers that run into you just know to let you be.

Some people have a DNR order, with the R being "Resuscitate". My trail DNR stands for "Rescue". I will encourage trail mix be shared, I would like to wander off munching on M&Ms and peanuts.

Remember when I was pacing you at the Western States 100 and I led you off-course in, like, the first mile? That was actually with encouragement from, uh, some family and friends. "Wally, it's late at night. Just lead him out into the wilderness and the critters will take it from there." Lucky for you another runner called us back, mister.

Vague recollection, I was 62 miles in at that point. But totally not surprised the family was trying to send me off into The Canyons.

 

[Terminalxylem]

I'm 47 and in my 22nd year teaching in Florida. . I have to do a minimum of 30 years. That will put me at age 55. At that point, my pension would only pay me 48% of my top 5 years. In a perfect world, I would enter the deferred retirement option plan offered in Florida and teach another 6 years and that would get almost to 62 and social security. I just don't know if I could do it. i'm already feeling burnt in and pondering a possible second career in my mid 50s. No clue what that would be. No matter what, I'm not working past 62.

A general reminder that social security, which is available at age 62, automatically increases by 8% each year until it maxes out after age 70. The trade off becomes life expectancy.

I did the math on my SS figures one time.............I think if I can live until 78 it pays to put it off until 70 (but then again, I was not reinvesting the payments for 8 years and working.........I was just retiring, so I'm not sure that is totally accurate).

Right, and this is probably another thread all on it's own, but for those that put off collecting SS for 6,7, 8 years, you are really making a tremendous bet on your health/luck.
SS is also indexed for inflation, so if you draw early, not only are you getting paid all of those years, you are getting potential raises of a few percent per year.
Lastly, the one "flaw" I find in all of these retirement calculators is they expect you to be spending the same per year at 65 as you are at 85. I really don't think this is going to be the case at all. I expect to spend at least 20% less per year for every decade after retirement.
Government wants you to wait till last possible moment to draw SS because they are betting against you

Is it really a gamble though? I really think it depends on the person.

Life expectancy for a 62 year old male is 19 years. If you make it to that age without any major medical problems, you’ll likely live quite a bit longer. In that case, I’d consider deterring payments. On the flip side, if you’re obese, smoke, have diabetes or other chronic conditions, cashing out as soon as possible makes sense.

Adjustment for inflation, program solvency and return on alternative investments make the equation more complex, of course, but I don’t think it’s a no-brainer nonetheless.

Also, completely agree about the flawed logic of expected spending. I wonder what the reality is? Do retirees spend more or less as the years progress?

They spend more, then less. After 75 spending slows down a decent bit.

I kinda thought that might be the case. So is the increasing spending offset by the reduction after 75?

ETA Looks like retirees tend to spend less overall, like 55-80% of their working income, according to Fidelity - spending on healthcare goes up, but it’s offset by reduced housing costs.

 

[NutterButter]

I'm 47 and in my 22nd year teaching in Florida. . I have to do a minimum of 30 years. That will put me at age 55. At that point, my pension would only pay me 48% of my top 5 years. In a perfect world, I would enter the deferred retirement option plan offered in Florida and teach another 6 years and that would get almost to 62 and social security. I just don't know if I could do it. i'm already feeling burnt in and pondering a possible second career in my mid 50s. No clue what that would be. No matter what, I'm not working past 62.

A general reminder that social security, which is available at age 62, automatically increases by 8% each year until it maxes out after age 70. The trade off becomes life expectancy.

I did the math on my SS figures one time.............I think if I can live until 78 it pays to put it off until 70 (but then again, I was not reinvesting the payments for 8 years and working.........I was just retiring, so I'm not sure that is totally accurate).

Right, and this is probably another thread all on it's own, but for those that put off collecting SS for 6,7, 8 years, you are really making a tremendous bet on your health/luck.
SS is also indexed for inflation, so if you draw early, not only are you getting paid all of those years, you are getting potential raises of a few percent per year.
Lastly, the one "flaw" I find in all of these retirement calculators is they expect you to be spending the same per year at 65 as you are at 85. I really don't think this is going to be the case at all. I expect to spend at least 20% less per year for every decade after retirement.
Government wants you to wait till last possible moment to draw SS because they are betting against you

The type of care you need will certainly be a huge factor. In home care could run you 30k. Then there's a full blown nursing home which is easily a 100k for something nice.

I don’t think 24-7 care is a fixture for most people as they age, except near the very end. On average, I vaguely recall nursing home residents only live a couple years, for example (don’t quote me, as I’m too lazy to look it up.)

Yeah, that's about average from what I've seen which would put you over $200k Personally I'm planning for 5 years just in case. Seems reasonable to me. If I don't need it, becomes an inheritance for someone.

 

[Godsbrother]

I'm 64. Planning on retiring in June 2024. Most of my friends are retired or will be retiring soon. A few retired and then went back to work part-time. No way that I am doing that.

 

[belljr]

64? Username checks out......

 

[New Binky the Doormat]

I'm 64. Planning on retiring in June 2024. Most of my friends are retired or will be retiring soon. A few retired and then went back to work part-time. No way that I am doing that.

some say they get bored

I have gotten so incredibly lazy that i wouldn't be good to any job - lol!

I haven't gotten bored and am even to the point of feeling aggravated when I have to do anything I don't really want to do - like doctor appointment, etc.

 

[General Malaise]

I'm 64. Planning on retiring in June 2024. Most of my friends are retired or will be retiring soon. A few retired and then went back to work part-time. No way that I am doing that.

some say they get bored

I have gotten so incredibly lazy that i wouldn't be good to any job - lol!

I haven't gotten bored and am even to the point of feeling aggravated when I have to do anything I don't really want to do - like doctor appointment, etc.

What do you do all day?

 

[New Binky the Doormat]

I'm 64. Planning on retiring in June 2024. Most of my friends are retired or will be retiring soon. A few retired and then went back to work part-time. No way that I am doing that.

some say they get bored

I have gotten so incredibly lazy that i wouldn't be good to any job - lol!

I haven't gotten bored and am even to the point of feeling aggravated when I have to do anything I don't really want to do - like doctor appointment, etc.

What do you do all day?

I have always been a night owl - so I am up till I'm sleepy ...sometimes that's midnight, sometimes that 3-4am or more. So I sleep late and get up when I get up ...usually around 10-11am, have coffee and surf the web or go have lunch if I'm meeting someone that day

read a lot (almost all non-fiction - love to know "what really happened"), love to cook and I watch a lot of food videos, meal plan and food shopping, fantasy football, surf the innerwebs, spend too much time on twitter, have lunch with a bud or two quite a bit, get together with friends for dinner at least once a month,

I have also always loved documentaries - with all the stuff available now - it's crazy, there's more stuff out there than you can possibly watch - YouTube alone (it's great!) so I watch an unhealthy amount internet TV content

we have some rental houses that I try not to be very involved with other than manage the money part, my wife is a realtor and a pretty deep pool of contractors, etc. and sees to the repair issues and renter screening

need to get back to walking more and lift some weights, I used to golf 3-4 times a week but stopped after a couple of frozen shoulder surgeries limited my flexibility and it wasn't as fun ...probably need to take another crack at it - but haven't missed it - I mean years ago I bought this house on the golf course so I could drive my cart right on the golf course and tool around the neighbor with minimal concern of a DUI (still possible - but not likely on neighborhood streets)

 

[STEADYMOBBIN 22]

I'm 64. Planning on retiring in June 2024. Most of my friends are retired or will be retiring soon. A few retired and then went back to work part-time. No way that I am doing that.

some say they get bored

I have gotten so incredibly lazy that i wouldn't be good to any job - lol!

I haven't gotten bored and am even to the point of feeling aggravated when I have to do anything I don't really want to do - like doctor appointment, etc.

What do you do all day?

I have always been a night owl - so I am up till I'm sleepy ...sometimes that's midnight, sometimes that 3-4am or more. So I sleep late and get up when I get up ...usually around 10-11am, have coffee and surf the web or go have lunch if I'm meeting someone that day

read a lot (almost all non-fiction - love to know "what really happened"), love to cook and I watch a lot of food videos, meal plan and food shopping, fantasy football, surf the innerwebs, spend too much time on twitter, have lunch with a bud or two quite a bit, get together with friends for dinner at least once a month,

I have also always loved documentaries - with all the stuff available now - it's crazy, there's more stuff out there than you can possibly watch - YouTube alone (it's great!) so I watch an unhealthy amount internet TV content

we have some rental houses that I try not to be very involved with other than manage the money part, my wife is a realtor and a pretty deep pool of contractors, etc. and sees to the repair issues and renter screening

need to get back to walking more and lift some weights, I used to golf 3-4 times a week but stopped after a couple of frozen shoulder surgeries limited my flexibility and it wasn't as fun ...probably need to take another crack at it - but haven't missed it - I mean years ago I bought this house on the golf course so I could drive my cart right on the golf course and tool around the neighbor with minimal concern of a DUI (still possible - but not likely on neighborhood streets)

I’m not judging you, but on the surface that sounds like you’re wasting away your life.

I’m sure I could’ve worded that a little better and I’m only saying this to be constructive/I care.

Have you seen the pyramids? The Grand Canyon? Great Continental divide? Since you like golf, Augusta? Colosseum? Normandy?

 

[belljr]

Lol like you can just roll up to Augusta

 

[Snotbubbles]

I'm 64. Planning on retiring in June 2024. Most of my friends are retired or will be retiring soon. A few retired and then went back to work part-time. No way that I am doing that.

I don't think I'll ever retire. I enjoy my job and work from home. Retirement is the #1 killer of old people.

 

[ChiefD]

 

[STEADYMOBBIN 22]

Lol like you can just roll up to Augusta

out of all the things I mentioned, Augusta would probably be one of the cheapest and easiest to get to. You can get a day pass on Sunday for a few grand.

 

[STEADYMOBBIN 22]

Did I say something wrong? I usually do. It’s a gift really.

 

[Dr. Octopus]

I’m sure I could’ve worded that a little better

I think your heart was in the right place, but yeah.

 

[New Binky the Doormat]

I’m not judging you, but on the surface that sounds like you’re wasting away your life.

I’m sure I could’ve worded that a little better and I’m only saying this to be constructive/I care.

Have you seen the pyramids? The Grand Canyon? Great Continental divide? Since you like golf, Augusta? Colosseum? Normandy?

lol - yeah, much like prefacing something with "no offense, but ..."

it's more about being in a position to live my life the way I want to live my life and not worry about anything financially. I traveled and was away from home 4-5 days a week for years in my job and don't get excited about "travel" like some people.

we travel some, but it's not on our top priorities, we're both kind of homebodies and just recently had our first grandbaby that has had some problems so the kids need our help. We go to a nice island type place for a week or two each year and just got back from a 4 day weekend in Chicago to sightsee and drop some decent coin on high-end restaurants.

we're headed to Costa Rica the first of the year for a couple of weeks and then to Italy for a couple of weeks to visit our daughter who will be there for her sophomore 2nd semester (been talking to @Chemical X !). We've seen the Great Wall and were in China for a month (years ago to adopt our daughter) but that's the most adventurous .

we'll likely plan on some time in Europe in the next couple of years - and btw, when you run into how and where to buy one of those "day passes" for a couple grand to play Augusta, please let me know.

 

[NewlyRetired]

I'm 64. Planning on retiring in June 2024. Most of my friends are retired or will be retiring soon. A few retired and then went back to work part-time. No way that I am doing that.

some say they get bored

I have gotten so incredibly lazy that i wouldn't be good to any job - lol!

I haven't gotten bored and am even to the point of feeling aggravated when I have to do anything I don't really want to do - like doctor appointment, etc.

What do you do all day?

I have always been a night owl - so I am up till I'm sleepy ...sometimes that's midnight, sometimes that 3-4am or more. So I sleep late and get up when I get up ...usually around 10-11am, have coffee and surf the web or go have lunch if I'm meeting someone that day

read a lot (almost all non-fiction - love to know "what really happened"), love to cook and I watch a lot of food videos, meal plan and food shopping, fantasy football, surf the innerwebs, spend too much time on twitter, have lunch with a bud or two quite a bit, get together with friends for dinner at least once a month,

I have also always loved documentaries - with all the stuff available now - it's crazy, there's more stuff out there than you can possibly watch - YouTube alone (it's great!) so I watch an unhealthy amount internet TV content

we have some rental houses that I try not to be very involved with other than manage the money part, my wife is a realtor and a pretty deep pool of contractors, etc. and sees to the repair issues and renter screening

need to get back to walking more and lift some weights, I used to golf 3-4 times a week but stopped after a couple of frozen shoulder surgeries limited my flexibility and it wasn't as fun ...probably need to take another crack at it - but haven't missed it - I mean years ago I bought this house on the golf course so I could drive my cart right on the golf course and tool around the neighbor with minimal concern of a DUI (still possible - but not likely on neighborhood streets)

Good for you man.

one thing no one should ever do is tell some one else how to live their life if the person seems happy and content. You found something that works for you and you are happy, that is awesome. People should only be congratulating you not judging you.

Being happy for you does not mean they need to emulate you. Everyone needs to find the balance that works best for their own situation.

 

[NewlyRetired]

some say they get bored

I have gotten so incredibly lazy that i wouldn't be good to any job - lol!

I haven't gotten bored and am even to the point of feeling aggravated when I have to do anything I don't really want to do - like doctor appointment, etc.

I am similar to you. I don't appear to have been born with the "bored" gene.

I am 13 years into retirement now and can't think of a single day where I wished I was more busy.

I do acknowledge that other people can get bored and I think for those that also want to retire early, they should have a strong plan of how they want to plan their days.

 

[NutterButter]

we're headed to Costa Rica the first of the year for a couple of weeks and then to Italy for a couple of weeks to visit our daughter who will be there for her sophomore 2nd semester (been talking to @Chemical X !). We've seen the Great Wall and were in China for a month (years ago to adopt our daughter) but that's the most adventurous .

pura vida. when you going? gonna be there for 1/14-1/24. love it there.

 

[Peggy]

I'm curious for the folks that are so fixated on early retirement, is it that you really dislike your job that much or is it more something in mind that your want to be doing that you can't be doing now? If the former, is there not another line of work that you can move into that you'd find more compatible to the life you'd like to live? For instance, you hate the commute which is where I was at during one point, is there not a wfh gig that maybe pays less, but give you better balance. If the latter and a lot of your free time is consumed by child responsibilities, does that change once they're no longer your day to day responsibility and you recapture that free time? Or maybe a combination of the two which was the case for me say 10 years ago. Or is it something else?

Put it in a different frame of mind by not calling it retirement. Call it being independently wealthy. Once you have enough money you can do whatever you want, work, play, whatever.

 

[Peggy]

I'm 47 and in my 22nd year teaching in Florida. . I have to do a minimum of 30 years. That will put me at age 55. At that point, my pension would only pay me 48% of my top 5 years. In a perfect world, I would enter the deferred retirement option plan offered in Florida and teach another 6 years and that would get almost to 62 and social security. I just don't know if I could do it. i'm already feeling burnt in and pondering a possible second career in my mid 50s. No clue what that would be. No matter what, I'm not working past 62.

A general reminder that social security, which is available at age 62, automatically increases by 8% each year until it maxes out after age 70. The trade off becomes life expectancy.

I've napkin'd math those numbers and the break even point for waiting is close to 90 years old. I'm taking it as soon as I can.

 

[Sand]

Have you seen the pyramids? The Grand Canyon? Great Continental divide? Since you like golf, Augusta? Colosseum? Normandy?

3/6 here and want to see all but Augusta before I kick the bucket. Of the ones I have seen (GC, Colosseum, Normandy) Omaha Beach was easily the most awe inspring. Walked out to the water and turned around to see what our boys were up against. HFS. I get chills now just thinking about it.

I'll add Antarctica, the northern lights, Easter Island, Angkor Wat, Petra, Patagonia, Alaska, hiking Kilimanjaro, and many others. Just need time and lots of cash.

 

[Peggy]

My problem is making and saving too much money well into the money making years. Plan to retire one year from now around age 55. According to all the cash flow analysis we have plenty of money even without SS.

A few years ago getting to retirement became my hobby and I started learning, investing and saving everything I can. Each year I'm socking away almost 90K into Roth accounts per year and every year I work I stand to make another 250K or so in company stock return.

Work another 2-3 years and have another million? It's a heck of an incentive, but, I don't want to be like too many of my colleagues who are too old and get sick as soon as they retire.

 

[NutterButter]

I'm curious for the folks that are so fixated on early retirement, is it that you really dislike your job that much or is it more something in mind that your want to be doing that you can't be doing now? If the former, is there not another line of work that you can move into that you'd find more compatible to the life you'd like to live? For instance, you hate the commute which is where I was at during one point, is there not a wfh gig that maybe pays less, but give you better balance. If the latter and a lot of your free time is consumed by child responsibilities, does that change once they're no longer your day to day responsibility and you recapture that free time? Or maybe a combination of the two which was the case for me say 10 years ago. Or is it something else?

Put it in a different frame of mind by not calling it retirement. Call it being independently wealthy. Once you have enough money you can do whatever you want, work, play, whatever.

Sure if you're that wealthy. Talking more about the people that are so eager to retire, but are giving up retirement income by doing so thus limiting their retirement options.