What Do You Plan And Hope To Do After You Retire? (21/30) (1 Viewer)

[FairWarning]

I don't plan to ever retire. First, I pretty much like what I do. I'd be bored without something else to do. And slowing down seems to lead to decay and death.

My father died three weeks after retiring because of health problems. He lost that sense of purpose helping people. I get your position, I’m wired the same way.

 

[Snotbubbles]

Been dumping 18% of my salary into a Roth 401k. Maxing out my HSA account. Been auto-investing a few hundred dollars a month into index funds for a couple years now. Put a couple bucks into crypto. My mortgage is at 3.25% interest. I have no other debt. Wife has a pension from an old employer and has been putting 10% of her salary into a 401(k) and her employer matches 10%. We're still both 20 years from retirement.

That being said, I work from home sitting on a computer all day writing legal memos. I love what I do, have a flexible schedule and get paid fairly well. I have no plans on retiring when I hit retirement age. When I go on vacation, after about a week, I'm itching to get back to work. I could go on a month-long vacation and spend a couple hours a day writing memos on a beach or poolside and get paid.

 

[Snotbubbles]

I'm 53, my wife is 52, so we're 10 years from retiring, but we recently decided we're gonna retire somewhere abroad.

We want to go somewhere warm, affordable, and laid back. Places in Ecuador, Portugal, Spain, and Panama are on our radar. They're all in pretty much every list of the best places outside the US to retire (based on things like low cost of living, economic stabilty, government, climate, infrastructure, health care, safety, etc) and they all have sizable ex-pat populations, as people are discovering that the cost of living/retiring in certain countries can be way lower than where they currently live.

Doing research and reading stories and watching videos from people who have done it is fascinating.

The plan is to sell our house which should net us a few hundred thousand profit, along with our savings, social security, and my wifes pension and we should be set up nicely wherever we end up.

We don't know exactly where thats gonna be yet, but its gonna be fun traveling to the places we narrow it down to, to scope them out and hopefully find our retirement paradise.

Whats the plan for insurance since Medicare doesn't apply outside US

This is a really good point. My father thought he was going to live out his retirement years in Costa Rica. He wasn’t there a year when he had a major health issue that put him in intensive care with a significant brain injury. I don’t care how great they say the health care is there. It’s not the standard of care you get at major hospitals in the states. I flew down and spent 8 days with him in the hospital there and it was rough (thankfully he recovered and mostly back to normal). Obviously, Costa Rica isn’t Spain or Portugal, but the other issue was that everything was cash pay. Sure, overall services are a whole lot cheaper in Costa Rica than in the states, but without insurance coverage, it was a huge bill. Once he had recovered, they moved back to the states and we were all relieved.

Friends of mine are having a house built in Belize. They post pictures of the site and the house going up. Have an ocean view. Looks nice.

 

[NutterButter]

Been dumping 18% of my salary into a Roth 401k. Maxing out my HSA account. Been auto-investing a few hundred dollars a month into index funds for a couple years now. Put a couple bucks into crypto. My mortgage is at 3.25% interest. I have no other debt. Wife has a pension from an old employer and has been putting 10% of her salary into a 401(k) and her employer matches 10%. We're still both 20 years from retirement.

That being said, I work from home sitting on a computer all day writing legal memos. I love what I do, have a flexible schedule and get paid fairly well. I have no plans on retiring when I hit retirement age. When I go on vacation, after about a week, I'm itching to get back to work. I could go on a month-long vacation and spend a couple hours a day writing memos on a beach or poolside and get paid.

I can see myself doing the same. I just like what I do (don't love it), but its gonna be hard to walk away from that extra disposable income when the demands of the job aren't too much. Speaking from experience now that my kids are teens and are mostly at their moms, you still have a lot of free time if you're just doing the 8 hour work day. And like you mentioned, your vacation days along with the ability to wfh gives you a lot of vacation options; the more of which you can afford b/c of the money you're still bringing in.

 

[Sullie]

I don't plan to ever retire. First, I pretty much like what I do. I'd be bored without something else to do. And slowing down seems to lead to decay and death.

My father died three weeks after retiring because of health problems. He lost that sense of purpose helping people. I get your position, I’m wired the same way.

My father worked two full time jobs for the majority of his life. He was a letter carrier for the USPS during the day time (he had a big walking route) and at night he worked for the railroad as a dispatcher. He retired at age 62 and he died suddenly and unexpectedly at age 63. I've always been disappointed that happened to him and I think about it a lot. It actually has had quite an effect on our family. My Mom was a nurse, she was afraid of retiring (for this very reason) so she worked up until age 75, she's 86 now and every time I talk to her she says "oh, I love being retired, I'm busier now than ever. . . I really wish I would have retired sooner." So, as I approach retirement age (I'm a good 10 or 15 years away) I have this constant struggle in my head. Am I going to feel depressed and useless like my Dad or am I going to be happy and embrace it like my Mom?

 

[Sand]

That being said, I work from home sitting on a computer all day writing legal memos.

Not worried about ChatGPT?

 

[Snotbubbles]

That being said, I work from home sitting on a computer all day writing legal memos.

Not worried about ChatGPT?

I might be if it can get barred to practice law in my State.

 

[moleculo]

I'm 47. My youngest kid will be a freshman next year so I'm thinking in 4 years or so, we can start thinking about a "soft retirement". I have a good bit squirreled away in my 401(k)'s that if I stop contributing soon, it won't be a huge deal - I have pretty much maxed it out for the past 20+ years. And my wife - she makes close to double what I do (real estate and coaching), and has no desire to hang that up.

At some point in the next 10 years, we will sell our house, buy a cabin in the mountains, and buy a small pad uptown. The cabin can give me everything I want hobby-wise - a garage for me to tinker in, a garden, access to fishing/hiking, etc., and the condo gives my wife the city life she wants. Hopefully, proceeds from selling my McMansion can foot most of the bill.

beyond that, I know I will still be young enough to work. I'm sure I will find something to keep me occupied - something more fun and less stressful than what I do now. Could be contract engineering, could be project management for the right company, or maybe an appliance repairman.

 

[Da Guru]

I'm 53, my wife is 52, so we're 10 years from retiring, but we recently decided we're gonna retire somewhere abroad.

We want to go somewhere warm, affordable, and laid back. Places in Ecuador, Portugal, Spain, and Panama are on our radar. They're all in pretty much every list of the best places outside the US to retire (based on things like low cost of living, economic stabilty, government, climate, infrastructure, health care, safety, etc) and they all have sizable ex-pat populations, as people are discovering that the cost of living/retiring in certain countries can be way lower than where they currently live.

Doing research and reading stories and watching videos from people who have done it is fascinating.

The plan is to sell our house which should net us a few hundred thousand profit, along with our savings, social security, and my wifes pension and we should be set up nicely wherever we end up.

We don't know exactly where thats gonna be yet, but its gonna be fun traveling to the places we narrow it down to, to scope them out and hopefully find our retirement paradise.

Whats the plan for insurance since Medicare doesn't apply outside US

This is a really good point. My father thought he was going to live out his retirement years in Costa Rica. He wasn’t there a year when he had a major health issue that put him in intensive care with a significant brain injury. I don’t care how great they say the health care is there. It’s not the standard of care you get at major hospitals in the states. I flew down and spent 8 days with him in the hospital there and it was rough (thankfully he recovered and mostly back to normal). Obviously, Costa Rica isn’t Spain or Portugal, but the other issue was that everything was cash pay. Sure, overall services are a whole lot cheaper in Costa Rica than in the states, but without insurance coverage, it was a huge bill. Once he had recovered, they moved back to the states and we were all relieved.

Friends of mine are having a house built in Belize. They post pictures of the site and the house going up. Have an ocean view. Looks nice.

If retired and lived in Belize year-round there is no doubt, I would be a full blown alcoholic. I have access to a condo in Naples Florida on the beach. If I stay there 2-3 weeks it takes everything in my power not to drink before 2pm.

 

[Wingnut]

I'm 53, my wife is 52, so we're 10 years from retiring, but we recently decided we're gonna retire somewhere abroad.

We want to go somewhere warm, affordable, and laid back. Places in Ecuador, Portugal, Spain, and Panama are on our radar. They're all in pretty much every list of the best places outside the US to retire (based on things like low cost of living, economic stabilty, government, climate, infrastructure, health care, safety, etc) and they all have sizable ex-pat populations, as people are discovering that the cost of living/retiring in certain countries can be way lower than where they currently live.

Doing research and reading stories and watching videos from people who have done it is fascinating.

The plan is to sell our house which should net us a few hundred thousand profit, along with our savings, social security, and my wifes pension and we should be set up nicely wherever we end up.

We don't know exactly where thats gonna be yet, but its gonna be fun traveling to the places we narrow it down to, to scope them out and hopefully find our retirement paradise.

Whats the plan for insurance since Medicare doesn't apply outside US

We plan on using the local health care system. Right now, Panama for many reasons has a huge lead on the other places we are looking, and I've been reading a ton about health care there. They have public and private systems that we will prob use a combination of. I've read both good and not so good about it, but the majority has been good. I imagine over the next 10 years it will only continue to get better, so I'm not too worried about it.

 

[NutterButter]

I'm 53, my wife is 52, so we're 10 years from retiring, but we recently decided we're gonna retire somewhere abroad.

We want to go somewhere warm, affordable, and laid back. Places in Ecuador, Portugal, Spain, and Panama are on our radar. They're all in pretty much every list of the best places outside the US to retire (based on things like low cost of living, economic stabilty, government, climate, infrastructure, health care, safety, etc) and they all have sizable ex-pat populations, as people are discovering that the cost of living/retiring in certain countries can be way lower than where they currently live.

Doing research and reading stories and watching videos from people who have done it is fascinating.

The plan is to sell our house which should net us a few hundred thousand profit, along with our savings, social security, and my wifes pension and we should be set up nicely wherever we end up.

We don't know exactly where thats gonna be yet, but its gonna be fun traveling to the places we narrow it down to, to scope them out and hopefully find our retirement paradise.

Whats the plan for insurance since Medicare doesn't apply outside US

We plan on using the local health care system. Right now, Panama for many reasons has a huge lead on the other places we are looking, and I've been reading a ton about health care there. They have public and private systems that we will prob use a combination of. I've read both good and not so good about it, but the majority has been good. I imagine over the next 10 years it will only continue to get better, so I'm not too worried about it.

So you'd become citizens? What's that process like?

 

[Wingnut]

I'm 53, my wife is 52, so we're 10 years from retiring, but we recently decided we're gonna retire somewhere abroad.

We want to go somewhere warm, affordable, and laid back. Places in Ecuador, Portugal, Spain, and Panama are on our radar. They're all in pretty much every list of the best places outside the US to retire (based on things like low cost of living, economic stabilty, government, climate, infrastructure, health care, safety, etc) and they all have sizable ex-pat populations, as people are discovering that the cost of living/retiring in certain countries can be way lower than where they currently live.

Doing research and reading stories and watching videos from people who have done it is fascinating.

The plan is to sell our house which should net us a few hundred thousand profit, along with our savings, social security, and my wifes pension and we should be set up nicely wherever we end up.

We don't know exactly where thats gonna be yet, but its gonna be fun traveling to the places we narrow it down to, to scope them out and hopefully find our retirement paradise.

Whats the plan for insurance since Medicare doesn't apply outside US

We plan on using the local health care system. Right now, Panama for many reasons has a huge lead on the other places we are looking, and I've been reading a ton about health care there. They have public and private systems that we will prob use a combination of. I've read both good and not so good about it, but the majority has been good. I imagine over the next 10 years it will only continue to get better, so I'm not too worried about it.

So you'd become citizens? What's that process like?

No need with the Pensionado Visa. Panama makes it very easy to retire to.

Panama retirement visa

 

[Orange&Blue]

I'm 53, my wife is 52, so we're 10 years from retiring, but we recently decided we're gonna retire somewhere abroad.

We want to go somewhere warm, affordable, and laid back. Places in Ecuador, Portugal, Spain, and Panama are on our radar. They're all in pretty much every list of the best places outside the US to retire (based on things like low cost of living, economic stabilty, government, climate, infrastructure, health care, safety, etc) and they all have sizable ex-pat populations, as people are discovering that the cost of living/retiring in certain countries can be way lower than where they currently live.

Doing research and reading stories and watching videos from people who have done it is fascinating.

The plan is to sell our house which should net us a few hundred thousand profit, along with our savings, social security, and my wifes pension and we should be set up nicely wherever we end up.

We don't know exactly where thats gonna be yet, but its gonna be fun traveling to the places we narrow it down to, to scope them out and hopefully find our retirement paradise.

do you have kids?

 

[Wingnut]

I'm 53, my wife is 52, so we're 10 years from retiring, but we recently decided we're gonna retire somewhere abroad.

We want to go somewhere warm, affordable, and laid back. Places in Ecuador, Portugal, Spain, and Panama are on our radar. They're all in pretty much every list of the best places outside the US to retire (based on things like low cost of living, economic stabilty, government, climate, infrastructure, health care, safety, etc) and they all have sizable ex-pat populations, as people are discovering that the cost of living/retiring in certain countries can be way lower than where they currently live.

Doing research and reading stories and watching videos from people who have done it is fascinating.

The plan is to sell our house which should net us a few hundred thousand profit, along with our savings, social security, and my wifes pension and we should be set up nicely wherever we end up.

We don't know exactly where thats gonna be yet, but its gonna be fun traveling to the places we narrow it down to, to scope them out and hopefully find our retirement paradise.

do you have kids?

Nope. Forgot to mention that. In fact, we were talking about that and decided that we're gonna do our best to spend as much of our money as we can once retired since we cant take it with us and have nobody to leave it to.

 

[dkp993]

I don't plan to ever retire. First, I pretty much like what I do. I'd be bored without something else to do. And slowing down seems to lead to decay and death.

My father died three weeks after retiring because of health problems. He lost that sense of purpose helping people. I get your position, I’m wired the same way.

Yeah my step father seemed to age 15yrs in the first year he retired (at 65). Was really sad to watch, but he was also the guy who had no life or hobbies outside of work so when he retired it’s like he just shut off his brain. He deteriorated incredibly fast. Watching that happen really opened my eyes to needing to have other interest outside of you job (something I really struggled with for a long time).

 

[Sand]

I'm 53, my wife is 52, so we're 10 years from retiring, but we recently decided we're gonna retire somewhere abroad.

We want to go somewhere warm, affordable, and laid back. Places in Ecuador, Portugal, Spain, and Panama are on our radar. They're all in pretty much every list of the best places outside the US to retire (based on things like low cost of living, economic stabilty, government, climate, infrastructure, health care, safety, etc) and they all have sizable ex-pat populations, as people are discovering that the cost of living/retiring in certain countries can be way lower than where they currently live.

Doing research and reading stories and watching videos from people who have done it is fascinating.

The plan is to sell our house which should net us a few hundred thousand profit, along with our savings, social security, and my wifes pension and we should be set up nicely wherever we end up.

We don't know exactly where thats gonna be yet, but its gonna be fun traveling to the places we narrow it down to, to scope them out and hopefully find our retirement paradise.

Whats the plan for insurance since Medicare doesn't apply outside US

We plan on using the local health care system. Right now, Panama for many reasons has a huge lead on the other places we are looking, and I've been reading a ton about health care there. They have public and private systems that we will prob use a combination of. I've read both good and not so good about it, but the majority has been good. I imagine over the next 10 years it will only continue to get better, so I'm not too worried about it.

I'd be interested in how you came to Panama as the choice. I've looked into this and Portugal came out as the top choice. More dreaming than anything else - as soon as grandkids are in play my wife won't go anywhere and that probably isn't too far away.

 

[NutterButter]

I'm 53, my wife is 52, so we're 10 years from retiring, but we recently decided we're gonna retire somewhere abroad.

We want to go somewhere warm, affordable, and laid back. Places in Ecuador, Portugal, Spain, and Panama are on our radar. They're all in pretty much every list of the best places outside the US to retire (based on things like low cost of living, economic stabilty, government, climate, infrastructure, health care, safety, etc) and they all have sizable ex-pat populations, as people are discovering that the cost of living/retiring in certain countries can be way lower than where they currently live.

Doing research and reading stories and watching videos from people who have done it is fascinating.

The plan is to sell our house which should net us a few hundred thousand profit, along with our savings, social security, and my wifes pension and we should be set up nicely wherever we end up.

We don't know exactly where thats gonna be yet, but its gonna be fun traveling to the places we narrow it down to, to scope them out and hopefully find our retirement paradise.

Whats the plan for insurance since Medicare doesn't apply outside US

We plan on using the local health care system. Right now, Panama for many reasons has a huge lead on the other places we are looking, and I've been reading a ton about health care there. They have public and private systems that we will prob use a combination of. I've read both good and not so good about it, but the majority has been good. I imagine over the next 10 years it will only continue to get better, so I'm not too worried about it.

I'd be interested in how you came to Panama as the choice. I've looked into this and Portugal came out as the top choice. More dreaming than anything else - as soon as grandkids are in play my wife won't go anywhere and that probably isn't too far away.

That seems to be a very popular choice. I know costa rica is also popular but now everyone in my costa rica ex-pat facebook group complains how expensive everything has gotten there. Part of me wonders how much all of this is gonna change once all the boomers die off and the demand goes through the floor.

 

[Wingnut]

I'd be interested in how you came to Panama as the choice. I've looked into this and Portugal came out as the top choice. More dreaming than anything else - as soon as grandkids are in play my wife won't go anywhere and that probably isn't too far away.

Things we like about Panama:

Just a 3 Hour flight from Miami.

Ease of getting a retirement visa, and nice perks

Close to the equator, so no changing seasons and daylight hours stay the same all year.

Variety of microclimates. In our areas of interest, temps rarely drop below the mid 70s or higher than the low 90s. It's always summer. If we find it too hot, we can move to a bit higher elevation.

Some of the best fishing in the world - Tuna, Marlin, Mahi Mahi, Roosterfish....yes please!

The variety of amazing wildlife, especially birds. Seeing Toucans and Parrots in the wild is pretty cool. Sloths too. The entire country is a tropical jungle with tons of interesting things to see and be afraid of. Lol

Because of how vital the Panama Canal is to the US (and global trade), the US has a vested interest in keeping an eye on and assisting Panama as it's primary partner in the region. Being buddies with and being so close to the US is a big plus.

No exchange rate or switching money, as US currency is accepted everywhere (the Panamanian Balboa is 1:1 with USD)

Panama has changed a lot in the last 10 years and standards are constantly rising and improving in several in everything from health care, restaurants, roads, internet service, etc. By the time we retire in 10 years, the progress should be pretty dramatic.

Perhaps most importantly, we prefer to learn Spanish over Portuguese, and we don't really want to move to or live in Europe. Central America is way easier to relocate to.

 
 

 

[Terminalxylem]

I don't plan to ever retire. First, I pretty much like what I do. I'd be bored without something else to do. And slowing down seems to lead to decay and death.

My father died three weeks after retiring because of health problems. He lost that sense of purpose helping people. I get your position, I’m wired the same way.

My father worked two full time jobs for the majority of his life. He was a letter carrier for the USPS during the day time (he had a big walking route) and at night he worked for the railroad as a dispatcher. He retired at age 62 and he died suddenly and unexpectedly at age 63. I've always been disappointed that happened to him and I think about it a lot. It actually has had quite an effect on our family. My Mom was a nurse, she was afraid of retiring (for this very reason) so she worked up until age 75, she's 86 now and every time I talk to her she says "oh, I love being retired, I'm busier now than ever. . . I really wish I would have retired sooner." So, as I approach retirement age (I'm a good 10 or 15 years away) I have this constant struggle in my head. Am I going to feel depressed and useless like my Dad or am I going to be happy and embrace it like my Mom?

Your dad’s story is tragic, but isn’t it possible he‘d have passed whether working or not?

Unless I reallllllly loved my job, I think it would incentivize me to retire earlier, for fear of missing out on all the great experiences outside of work. Purpose is readily available through volunteerism, mastering a new hobby, or just spending more time with friends and family.
Of note, this topic has been researched, with mixed results. Excerpts from a NY Times article:

You may not need another reason to retire early, but I’ll give you one anyway: It could lengthen your life.

That’s the thrust from various research in recent years, and also from a 2017 study in the journal Health Economics.
In that study, Hans Bloemen, Stefan Hochguertel and Jochem Zweerink — all economists from the Netherlands — looked at what happened when, in 2005, some Dutch civil servants could temporarily qualify for early retirement.

Only those at least 55 years old and with at least 10 years of continuous service with contributions to the public sector pension fund were eligible. Men responding to the early retirement offer were 2.6 percentage points less likely to die over the next five years than those who did not retire early. (Too few women met the early retirement eligibility criteria to be included in the study.)

The Dutch study echoes those from other countries. An analysis in the United States found about seven years of retirement can be as good for health as reducing the chance of getting a serious disease (like diabetes or heart conditions) by 20 percent. Positive health effects of retirement have also been found by studies using data from Israel, England, Germany and other European countries.

…
Indeed, some studies find retirement associated with worse health and reduced longevity. One found that retirement raises the risk of cardiovascular disease and mortality. Another found higher risks of cardiovascular disease and cancer. But another such study found that poor health outcomes were more pronounced among retirees who were unmarried, reduced their physical activity, and had less social interaction. In other words, it isn’t retirement itself that affects health, but what you do in retirement.

Keeping active and developing healthy habits are good ideas. Physical activity is associated with prevention of disease and reduced mortality in older people. Lack of time, perhaps due to work, is a chief reason many adults don’t exercise. Retirees are more likely to exercise, and those who do are better off for it. One study found retirees get more sleep and spend more time doing household work and gardening — both of which are more active than a desk job. Another studyfound that better health in retirement may be because of the reduced likelihood of smoking.

 

[Senor Schmutzig]

Marking for a later for a more in-depth response.

I'm 53 and was let go from my 13-year employer in December with a 6-month severance at 100% pay plus they paid out a rather healthy bonus in January. So basically, the last 3.5 months have been like a pre-retirement test. I have to say that I think I will thoroughly enjoy retirement although it's probably not going to be for another 10 years at least.

I have about 2.5 more months of my intra-industry non-compete so I'm hoping to find something regular around the beginning of July. In the interim, I am enjoying not having to travel as much (it was probably 25-30% of the time while I was working) and being able to attend every single baseball game and senior event for my soon-to-be graduating 18-year-old son.

During your working life, it's just not normal to get a 6-month break to recharge so that's exactly what I'm doing. By July, I will hopefully be ready to make that 10-year run to the retirement finish line.

Edit: inter- to intra-

 

[Kiddnets]

Good thread - I was a youngster when I joined FBG in 2003 - crazy to think about retirement already but its time.....

Early 50s - Im a little late to the savings game - we decided to have my wife stay at home for a long period of time when the kids were born. All of our money was put into that, then the house, then college. Finally started putting in a solid amount into 401K the past few years just as the markets tanked lol. My wife works in a decent size company and does pretty well but I cant see her working for more than another 15 yrs to around 65. I have my own small legal practice that does well but not crazy. Id love to be able to retire but the late start and our lifestyle probably has me working until 70 if we want to be very comfortable. Working another 20 years doesnt make me happy but once the kids are out of school and I hit 60 or so I figure I can pull back and be more selective in the work I take. I dont answer to anyone so make my own hours and do my own thing which is the best part.

I have a family broker who really just does investing - do most people have an actual retirement planner? Its always tough to figure out what should be the overall savings goal. How does the planner work and how are the fees structured? I assume that person would do the investing which I really dont need at this point - more just advice and analysis. Does that exist?

 

[FairWarning]

I don't plan to ever retire. First, I pretty much like what I do. I'd be bored without something else to do. And slowing down seems to lead to decay and death.

My father died three weeks after retiring because of health problems. He lost that sense of purpose helping people. I get your position, I’m wired the same way.

Yeah my step father seemed to age 15yrs in the first year he retired (at 65). Was really sad to watch, but he was also the guy who had no life or hobbies outside of work so when he retired it’s like he just shut off his brain. He deteriorated incredibly fast. Watching that happen really opened my eyes to needing to have other interest outside of you job (something I really struggled with for a long time).

What happened with my father - he was a mechanic on a gas pipeline for years, body finally gave out. He was driving for a local car dealer to pick up cars as a side job. One day, he suffered a mild stroke in an expensive car and got in an accident. The dealership would call him every day before, never called to even check on him outside of the sales rep. It really hurt him and just lost his purpose (in his eyes). He had a massive stroke three weeks later and that was the end.

 

[Senor Schmutzig]

Was thinking about this thread today, trying to determine my back-of-the-envelope budget for retiring, especially if I choose to retire early.

I was calculating carrying costs for just the house that I am living in. Even if I chose to pay off my mortgage before retirement, which I won't because I'm locked in at 2.675% for the next 28 years, my insurance and property taxes are $2300/month. Yikes. Would love to stay in this house but that's a considerable monthly nut, especially when I still need to add my mortgage to it.

And that doesn't include any medical insurance on top of that.

Hmmm....I may need to re-think this early retirement idea.

 

[Sand]

Was thinking about this thread today, trying to determine my back-of-the-envelope budget for retiring, especially if I choose to retire early.

I was calculating carrying costs for just the house that I am living in. Even if I chose to pay off my mortgage before retirement, which I won't because I'm locked in at 2.675% for the next 28 years, my insurance and property taxes are $2300/month. Yikes. Would love to stay in this house but that's a considerable monthly nut, especially when I still need to add my mortgage to it.

And that doesn't include any medical insurance on top of that.

Hmmm....I may need to re-think this early retirement idea.

If you can accumulate some after tax monies you can easily control income for a number of years and at the least dial in your Obamacare subsidies. It isn't an answer to medical insurance, but it can help a lot.

 

[-OZ-]

Was thinking about this thread today, trying to determine my back-of-the-envelope budget for retiring, especially if I choose to retire early.

I was calculating carrying costs for just the house that I am living in. Even if I chose to pay off my mortgage before retirement, which I won't because I'm locked in at 2.675% for the next 28 years, my insurance and property taxes are $2300/month. Yikes. Would love to stay in this house but that's a considerable monthly nut, especially when I still need to add my mortgage to it.

And that doesn't include any medical insurance on top of that.

Hmmm....I may need to re-think this early retirement idea.

Damn dude. Where do you reside? My mortgage is half that, annual property tax and home insurance run about that much each. Our house is only valued at $550k so maybe that’s it

 

[Ron Swanson]

I'd be interested in how you came to Panama as the choice. I've looked into this and Portugal came out as the top choice. More dreaming than anything else - as soon as grandkids are in play my wife won't go anywhere and that probably isn't too far away.

Things we like about Panama:

Just a 3 Hour flight from Miami.

Ease of getting a retirement visa, and nice perks

Close to the equator, so no changing seasons and daylight hours stay the same all year.

Variety of microclimates. In our areas of interest, temps rarely drop below the mid 70s or higher than the low 90s. It's always summer. If we find it too hot, we can move to a bit higher elevation.

Some of the best fishing in the world - Tuna, Marlin, Mahi Mahi, Roosterfish....yes please!

The variety of amazing wildlife, especially birds. Seeing Toucans and Parrots in the wild is pretty cool. Sloths too. The entire country is a tropical jungle with tons of interesting things to see and be afraid of. Lol

Because of how vital the Panama Canal is to the US (and global trade), the US has a vested interest in keeping an eye on and assisting Panama as it's primary partner in the region. Being buddies with and being so close to the US is a big plus.

No exchange rate or switching money, as US currency is accepted everywhere (the Panamanian Balboa is 1:1 with USD)

Panama has changed a lot in the last 10 years and standards are constantly rising and improving in several in everything from health care, restaurants, roads, internet service, etc. By the time we retire in 10 years, the progress should be pretty dramatic.

Perhaps most importantly, we prefer to learn Spanish over Portuguese, and we don't really want to move to or live in Europe. Central America is way easier to relocate to.

 
 

Panama sounds nice but I could never live there. I get songs stuck in my head. Bad. And just parts of songs. I'd walk around all day with Roth screeching in my head. Same reason we couldn't buy a house on a street called Cypress Hill back in the mid 90's.

 

[Senor Schmutzig]

Was thinking about this thread today, trying to determine my back-of-the-envelope budget for retiring, especially if I choose to retire early.

I was calculating carrying costs for just the house that I am living in. Even if I chose to pay off my mortgage before retirement, which I won't because I'm locked in at 2.675% for the next 28 years, my insurance and property taxes are $2300/month. Yikes. Would love to stay in this house but that's a considerable monthly nut, especially when I still need to add my mortgage to it.

And that doesn't include any medical insurance on top of that.

Hmmm....I may need to re-think this early retirement idea.

Damn dude. Where do you reside? My mortgage is half that, annual property tax and home insurance run about that much each. Our house is only valued at $550k so maybe that’s it

Miami, Florida so there is no state income tax. Instead, the property tax is ridiculously high. And don't let me start on homeowners insurance in Florida. So many insurance companies won't even insure properties here anymore due to the hurricane and flooding threats.

We were lucky enough to be able to build our house right before the real estate market REALLY started heating up in South Florida so I got the benefit of high margins from being our own developer and a crazy market immediately after COVID. Our home value has doubled since we finished it and moved in at the end of October 2019.

Depending on how things go, we may end up selling the house and using some of the proceeds to outright buy another place (or two) somewhere that is more affordable. But I don't have to worry about that quite yet.

 

[Wingnut]

Panama sounds nice but I could never live there. I get songs stuck in my head. Bad. And just parts of songs. I'd walk around all day with Roth screeching in my head.

Let's fix that right now.

DLR sings Panama in Vegas 3-28-2023

 

[bigbottom]

Panama sounds nice but I could never live there. I get songs stuck in my head. Bad. And just parts of songs. I'd walk around all day with Roth screeching in my head.

Let's fix that right now.

DLR sings Panama in Vegas 3-28-2023

 

[3 hour lunch]

Still 10+ years away but am imagining:

Jan-Mar- small rental in a place like Scottsdale or Palm Springs

Apr-Dec- stay in MN but one bucket list vacation and a few smaller vacations (Vegas, Cancun) in the cooler months.

Lots of golf, naps, happy hour, and time with kids/grandkids

 

[Ptomaine]

I didn't do a great job at saving, but I decided my body didn't want to work much longer once I turned 62. I was able to buy a small unfinished cabin in northern Wisconsin where I spend much of the year. The cabin doesn't have electricity, and it is so far from a cell tower I couldn't always get a phone signal. Recently fiber was run down my road so between a generator and a battery power supply, I can connect to the outside world. I really enjoy working on the cabin and enjoying nature; most of my neighbors walk on four legs or fly. I walk the dogs in the woods, sit around (and usually cook over) a campfire at night, and visit one of the local watering holes 1-2 times a week for a burger, beer, and a little human interaction. I have always been quite frugal. My home and the cabin are paid off. Between Social Security and my 401k I am doing fine. I joined the Navy and saw the world when I was younger. I have also seen much of the US and Canada so major traveling was not part of my retirement bucket list.

 

[NutterButter]

I didn't do a great job at saving, but I decided my body didn't want to work much longer once I turned 62. I was able to buy a small unfinished cabin in northern Wisconsin where I spend much of the year. The cabin doesn't have electricity, and it is so far from a cell tower I couldn't always get a phone signal. Recently fiber was run down my road so between a generator and a battery power supply, I can connect to the outside world. I really enjoy working on the cabin and enjoying nature; most of my neighbors walk on four legs or fly. I walk the dogs in the woods, sit around (and usually cook over) a campfire at night, and visit one of the local watering holes 1-2 times a week for a burger, beer, and a little human interaction. I have always been quite frugal. My home and the cabin are paid off. Between Social Security and my 401k I am doing fine. I joined the Navy and saw the world when I was younger. I have also seen much of the US and Canada so major traveling was not part of my retirement bucket list.

Sounds glorious when the weather is nice. Whats it like in the winter?

 

[Ptomaine]

I didn't do a great job at saving, but I decided my body didn't want to work much longer once I turned 62. I was able to buy a small unfinished cabin in northern Wisconsin where I spend much of the year. The cabin doesn't have electricity, and it is so far from a cell tower I couldn't always get a phone signal. Recently fiber was run down my road so between a generator and a battery power supply, I can connect to the outside world. I really enjoy working on the cabin and enjoying nature; most of my neighbors walk on four legs or fly. I walk the dogs in the woods, sit around (and usually cook over) a campfire at night, and visit one of the local watering holes 1-2 times a week for a burger, beer, and a little human interaction. I have always been quite frugal. My home and the cabin are paid off. Between Social Security and my 401k I am doing fine. I joined the Navy and saw the world when I was younger. I have also seen much of the US and Canada so major traveling was not part of my retirement bucket list.

Sounds glorious when the weather is nice. Whats it like in the winter?

It is very peaceful in the snow. The cabin is cozy with a propane wall heater (wood heat is way more work than it is worth). I head back to my house 200 miles south around New Year as the snow gets too deep by then. Walking the dogs or making my way to the outhouse in a blizzard or when it is -20° is a bit of a chore! I was hoping to get back up next week, but they got a foot and a half more snow yesterday. It's going to be a very late spring this year.

 

[NutterButter]

I didn't do a great job at saving, but I decided my body didn't want to work much longer once I turned 62. I was able to buy a small unfinished cabin in northern Wisconsin where I spend much of the year. The cabin doesn't have electricity, and it is so far from a cell tower I couldn't always get a phone signal. Recently fiber was run down my road so between a generator and a battery power supply, I can connect to the outside world. I really enjoy working on the cabin and enjoying nature; most of my neighbors walk on four legs or fly. I walk the dogs in the woods, sit around (and usually cook over) a campfire at night, and visit one of the local watering holes 1-2 times a week for a burger, beer, and a little human interaction. I have always been quite frugal. My home and the cabin are paid off. Between Social Security and my 401k I am doing fine. I joined the Navy and saw the world when I was younger. I have also seen much of the US and Canada so major traveling was not part of my retirement bucket list.

Sounds glorious when the weather is nice. Whats it like in the winter?

It is very peaceful in the snow. The cabin is cozy with a propane wall heater (wood heat is way more work than it is worth). I head back to my house 200 miles south around New Year as the snow gets too deep by then. Walking the dogs or making my way to the outhouse in a blizzard or when it is -20° is a bit of a chore! I was hoping to get back up next week, but they got a foot and a half more snow yesterday. It's going to be a very late spring this year.

I like the sound of that. If I don't have grandkids keeping me close, I could see myself doing something similar; somewhere like Arizona where you can get something remote with comfortable temps for 3 seasons and just have a short drive south to get to a warm winter rental.

 

[Da Guru]

I don't plan to ever retire. First, I pretty much like what I do. I'd be bored without something else to do. And slowing down seems to lead to decay and death.

My father died three weeks after retiring because of health problems. He lost that sense of purpose helping people. I get your position, I’m wired the same way.

Yeah my step father seemed to age 15yrs in the first year he retired (at 65). Was really sad to watch, but he was also the guy who had no life or hobbies outside of work so when he retired it’s like he just shut off his brain. He deteriorated incredibly fast. Watching that happen really opened my eyes to needing to have other interest outside of you job (something I really struggled with for a long time).

My FIL died 16 months after he retired. Same thing, not many hobbies or friends outside of work. Like many he did not know what to do with himself so he started doing the things my MIL would do and get in the way and get her agitated. My MIL did not help things as she sais she could not stand him being home all day every day hanging around. So he started cutting the lawn every other day for hours at a time. After about 6 months he just kinda shut down and aged 10 years in one year. It was shocking.

 

[Senor Schmutzig]

I didn't do a great job at saving, but I decided my body didn't want to work much longer once I turned 62. I was able to buy a small unfinished cabin in northern Wisconsin where I spend much of the year. The cabin doesn't have electricity, and it is so far from a cell tower I couldn't always get a phone signal. Recently fiber was run down my road so between a generator and a battery power supply, I can connect to the outside world. I really enjoy working on the cabin and enjoying nature; most of my neighbors walk on four legs or fly. I walk the dogs in the woods, sit around (and usually cook over) a campfire at night, and visit one of the local watering holes 1-2 times a week for a burger, beer, and a little human interaction. I have always been quite frugal. My home and the cabin are paid off. Between Social Security and my 401k I am doing fine. I joined the Navy and saw the world when I was younger. I have also seen much of the US and Canada so major traveling was not part of my retirement bucket list.

That doesn’t sound horrible.