Retirement, pros, cons, opinions and advice

[dryhumor]

IF… you can retire debt free, do it.

There’s a unique peace of mind that comes with that.

 

[muddy72]

I'm impressed with all the people who retired mid 50's or earlier. That seems like a tough financial decision - especially with health care.

How did you make that happen?

The financial side has many parts that came together in my situation. From being taught to save and invest in my teenage years to paying off what I could when I would benefit financially. When I started working in auto manufacturing, with the help of my financial advisor I took full advantage of the 401k/pension plan they offered. I've saved a ton of money in my life using my own 2 hands, using knowledge that I learned growing up and working hard! We have lived comfortably but some of that is because I do consider myself a procrastinating tight a$$ to save some money. Impulse buying is not my thing! My wife still works too.

Healthcare. My benefit was this: at any age you put in 25yrs and healthcare premiums for your family are paid for till your 62 I believe, kids till 26yrs old unless they have their own job. We pay for Vision and Dental through a provided plan. Not gonna hide it, I've been fortunate to have done this!

 

[Steve Donlon]

I have retired after 28 years of dealing with some of the lowest humans know to man. After seeing how the times has changed in LEO, I would not do it again, only if it was only possibly a federal position. No extensively serious injuries reached on my end, Thank God for sure, Amen! My specialty was hands on contact, sometimes non lethal when needed, but mostly hands on. I am proud to say over the 28 years, every case was justified, and never a abuse of the positions or holds, take downs, etc. My thought was if I could not talk you down and I was wearing polyester and had a tin badge that very easily could be seen, my game plan was to hurt you so you would not forget.

I don't miss it, but do miss all of the contacts. The job opened a lot of doors for me in the shooting industry. Have had the opportunity to meet and shoot with some of the US World's Elite Soldiers, and that experience will be cherished for my lifetime. Great friends in the shooting industry that I have roomed and traveled with around the country. Good times for sure.

I have slowed down and don't go to range like I used too. Getting some rifles put together hopefully to change that, may get lucky and get out to go and meet a few of the forum members as well as shoot a ground hog, coyote, or just getting out to see some of the rest of the country. I am lucky because my wife (Best Side Kick) is retired now as well. She is not much of a hunter but loves the outdoors. We try to get things done in a manly order around the house, it is paid for. We don't drink, smoke but do enjoy food.

I still teach some Concealed Carry Classes from time time, not a lot. Would like to find a local to learn some building skills in the precision rifle and the 1911 end of it, Could turn into some fun hobby.

Enjoy your retirement and there will be a day that you are not sure what day it is or what month.

I close friend of mine was a warden at an Arizona prison. He was a martial arts guy and when someone was a problem for the guards, the guards told the prisoner he had to see the warden. He was very effective at his job and a really fine man. Your story reminds me of him and how much our prison system has changed and what a challenging job it was. Thanks for your story.

 

[jds holler]

`It's common for a lot of guys to take the attitude of "I'll never be able to retire", because everybody seems to live in a constant state of economic crisis. That is completely BS, and easy to overcome. The trick is to always work a job, and ALWAYS spend 10% less than you earn. ALWAYS!!
Take that 10% and put it where it will earn, or have it done by a pro. Miraculously, thirty or forty years later, you will have enough wealth to retire, and do it comfortably. And if you want to really cinch up the deal, take another 10% and give it to the Lord. For some mysterious reason you won't miss it, and the road will be unexplainably smoother for you. jd

 

[NCVarhtr]

Best Job I ever had....

 

[Pawnee Bill]

I’m approaching retirement. I’ll always be actively doing something, I’m a contractor by trade and I don’t ever see myself not having a project in motion but having said that I’m looking forward to a lighter work load. If I want to go fishing, call coyotes, look for arrowheads it will be nice to have the freedom to do that when I want to do it.

Many of you are retired, you’re experiencing that stage of life now. So my question is what are the pros and cons of retirement. Many would say there are no cons but I’ve seen people in my own life who were not happy in retirement. I’ve seen others who became stagnant and lost their physical and mental sharpness. I’ve also seen the opposite, many who have flourished and seem to enjoy a high degree of peace and satisfaction.

If you were to give your opinion on the pros and cons of retirement what would you offer, what would you advise.

I know everyone has a different set of circumstances, finances, health, everyone’s path is their own but I’m curious what pointers or advice would you offer?

Best job I ever had. Everyday is Saturday!!

 

[jackieschmidt]

I'm amazed some of you guys were able to retire in your late 50s. I turn 70 in the fall, and then will finally start pulling Social Security. In order to actually enjoy some retirement, I'll have to bring in another moderator/security guy as I work pretty much every day, 52 weeks a year. And that means we need to find more funding sources.

You will be glad you waited until 70, and hopefully live another 15. Of course, if you wait untill your max out year, the Government hopes you will kill over the next day.
70 was also my max payout out year. I get the full amount that can be drawn as I have had my SS paid up by mid June for years. Of course, every year they keep upping the amount you have to make to max out. I think it is close to $190,000 now.I have now been drawing that for 8 years, at $5108 a month with this years raise.
I really hope that President Trump’s idea of no more income tax on SS goes through. As of now, they take 23% of my SS check each month, (out of the first 87%), so out of my total, I only get a little over $3900. Also, if the no income tax on overtime goes through, that will be great as well, as I have at least 13 “time and a half” hours a week on my check.
Considering what my two Brothers and I pay ourselves an hour, that is a substantial amount of take home.

 

[Rob01]

I'm impressed with all the people who retired mid 50's or earlier. That seems like a tough financial decision - especially with health care.

How did you make that happen?

Depends on your job. As a firefighter we had a mandatory retirement at 57. I retired at 51 with almost 31 years. Got to do some planning earlier in the career and prior to retiring and we also moved from a tax happy dem run state to a state it’s much easier to live on retirement. I pay for healthcare each month as it comes out of my retirement.

 

[Rob01]

I'm amazed some of you guys were able to retire in your late 50s. I turn 70 in the fall, and then will finally start pulling Social Security. In order to actually enjoy some retirement, I'll have to bring in another moderator/security guy as I work pretty much every day, 52 weeks a year. And that means we need to find more funding sources.

I plan to pull SS when I turn 62. Yes you get less monthly but I figure it will make up the difference in the 8 years of getting payments when I can use it versus waiting until I am 70 and getting a more monthly. Never know when your time is up and I paid into it and I want as much as I can out of it before that day.

 

[Mark W]

I plan to pull SS when I turn 62. Yes you get less monthly but I figure it will make up the difference in the 8 years of getting payments when I can use it versus waiting until I am 70 and getting a more monthly. Never know when your time is up and I paid into it and I want as much as I can out of it before that day.

Same here. I’m also planning to draw at 62. I’ve worked hard and men in my family don’t tend to live into their 80s, so I want to have some time to enjoy the fruits of my labor before I check out.

 

[1lessdog]

I retired May of 2024 at the age of 66. And do not regret it one bit. I say busy with my own projects. Last winter I moved snow for people that advertised that they wanted there driveway and sidewalk cleared. I have a small bucket for sidewalks and a bigger bucket or snowblower for driveways. I have a Bobcat to move the snow. A person can make good money doing it. I also do custom tilling as I have a tiller for my Bobcat. I get lots of Hunting and Fishing in. I'm close to the lakes for fishing.

Enjoy your retirement, you deserve it.

 

[Cryhavoc]

Stay active and enjoy life!

 

[dryhumor]

I think retirement is all about timing. An older friend of mine told me one day, you’ll know when it’s time. I did.

Part of it is doing the math to prove you can, the other part is getting out before you are stove up and hobbled. Some jobs create a hellava lot of wear and tear on your body, and at some undefined age, the recovery times from some work days get pretty excessive.

I worked about 5 hours today in my shop. Except when I took a call, and sat in my chair looking at woods and the neighbors pond. When I got hungry, I stopped and cooked a big cheeseburger, had a shower and a nap. Heck yeah. I’d recommend retirement to anyone serious enough to pursue it.

 

[Gary in MD]

I plan to pull SS when I turn 62. Yes you get less monthly but I figure it will make up the difference in the 8 years of getting payments when I can use it versus waiting until I am 70 and getting a more monthly. Never know when your time is up and I paid into it and I want as much as I can out of it before that day.

Exactly!!

 

[jackieschmidt]

I plan to pull SS when I turn 62. Yes you get less monthly but I figure it will make up the difference in the 8 years of getting payments when I can use it versus waiting until I am 70 and getting a more monthly. Never know when your time is up and I paid into it and I want as much as I can out of it before that day.

If you need the money, I suppose drawing SS at a much earlier year makes sense.
I never did. I figured when I hit 70, it would be like a big fat bonus each month.
Plus, every year when we get that cost of living raise, the percentage of $5100+ is quit a bit higher.

The good part is, the Government gives everybody the choice.

 

[Rob01]

If you need the money, I suppose drawing SS at a much earlier year makes sense.
I never did. I figured when I hit 70, it would be like a big fat bonus each month.
Plus, every year when we get that cost of living raise, the percentage of $5100+ is quit a bit higher.

The good part is, the Government gives everybody the choice.

Yup and if you get hit by a truck on your 70th birthday you get nothing. lol

But like you said everybody has their choice of how they want to do it.

 

[rwj]

If you need the money, I suppose drawing at a much earlier year makes sense.

I don’t need the money, but taking the dispersement at 62 guaranteed that the funds I earned will be part of my estate that my adult son will inherit (remember that the only survivor benefit in SS is a living spouse). Providing I live long enough, combined with being invested at a reasonable rate of return, it will be a nice amount towards his retirement!

 

[Medic505]

IF… you can retire debt free, do it.

There’s a unique peace of mind that comes with that.

^^^^^^ THIS^^^^^^^^

 

[Kracken McGraw]

As much as health care and house and car insurance keeps rising, there’s going to be a lot to plan for even if you’re debt free. I’m just 63 and don’t want wolves knocking on my door.

 

[hogpatrol]

I lost count of how many family, friends, coworkers and schoolmates died before they collected a nickel from SS or only collected for a couple years. For me, I figured early on that like most boomers, being exposed to bad air, bad water, bad food, and bad chemicals wasn't going to allow me to live forever or be in good health until I got the max, so I took it at 62. I believe if one worked in any kind of industrial setting like a refinery, manufacturing facility, construction, or agriculture, the odds aren't in one's favor. That and the life expectancy of males in the states is 74.8 years.