Retirement, pros, cons, opinions and advice

[Steve Donlon]

`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.

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.

The way I see it is EVERY DAY IS A GIFT A lot of people I know from the trades never made it to retirement.

 

[jackieschmidt]

That and the life expectancy of males in the states is 74.8 years.

Good grief, I’m living on borrowed time.

 

[hogpatrol]

The way I see it is EVERY DAY IS A GIFT A lot of people I know from the trades never made it to retirement.

Good grief, I’m living on borrowed time.

Good grief, I’m living on borrowed time.

Worked in a steel mill where we had a classified trade of welders. For a long time, there were no retired ones.
Jackie, Yeah, me too!

 

[Murray Brook]

I'm presently 71. I worked for the railway for 42 yrs and took my pension in 2016. From April till mid November I don't have enough time to do all I want. With hunting, shooting , ATV'ing , work around the house and camp, etc I find it hard to figure out how I done it while I worked. But I must admit that I find the winters somewhat long. I don't play hockey or ski anymore but not having to go to work when it is 35 below or in a blizzard makes up for most of this. All in all things are good thanks to the Good Lord. Also this forum is a God send on those winter evenings.

 

[steve210]

I highly recommend retirement, best job I've ever had. I work on what i want, when i want. I get tired or aggravated, it's quitting time. If you own a home and have some hobbies, you wonder how you had the time to go to work.

 

[ronsatspokane]

I'm one of those who doesn't know how he ever found time to work. One piece of advice would be to have as few projects in flight as possible and focus on completing them. The ideal number in flight being 1. Not possible but the closer you get to that number the higher the probability of completing them and making progress. Plus it frees up time for fishing, hunting, shooting, travel, visiting friends and anything else that turns your crank.

 

[NCVarhtr]

Best job I ever had. Everyday is Saturday!!

And every night is Saturday night!!!!!!!

 

[nakneker]

Thanks for all of the input! The insights are helpful and bring things into focus a bit. I had to drive for 12 hours today and check on a job in a neighboring state, it was a good time to think and ponder about things. This thread helped. Now I caught up on the four pages I had missed today, more good food for thought.


I’m 58 in June. I’ve been self employed since 23, I don’t think I could handle the politics of the corporate world or a boss. It’s worked for me.


We are debt free, have been for a decade. I haven’t put much into stocks and such but we do own two VA clinics that we built for the VA, both have long term leases with the government. We’ve also built a couple four plexes that are paid for, they provide good monthly income. I probably should have put more into stocks but just never did.


One detail I left out when starting this thread that will delay retirement a year, maybe two is that our youngest daughter’s husband was just diagnosed with MS. I’m going to help them get a house paid for and get a start in life. My daughter works at Phoenix Children’s hospital, her husband graduates next year in aero space engineer and has a job waiting for him with military contractor. They put theirselves through school, never asked me for a dime but this changes things. I’d feel guilty if I retired and didn’t help them get things squared away for what is coming. I hope and pray they get some time before things get bad but there are no promises that will happen.


Thanks again for sharing your insights!

 

[jpjulian]

@nakneker, you've received some really good advice. I retired 17 years ago from a career in law enforcement. My body quit on me. It's really a younger persons job in my mind anyway. There will be an adjustment, to be sure. Only you will know how much and for how long of an adjustment there will be. I will also say that I cannot recommend retirement highly enough. Marrying my wife 50 years ago this December was the best decision of my life. Getting my head out of my ass and quit hanging with shitheads and stoners and becoming a Cop was the second best decision. Retiring was the 3rd best decision. I miss it, but, it was the right thing to do and the best time to do it. I wish you the very best in your retirement. Have no regrets and look forward to what may be the best days of your life.
Joe

 

[1lessdog]

Since I retired one person that retired 8 months before me died 3 wks ago at 68. And one other guy was going to retire at 62 and died at Mayo hospital the middle of April. 6 month before he retired.

Don't wait, you never know.

 

[ELR LVR]

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?

All I can say is
I cannot freakin wait to retire
only 10 more yrs. and counting down every year to it.
-----------------------------------------------------------
So many of my own projects have been put off over the years I wish I could get to them
Now I keep thinking, fine I guess I'll save them until I retire.
I hadn't been shooting in 2 months until just this week I forced myself to because my guns were feeling neglected asking
Why did you even give birth to us?
-----------------------------------------------------------
I used to fill up my schedule with work 7 days a week, workoholic
if theres money to be made thats more productive right?
Now I am slowly working into retiring, i call myself partially retired
Nowadays i only schedule in about 4 days of work per week.
I have spent a full week at home recently just doing yardwork, catching up on little projects etc
and can see I will not miss my regular job

 

[R.Morehouse]

I am retired. There is a school bus company just up the road from me that was shorthanded, so I gave it a shot and liked it. I drive the VoTech students from our HS to the VoTech school at noon, kick back for a few hours, then drive them back. I am home by 3:45. The students are great, and a few have been my Grandkids. They are very well-behaved and respectful ( I live out in the country ).
The only advice I can give is to try to avoid " Binge Watching " stuff on Netflix, etc. It is a sole sucking, mind numbing freefall that is very easy to find yourself getting into if your not careful......Doing that is truly flipping the off switch in your brain.......

Regards
Rick

 

[demarpaint1]

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.

I waited until 65, probably a mistake. It sucks betting against your own mortality.

 

[Rick in Oregon]

Once comfy in retirement, you'll start asking yourself 'how did I ever find time to go to work'?

Guys like us have no trouble finding stuff to do in retirement, as there's always brass to clean and prep, load ammo, shoot, hunt, clean guns......there's no end to it. I jumped ship at 62 and have had 17 years of complete bliss since.

 

[Kittitas George]

You now have the time to be the person YOU WANT TO BE. You no longer have to fill a certain niche for others, you can be anything you want to be. You have given up employment, so add something meaningful to you. Lots of opportunities, read more, volunteer, be part of the community, take up something all together different. You have proved your success, now show your value. "We make a living y what we earn, we make a life by what we give" Winston Churchill.

 

[jds holler]

I could have been the poster boy for living a life that might never allow for retirement.

I spent the first 20 years of my adult life in a progressively down-hill slide of irresponsible and decadent behavior. The first ten years might be counted as a party, the second ten as a sad and miserable embarrassment.

I celebrated turning 40 by being arrested - again, and by the grace of God and the help of Alcoholics Anonymous was led down the right path.

It's easy to pick a path when there is only one way left to go. I was homeless, friendless, penniless, no car to drive or license to drive with.

AND YET -- three years later I was working a job as a truck driver -- marrying the RIGHT woman, buying a home, and building a life that has allowed both of us to retire comfortably. (not extravagantly)

All I can say is that if I can pull it off, anybody can. And I'm gonna add that this didn't happen because of a rip-roaring income. Our combined incomes for the last 25 years has never been more than 70ish grand. As you can imagine, we don't live in a mansion, or drive a corvette, but we're happy and comfortable, and every day is a gift from the Lord. jd

 

[hoz53]

Thanks for all of the input! The insights are helpful and bring things into focus a bit. I had to drive for 12 hours today and check on a job in a neighboring state, it was a good time to think and ponder about things. This thread helped. Now I caught up on the four pages I had missed today, more good food for thought.


I’m 58 in June. I’ve been self employed since 23, I don’t think I could handle the politics of the corporate world or a boss. It’s worked for me.


We are debt free, have been for a decade. I haven’t put much into stocks and such but we do own two VA clinics that we built for the VA, both have long term leases with the government. We’ve also built a couple four plexes that are paid for, they provide good monthly income. I probably should have put more into stocks but just never did.


One detail I left out when starting this thread that will delay retirement a year, maybe two is that our youngest daughter’s husband was just diagnosed with MS. I’m going to help them get a house paid for and get a start in life. My daughter works at Phoenix Children’s hospital, her husband graduates next year in aero space engineer and has a job waiting for him with military contractor. They put theirselves through school, never asked me for a dime but this changes things. I’d feel guilty if I retired and didn’t help them get things squared away for what is coming. I hope and pray they get some time before things get bad but there are no promises that will happen.


Thanks again for sharing your insights!

very sorry to hear about your SIL nakneker. Wanted to tell you my aunt who just passed at 95 had MS for 40 years and lived a engaged and effective life all that time. you never really knew she had it. she had 6 kids--she was the last one left in our family in that generation. so it is possible
good luck with your sil-- im sure youll do well in your retirement however u decide to handle it.

 

[nakneker]

very sorry to hear about your SIL nakneker. Wanted to tell you my aunt who just passed at 95 had MS for 40 years and lived a engaged and effective life all that time. you never really knew she had it. she had 6 kids--she was the last one left in our family in that generation. so it is possible
good luck with your sil-- im sure youll do well in your retirement however u decide to handle it.

Thanks Hoz. I don’t know much about MS but I’m learning, there’s more people that have it than I realize and from what I understand a good diet and lots of exercise can help hold it off in some cases. No guarantees. My daughter and SIL are handling the news as well as can be expected. They made immediate changes to their diet and walk 5-10 miles a day since they got the news.

 

[jxb]

Good thread, I'm right behind you. Also contract work but for me the latest is an IT gig that started in 2019 and thought might last a couple years. I still plan to retire when the work ends although the boss said that might be when I'm 99 as this one just keeps getting renewed. I said no worries I won't live that long and certainly would retire by 65ish regardless.

Sounds like you have it well in hand, no debt, income stream, etc. If you have your health I'd only suggest waiting to start SS until at least full retirement as you'll get a lot more. If you haven't already you can login to SSA and see those numbers. That of course means living on your other income stream in the meantime but with everything paid for that shouldn't be a huge issue, just adjust your lifestyle a little so your recreating isn't too costly.

Me, that's camping, fishing, hunting, photography, or basically recreating in nature but not without some comfort as getting up in the cold or sleeping on the hard ground isn't as fun as it used to be. I did a mini-retirement for a couple years starting spring 2016 with the truck and trailer, mostly the only extra costs were fuel and the occasional campground fee as I was boondocking nearly all the time. I'd be gone a couple weeks, home a week, rinse/repeat and never got to do even half the things I thought of, didn't even leave the state and had more fun than should be allowed. Just takes a bit of imagination.

Oh even if you have your health today, have a plan for if it suddenly goes sideways. It happens, I know this first hand. Medicare is available to those that qualify before age 65, I wasn't aware of this. It's a short list, but hey if a person qualifies and has need...

 

[gdbleb]

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.

Hi Boss, Heads Up when you do file for SS benefits at age 70 be ready for them to try to buy you down. That is they will offer you an attractive lump sum payment equal to the foregone payments if you accept a monthly payment as if you were starting benefits at "normal or full" retirement age. This was on a phone call from a very business-like SS agent in my case. I wasn't expecting it and had to quickly calculate the breakeven point.