Retirement suits me fine!

artemedes · Jun 5, 2017

Congratulations!

I have a minimum of another 10 years left, but the math says I shouldn't retire early and the next logical step is 17 years from now.

I am seriously considering what Chris did and just getting out as early as I can in 10 years. Who needs money, right?

artemedes · Jun 5, 2017

I have been planning for retirement since as I was able. I did get a bit of late start though. I worked my way through college and graduate school and didn't start contributing to retirement plans until my early thirties (first full time job with benefits). I have been putting extra away to compensate and should be able to retire in 10 years if I continue to be frugal. I have just seen the numbers and how much more money would be available if I retire after 17 years. I will just have to revisit the situation in a few years.

Miairhead · Jun 5, 2017

I did not plan for retirement, one day the company sent me to a doctor because of my back. Doc said, you should NOT be working with that back, 2 years disability (back operation for metal addition), and then I was done with work forever. Took me a while to get use only my wife asking me to fix her computer: don't miss the 5 people every morning with problems (most of their making). Best years since I left high school and had to get a job, now if I could just win the lottery.

Coyote Chris · Jun 6, 2017

artemedes said:
I have been planning for retirement since as I was able. I did get a bit of late start though. I worked my way through college and graduate school and didn't start contributing to retirement plans until my early thirties (first full time job with benefits). I have been putting extra away to compensate and should be able to retire in 10 years if I continue to be frugal. I have just seen the numbers and how much more money would be available if I retire after 17 years. I will just have to revisit the situation in a few years.

What Daboo said. I actually oversaved for retirement but I couldnt go at 50 and have access to the State Patrol Medical insurance plan, so I had to wait till 55. The hard thing now is that safe productive investments are gone, IMHO. The good news is that it is my belief that any single person who is debt free at 55, who will get a decent SS check at 62, can and should retire if they have something to retire to, and if they have $500,000 invested safely, or even $300,000 if they are very frugal. I have actually done it on much less but I have a beautiful young wife who splits living expenses with me.....

Caveat: If you want to spend your golden years peeing in a diaper in a nursing home watching "I love Lucy" reruns, then you will need to save much more....not my idea of living but some might want to work an additional 10 years of their youth so they can have a nice room in assisted living next to the TV room....

Phil Tarman · Jun 6, 2017

Joanne and I both worked till we were 70. I'd be in trouble without SS, but with it and our pensions, we've got enough, but certainly no extra. If I didn't have the supplemental income from my work at Hospice, my travels would be much more limited. I'll definitely be a one-bike-at-a-time guy and I'm not likely to every buy another new bike.

But retirement is very good.

Coyote Chris · Jun 6, 2017

Phil Tarman said:
Joanne and I both worked till we were 70. I'd be in trouble without SS, but with it and our pensions, we've got enough, but certainly no extra. If I didn't have the supplemental income from my work at Hospice, my travels would be much more limited. I'll definitely be a one-bike-at-a-time guy and I'm not likely to every buy another new bike.

But retirement is very good.

Phil, This is not an invitation to pry into your personal affairs but a general statement. It always shocks me to hear of people who HAVE to work into their 70s against their will. I know life hands folks little disasters like divorce and having your kids come back and stay with you , bringing your grandkids...there is injury, too. My neighbor just had his front 3 lower teeth, along with his braces, ripped out of his mouth by a pitbull...100 stitches in his lower lip...thankfully, the owner of the soon to be dead dog has insurance but many people dont....then there are some troopers I know who "retire" from the patrol and buy a new house with a new house payment and have to go back to work doing something to pay for the new house and toys....

My parent's generation taught us to save and then save some more. And to not buy more than you can afford. Maybe I am just an old foggie. I saved and payed off my credit card debt every month. I never had cable TV or a $600 a year cell phone. Or a $62,000 pick up truck.

Now I am a freeman instead of an indentured servant like those troopers who went way too far into debt. And I have been free for the last 13 years. My wife and I just shake our heads when we hear of people with 10,000 bucks credit card debt. I am not bragging...I know life hands out poop sandwitches to people and its not their fault they are stuck in debtor's prison...but I see so many that its as if they were never taught to save?????????????? Never taught that you had better study HARD and speicalize in two educations that you can actually make a living at???? That you would be in competition with every other kid in your class for the good jobs?

OK, rant over...I am going out to take my meds.....

Phil Tarman · Jun 7, 2017

Chris, I agree with everything you said. But, I started working as a minister making $3,000/yr in 1963 and I was going to school full-time. I was in college and theological seminary for five years after I started preaching and when I had my first full-time church in 1968, I was making a walloping $5200/yr. And we had two kids. My wife worked full time.

After 10 years in ministry, I was all the way up to $8K/yr. I left ministry and started selling real estate in 1973, planning on going back to school and getting either a Masters of Social Work or a Ph.D in counseling. But that was the year interest rates went from something like 7 1/2% in May to something over 10% by the end of June. Since Texas didn't allow a borrower to pay more than 10% interest, it was almost impossible to finance the purchase of a home in Texas from June of '73 till mid-76.

In '75, I went to work in the oilfield, doing dirty, physical manual labor as a drill collar inspector. I started at $3.25/hr and worked my way up to $3.85/hr. The good thing was that I was working an average of 92 hrs/wk. That brought me close to $2,000/month. The bad thing was that I was working an average of 92 hrs/wk. That was wearing me out and keeping me away from my family. After two yrs, I was "promoted" to a sales job, and only worked about 55 hrs/wk. But I only made about $1500/mo.

After two and half more years I was working in a management position and making about $60,000/yr.

Unfortunately for my finances, that was when I felt a call back to the ministry. I used my accumulated profit sharing money to pay off most of my debt, but I was back to making $18,000/yr. By the time my wife left me in '97, I was up to a bit over $50,000/yr, but, as I've mentioned before, she was awarded 62% of my personal contributions to my pension fund.

If i hadn't been for the divorce, I'd be in very good financial shape now. But I'd be married to a woman who I'm grateful to have as a friend, but supremely grateful not to be married to.

BTW, I always planned on working till 70. It fit with my skills, my interests, and the calling I understood myself to have to serve my congregation.

I'm glad you were able to manage your life so that you don't have the financial constraints I've got. Congratulations.

I'm happy with where I am. I worked hard and effectively. I've got enough. But I don't have much excess.

So there. Now, I'll go take my meds and go to bed.

Phil Tarman · Jun 7, 2017

Amen. I am content in what I have and where I am. And that's a blessing along with all the other blessings I have received.

Coyote Chris · Jun 8, 2017

Phil Tarman said:
Chris, I agree with everything you said. But, I started working as a minister making $3,000/yr in 1963 and I was going to school full-time. I was in college and theological seminary for five years after I started preaching and when I had my first full-time church in 1968, I was making a walloping $5200/yr. And we had two kids. My wife worked full time.

After 10 years in ministry, I was all the way up to $8K/yr. I left ministry and started selling real estate in 1973, planning on going back to school and getting either a Masters of Social Work or a Ph.D in counseling. But that was the year interest rates went from something like 7 1/2% in May to something over 10% by the end of June. Since Texas didn't allow a borrower to pay more than 10% interest, it was almost impossible to finance the purchase of a home in Texas from June of '73 till mid-76.

In '75, I went to work in the oilfield, doing dirty, physical manual labor as a drill collar inspector. I started at $3.25/hr and worked my way up to $3.85/hr. The good thing was that I was working an average of 92 hrs/wk. That brought me close to $2,000/month. The bad thing was that I was working an average of 92 hrs/wk. That was wearing me out and keeping me away from my family. After two yrs, I was "promoted" to a sales job, and only worked about 55 hrs/wk. But I only made about $1500/mo.

After two and half more years I was working in a management position and making about $60,000/yr.

Unfortunately for my finances, that was when I felt a call back to the ministry. I used my accumulated profit sharing money to pay off most of my debt, but I was back to making $18,000/yr. By the time my wife left me in '97, I was up to a bit over $50,000/yr, but, as I've mentioned before, she was awarded 62% of my personal contributions to my pension fund.

If i hadn't been for the divorce, I'd be in very good financial shape now. But I'd be married to a woman who I'm grateful to have as a friend, but supremely grateful not to be married to.

BTW, I always planned on working till 70. It fit with my skills, my interests, and the calling I understood myself to have to serve my congregation.

I'm glad you were able to manage your life so that you don't have the financial constraints I've got. Congratulations.

I'm happy with where I am. I worked hard and effectively. I've got enough. But I don't have much excess.

So there. Now, I'll go take my meds and go to bed.

Ho Hum....sorry Phil....but I did say it wasnt an invitation to pry and I did say life hands out disasaters and I did say there were poop sandwitches....and I did say people who work into the '70s against their will....
Y0U made decisions that made you happy. And I am happy for you. (BTW, that 5200 you made in 1968 is $36,500 in 2017 dollars.....not a bad starting salary back then....I made much less at my first real job in 1972)
I also refered to those that squandered money needlessly and put their family at risk....I dont see where you did that....
This isnt about me but yes, I did manage my life to keep myself and my loved ones out of risk as much as possible. I am proud of that. And I suspect...no...I KNOW most here havent knowingly done things to be a burden to their families and their country. Most of us obtained our money the old fashioned way....we EARNED it....you, I and just about everyone I know earned it.

There is absolutely nothing wrong with anyone who wants to be working into their 70s....That is why I said, "Against their will".

I stick by my guns. Somehow this society has not taught its kids now how to deal with life finances, how to save, and how not to spend till a measure of savings is obtained....and how to plan for the future.
And how to work to get what you want.....
That trooper who bought the McMansion when he retired and is sorry didnt plan to fail, he failed to plan.....that is sad to me. And not necessary in most cases. Google "Lotto winners who file for bankrupcy"

YOU GO ARTEMEDES!

windsinthehills · Jun 8, 2017

I'm 59 and retired from teaching elementary music a year ago. Loving my retirement. Lucky to have a pension from my teaching and health insurance because of military service. My wife is 6 years older than me and still another year to go before retiring because of social security etc. Found out just how much my wife had still been doing around the house when she received a new knee this month. Having survived stage 4 cancer decided I wanted to retire before I was no longer able to physically enjoy retirement.

Phil Tarman · Jun 8, 2017

windsinthehills said:
Having survived stage 4 cancer decided I wanted to retire before I was no longer able to physically enjoy retirement.

An experience like that would be a big reason to move to retirement as quickly as possible.

Coyote Chris · Jun 9, 2017

Daboo said:
Last summer, Boeing offered Voluntary Layoffs (VLOs). I didn't take advantage of it then, but the lady who worked next to me did. She hadn't planned to retire for several more years. But her husband wanted her to retire then while she was still young enough and physically able to do the traveling they had planned to do. It really got me thinking.

Chris

What Phil and Daboo said. I had a high stress job and it was amazing how my health improved when I retired..the stress was off...(the rat race was over...the rats won) and I had time to exercise and keep fit...not easy when you work......It is my personal belief that stress kills...slowly, maybe....but the main contention that you have this unknown length of time left on earth, plus you have no idea how much of that time you will have the health to enjoy retirement, is truth. This year's bucket list included taking my first cruise, seeing some of Alaska, seeing whales and orcas, and seeing tidewater glaciers up close....next year, maybe Hawaii. The year after that.....maybe a Viking River cruise of Europe....
But you know what's funny? If I couldnt do all those things for lack of funding, I could still motorcycle tour the country on a medium sized bike and be happy.....even just sitting in a campground in Spearfish with friends self medicating....

ARKNT · Jun 9, 2017

I also believe that stress is a real killer. Slow maybe but definitely real stuff.
It is a repeatable occurrence that our retirees get off blood pressure and other meds or at least cut back on them.
Still there is a balance in all things and a proper time for each person.

Brad

john40 · Jun 10, 2017

EX WINGER said:
enjoy your retirement to its fullest while you can as you never know what tomorrow may bring, whether it will be another day of pleasure or a day of frustration.

This is a profound statement. I've been retired a little more than 20 years. I've worked and I've been retired, retirement is much better.
John