Retirement.....how soon? - Page 2
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  1. #16
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    I'm really enjoying retirement, too. I'm fifty. I own my home outright. It's a small cottage. It's getting harder for me to do all of the yard work. I'll probably have to start hiring someone to help me. I planted an orchard when I was in my thirties. It's nice having the fruit, but the trees also need trimming. I did one today, and will try to do one each day until they're done. It's nice not having to buy fruit, though. I'm also growing salad greens, broccoli, cauliflower, and carrots. We have very hot summers, so it's easier for me to grow winter veggies.

    I bought my antique furniture second hand. It's really nice quality stuff, and it will last forever. I replaced my water heater and fridge last year. My washer and dryer are old Kenmores. I've had them for 20 years. I keep them serviced, and they're still going strong. I've kept up the home maintenance. This is an older home, so I budget $3,000. a year for that. My boyfriend is a plumber and can fix almost anything, so that helps.

    Like some of the above posters, I'm a homebody. I love staying home and cooking, baking bread and desserts, knitting, etc. I never get bored. I am taking an on line course in music, and I spend a lot of time with my neighbors. I have a little 8 yr. old girl who lives down the street. She comes over each afternoon and I teach her to crochet. I also walk my dogs each afternoon and chat with the other dog walkers.

    I have a membership at the gym that only costs me $15.00 a month. (I got it through Costco.) I take the bus and bike there a few times a week. I enjoy using the pool, sauna, and jacuzzi.

  2. #17
    Registered User Ayanka's Avatar
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    Carfree, maybe you could barter with a younger person? If they do part of the yard work, they get part of the fruit/harvest?

  3. #18
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    Ayanka, I was thinking the same thing. My neighbor has a thirteen year old boy. They're very busy, though. She's a single mom. I've been giving away the fruit for years to my neighbors. Maybe I could find a college student. They could use some of the land to grow vegetables, too.

    The one change I've noticed as I get older is that I have less strength and power. I have to pace myself with things like weeding, tree trimming, and yard work. My lot is 7,400 feet.

    Being home has given me more time for cooking and baking. It's really rewarding to bake all of the breads and desserts. It saves a lot of money, too. I try to spend $20,000. a year or less. I don't always reach that goal, but I come close to it.

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  5. #19
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    Retired 18 months ago at age 49 and have not regretted one moment of it. Mr. LC and I retired on the same day. We travel during the winter and spend the rest of the year gardening, doing woodworking, going to the Y 4-5 times a week, reading, visit the kids, etc. We just started a blog about our wonderful life with the intent of inspiring others to do the same.

  6. #20
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    I retired at 64 after 35 years in the health care field. I was so happy and relieve to get out of there. I have a good lump some pension and started getting my SS at 65, when I applied for medicare. Life is surprisingly awesome. The trick for me is to have my own schedule of daily activities to accomplish 6 days a week. Sunday is just to bum around, not doing anything. I go to the YmCA and run 3 miles/day(ellipticals) and walk another mile in the treadmill. I go to Yoga class once in a while. I devote afternoons in a public library doing my own research on investments and economy..This keeps me physically and mentally active. I also indulge in my passion of photography, road trips, travel cruises, and family visits.---We travel and eat out very frugally, stay in cheap decent motels and sometimes passed by a grocery to buy ready made meals.

  7. #21
    Registered User ScrapStitching's Avatar
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    It's been a while, but I started SS this year (age 62) and cut my work hours to about 10 a week. I may give those up next year, but am kind of waiting for my husband to retire (he's 68 and retired one, working as a consultant now). The first couple months were hard for me as I used to work tons of hours, but I'm learning how to spend time without working for much of a paycheck finally. I sew, volunteer, garden, walk, and sometimes do nothing at all

  8. #22
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    I知 in the U.K. so my retirement age is 67.
    My first company I worked for which I spent 13 years as an air movement and calibration managed to tap into our pension pot and as it collapsed we were left with nothing.
    I知 lucky in that I Owen land and a property with no mortgage but I知 classed as property rich and capital poor.
    I知 fast approaching 52 and my companion is trying to help me sort out the best way to turn my situation into one where I can turn property into capital and invest.
    Can稚 see me working till I知 67, not in my line of work!

  9. #23
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    We are 50 and probably can't ever retire. Even though DH had a stroke and I have medical problems since a child, we both work full-time plus. I will probably need to decrease my hours, however, as my bloodwork is not good and complications are setting in. We have a huge mortgage that includes rental properties. To be debt free, we would have to sell 2/3 of the properties. My guess is that will probably end up happening at some point due to health issues.

    DH has life insurance that he purchased many years ago and I have a very tiny policy through my job.

    Kids still live with us and we don't ask for any money to stay here.

    Our income allows for the necessities with a bit left over for gifts. This year, we'll take a vacation but once my hours drop, there can't be any more trips. DH needs a car very soon as the car costs way more to fix than what its valued at (valued at $400).

    Both of us purchased long term care policies 12+ years ago. If we tried that today, we wouldn't be eligible due to our health. Just like life insurance-neither of us could buy a plan due to our health. So, we keep paying for that.

    Our jobs offer pensions after 5 years but it would extremely small.

    I guess we'll see what happens in the next 5 years and make more decisions at that point.

  10. #24
    Registered User CPA-Kim's Avatar
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    There's a saying, "you make plans; God laughs."

    I can't believe I started this thread in 2014. I had a well designed plan but in 2015, at age 60, I was diagnosed with ALS. I'm very slow progressing but it through all my plans into the trash and I had to come up with a new plan.

    The good thing was that my house was paid for and I had no debt. I immediately qualified for SSDI and Medicare because ALS is an exception to the 24-month wait for Medicare. I decided to take my pension in a lump sum and that generates a decent income stream. I collect $2,400 a month in SSDI, and another $1,100 a month in long-term disability from my work. I bought a new car in 2015 and paid cash. Sold my smaller condo and bought and remodeled a larger one on the beach.

    I was denied long-term care insurance because of a minor heart arrhythmia and my life insurance through work was discontinued at my termination.

    I have enough to pay for home health care when I need it but my life is very different than I planned. I don't have a family so there is no need to scrimp. All my nieces and nephews are successful and have plenty of money so nobody needs an inheritance.

    I trust God has a plan for me. I've made tons of new friends at my new place and joined a new church. I can still drive. I play cards, swim in the heated pool and deal with my progressing disability by finding new and interesting things to occupy my mind
    Kim
    The Lord will provide

  11. #25
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    that is true CPA kim! we were late doing most things so still have teens at home though we are in our 50s. I have worked part time since my oldest was born esp since dh works long hours so I take care of stuff at home. Real estate has gone nuts here so even to rent it is $$$$ so who knows what will happen when the kids gets older. I expect them to live at home while going to school to save money. lots of choices close by. we will help with school but they will have to work for it too. and pay rent if they aren't going to school. Pensions are not common here anymore unless in govt or medical fields or teacher. most do some rrsp matching (ira's for you guys) so we do save some, have plans to pay off mortgage by retirement in our 60s. live in walking distance to libraries, senior centre, malls etc. except all our costs to go down when we retire and kids. have life insurance but won't need it later when the kids are older. because really that is why we have it because of the kids.

    We have some home repairs to get done like upgrading original 40s wiring lol refinish floors and some pipes. Either one of us is fancy. like nice things but w a deal. More worried about things like cancer or something like that. I have had ripped bicep muscles, torn rotor cuff, spine going so limited in work options at the moment. I rather travel now and have some debt from it and not have the chance later. We can sell the house and downside and pay off everything too. have all the angles covered.

    Really everytime we make plans, (seriously we have been though lots) something has happened as soon as I was pregnant with second child ..fil cancer for 10 yrs and last 2 yrs mil dementia. so plans went pear shaped for dh doing home renos and things rotting or going to waste because of no time. wasted money and now his eyes are bad so his drywalling/painting skills etc are not the best like really off. and he had always wanted to do his own home renos. we both have enough crafts and hobby stuff to keep us busy for a while.

  12. #26
    Registered User KathyB's Avatar
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    About eight years out for me and six years for my husband.

    I feel like we are doing good in terms of preparing for retirement. We both will have government pensions, social security and a retirement fund. Granted our retirement fund is somewhat modest. But with our pension and social security, it only needs to give us a third of our income. We are generally doing pretty well financially. We are doing the "snowball method" of paying of credit cards. Currently over a third of our income is going to paying down debts/savings. And by the end of this year, we should have everything paid off except our mortgage.

    But my husband is being very pessimistic. He feels that we can't count on social security still being there and we can't really count on any investments since the stock market performed poorly this year.

    I don't agree with his assessment, but after a few minutes got tired of arguing and gave it up. I suppose in the long run a little pessimism is good, if it means my husband will save/invest more money. It would not hurt to save more than we probably need to.

    I suppose I might be too optimistic. My husband agrees with my plan to move to a less expensive city after we move. But the areas of town I want to live in are more the more expensive areas of town, so it may cancel out. I want to live within walking distance of a museum or two. I would also accept walking distance of a zoo. These would cost literally over a million dollars in DC. [I live in the “near suburbs” of the DC area.] But I feel like we can pull it off in a low(er) cost of living city.

    Cost of living is relative. Since we live in a high cost of living area, a city with an average cost of living would be a lower cost of living city. I am playing around on the cost of living calculator on line. Four cities I am considering checked in at 45% less, 45% less, 37% less and 47% less.

    I guess I should add that the lower cost of living cities are not just about costing less. We both want a city that has less crowds and less population density. In terms of how crowed a city feels, population density can be more accurate than overall population. We want a city it where does not take a long time just to go a few miles because traffic is so bad. (It can take 15 minutes just to go 3 miles – and that is in my suburb. Parts of DC are much worse.) And we both like the more relaxed vibe of mid-sized cities in the South and Midwest. It just so happens that those cities have a lower cost of living than the area we are living in now.
    KathyB

  13. #27
    Registered User forHISglory's Avatar
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    Kathy B..... I've been retired for 12 years now. And there is indeed much planning that has to happen before the magical date! I commend you for doing all the research. Here are some of my concerns for you:

    1. We retired with a pension from the state..... and now it is in jeopardy. The pension fund is actually in excellent shape; it's just the state wants to make it a 401k instead of a pension. And that would cut out income in half. Just be sure to check what might be in the works for your gov. pension.
    2. I would suggest throwing every penny possible at your mortgage. When you get that paid off, then put the entire mortgage payment that you had been making into the bank. For most of us, that's a large amount and it will boost your savings quickly.
    3. While it's nice to be within walking distance of museums and the like, the truth is that as you become older, this will not always be possible. The point is that you might not retire to a forever-retirement-home or area..... You might need to consider that you will possibly move a couple more times at the minimum.
    4. You are smart to be willing to consider the midwest or south. We moved from a low cost of living midwest state to a higher cost of living midwest state. It was not what I wanted, but we did this in order to care for my elderly parents. It was a jolt to find that our property taxes in the lower state, which were about $1000 a year, suddenly jumped to $5000 a year for a similar sized home in the other state. Car licenses are higher in this state. It just seems that most things cost more in this state. So although both are midwest, there is a huge difference.

    My best to you as you continue to prepare for the next stage of life!!!!
    Spiritual:
    "You are fearfully and wonderfully made." Please... respect life.

    Financial:
    Debt free, hoping to stay that way!


    MY BLOG: glorybug.wordpress.com


    1. Keep on writing.
    2. Get some balance in my life.
    3. Lose weight. Hopefully 20# this year.
    4. Continue to be looking for how God wants to use me this year.


  14. #28
    Registered User KathyB's Avatar
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    I feel like being within walking distance of things is better for when we get older. My husband and I do not drive, we do public transport, taxi, uber, etc. Lots of online shopping. My husband's health is not the best. I want to have places that would be easy for him to get to. He is okay with short walks now. It could be be pushing a wheelchair in the future. But I do not want him to wind up being one of those people who winds up never leaving the house because of health issues.

    I think our pension is pretty safe. We are federal government employees. Periodically legislation is introduced to make the federal retirement system less good. However, in all of them the changes would only effect new employees who join the government after legislation is passed.
    KathyB

  15. #29
    Super Moderator Spirit Deer's Avatar
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    Kathy, we did similar to what you're doing. We've done all we can, except working till old enough for Medicare. We're going to take an enormous hit due to having to pay our own health insurance. But with one heart attack already having happened and a job that has become excessively stressful and would shortly become much moreso, Husby needed to get out for his own health. We've been planning a long time now and it all should work out all right. If something unforeseen happens, then we will have to roll with it and do the best we can, but that's true of everyone at any time, even if they're still working. Life is uncertain. We've done our due diligence and prepared. It's the best we can do for our current circumstances. We can't predict the future and that's what bothers me the most, but when I think about it, I realize we never could and things have worked out okay so far.

  16. #30
    Registered User KathyB's Avatar
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    I have seen a lot of people with health issues do better after they retire. Not a miracle cure of course. But levels of stress can influence health a lot. I think there is also the sleep issue. You can sleep an extra hour or two a night and that can help. We usually get 7 1/2 hours sleep on a weeknight. Maybe around 9 on weekends. Better than lots of people from what I hear. But during the month long shut down we slept for about 9 hours a night. I think maybe these aging bodies of ours would work best with 9 hours every night, but it just is not possible with our current jobs and commute. I felt like we slept sounder too. Maybe due to reduced stress.

    My husband's health is one of the reasons we are not looking to max out our retirement benefits. But even without that I would prefer to have more retirement years with less money than less years with more money.
    KathyB

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