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Old 03-31-2015, 07:45 AM
 
Location: Saint Johns, FL
1,192 posts, read 941,224 times
Reputation: 1267

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It's not black and white for everyone. I'm 63 and will be 64 in June. Retired Captain from USAF. About 5 years ago I quit my regular job because I had the boss from hell. Did that job half time and did contract work part time.

That lasted 18 months until they hired a full-time person and didn't need me. By then I'd hit another gig that I did about 15 hours a week and paid me about $25K a year.

But after 4 years, they finally hired a full time person to replace me last month. They have me "on-call" to do stuff in case they get swamped but it's been 3 days and no call, and the new lady is very determined to show she can do it without my assistance.

So I think this is the end of the working road. I have my military pay, a couple rental properties, dividend paying investments and my wife will still be working for a couple years. Holding off on the Social Security for now. In 27 more months I can apply and get $8K a year from my wife's earnings. Could do that until age 70. Still go back and forth on the wisdom of that. I run the numbers a lot.

So rest of this year is a bit of a test run on finances. Going to see where we can cut down on expenses. Knew this was coming so was able to max out my Roth IRA contribution ($6,500). Last deposit is today. Still have to go $5,000 for the wife's.
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Old 03-31-2015, 08:17 AM
 
13,318 posts, read 25,554,182 times
Reputation: 20500
I think… congratulations!? Keep us posted with your observations of it all!
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Old 03-31-2015, 08:56 AM
 
6,239 posts, read 4,725,740 times
Reputation: 12780
Sounds like you are in a pretty good situation with a pension, medical coverage, investments, income properties and a working wife.

I also retired a bit early due to the working conditions. Finances were OK but a bit tight. We cut back expenses drastically for a couple of years. Now our investments have increased and we are in a much better position. Trying to cut back late into retirement has little effect. Living well below your means before or early into retirement can have a major, lasting effect.
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Old 03-31-2015, 09:06 AM
 
Location: NE Mississippi
13,650 posts, read 8,565,244 times
Reputation: 19863
Quote:
Originally Posted by Newporttom View Post
It's not black and white for everyone. I'm 63 and will be 64 in June. Retired Captain from USAF. About 5 years ago I quit my regular job because I had the boss from hell. Did that job half time and did contract work part time.

That lasted 18 months until they hired a full-time person and didn't need me. By then I'd hit another gig that I did about 15 hours a week and paid me about $25K a year.

But after 4 years, they finally hired a full time person to replace me last month. They have me "on-call" to do stuff in case they get swamped but it's been 3 days and no call, and the new lady is very determined to show she can do it without my assistance.

So I think this is the end of the working road. I have my military pay, a couple rental properties, dividend paying investments and my wife will still be working for a couple years. Holding off on the Social Security for now. In 27 more months I can apply and get $8K a year from my wife's earnings. Could do that until age 70. Still go back and forth on the wisdom of that. I run the numbers a lot.

So rest of this year is a bit of a test run on finances. Going to see where we can cut down on expenses. Knew this was coming so was able to max out my Roth IRA contribution ($6,500). Last deposit is today. Still have to go $5,000 for the wife's.
This is how it happens, sometimes. Things happen, you work the situation the best you can, and then gradually you realize you have been retired.

Our industry (fabric) died when my wife was 60, so she retired and I drove an 18 wheeler for 5 years to get us over the hump. And that was a good move. I happened to choose a good company, and drove steadily until the end of 2010.
My "retirement" was simply a matter of cleaning up the truck and saying goodby to a few people.

Then I went home to enjoy Thanksgiving. And Christmas. And waking up feeling like every day was Saturday.
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Old 03-31-2015, 10:53 AM
 
Location: Las Vegas
13,886 posts, read 25,316,043 times
Reputation: 26372
Congratulations! You should celebrate!
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Old 03-31-2015, 11:09 AM
 
530 posts, read 537,777 times
Reputation: 959
Quote:
Originally Posted by Newporttom View Post
It's not black and white for everyone. I'm 63 and will be 64 in June. Retired Captain from USAF. About 5 years ago I quit my regular job because I had the boss from hell. Did that job half time and did contract work part time.

That lasted 18 months until they hired a full-time person and didn't need me. By then I'd hit another gig that I did about 15 hours a week and paid me about $25K a year.

But after 4 years, they finally hired a full time person to replace me last month. They have me "on-call" to do stuff in case they get swamped but it's been 3 days and no call, and the new lady is very determined to show she can do it without my assistance.

So I think this is the end of the working road. I have my military pay, a couple rental properties, dividend paying investments and my wife will still be working for a couple years. Holding off on the Social Security for now. In 27 more months I can apply and get $8K a year from my wife's earnings. Could do that until age 70. Still go back and forth on the wisdom of that. I run the numbers a lot.

So rest of this year is a bit of a test run on finances. Going to see where we can cut down on expenses. Knew this was coming so was able to max out my Roth IRA contribution ($6,500). Last deposit is today. Still have to go $5,000 for the wife's.
FIRST-of-all, Cap'n ... Thank You for serving our Country! I know that I appreciate that you dedicated a significant portion of your life to defense of this Nation.

So, now you're really retired, and experiencing what some of us have been experiencing for a few years: We've been "usurped" by a young, aggressive, capable generation, whose "turn" it is to provide for themselves. (Or, at least that's the way it's supposed to go!)

This "retirement situation" you find yourself in is actually better than a lot of folks' ... You've got a "cushion" under you. Many folks don't even have that.
Many folks are still struggling, even though they're either at, or past full-retirement-age (FRA), and find that they must continue working, just to be able to live at a lower-standard than they were used to when they were fully employed. And, their "retirement" very-well may include government assistance programs, in order to live at-all.
Some thought they were "too cool for school" ... others simply "lived for the day" and some even "squandered tomorrow" by their lifestyle(s). Some folks had a "tough row to hoe" and just couldn't put enough money together to be able to afford to retire; many of them are still working, trying to play catch-up in a society that no longer values their contribution, or worth.

Those who actually took (or are taking) the time to plan for retirement will be the ones who have better opportunities to enjoy themselves.
I hope that you & yours are in that category - it appears (from your post) that you are.

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Old 03-31-2015, 11:13 AM
 
Location: Sugarmill Woods , FL
6,235 posts, read 5,896,154 times
Reputation: 13647
No, you aren't retired.
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Old 03-31-2015, 11:20 AM
 
Location: Somewhere in USA
582 posts, read 495,588 times
Reputation: 532
stay optimistic on things...you're in an alright situation. Congrats for not having work anymore...now you can spend time on your hobbies and relax .
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Old 03-31-2015, 01:33 PM
 
3,943 posts, read 3,261,008 times
Reputation: 11298
"Boss from hell"---You will never regret that move. My work life brought a lot of discomfort to me and the last thing I'll ever spend any time wondering about is the decision to get out a bit early. In order to have any decent health at the end of your working years a person needs to see life as a matter of wealth VS health. Congrats on your decision, be happy, and remember, living well isn't a matter of revenge, it's pure salvation.
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Old 03-31-2015, 02:42 PM
 
Location: Saint Johns, FL
1,192 posts, read 941,224 times
Reputation: 1267
Quote:
Originally Posted by froglipz View Post
No, you aren't retired.
I'm not?
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