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Old 05-12-2015, 03:42 PM
 
Location: Grove City, Ohio
10,131 posts, read 12,378,690 times
Reputation: 13951

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Quote:
Originally Posted by BellaDL View Post
We have done some travelling (been to about 25 countries and in all US states except Alaska) mostly with commercial planes and some in small planes (South Africa self-fly safari in a C172, NZ self-fly trip in a PA-28, many 1000-2000nm trip from NY to various states in a C177B, and a 5500nm trip from NY to Puerto Rico & several Caribbean islands in our current 'home built' plane, a Glasair Sportsman).

I'm looking forward to retirement in the very near future so that we could travel more. We had long planned for a coast-to-coast plane camping trip but aborted the plan in 2013 due to unexpected delay in renewing my husband's medical. Now that he is healthy again, the trip will be on again and we can even do it at the same time with relocation. A flying trip to Alaska and many trips to all the majestic national parks are part of the reason we want to relocate in the northwest area.

Owning a plane is not cheap but we have found ways to reduce the cost. We can do our own annual inspection instead of paying the A&P few AMUs. With the engine monitor and the help of the Garmin EFIS, we can run LOP and only burn ~ 6-6.5gph on the Sportsman vs 8.5gph in our old Cardinal C177B. I was pleasantly surprised to see that we only need 24 gallons to fill up our tanks after 5 flights. With avgas at $4.15/galllons, it cost us less than $25/flight. To us, flying our Sportsman is a relatively cheap recreational activity and mental therapy at the same time.

We live quite frugally: hardly eating out, make our own breads/soups, cut our own hair, go to free or cheap concerts, wear cheap clothing for years, drive our cars to the ground, spend only $5/month for the 2 prepaid cellphones and will soon cancel the reduced satellite TV bill of $15/month and use only free TV through Roku. The plane's expense has been and will continue to be a big part of our budget. I plan to fly it a lot in our retirement. It may come to a day that we could no longer fly or I could drop dead the day after my retirement but since I have already lived my life to the fullest, it will not be a horror story ;-)
That sounds so cool!

I am thinking about moving down to something like maybe a C-150 but don't tell my wife yet. Don't need the speed anymore and as far as flying IFR my days doing that are over because I just don't need the stress. If the weather is bad I'd just as soon stay on the ground.

Thing about flying is whatever you budget the airplane always seems to cost more. Think an air conditioning unit going out is stressful? You ought to try having to do an overhaul on an engine.
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Old 05-12-2015, 05:54 PM
 
466 posts, read 290,403 times
Reputation: 1809
Guy I used to work with:

He stayed at the job until he was well past retirement age, then retired.

His plan was to take a week or two to get the house in order, and then go traveling with his wife and truly start their retirement. A week after he retired she was crossing the street, got hit by a car, and died. He really had no social life other than work and home.

He wanted to come back to work but his position had already been filled.

I imagined him sitting at home alone, missing his wife and wondering what the heck he was going to do with himself now.

I thought it was the saddest thing.
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Old 05-12-2015, 06:07 PM
 
Location: Florida
4,359 posts, read 3,694,371 times
Reputation: 4085
Quote:
Originally Posted by nicet4 View Post
Bingo, we have a winner!

While all of us should plan for eventual retirement I don't think it should be a focal point... we got life and you gotta live it.

I'll be 67 soon and I want to work at least two more years and if possible three to maximize my social security because I need it. I need it because I didn't save like I should have but I have no regrets at all. It's just what I gotta do to pay back for the things we did when we were younger.

Travel in retirement? Neither of us has a desire to travel because we've already done more travel than most people. Part of the reason I have to work longer is I had an airplane and for those that know airplanes make boats look cheap. But oh what fun!

We'd take trips and among our favorites was a small resort on Long Island in the Bahamas called Stella Maris. There wasn't any scheduled air carrier service so the way you got their was either by boat or fly in yourself... we flew in ourselves out of Fort Lauderdale.



Talk about an out of the way place this was it. Each cottage had its own private pool and on the eastern side of the island there was a beautiful beach about two miles long and nobody ever went there. Many times my wife and i would spend the afternoon sunning, with lots of sun screen, and wouldn't see another person for four hours. No crowded cruise ships for us.

To get around the island we'd rent mopeds.

California, Mexico, Canada and places in between we traveled and maybe I spent to much on my airplane, Piper Arrow PA28-200R runs about $100/hour for 200 hours/year so there was my retirement, I have no regrets. With a smile on my face I'll just work to 70 to "catch up". And in case you are wondering airplanes are not in my retirement planning.
Look at file and suspend. If you and spouse are at the full retirement age you can post pone your benefit but spouse can collect 50% of your benefit. No down side so look into this.
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Old 05-12-2015, 07:31 PM
 
Location: Grove City, Ohio
10,131 posts, read 12,378,690 times
Reputation: 13951
Quote:
Originally Posted by rjm1cc View Post
Look at file and suspend. If you and spouse are at the full retirement age you can post pone your benefit but spouse can collect 50% of your benefit. No down side so look into this.
Oh yeah, I already have and we will be doing the file and suspend thing shortly as soon as she hits FRA which is less than a year from now.

She should receive 50% of my FRA benefit which should be $1,140 but there is a fly in the ointment so to speak.

My dear wife worked for a county library for exactly 10 years and 3 days and due to her service time she was entitled to a small state pension starting at age 60.

For over 5 years now she's been collecting $381 .71 in cash and benefits. We only see $151.00 monthly in actual cash deposited with the rest going to pay for her Medicare Advantage plan and dental insurance for both of us. The $151.00 per month is dinner a couple nights out or actually it's dinner every weekend.

But that $381.71 will impact how much she receives from social security by receiving two thirds less, $254.45, of the $381.71. If her spousal ss benefit is $1,140 she will actually receive $885.55 in benefits.

From the $885.55 will be deducted her sub part B premiums of $104.90 leaving her with $780.65 in actual cash deposit. Now in actual cash add the two together and we end up with $931.65 and that is after paying Part B, the advantage plan and the dental for both of us. Dental is $56.00 for both of us.

We share the same part of the month birthday wise so we should be receiving our deposits on the fourth Wednesday of every month so getting that extra $151 on the first of the month will sort of feel like the fairy god mother.

Took me a while to figure it all out but I think I got it now.
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Old 05-12-2015, 10:32 PM
 
Location: Tucson/Nogales
17,382 posts, read 21,223,392 times
Reputation: 24210
Quote:
Originally Posted by Willistonite View Post
Well this thread is enough make a person depressed!
Not me! I'm sure there'll be lots of "Gamblers" posts in this thread, like postponing foreign travel trips until after retirement. I'm so thankful to have stupidly believed, eversince I was in my teens, that I was going to die the next year! All my foreign and domestic travels stemmed from that, a race against death!

Now 65, having been all over the world and my own country, there's nothing left in my travel bucket list!

Ah well! Reading is a form of travel where you don't a visa or passport, so in my retirement years I shall travel in another way!

In the Far East, there's a saying: Every day you don't contemplate your own death, is a totally wasted day! And just look where my contemplation of death got me? Around the world! And? Facing a happy death!

Last edited by tijlover; 05-12-2015 at 10:42 PM..
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Old 05-13-2015, 02:30 AM
 
477 posts, read 398,909 times
Reputation: 1547
Quote:
Originally Posted by jrkliny View Post
Does a single person in their 70's need to live in a house that is big enough for two or more people? If they are living on the edge, then moving in advance might make sense. Also either of them could consider working.
Seriously? What kind of work do you think people in their 70's (assuming they are healthy and with-it enough) can get hired for? Minimum wage part time greeters at ValdeMart maybe?
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Old 05-13-2015, 11:59 PM
 
39 posts, read 30,993 times
Reputation: 85
Quote:
Originally Posted by jrkliny View Post
Does a single person in their 70's need to live in a house that is big enough for two or more people? If they are living on the edge, then moving in advance might make sense. Also either of them could consider working.
I just moved into a senior building (rent based on income) & the woman across the hall moved in with her husband when he became ill. They had to sell their farm of course, but she is free from debts & worry now.
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Old 05-14-2015, 03:44 AM
 
14,258 posts, read 23,979,216 times
Reputation: 20051
Quote:
Originally Posted by NeonGecko View Post
Seriously? What kind of work do you think people in their 70's (assuming they are healthy and with-it enough) can get hired for? Minimum wage part time greeters at ValdeMart maybe?

Writing
Consulting
Tax Preparation
Teaching
Child care

Just to name a few things, all which pay well beyond minimum wage.
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