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Looking to hear from those who read this forum but are not yet retired.
I read it because thinking about retirement rather freaks me out. I'll soon be 58 and will retire at 62. At this point in my life, I seem to be able to handle what comes my way because of life experiences. But, not having retired before, I just don't know what to expect. I read this forum to get an idea of what's coming and try to prepare for it. I guess I'm a planner...
I turn 57 in a few months and am looking at 63 or 64 for full retirement, but it could be as soon as age 60 when I move to the house/community where I retire. It is absolutely not too early to be here reading and posting IMO. Far from it. Much of my retirement money is pre-tax in a 401k. Assuming I am still here in 3 years I will be eligible for in service distributions to roll most of it over into an IRA. Lots of decisions to make in the next few years and some need to be made sooner rather than later. The longer I am here, the more opinions and experiences I read about and discuss and the better informed I am in making my own choices.
"Planning" to go out next year at age 63.
I have a decent 401k, some savings, savings bonds, and social security at age 66.
No pension/no extended or provided health care coverage (will have to fly on my own).
Buying down debt in anticipation of my upcoming divorce (which cuts my net worth considerably).
Refinanced a smaller dwelling that will be much more affordable and economically sensible for a single ORG.
Learned a lot in the retirement/investing forum and there are a wealth of great contributors here that were in the same boat not long ago and have reached shore. I try to digest the most salient advice and divest the least.
Retirement is a ymmv, one size does not fit all.
So gather as much info as you can as it applies to "you" and not to Richie Rich or Penny Poor.
Best of luck to those who are coming up on retirement.
I'm not even 30 and I read the forum. There is a lot you can learn from what other people have done, and ultimately, the mistakes of others as to not repeat them. With that said, I think the world is a vastly different place for my generation than current or near retirements, and advice must be modified (sometimes heavily) to fit current conditions.
I'm 57 and not planning to retire until I hit 65 and Medicare eligibility. I've been actively doing retirement planning since I turned 50. I don't have a defined benefit pension so my retirement is funded by Social Security, what I've saved in 401-K and IRA accounts, and the other after-tax assets I've accrued over the years. The reason I read retirement forums is to collect data, opinions, and experiences that aren't particularly well covered by the media and by financial service companies.
I'm in OK shape for retirement compared to most people but not where I'd like to be. It's looking like I'll be taking a 50% hit in cash flow from the high tech compensation I'm used to so I need to plan accurately or I'm in for a rude awakening.
I've picked up some extremely useful information here. It's practically impossible to get real world data on what health care costs for Medicare people. I never would have picked up on the Social Security "tax torpedo" where Social Security is subject to Federal income tax that has caused me to rethink and re-plan with tax avoidance strategies.
I'm not even 30 and I read the forum. There is a lot you can learn from what other people have done, and ultimately, the mistakes of others as to not repeat them. With that said, I think the world is a vastly different place for my generation than current or near retirements, and advice must be modified (sometimes heavily) to fit current conditions.
It's much worse to not think about retirement until you're in your late fifties or early sixties. Then it's too late, and it's why there are so many people in this country who find themselves in miserable circumstances when they reach retirement age. I'm not talking about the folks who got dealt a losing hand in their younger years (ie, job loss, health issues, etc) but rather the people who could contribute or contribute more to their 401ks and just don't; people who bolt into early retirement without thinking about all the consequences; people who raid their 401ks to finance vacations or cars; etc.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,570 posts, read 81,147,605 times
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I'm 63 and planning to keep working until 67, maybe even 70, depending on my health and whether I still enjoy my work. Having just started here in 2009, my pension now would be pitiful, but those additional years will boost it greatly, plus allowing me to add to the 401K. This is a great place to learn from the experiences of others, and help plan. Our biggest problem is where to live when we retire. We won't need the 3,000 sf house and the $6,000 property taxes that go with it, and should have enough equity to pay cash in a less expensive area. Choosing a place withing a few hours of the kids/grandkids with a suitable climate and access to services is tricky, we currently have a list of about 8 possibilities and spend a lot of time visiting to get a feel for them.
Looking to hear from those who read this forum but are not yet retired.
I read it because thinking about retirement rather freaks me out. I'll soon be 58 and will retire at 62. At this point in my life, I seem to be able to handle what comes my way because of life experiences. But, not having retired before, I just don't know what to expect. I read this forum to get an idea of what's coming and try to prepare for it. I guess I'm a planner...
I'm 62, and planning to retire this December.
As to what you should expect -- what do you like to do on weekends, days off, holidays, vacations?
I'm not even 30 and I read the forum. There is a lot you can learn from what other people have done, and ultimately, the mistakes of others as to not repeat them. With that said, I think the world is a vastly different place for my generation than current or near retirements, and advice must be modified (sometimes heavily) to fit current conditions.
I am seventy-seven. I cannot begin to conjure up the world in which you will retire thirty-five years hence, though I truly admire you for taking an interest in the forum. Good luck to you - and your peers - I think it is going to be a wild and wooley world by your retirement time.
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