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Old 01-08-2017, 06:00 AM
 
Location: Tennessee
29 posts, read 62,884 times
Reputation: 81

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Checking in. We built a new home on 8.87 acres in Northern/Middle TN and have been living in our new home for 2.5 months. Very rural and just what we were looking for. Having a real cold spell right now that has the wife locked down inside lol....

I do not miss California save the weather. However, it did provide me and my family well over the 37 years we lived there

The one thing I have learned about retirement is... when we are working, and in the heat of all the BS that comes with it, it is easy to identify the reasons you want to retire. Now that I have been retired a little over 6 months, what I have come to find is I have almost forgotten everything I disliked about my job. You start forgetting why you retired and that now everyday feels like 'Saturday'. It takes some effort for me to reflect on my working days. And then, the past comes back into the light and I am glad we decided to not only to leave my job, but California all together.

WC

Last edited by West Coasting; 01-08-2017 at 06:10 AM..
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Old 01-08-2017, 06:15 AM
 
Location: Fairfield, CT
5,846 posts, read 8,607,880 times
Reputation: 6286
Quote:
Originally Posted by West Coasting View Post
Checking in. We built a new home on 8.87 acres in Northern/Middle TN and have been living in our new home for 2.5 months. Very rural and just what we were looking for. Having a real cold spell right now that has the wife locked down inside lol....

I do not miss California save the weather. However, it did provide me and my family well over the 37 years we lived there

The one thing I have learned about retirement is... when we are working, and in the heat of all the BS that comes with it, it is easy to identify the reasons you want to retire. Now that I have been retired a little over 6 months, what I have come to find is I have almost forgotten everything I disliked about my job. You start forgetting why you retired and that now everyday feels like 'Saturday'. It takes some effort for me to reflect on my working days. And then, the past comes back into the light and I am glad we decided to not only to leave my job, but California all together.

WC
I am putting my plans together to retire at 56 in 2 years. I have enjoyed reading your story. Best of luck with your new home and retired life.
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Old 01-08-2017, 11:06 AM
 
249 posts, read 197,175 times
Reputation: 492
Quote:
Originally Posted by gunslinger256 View Post
sounds good.

What will happen to CA when everyone else decides to move to the south?

Funny, I'm retired in CA with no plans to move. I promise I will only visit the south.

California is a huge state with a huge population.
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Old 01-08-2017, 11:24 AM
 
249 posts, read 197,175 times
Reputation: 492
Quote:
Originally Posted by West Coasting View Post
Checking in. We built a new home on 8.87 acres in Northern/Middle TN and have been living in our new home for 2.5 months. Very rural and just what we were looking for. Having a real cold spell right now that has the wife locked down inside lol....

I do not miss California save the weather. However, it did provide me and my family well over the 37 years we lived there

The one thing I have learned about retirement is... when we are working, and in the heat of all the BS that comes with it, it is easy to identify the reasons you want to retire. Now that I have been retired a little over 6 months, what I have come to find is I have almost forgotten everything I disliked about my job. You start forgetting why you retired and that now everyday feels like 'Saturday'. It takes some effort for me to reflect on my working days. And then, the past comes back into the light and I am glad we decided to not only to leave my job, but California all together.

WC
Happy your plan is working out for you.
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Old 01-08-2017, 11:35 AM
 
Location: Sierra Vista, AZ
16,133 posts, read 20,826,624 times
Reputation: 8293
Quote:
Originally Posted by West Coasting View Post
I have been working for the Feds since I was 19 with a small break in the private sector. I'm retiring June 30, 2016 after 34.6 years of service. We have lived in So Cal for the last 37 years with 20 of those in our current home. My mortgage is $1517 a month on a 226K balance. House will be listed at 421K but should garner 430K in the hot So Cal market.

Our plan is to eliminate debt and relocate to Tennessee. Leaving the oppressed state behind us with only cell phone and car insurance bills. My healthcare is covered through the government with me paying a smaller portion from my pension.

Initially we will have no home cost as we'll be staying with Mom (lol) and traveling for a bit with our toy hauler

Cash=
- Home Equity ~142.5K (Before paying down debt)

Debt-
- $0 ( Requires using a large portion of home equity listed )

Income
- 401K- $550K- Can elect to draw at MRA of 56 with no IRS penalty for under 59 1/2
- Pension- 41K/yr (Gross)

If we elect ot draw from 401K this is how the month should look (NET). This is after survivors, dental and health care cost are applied plus federal tax and life insurance. TN has no state income tax

NET MONTHLY ANNUITY $2,649.08
FERS Annuity Supplement: $1,370.00
*401k Monthly disbursement $1700

Total expected income- ~$5719

After we get tired of traveling and driving mom up the wall we may pick up a small part time job that passes the earnings test for the FERS annuity supplement. Then find us a small place to 'settle down' again

We started planning early and did many, many things. Our debt shows it. But we will clean the slate and start a new chapter in our lives. Glad I have many been there done thats so the bucket list isn't quite the pull it could have been otherwise

I had retirement pictured all wrong. I thought it would be a seamless process but not a chance. It is one of the most important decisions i have had to make in my life. Just like when you take a chance on that new job when you were content with previous ones.

Life is about living, not working every day until you die. And i have seen to many of my peers do just that after sticking around to 62

Not me.

WC
Good for You, I did the same at 53 and got 15 years of roaming in before old age hit. $5719 should be enough as long as you are not planning on settling in California. I was in San Francisco paying a fortune. My Medical is covered by the VA, so that was a big one out of the way. My children and grandchildren are on the east coast but I couldn't see going back there to live. Our welcome wears out a week into the visit.

It sounds stupid but that 1% offset on Cola's is impacting me after being retired 20 years. With your equity you could buy something cash somewhere outside California. I tried Phoenix and Tucson but the population density was too much. I settled in a small town on the border. Weather is 10 degrees cooler than Phoenix.
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Old 01-08-2017, 11:51 AM
 
9,194 posts, read 9,275,870 times
Reputation: 28807
Quote:
Originally Posted by West Coasting View Post
I have been working for the Feds since I was 19 with a small break in the private sector. I'm retiring June 30, 2016 after 34.6 years of service. We have lived in So Cal for the last 37 years with 20 of those in our current home. My mortgage is $1517 a month on a 226K balance. House will be listed at 421K but should garner 430K in the hot So Cal market.

Our plan is to eliminate debt and relocate to Tennessee. Leaving the oppressed state behind us with only cell phone and car insurance bills. My healthcare is covered through the government with me paying a smaller portion from my pension.

Initially we will have no home cost as we'll be staying with Mom (lol) and traveling for a bit with our toy hauler

Cash=
- Home Equity ~142.5K (Before paying down debt)

Debt-
- $0 ( Requires using a large portion of home equity listed )

Income
- 401K- $550K- Can elect to draw at MRA of 56 with no IRS penalty for under 59 1/2
- Pension- 41K/yr (Gross)

If we elect ot draw from 401K this is how the month should look (NET). This is after survivors, dental and health care cost are applied plus federal tax and life insurance. TN has no state income tax

NET MONTHLY ANNUITY $2,649.08
FERS Annuity Supplement: $1,370.00
*401k Monthly disbursement $1700

Total expected income- ~$5719

After we get tired of traveling and driving mom up the wall we may pick up a small part time job that passes the earnings test for the FERS annuity supplement. Then find us a small place to 'settle down' again

We started planning early and did many, many things. Our debt shows it. But we will clean the slate and start a new chapter in our lives. Glad I have many been there done thats so the bucket list isn't quite the pull it could have been otherwise

I had retirement pictured all wrong. I thought it would be a seamless process but not a chance. It is one of the most important decisions i have had to make in my life. Just like when you take a chance on that new job when you were content with previous ones.

Life is about living, not working every day until you die. And i have seen to many of my peers do just that after sticking around to 62

Not me.

WC
I am 57 years old. What I highlighted in bold at the end is the difference between the two of us. You had a job. I have a career. You probably sat around everyday at work waiting for the clock to hit 5, so you could head out the door. I view every day I work as an opportunity to accomplish things, solve problems, and meet people. When I finally do get around to retiring it will be with some regret. I know that I will look back on my work with a sense that I did much for others as well as simply earning a good living. I say this because my wife is a public employee. I am aware of what she describes and it leaves me shaking my head. She speaks of a very self-centered work force that is intent on grabbing every hour of sick leave and vacation time it can get. Customer service comes second for many of the employees around her. Public employees "have rights" and its hard to discipline them even they need it. Often the supervisor is worse than the people he/she supervises.

I am glad things are working out for you. However, I have maintained for a long time though that early retirement is one of the things that is simply killing this country. If the average life expectancy of a man is 76 years old and he retires at 56, that is 20 years he will require support from the retirement system. If on the other hand, he waits until 65 or 70, he will only require 11 years or 6 years of support. This sort of thing has much to do with why private employers (and some public employers) are phasing out pensions.

If I had my way, the government would not offer such generous pensions and retirement incentives. If someone starts to work for the federal or state government at age 19, or whatever, I would require they work until age 60 to draw a pension. I'm just a taxpayer though and not a politician. So, I don't get to make those rules.
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Old 01-08-2017, 02:46 PM
 
1,168 posts, read 2,402,696 times
Reputation: 3485
Quote:
Originally Posted by misterno View Post
To those who are planning to retire before 65, how do you plan to get health insurance?

You know Medicare kicks in 65. And for people like me born after 1960, it kicks in at age 67

What am I missing here?

Is that true? I know SS is a sliding scale but I thought Medicare stayed at 65- otherwise.................. we're screwed
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Old 01-08-2017, 03:07 PM
 
Location: Los Angeles area
14,018 posts, read 17,740,386 times
Reputation: 32304
Quote:
Originally Posted by exit82 View Post
Is that true? I know SS is a sliding scale but I thought Medicare stayed at 65- otherwise.................. we're screwed
No, the poster you responded to is mistaken. We become eligible for Medicare at age 65 - period. He must be confusing the Social Security "full retirement age" with Medicare eligibility age. The two are not the same.
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Old 01-08-2017, 03:12 PM
 
1,168 posts, read 2,402,696 times
Reputation: 3485
Quote:
Originally Posted by Escort Rider View Post
No, the poster you responded to is mistaken. We become eligible for Medicare at age 65 - period. He must be confusing the Social Security "full retirement age" with Medicare eligibility age. The two are not the same.

Good- Thank you! that's what I thought- but no one mentioned it in several responses so I figured I must need to go back to the drawing board to figure out how to bridge to medicare age. It's always something!
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Old 01-08-2017, 03:13 PM
 
Location: SoCal
13,230 posts, read 6,335,450 times
Reputation: 9849
Quote:
Originally Posted by West Coasting View Post
Checking in. We built a new home on 8.87 acres in Northern/Middle TN and have been living in our new home for 2.5 months. Very rural and just what we were looking for. Having a real cold spell right now that has the wife locked down inside lol....

I do not miss California save the weather. However, it did provide me and my family well over the 37 years we lived there

The one thing I have learned about retirement is... when we are working, and in the heat of all the BS that comes with it, it is easy to identify the reasons you want to retire. Now that I have been retired a little over 6 months, what I have come to find is I have almost forgotten everything I disliked about my job. You start forgetting why you retired and that now everyday feels like 'Saturday'. It takes some effort for me to reflect on my working days. And then, the past comes back into the light and I am glad we decided to not only to leave my job, but California all together.

WC
I agree with the comment about work. I forgot how bad it was.
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