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We retired about 5 years ago. A little earlier than we ever thought we would because of DH's health. We moved to a small town that is basically a retirement community. Some of my observations from others that we have meet here:
Boredom...They don't have any hobbies that get them out among others.
Loneliness...Single older people are really, really lonely. Join a church, volunteer, maintain your friendships.
Lack of funds....Some have retired and then found out that they can not live on their retirement income and have been force back into the job market in their 70's
One elderly couple at risk of losing their home. They now realize they lived beyond their means, didn't save enough when they could.
Health...get healthy now and do everything you can to stay healthy.
Thanks for the input...judging by your screen name I assume you might have some family members that keep boredom at bay for you
From my perspective of being 69 and still working.
The only thing I would have done differently was pay off my mortgage before 60. In all my planning once you have the mortgage paid off, and don't live in an area with real estate high taxes, you can really trim down on your budget.
Not paying 50% more on the mortgage was one of the biggest mistakes I made. Stupid of me because I could have easily have done this 10 years ago but I didn't. The good part is I like my job and even without a mortgage I probably would still be working just because I want to.
Get rid of all debt, stay out of debt and get that mortgage paid off.
Not sure how much of the thread you've gotten through but I do have this debate going on whether buying is for me or not. I do think a paid for home in retirement would be best for me. But I'm also not necessarily wanting to be a homeowner as I love to travel and like the freedom of mobility in case I have to move for employment reasons.
At my current age I have to consider how much I could afford to buy *and* pay off before I retire. I would not want a mortgage in my 60s as I do fear my earning potential might start to decline significantly in my 50s.
I will also say this as I haven't mentioned it yet...my job is a bit high stressful. There aren't people in my particular job title in their 60s...none at all that I know of and I work for a large global company. I think most people on average are retiring in their 50s. Maybe it's moreso that many of them started with the company at an early enough age that they can collect a decent pension by that time. But based on my experience I am betting it's because the level of stress and the time commitment required in our role.
So...I'm glad I posted this thread now. As I really do need to start thinking long term. Put an age limit on when I'd like to retire from my "industry" perhaps (50? 55?). And maybe start working now on what type of job I can hold in the "retired from my industry but not yet fully retired yet" time period. In other words, what would I be doing between ages 50/55 and 65ish before SS kicks in? I'll need to bridge that gap so I'm not tapping into any investments too soon. When I think about it this way, I *really* need to get a move on with my retirement funds if I assume my salary could start dropping at around 50. I think I just had a bit of an epiphany of sorts...
I am retired and not nearly as comfortable as I would like to be. Some times unexpected things just happen in life, so you can plan and plan...but you just don't know what the future holds. If there is one piece of advice that I wish I heard long ago, it would be: "PAY YOURSELF FIRST." That means as soon as you get your pay check, put away a pre-determined amount of it in the bank...or maybe your employer has a pension plan. Pay your bills next to keep your credit good, and then decide how to spend what is left. I would recommend two savings accounts...one being a retirement fund and one being a regular savings account for those unexpected things that come up. Also, set up a monthly budget and stick to it. I would highly recommend seeing a financial planner. Now is the time to do that while you are still young and have at least 20 years+ to work. Best of luck to you!
BTW...just one more thing. Before you purchase something, ask yourself if you really need it or just want it. Retirement arrives in the blink of an eye.
Thank you for the purchasing tip...
I do currently have a small amount in my 401k and a small EF fund. I am working on getting the 401k up and will start a ROTH this year
Now the budget...that is where I struggle. In sticking to it. I didn't meet my goal of using Mint every month in 2017 to track every dollar. Something would come up and throw the budget off and discourage me from keeping on top of the budget going forward. You just gave me a point to ponder and work on improving on for 2018.
You will probably also be getting a tax savings of a couple thousand due to the new tax law and should consider investing that toward maxing out your 401k or IRA's.
Thanks for the input...judging by your screen name I assume you might have some family members that keep boredom at bay for you
Yes, we invested wisely in our two children and the return was a phenomenal seven grandchildren. More than doubled our original investment in a most pleasurable way!
I dream of retiring one day and I read the threads here often.
My idea of retirement is changing as up until my mid thirties I thought retirement would mean exiting the workforce early and not working (at all). However, lately I've been thinking that some form of work is actually very healthy for me and I probably need to be doing 'some'thing come retirement time. Ideally it would make some money but I know after a certain age I might not have the ability to do things that generate an income.
I digress...
The real purpose of my thread is I'd like some/any advice from those who are already retired. It can be any type of advice (personal, financial, health-wise, etc etc) but mainly I was hoping moreso for things you would have done differently in life leading up to retirement....it could be anything.
I don't have a goal yet of a specific retirement age because I don't have much in retirement funds and hardly any assets, so honestly right now I'm thinking I have to work until full retirement age. Basically I would like to be financially independent enough to pay all of my bills from investments, SS (I include getting 50% of projected benefits as an estimate in my future budget) and maybe a few gigs here or there by age 57ish.
I will admit here that sometimes I think I read a lot of retirement forums and threads because deep down maybe what I really need to focus on is creating a life I don't want to retire from (those that can relate will know exactly what I'm talking about). I want to make sure I'm balancing having a good life and fun now with making sure I have a plan for when I get older...I mean I'm almost 40 and really need to start thinking about what life will look like for myself when I'm 60+.
By the way I'm currently single, no kids (no plans to have any), live in the southeast and work full time from home. Any questions, ask away. So with that said, tell me: what are some things you would have told 38-year old you that could be advice applicable to me for the future? What are some things you did right that have led to a good life in retirement? Did you have worries going into retirement that aren't worries now that you're actually retired? Any insight/advice at all you feel like sharing, please do...
It was out of my hands but oh how I wished I was a Government employee. The best gig in the world if one is not looking for riches but an easy, monotonous secure job that gives a person much more time in the prime of their lives. I'm so envious when I talk with people who are retiring in their 50's since they already put in the time.
Like some have said apply if you can and get that pension. It's a godsend.
It is not really difficult to become a Federal employee. Just go to https://www.usajobs.gov/. I was a Federal employee for several years right out of college...wonderful benefits, although the salary is just so-so. The benefits are what really count though...as well as lots of holidays off! LOL!
I know two people who became Federal employees very late in their careers because they were burned out on their other jobs and just needed something to hold them over until retirement. Now, you sometimes need to be willing to relocate. One of my friends and her husband hopped around to several different locations as his jobs were short-term. There are many long-term jobs though in just about every field you can imagine...and then some.
The Federal application is a real pain, but it is well worth it. Never too late to apply.
My career field has a mandatory pension that kicks in at 20-years of service [only those who climb higher up the ladder are allowed to stay on Active Duty for 22, 24, 26 or 30 years].
Even though I took off 4 years to attend college, that still put me on pension at 42.
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... I hope that you have been enjoying these last 16 years on your farm.
Yes, it has been a lot of fun.
We settled in a region with a lot of subsistence farmers and very low COL. I have built a large farmhouse, we are on Solar-Power. I am a beekeeper and we raise various livestock. We are vendors in a Farmer's Market. We have become leaders in the community, serving on the boards of a couple NPOs.
This is the oldest state [with the highest percentage of retirees], a lot of retirees still young enough to be active migrate here.
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... I am about one year shy of vesting in a private pension and after a fair amount of moving around job-wise I am more on the hesitant side to chase a higher salary and forgo the pension. Even though I know there's no guarantee it'll be around when I retire, if it is around it would be reallllly really nice to have.
That can be a tough decision to make. I looked at a lot of job offers, it is pretty standard for military retirees to jump on a second career. They are hesitant about what life would be like to live on their pension. I get it.
As we age our bodies accumulate booboos. We do not heal as quickly as we did when we were young. If you wait until you are 70 to retire, will your retirement be that of a cripple on a dozen drug prescriptions?
The military has a High-Year-Tenure retirement policy because it is assumed that as a young person in a rough & tumble lifestyle you will wear out your body and to go beyond 20 years is just adding to many pain meds into the mix to keep you moving.
Civilians look at mid-60s as 'retirement age' because that was how SS was mechanized. But really that is looking at the same thing, how long do you want to keep working, against how many disabilities will you have accumulated at that point.
At 42, I could have gone after a second career and made more money. How much money is enough?
At the first place, I lived after I retired I recognized my mailman. He and I had served together on my first boat back around 1978. He had retired from the Navy and then he went to the USPS. A year later he died from heart failure. I hope that he enjoyed himself working for the post office.
At 38, you shouldn't be dreaming of retirement. Get a life. I don't mean that in a sarcastic or mean way. I mean that when you do eventually retire you should be able to enumerate many exciting things you've done in your life and the people you encountered along the way.
At 38, you shouldn't be dreaming of retirement. Get a life. I don't mean that in a sarcastic or mean way. I mean that when you do eventually retire you should be able to enumerate many exciting things you've done in your life and the people you encountered along the way.
You should certainly be planning for retirement while you're young. How many people are in their 60's and all of sudden realize they have been living paycheck to paycheck and have only SS to retire on? I did a lot of exciting things during my working years, but I also planned for retirement.
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