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Is it really all that great once you retire and get to start seeing life a different way?
Did you follow the 401k, IRA type accounts or did you come out with a pension?
Any tips?
It really is that great. All of your recreational activities can be turned into a 24/7 lifestyle.
Pension with full health benefits.
I believe that people that live for their work have a harder time adjusting to a life without it. My job was just a place that i spent 8 (or 16) hours a day. I never let it define me. I lived for my extracurricular activities, and now, they have become my life.
I find the concept of a Fixed Income just because you are retired incorrect. My pensions and SS benifits enjoy more of yearly COLA increases than what I enjoyed while employed in the last 10 years. How many employed folk enjoy a 2 or 3% raise each year?
I do but I'd give it up in a heartbeat if I could.
Last edited by volosong; 05-01-2018 at 02:47 PM..
Reason: fixed close quote hypertag
As you can see, many people in CD Retirement enjoy a pension + savings + social security, which enables them to live a relatively carefree financial life. With COL increases! However, many of us don't have a pension, and rely on savings, SS or savings + SS. With careful saving you can still manage to live well. My advice would be that if you have a choice, go for a job that provides a pension, plus save whatever you can through other means. If that is not in the cards, try to always pay yourself first before you spend your paycheck (in addition to 401K contributions).
Is it really all that great once you retire and get to start seeing life a different way?
Did you follow the 401k, IRA type accounts or did you come out with a pension?
Any tips?
About the same amount in tax sheltered and unsheltered investments, a pension that includes subsidized Medicare supplemental insurance, SS, well maintained home and vehicles, and no debt.
It beats punching a time clock. Things worked out as planned for me, but my wife is starting to have some serious mobility problems. Retirement is great as long as your health holds out. I really don't like traveling by myself, but it's an ordeal for my wife.
Would saving a million be enough by the time you want to retire?
Enough for what? People retire with all sorts of amounts of money, or not. For various reasons my husband and I retired with nothing at all except SS. Some people on here have a million or more. All depends on what you are planning to do in retirement and if it is just you or you and spouse etc.
I certainly wish I had a million instead of nothing, but them's the breaks.
Is it really all that great once you retire and get to start seeing life a different way?
Did you follow the 401k, IRA type accounts or did you come out with a pension?
Any tips?
Yes, it is "all that great". In fact, it's fantastic. I have plenty of time now to do what I want. Before retiring, it was all work and commuting for 11-12 hours a day, rising at 5 am to get to work. And on the weekends I had to do all the stuff I didn't have time for during the work week, stuff like yard work, shopping, laundry, housework. Then, if there's time left over after all that, I might get time to relax and have fun. Now I wake up in the morning and ask myself what I want to do today. I have things on my calendar that I enjoy. I can play golf or pickleball, I can go boating or hiking, I can do my house and yard work when, and if, I want. Or I can put it off until tomorrow, because my schedule is my own. I can stay up late, and sleep as late as I want.
I have a pension, and I have investment accounts for the extras. Someday I'll get my SS and that will cover inflation and give me more of a financial cushion.
Any tips? Get out of debt, and stay out of debt. Start saving money early in some sort of investment account, and put in as much as you can. The earlier you start, the more the magic of compounding will get you to the goal line.
Is a million enough? Depends. Depends on what other resources you are bringing to the table. Will you have a pension? How big will your SS be? Will you have medical coverage from a prior employer? All of these will help to determine your "number" that will be your target.
Exactly. Your life is no longer controlled for you. Sounds good to me, and I have at least a decade left of the rat race.
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