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I started this thread and at the end of next month I'll be retired 3 years. Maybe I'll do an update and call it, "Retired 3 Years - Things I've Learned."
I started this thread and at the end of next month I'll be retired 3 years. Maybe I'll do an update and call it, "Retired 3 Years - Things I've Learned."
I started this thread and at the end of next month I'll be retired 3 years. Maybe I'll do an update and call it, "Retired 3 Years - Things I've Learned."
I found this thread this evening and read it from start to finish. Thank you for this, and I'm very pleased now that I got to the end of the thread to see that it is still active.
What has struck me throughout is how little talk or discussion there has been about the importance of money (excluding the few posts during the economic downturn). Most of my analysis of deciding when I can retire centers around "the number" of how much I need to retire. Yet, most of you have talked very little about money. I know the standard answer tends to be how much you need depends on what you want, but in the end, beyond having enough to live and then a little more, what has been the real impact of money on your sense of happiness in retirement?
I'm 45, considering retiring at 47 from the Army, and not going to work elsewhere. My wife is a stay-at home mom but our kids will be out of college and on their own with no school debt. We don't own a house (live in Germany), but want to settle in Colorado Springs. Most of my analysis focused on income, but I don't see that as a center of focus in the postings here.
I found this thread this evening and read it from start to finish. Thank you for this, and I'm very pleased now that I got to the end of the thread to see that it is still active.
What has struck me throughout is how little talk or discussion there has been about the importance of money (excluding the few posts during the economic downturn). Most of my analysis of deciding when I can retire centers around "the number" of how much I need to retire. Yet, most of you have talked very little about money. I know the standard answer tends to be how much you need depends on what you want, but in the end, beyond having enough to live and then a little more, what has been the real impact of money on your sense of happiness in retirement?
I'm 45, considering retiring at 47 from the Army, and not going to work elsewhere. My wife is a stay-at home mom but our kids will be out of college and on their own with no school debt. We don't own a house (live in Germany), but want to settle in Colorado Springs. Most of my analysis focused on income, but I don't see that as a center of focus in the postings here.
Good point. When we retire later this year we will have the same amount to live on that we've lived on for the last few years so we figure we'll be fine and that includes cost of living increases.
Most of my analysis focused on income, but I don't see that as a center of focus in the postings here.
I haven't been personally impacted by the condition of the economy, so I can't talk about what I don't know. I did take a monetary hit on something but since I haven't touched it in retirement, it really hasn't impacted me, yet, with the key word being "yet."
Changes to federal laws and or new federal laws/regulations that impact businesses will be passed down to us in the cost of products or services and state fees/taxes. I figure it will be an eating away at us here and there impact and will take awhile to realize that just because your taxes haven't been raised doesn't mean your available money is still as good as ever.
Location: Prescott Valley,az summer/east valley Az winter
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in answer to rhusa~ retiring for one year really doesn't give you a good feel for your financcial situation~ takes a number of years to show the effects of poor financial planning in retirement~ and by then new course almost impossible to repair. Figure your COLA on your retirement doesn't really keep up with the cost of living ~ kids schooling takes a bigger bite than you expect.
Unless you have managed to save and invest an inordinate amount you may want to take a break ~ then find at least a part time job to use some of your spare time and energy! Freind of mine does that by being a tax preparer during season then enjoying rest of year off
I found this thread this evening and read it from start to finish. Thank you for this, and I'm very pleased now that I got to the end of the thread to see that it is still active.
What has struck me throughout is how little talk or discussion there has been about the importance of money (excluding the few posts during the economic downturn). Most of my analysis of deciding when I can retire centers around "the number" of how much I need to retire. Yet, most of you have talked very little about money. I know the standard answer tends to be how much you need depends on what you want, but in the end, beyond having enough to live and then a little more, what has been the real impact of money on your sense of happiness in retirement?
I'm 45, considering retiring at 47 from the Army, and not going to work elsewhere. My wife is a stay-at home mom but our kids will be out of college and on their own with no school debt. We don't own a house (live in Germany), but want to settle in Colorado Springs. Most of my analysis focused on income, but I don't see that as a center of focus in the postings here.
Just retired from the Army (46 yo -single) from Germany as well. Now in Florida (income tax free). Having saved for the duration of my career, including TSP, ROTH (maxed both) - money isn't an issue, really. The only thing I'm concerned about is possibly needing long term health care later in life and need to make sure that's covered (may wait until mid-50s to start paying for that insurance). I was able to pay cash for a home, so mostly the pension pays for home assoc fees, utilities, Tricare supplemental, car insurance, gas, groceries, entertainment/recreation/travel.
We military retirees are fortunate (well-deserved). But baby boomers without pensions definitely have finances on their minds.
Things my husband and I have learned after leaving work:
1. Our family is as important as ever. Those connections run deep. Not something we personally can be far from. We have seen, while living part time in the South, many who return to their roots because of not feeling whole without their loved ones near. Sometimes they just live here a short while.........then return. I've found living in our home state area, and being south for a number of months, works quite well for us.
2. You will most likely have time for old friends, and gain many new friends. It is an important part of your daily life. As always, I have friends from 30 to 80. Age was never a big deal with me. Being with happy and interesting people is what matters. The myth that somehow we change because of our age is just that.........
3. Having some type of health care in order is good.....the "perfect" health you always had, might not be the same as years go on.
4. Having hobbies and many assorted things to do is a must......
Photography, painting, reading, carving, the internet,travel and whatever your heart desires. So nice to have the time to do all these things.
5. Trips with the Grandkids make for joy in your life. Watching them learn their history along the shores, in towns and big cities....is so enjoyable.
Places like Lancaster, DC, NYC and historic beach towns are great places to visit. Factories production process brings the world of progress right before their eyes.
6. Even the best financial planning in the World can run amuck......
The Planner who lead you to believe funds would be "big" and "forever,"
Forgot to mention its all a big gamble. Many of us got hit badly in the last few downfalls. Fortunately, we still have a good amount to live on.
7. Mistakes happen along the way......Brush off, and keep travelin' on.....
A smile is always welcome, anywhere.
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