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Old 06-15-2019, 07:59 AM
mlb
 
Location: North Monterey County
3,180 posts, read 2,856,112 times
Reputation: 4876

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My BIL was laid off at age 54 from a well known Bay Area employer - along with thousands of his scientist coworkers.

Thankfully, he was prepared financially. However, there was no love for that employer - even tho they provided healthcare for the laid off employees.

He consulted and dabbled in doing side work for other companies..... but mostly enjoyed himself by fly-fishing the rivers and streams of the west.

I asked my sister what it was like to have him "underfoot" all that time (he is INTENSE) - and she said it was all good. I am grateful they did have that time together - as he passed away at age 68 after a MVA - hit in a crosswalk.

You never know.
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Old 06-15-2019, 08:17 AM
 
247 posts, read 90,658 times
Reputation: 551
I didn't choose my retirement date. It chose me. We moved to TX to be closer to my family and for me to be a SAHW. Things went south for my husband's health, so I thought I would need to join the workforce again. As I started the ride to fix my back, it soon became obvious that I was in worse shape than I thought and my ability to work was pretty limited. So I'm now on SSDI. I'd prefer to be able to work for a few years, but those aren't the cards life dealt me.
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Old 06-15-2019, 11:33 AM
 
Location: Myrtle Creek, Oregon
12,255 posts, read 12,503,351 times
Reputation: 19413
My retirement date was pretty hazy. I took my pension first, SS later, and part-timed until I was 67.
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Old 06-15-2019, 02:02 PM
 
1,183 posts, read 761,708 times
Reputation: 3403
the exact day i was eligible. i was just a few months shy of 60, am able to get health insurance from former employer. it was a no brainer. my pension would have been more had i stayed longer but it's plenty as it is.
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Old 06-15-2019, 11:19 PM
 
Location: NNV
1,518 posts, read 974,563 times
Reputation: 3096
Quote:
Originally Posted by mcsangel2 View Post
For people who retired on their own terms...

Did you retire on your 62nd birthday? The day after you turned 66 and ten months? January first of the year so that your previous year’s partial work income wouldn’t be deducted from social security? The end of a big work project or fiscal year? Or did you choose a completely random date?

I have a ways to go to my own retirement, but I enjoy reading the discussions here.
Don't be surprised if you push it your date out a little when you get closer. That happened to most people before me. I thought I would be retired now but I keep pushing mine out.
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Old 06-16-2019, 03:01 AM
 
1,974 posts, read 2,722,569 times
Reputation: 3492
Quote:
Originally Posted by mcsangel2 View Post
For people who retired on their own terms...

Did you retire on your 62nd birthday? The day after you turned 66 and ten months? January first of the year so that your previous year’s partial work income wouldn’t be deducted from social security? The end of a big work project or fiscal year? Or did you choose a completely random date?

I have a ways to go to my own retirement, but I enjoy reading the discussions here.
Some time back I talked, on the Retirement forum, about doing a monthly and an annual budget -- and I almost got run out of Dodge. Posters got, ahem, rather hostile.

So the first place to start is to do a monthly and an annual budget. If you don't do them, start doing them NOW and continue to do them until you retire (and all through retirement). They will give you a pretty good estimate at how much you will need in retirement.

I've been doing a budget for the last almost-40 years. Yuk. For 30 years, I did them by pencil, paper and calculator. What a pain in the rear. When I retired, I went to my community college and learned Excel. SO MUCH EASIER to do budgets on Excel.

By doing budgets now, ahead of retirement, you'll know, for example, whether or not you'll have to sell your house; move to another state/city where the COL is lower; rent or buy; when you can retire; and even IF you can retire.

Lastly, if you do your homework pre-retirement, you'll be fine in retirement. Don't let what you read in the medias scare you to death. The odds are overwhelming that you'll be just fine in retirement.

OH -- DO figure out, if you're married, what the surviving spouse will do after you're gone. I have been literally astounded at the number of retired married couples who seem to think that losing their spouse is never going to happen, and, consequently, they don't plan for it. More than one woman I've known has had to sell her house after her husband passed away.
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Old 06-16-2019, 03:58 AM
 
Location: Washington State
18,529 posts, read 9,580,194 times
Reputation: 15782
Quote:
Originally Posted by Fran66 View Post
Some time back I talked, on the Retirement forum, about doing a monthly and an annual budget -- and I almost got run out of Dodge. Posters got, ahem, rather hostile.

So the first place to start is to do a monthly and an annual budget. If you don't do them, start doing them NOW and continue to do them until you retire (and all through retirement). They will give you a pretty good estimate at how much you will need in retirement.

I've been doing a budget for the last almost-40 years. Yuk. For 30 years, I did them by pencil, paper and calculator. What a pain in the rear. When I retired, I went to my community college and learned Excel. SO MUCH EASIER to do budgets on Excel.

By doing budgets now, ahead of retirement, you'll know, for example, whether or not you'll have to sell your house; move to another state/city where the COL is lower; rent or buy; when you can retire; and even IF you can retire.

Lastly, if you do your homework pre-retirement, you'll be fine in retirement. Don't let what you read in the medias scare you to death. The odds are overwhelming that you'll be just fine in retirement.

OH -- DO figure out, if you're married, what the surviving spouse will do after you're gone. I have been literally astounded at the number of retired married couples who seem to think that losing their spouse is never going to happen, and, consequently, they don't plan for it. More than one woman I've known has had to sell her house after her husband passed away.
Good advice. We developed bad spending practices since I was working as a consultant for an engineering company abroad for 15 years and made so much we couldn't spend it. I just retired last December and it's clear that our spending is way out of control at around $12k/month. Fortunately, we saved up enough to carry us through (I think).
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Old 06-16-2019, 04:04 AM
 
Location: Colorado Springs
4,840 posts, read 4,954,521 times
Reputation: 17308
One thing we did was to live for one year prior to retirement at the exact spending level we would need to maintain for retirement.

When we discovered that we had sufficient funds, making the decision to pull the trigger was easy.
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Old 06-16-2019, 05:08 AM
 
Location: Wooster, Ohio
1,036 posts, read 786,996 times
Reputation: 1490
I had made the decision early on not to retire until my take-home retirement pay exceeded my take-home work pay.

Thanks to a public pension, deferred compensation, and Roth IRA, I could have retired years before I did at 61.

I had always been skeptical of claims that you would need less money in retirement than you did while working.
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Old 06-16-2019, 05:12 AM
 
Location: Shropshire, England
18 posts, read 4,664 times
Reputation: 40
Hi everyone,
Iam Billy living in England and should have retired in February of this year.
The very kind and thoughtful government over here moved everyone’s
state pension date back, so we all have to work longer.

My new date is July 2019. Will get the state pension per month also
work and a private pension.
Will still be paying tax on it. What’s that thing they say?

The only thing you’re sure off in live “ death & tax’s “

Have a good retirement,
Billy.
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