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I've been in the situation of paying for my own healthcare.
It's a financial beast.
Once my health insurance costs are minimal....I'm outta there.
Heck I could probably swing retirement NOW, if I didn't have to pay for health insurance.
My last policy was 1k a month -- and I'm single!
It was a darn good policy -- but still.....I wouldn't want less.
Same situation here! I continue to work for benefits. My health insurance is less than $50/mo with super low deductibles/copays. Looked around a lot at other insurance options and was shocked at the cost!
At what age do you plan to retire and how do you envision your life changing in terms of financial expenses? How much lower or higher (percentage of current) do you anticipate your expenses to be? Are you fully financially prepared or are preparing for it or will you also need to depend on social security benefits?
In 2001, when I was 42, the Navy involuntarily put me on 20-year pension via their High-Year-Tenure policy [I had effectively became too elderly to stay in uniform given my pay-grade].
My lifestyle has changed a lot. I suddenly found myself living full-time with my wife. At a time when our eldest was heading off to college and our youngest was starting high school. I had missed a great deal of our children's lives growing up. It was nice to finally be a part of their lives full time for a while.
I too am from California. We found a much lower Cost-Of-Living here the 'oldest' state [with the highest percentage of retirees of any state]. We have stayed fairly active with gardening and raising livestock. My Dw and I have both been vendors in roadside Farmer's Markets selling farm produce [honey, eggs, fiddleheads, pork and herbs]
My pension is around 1/4 of my previous take-home pay. We have been fine on my pension income. We have been spending most of our income on building things [our house, solar power system, solar thermal home heating system, etc] If I would just stop building stuff we would have surplus cash.
I am still a few years away from SS eligibility. I review my SS account each year, I am not sure when I will want to apply for it though.
I think it is important to become active in community, find a church, join a lodge, VFW. We serve on the boards of a couple NPOs. My Dw is running this year to run for a seat on the state legislature.
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... For me - plan to retire at 60-62 which is 16-18 years from now, I may or may not continue working partially if I desire to, I am in IT and part time consulting is common. I plan to have adequate retirement savings, hope to take SS only at 70 not earlier. Plan to live pretty frugally, may move overseas to reduce expenses but if I stay domestic it would definitely be out of California which would bankrupt me pretty quick if I retire here given the cost of living.
I would encourage you to travel and find a cheaper place to live, where you can enjoy your future life.
retirement is over rated, but depends on what you do for living too. I sit in front of a computer all day, my dream retirement would be a part-time job, just so i can have some extra time to travel.
31-Dec-19 is the target date
~21 months....
Age 60 and some change is the target date
Plan to chase Ms. gamboolgal around the house nekid....
After 42+ years in the oilfield, all I want is to be with my sweet wife, have no GD watch or schedule or have to answer the phone or email, etc.
The oilfield has been all I have ever done since age 18. I am well paid, very well paid for a man from East Texas w/o a 4 year degree but it was earned at a price. I am very grateful for the oilpatch and the living it has provided for my family.
All my life it seems like when someone interacts with me it is because of a problem or they want something from me....I cannot wait until I do not have to deal with people.
It's funny really. One of the reasons I went to the oilfield was so I would not have to deal with people.....But as I made a hand and went into supervision and management - I deal with people and problems all day long.
All I have ever wanted is to be with that barely 17 year gal from small town USA from the first time I saw her. I remember everything about her when I laid eyes on her....I was hooked deep in the blink of an eye and after 36 years of marriage....all I want is to be with her.
Retirement - can't come soon enuff pawdnaaaahhhhh....
Never. The whole idea of retirement is the final turn of the card in a rigged game. Those who play it that way lose no matter how much they think they won.
I don't think of retirement as a specific age, but a financial number.
Everyone's financial number is different, but the goal is reaching FI (financial independence) and not having to work. Whether that's called retirement or something else, that's the point where one can afford to leave the workplace if they so desire. And if they don't desire leaving the workplace, that too is fine. Everything clarified nicely when I learned about FI and learned how to determine that number.
I am forced into "retirement", I did not choose this lifestyle but when I think again I should be happy that I am still alive and having more freedom than my peers.
I get up whenever I want, go out and eat do what and whenever while everyone else I know is busy working or stuck in traffic. If I could change one thing is to get my health back. What more can I ask for now? I am getting medicare that pay for all my treatments, on ssdi that I fought for 10 years and got approved since 2016.
I am blessed to work from home and when I'm free I use the time trying to make money in other resources. So I learn how to be an entrepreneur. I made a detour in life and learn to accept my flaws. I think I'm retired already but I will feel more content if I get my first home and collect rental incomes. Hopefully in 3 more years in my 30s.!
Whoo-hoo, I'm 18 months 22 days and counting. I will be 59
I'm lucky in that I will have retiree health care so won't have to worry about finding healthcare to tide me over to 65.
sorry to many people I know have died before they get to do anything in retirement.
At what age do you plan to retire and how do you envision your life changing in terms of financial expenses? How much lower or higher (percentage of current) do you anticipate your expenses to be? Are you fully financially prepared or are preparing for it or will you also need to depend on social security benefits?
For me - plan to retire at 60-62 which is 16-18 years from now, I may or may not continue working partially if I desire to, I am in IT and part time consulting is common. I plan to have adequate retirement savings, hope to take SS only at 70 not earlier. Plan to live pretty frugally, may move overseas to reduce expenses but if I stay domestic it would definitely be out of California which would bankrupt me pretty quick if I retire here given the cost of living.
I'd say it depends on my future family situation. I'm only 31 now and still single and childless, so there are too many unknown variables. I'll probably fully retire sometime between the ages of 55-75, and might semi-retire sooner especially if I don't end up having kids or only have one.
Same date for me as well. I will be 63-1/2 when I retire for the second time.
Mulling over beginning a third career to work for another 3 years after that date. Incentive is the very real possibility of doubling my current annual income for each of those added years. It sure would relieve my nagging retirement income concerns.
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