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Old 02-27-2015, 10:20 AM
 
Location: Near the In-n-Out
30 posts, read 34,827 times
Reputation: 53

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Thank you all for the thoughtful replies. I am so grateful that we have what we do. I try not to take that for granted.

DH put it like this:

You're like a thoroughbred that's been running full-steam ahead all this time. You can't just yank the reigns and stop at the finish line, you have to run that baby out and cool down. You gotta jog around a lap or two!

He's an aviation guy so he also said that it's like a helicopter. You have to idle it a bit before you shut it down. It's gonna take a little time before you can just turn it off.


Quote:
Originally Posted by Garthur View Post
I signed the retirement forms and officially retired on July 31, 2001. The company promised me a pension check every month for not working, so for the first 30 days of retirement I was a little nervous. When My first pension check arrived in my bank account I relaxed. Now every month there's the money in my account. So that first 30 days was the toughest.

It took another 5 months for the feeling that I need to go to work went away. Now 14 years later, retirement has become a very comfortable life style and I don't ever want to go to work again.
Congrats on retirement! I was hoping after the first check or two I'll feel better.



Quote:
Originally Posted by PAhippo View Post
I'd also worked my whole life, except one summer when I was 22 I went to Europe. Took a class for a month then explored for 2 months.

I'm not a worrier by nature and was so looking forward to time off. I'm still enjoying it.

I think your problem is in learning how to relax. You might try tai ji or yoga. Or tell yourself you're on vacation. One very long vacation.

after the surgery, take a trip some place. Maybe not a long distance-just some place different. If you live in a city, go to the country. Take classes. Keep your mind occupied so you don't have time to worry.
Agreed!!



Quote:
Originally Posted by loveautumn View Post
are you old enough to qualify for Medicare? Have you been getting disability while working? Even with full medical I imagine you would have deductibles to cover for these surgeries?
We're looking into all the options right now. Lots to take in. My head starts spinning and I have to stop sometimes though!



Quote:
Originally Posted by WellShoneMoon View Post
For the first five years of my retirement, my husband was alive and receiving a very generous pension check each month. I never worried about money in those days.

A year ago, he died, and the pension checks stopped. The end of the pension didn't surprise me; I knew it was going to happen. But this past year, learning to live on my own, with only SS and my investments to support me, has been very scary.

So I guess you could say I've only recently started worrying. Although I'm getting a better grip on my finances, I don't know if the worrying will ever stop.
So sorry about your husband.

I've always worried about money so not sure if I'll be able to change. I'm working on it!



Quote:
Originally Posted by texdav View Post
As to original question; you just need to do a intake versus what you put out for three months to see just where you stand. You might find spend more here and less there which is what we found.As far as the I should be working feeling and on Sunday evening of something you need to prepare for; it takes awhile. Good luck on health issues.
We started downsizing about five years ago. Sold the toys (except my quad, but that may go now too ) and paid off the cars and credit cards. We've done a lot of number crunching and budgeting and it looks good. The full medical helps a lot!

Hubby is getting a bunch of overtime all of a sudden. He'll be busting it out and adding to the nest egg the last months till he retires.



Quote:
Originally Posted by Submariner View Post
I was nervous too. But as months go by, the money keeps showing up in my bank account every month. You do get used to it.

It is nice to have solid medical coverage. Last fall, they found that I had prostate cancer. It was an extremely aggressive one, we jumped right on it, and within 6 weeks of discovery I was in surgery having it removed. From later pathology, we learned if we had not gotten it then, it would have spread to lymph and bone cancer. My point is that it is important to have medical coverage and regular screenings. I never even had any symptoms. Now they are wanting to stop doing the blood test that screens for this cancer. I am so glad that I got screened. My co-pay? For the annual check-up, MRI, bone scan, biopsy, surgery, and after care, all of it came to $130.

I wish you luck with your new knee.
Sorry to hear about your health issue. Luckily, they caught it early and you sound like you're pro-active with your screenings. That's so important.

I had Melanoma in 2007. Caught it super early. I have every risk factor except a family hx and I had a great doc who I had been seeing for many years. I do my skin survey every six months (every three at first) without fail. Sometimes the derm doc cuts or burns stuff off, last time nothing.

Then, last year breast lumps that had to come out and reconstruction. Same thing, caught it early. Showed up on mammos a couple of years prior. Whew!!

I am so grateful to have good insurance and exceptional docs and surgeons. I'm hoping to put off the knee replacement for as long as possible. Not getting wrecked at work five days a week should help!

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Old 02-27-2015, 12:47 PM
 
106,062 posts, read 108,035,793 times
Reputation: 79638
i find retirement fear is alot like the fear we have of markets falling.

when markets are up many fear the next plunge more than anything.

but when the plunge happens the fear is gone and it is back to life as it was while you wait for a recovery.

retirement is the same way . the fear is there right up to the minute you enter it. but once you are there you kind of adjust and the fear goes away.

i was going through that before i went part time as i gave up a big chunk of my income. now it is business as usual until july when i stop altogether. now i am sweating that but once i get there and live it that fear will go away.
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Old 02-27-2015, 07:49 PM
 
Location: Columbia SC
14,209 posts, read 14,611,347 times
Reputation: 22034
How long is the ultimate question that no one can answer. I can say one thing regardless of how much one has. If you are living what you consider a good lifestyle within your income and not "drawing on/using" your reserves/investments, then it will probably only get better as you age. If you are drawing on/using your reserves/investments then no one can answer you without more information then you gave.
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Old 02-27-2015, 08:07 PM
 
Location: Silicon Valley
18,813 posts, read 32,341,111 times
Reputation: 38572
Just know that if you lose everything, except your SS, you still won't be homeless. There are many really nice senior subsidized apartments all over the nation. They are inspected by the government, and your rent is normally 30% of your income.

I like to think in terms of worst case scenario. What's the worst that can happen? You won't lose your SS. So, worst case, is that's all you have. Okay, so you move into subsidized housing.

I live in subsidized housing for seniors, and I can tell you from first-hand experience that these complexes are very nice. They are inspected on a regular basis (4 times a year for me) and they make sure you are in safe quarters that are well-maintained.

It might not be the home of your dreams, but they're comfortable, and safe and well-maintained.

And even on a very low income, like me, health care is good. The government takes good care of us seniors. This is not a heartless nation, in my experience. I became disabled and poor, and I'm well cared for and happy. Is it the retirement of my dreams? No. But, I'm happy and fine, and in a safe place in a great little town in my beloved California, and I even get to have a dog here :-)

So, worst case scenario? You'll be just fine.
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Old 02-28-2015, 12:51 PM
 
Location: Near the In-n-Out
30 posts, read 34,827 times
Reputation: 53
So glad to hear that you and your pup are happy and content.

That was part of my concern because neither one of us has family to rely on, but it sounds like there's no need to worry. We won't be living on the streets if something happened.

I think part of it is that neither one of us had our folks or other older relatives as models and teachers for aging and retirement. We've been learning a lot here though! Also from the Financial Planner that we've been with for 25 years (even longer for my DH he was using him before we met.)

It was so sweet actually. We went in last month for taxes and a marathon discussion on retirement. My husband started out the meeting by sincerely thanking our FP Neal for being there for him all these years because his Dad had died when he was young and he never had an older male figure to look up to bounce things off of. Yeah, we all got a little teary. Me more so than the men, of course.

Just got back from a retirement class. Lots to think about and do to keep me busy!





Quote:
Originally Posted by NoMoreSnowForMe View Post
Just know that if you lose everything, except your SS, you still won't be homeless. There are many really nice senior subsidized apartments all over the nation. They are inspected by the government, and your rent is normally 30% of your income.

I like to think in terms of worst case scenario. What's the worst that can happen? You won't lose your SS. So, worst case, is that's all you have. Okay, so you move into subsidized housing.

I live in subsidized housing for seniors, and I can tell you from first-hand experience that these complexes are very nice. They are inspected on a regular basis (4 times a year for me) and they make sure you are in safe quarters that are well-maintained.

It might not be the home of your dreams, but they're comfortable, and safe and well-maintained.

And even on a very low income, like me, health care is good. The government takes good care of us seniors. This is not a heartless nation, in my experience. I became disabled and poor, and I'm well cared for and happy. Is it the retirement of my dreams? No. But, I'm happy and fine, and in a safe place in a great little town in my beloved California, and I even get to have a dog here :-)

So, worst case scenario? You'll be just fine.
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Old 02-28-2015, 07:12 PM
 
Location: Floyd Co, VA
3,513 posts, read 6,356,817 times
Reputation: 7626
I was very fortunate in that I was able to retire at 55 with a great pension 10 years ago. All was good until this past December when Congress changed the laws regarding private pensions in which multiple employers participate. If those pensions are in the red the plan trustees and administrators can cut the amounts that current retirees receive down to just 110% of what they would get if the plan were to go in to default and be taken over by the PBGC.

It will be many months yet before I find out what will happen with mine but I could be looking at a reduction to just 16.7% of what I currently receive. I immediately went on a super austerity budget to try and sock away as much $ as possible before any cut happens. If my amount is cut to the max I will not be able to maintain my current situation, mainly housing, but I will have enough saved to allow me the time it will take to get this place sold and move to something far smaller and less costly. Property values here are flat at best and places can take several years on the market to sell.

You mentioned that you each have pensions but do some research and make sure they are not in jeopardy or likely to be in the foreseeable future.
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Old 03-01-2015, 12:38 PM
 
Location: Near a river
16,042 posts, read 21,924,417 times
Reputation: 15773
Quote:
Originally Posted by zugor View Post
I was very fortunate in that I was able to retire at 55 with a great pension 10 years ago. All was good until this past December when Congress changed the laws regarding private pensions in which multiple employers participate. If those pensions are in the red the plan trustees and administrators can cut the amounts that current retirees receive down to just 110% of what they would get if the plan were to go in to default and be taken over by the PBGC.

It will be many months yet before I find out what will happen with mine but I could be looking at a reduction to just 16.7% of what I currently receive. I immediately went on a super austerity budget to try and sock away as much $ as possible before any cut happens .
That is just unbelievable. There must be some kind of class action suit to mount? Did you work for the state of CA, and do others there face the same thing? (my sister worked for the CA dept of transport, and is on a pension)
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Old 03-01-2015, 02:23 PM
 
Location: SoCal desert
8,091 posts, read 15,385,554 times
Reputation: 15036
Quote:
Originally Posted by zugor
I was very fortunate in that I was able to retire at 55 with a great pension 10 years ago. All was good until this past December when Congress changed the laws regarding private pensions in which multiple employers participate.
Quote:
Originally Posted by newenglandgirl View Post
Did you work for the state of CA, and do others there face the same thing? (my sister worked for the CA dept of transport, and is on a pension)
Government pensions are not private pensions, in my eyes.
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Old 03-01-2015, 03:23 PM
 
685 posts, read 717,112 times
Reputation: 1010
Quote:
Originally Posted by WellShoneMoon View Post
For the first five years of my retirement, my husband was alive and receiving a very generous pension check each month. I never worried about money in those days.

A year ago, he died, and the pension checks stopped. The end of the pension didn't surprise me; I knew it was going to happen. But this past year, learning to live on my own, with only SS and my investments to support me, has been very scary.

So I guess you could say I've only recently started worrying. Although I'm getting a better grip on my finances, I don't know if the worrying will ever stop.
I don't know that my own worrying stops either. Apparently my partner picked up on it, so I'm trying to not keep saying, "It's too expensive." When you work your life and have paychecks coming in, I had few concerns. Now... I don't know how not to worry. I also know that if I predecease my partner, she will continue to collect my full pension. I check beneficiaries almost yearly to ensure things haven't been messed up.
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Old 03-01-2015, 05:57 PM
 
Location: Floyd Co, VA
3,513 posts, read 6,356,817 times
Reputation: 7626
Quote:
Originally Posted by newenglandgirl View Post
That is just unbelievable. There must be some kind of class action suit to mount? Did you work for the state of CA, and do others there face the same thing? (my sister worked for the CA dept of transport, and is on a pension)
This change does not impact those who worked in the public sector, just those who worked for private employers and no, we can not bring any lawsuit - see item 14 in the link if you're curious.

Here's a link to a website with info about the cuts:

Summary of the pension cutback provisions in the Omnibus spending law | Pension Rights Center

The UNofficial word that I got when I called someone who is a trustee is that they hope they do not have to cut to the max and it may take them a year to figure out all the details. Until then all I can do is try to be uber frugal in order to save up as much as I can.
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