Would You Do Anything Differently? (55, pension, supplement, long-term)

[Stratman]

I'm looking at the possibility of retiring within the next year or so. That's why I like this forum because there is a wealth of information here. Nothing like learning from those who have been there and done that. Also, if I can learn from other's mistakes, perhaps I can avoid making those same mistakes myself. So my question is, if you could go back to the beginning of your retirement and do it all over again, would you do anything differently?

[jghorton]

After 8-years in retirement, I would say, "No." However, the time to "do things differently" is before, not after retirement. After retirement, one can change their activities and interests, but, generally have little flexibility to improve or substantially change their financial resources and allocation.

I did a lot of planning before early retirement (61), including writing-out our financial and investment retirement plan and also testing our expected retirement income against our expenses for about a year prior to retirement. I also ran the plan by a couple of financial advisers to see if they could poke some holes in it.

About once per year, I revisit and update the plan to ensure everything in the short-term plan is stil on target for the long-term plan. (A few items in the plan include a steady income stream, balanced investments, healthcare provisions, surviving spouse provisions, RMD impact, tax planning, inflation provisions, travel plans, college support for the grandkids, estate planning, etc.). -- I compiled it by simply listing out retirement issues and concerns and then filling-in the blanks.

Of course, plans and life do not always cooperate, but, I've often thought about the 'Alice and Wonderland" scenario when Alice asks the caterpillar, "Which way to I go, Which way do I go?" -- The caterpillar replies, "Where are you going?", to which Alice responds, "I don't really know." The caterpillar then wisely injects, "Then it doesn't really matter which way you go, does it?" -- Plan for retirement!

[jrkliny]

No. I had planned out exactly how I wanted to start retirement: sell the house and take off to the western US national parks.

[dothetwist]

Nope, happy as a clam! Retired in 2003 at age 50 (husband age 51). Sold our DC-Metro home, threw the golf clubs in the car and hit the road to the American Southwest. Living in a series of "five year plans," including 5 years full-time in Central Mexico. Life's an adventure....enjoy!

PS: We had been planning to retire at age 55. But a few months short of my 50th birthday a positive change to my government retirement system allowed me to retire at full bennies at age 50. My husband had a successful business and was at first reluctant to give it up. In a matter of a few months he sold his business, we sold our home and the rest is history.

I worried he'd have some regrets with the haste of the decisions affecting our lives, but he is as happy if not more happy than me.

[DaveinMtAiry]

Such nice stories. After taking last week off, a collective 10 days in a row off, I had actually had the thought yesterday that if this was the rest of my life I would find the novelty wears off and I would become bored. 2 hours into my work day the problems I am dealing with are enough to remind me that I can't wait to be retired. Sick and tired of dealing with problems.

[TwoByFour]

Originally Posted by DaveinMtAiry

Sick and tired of dealing with problems.

Well, retirement is not problem-free, they just change. It is not retirement per se that is the source of some problems, it is the fact of getting older.

As to the OP question - No, there is nothing I would do differently. But we did plan it out in great detail - we sold our main house and moved 2000 miles to an island in the Pacific. I budgeted everything and we have pretty much stuck to it.

If you're looking for do's and don'ts, I would say the #1 "do" is a budget.

[yellowsnow]

Well, let's see. My parents could have been stinking rich and saved me a lifetime of slaving away!

I wouldn't change much besides having a load of money. The only big difference in my lifestyle would be more travel! I actually do OK and I have a fun life.

When it comes to retirement I think the big question is always do it, or wait and save more money. But if you delay too long you risk not being able to do all those things you dreamed about for years. Most of us will never have enough money and everything we want. The alternative is dying at work. I chose to jump and just make the best of it!

[animalcrazy]

I could have retired two years earlier then I did at 56 when John retired. I guess mentally I wasn't ready to do so. Now a year into retirement sometimes I wish I had retired when John did. We lost a lot of fun with me being a workaholic Work is not life, but there is no retirement without work.

Would I have done anything differently? Yes. I would have retired sooner. Early retirement was always our goal when we first started to accumulate the funds needed to do so. Somehow that goal got lost in a life long work addiction on my part.

None of us is guaranteed a tomorrow and if I follow in my mother's genetic footsteps, I could be gone in only 4 more years. She never got to retire, which is tragic. Having been on both sides of the coin now I can honestly say that work is a
4 letter word, but retirement can be a prison if you're not financially prepared.

[Vasily]

I'm going to semi-retire in a year or two -- which means I get out of the 9 to 5 rat race and supplement my SSI, modest 401k income, and small pension with part time counseling, life coaching, and web design. I'll be 70 in January. What would I do differently? Start planning when I was 40 like my ex-wife recommended, and put away more money in savings. If I'd done so, I could have left the rat race sooner.

[TuborgP]

Could I have done some things differently? Regrets? Nah otherwise it could be considered really greedy.