Retirement Question

[Southern Michele]

I know a number of you are, like me, at a place in life where you would like to simply do something else. In my case I think I can do OK simply doing my own thing. I have lots of things "hobbies/activities" to keep me active and while I won't be rich I think I can do OK.

My real question comes down to this. EVERYONE I have discussed my decision with acts like I am some kind of nut. "Are you really going to retire?", "Do you have enough money to retire?", "How will you make it?" "Have you thought about your (fill in the blank)?"

Is it simply that knowone else has thought about it or they have not done anything to get ready?

Have any of you experienced this? I am sitting here in my new heals and a cute LBD thinking the whole world around me must be crazy.

[Kaz]

If you have reached financial security then well done! The reality is that many of us haven't. I chose the wrong career path. I should have been a banker. Sadly I enjoyed my life and made loads of crap decisions along the way. I am indeed at a place where I would love to stop the day job... In the UK I am one of the majority who will be working until the day I die... provided that I can find work! The mindless few stuffed the rest of us for ever. I know many people (like me) who 'prepared', only to be out-maneuvered by the greedy.

Enjoy! xx

[ArleneRaquel]

I've been retired for about 9 years, back then, and at that time I was too young to receive Social Security, but I was OK money wise, so I decided to do my own thing and live as a female as much as possible. My wife died in 2002 and our daughter lived at home, but I gave her the house and moved many miles from my old diggs. Now I receive SS, but thru a depressed housing market, I had sold my parents home after they died for more than $100,000 less than what it had been worth a few months earlier. But thats another story. I live the way I choose and it is marvelous. Best wishes on whatever who decide.

[justmetoo]

I would love to retire, but I'm not quite there yet. I also have plenty of hobbies, activities, and interests to keep me busy. Is it that people are asking how you can afford to retire and are you financially ready? Or are they asking how can you not go to a job and work everyday? If it's the former I'm finding quite a few people haven't really prepared for that, whether because they didn't think to or weren't able to. If it's the latter, I really don't understand, unless someone has a job or career that they truly love. There is so much besides work to keep a person busy and not bored! But maybe that's just me. :)

[sometimes_miss]

My divorce (and being blackmailed during it) resulted in me being over $50K in debt, with all my retirment accounts empty. took years to overcome that, resulting in which, I still have limited money for retirement at this point, and will never fully recover what I lost. So I plan on working until I drop dead. I have a job I like, so it's not so bad, and it's most common 12 hour shift work, so I can work 2 days a week when I get older and still be able to support myself decently. One thing I'm not so proud of, is that I've considered doing the 'dirty rotten scoundrels' movie thing, and use my charm skills to woo older rich widows. Took me a long time to develop the skills; why not use them the way girls used theirs on me when I was younger? Seems only fair.

[Carmen]

This is my 30th year with the same company. I did not 'borrow' from my funds or buy a new car or house every 2 years. I opened several other savings accounts and always lived within my budget. Many of my co-workers have spent a lot instead of planning to retire.
I will be retiring in 2 years, i am too young at this time (53).
And i am turning a hobby into my 2nd career working weekends!
They used to say that i'm living a fantasy!
Michele i commend you on achieving your goal! BRAVO!

[kimdl93]

I'm note quite sure I will retire completely. I have my own business so I face no mandatory age limit. I'll probably cut back and do more work from remote locations, like the middle of a lake somewhere up north.

[Emma Leigh]

I,m not financialy secure...and our government keeps raising the stakes...was 65 now its 67.. then they say have your own pension scheme...I worry that if I make it to retirement age (whatever that will be be by then)I could survive...so its prolly not an option

[flatlander_48]

I'm in my 41st year as a mechanical engineer, although I've had a few detours into other realms such as computer programming and quality assurance work. At this point, retirement looks to be a bit problematic as I'm paying alimony to my first wife. While not a tremendous sum of money, it would make a very nice hortgage payment every month. Unfortunately this will continue until one of us dies or she remarries. As she is a bit over 60, the chances of her wanting to get married again are not good. We divorced 9 years ago and so far nothing has happened. At this point I've resigned myself to not thinking about any change in her situation.

What seems likely is that I'll be working for some time yet. At the moment, I think I'm OK with this. Granted, I have not given it a lot of thought, but I do like mental stimulation and thinking about solutions to problems. I'm not a golfer; I haven't played in decades so I wouldn't retire to a golf course somewhere. In truth, I don't think I'm all that keen on the idea of a so-called retirement village. While I have enjoyed my contemporaries, I do like being around people of difference ages and backgrounds. I think it would be sort of boring to be around people who all thought, acted and looked like me. After all, we don't all drive Chevys, live in little blue houses and wear gray suits and white shirts. (For me it is a kick-ass MINI, a yellow house and underdressing with thongs and Church Lady wedgies!)

Anyway, it is what it is...

[Alice B]

I have retired from 3 careers. The first at age 44. Like you I have lots of other interests to keep me busy doing what I like to do. I have always said that you get only one chance in life and make the most of it. It is stupid to do things that you do not like, so why would anyone do them. if you feel that it is time to retire than do it. It is not about money or what you own. It is about you.

[justmetoo]

Hi Southern Michelle!
So all I can say to you all...DO NOT RETIRE...just semi-retire...you'll be happy you did! :)
Sounds like things are going great for you! :) That's cool.

But "do not retire" may not work for everyone. I know people who have retired and loved it, even 20 years plus into their retirement. It may be one thing if you're doing some kind of work that you love. on the other hand, some people like more freedom to do what they want, when they want, where they want. If you're working for yourself you may have that freedom. if you're working for someone else you may not, unless you can work that out with them.

Either way, I say follow your dreams and see what works for you. If you try full retirement and it doesn't work then there's nothing that says you can't scale back to partial retirement. :)

[Ressie]

I've always made wise decisions until I got married in 2000 in my late 40s. I never made huge bucks but had an IRA that was doing well. The wife had me spending more than I was taking in and a other financial set backs occurred.

As a result, the IRA was cashed out and I was shuffling a few credit cards and 2nd mortgage to get by. After the divorce 8 years ago I got a part time day job and started building a service/entertainment business on weekends. Lived like no one else from 2005-08 and eventually paid off the CCs, the 2nd mortgage and started building a decent savings, at least for me.

Recession had a bad affect on my business and day job both during 2009-2010. 2011 was even worse. Good thing I saved up an emergency fund, yet I'm still not very employed presently. Actual retirement isn't gonna happen soon and I may end up working until age 70 or longer. I'm thankful that I'm not in debt and have been able to keep making mortgage payments.

[LilSissyStevie]

Three year ago I traded my inductively coupled plasma mass spectrometer for a tractor. My suggestion for retirement is to get yourself a small farm. You don't need any hobbies or activities. As a small farmer, you get to learn new skills every single day. For example, just a few skills I got to practice this week were small engine mechanic, tractor mechanic, arborist, enologist, chicken whisperer, greenhouse gardener, dog trainer, electric fence technician and more. Then there is the excitement of having the 7th most deadly job in the USA. You won't make much money but that's what that retirement check and the wife that works in town is for. If you can make enough to break even, you're a success. And just think of all the money you save on exercise equipment and gym memberships. As a farmer, you get plenty of sunshine and exercise. And after wallowing in animal manure all day, your immune system will be iron clad. You won't have time to get sick anyway. That's a luxury for city folk and wage workers. Best of all, you know where most of you food comes from because you grew/raised it yourself. Everybody thought I was crazy to retire when I did but I've never had so much fun or sense of satisfaction in my life.
:D

[rita63]

I am slowly working toward retirement, paying off my condo, avoiding taking on new monthly bills, learning to stretch my dollers for food (Ok so I am a trained chef). I won't retire completely, some extra money for clothes and some time with people will be nessecary, In about 4 more years. Will be rita a lot more of the time, slowly coming out.
hugs rita

[sissystephanie]

I spent over 20 years in Credit Management, and I do mean high Management!! Then I went into Life and Health Insurance sales. Stayed in that for over 35 years and finally retired about 2 years ago. I lost my dear wife to cancer 7 years ago and almost retired then, but decided to stay active. Now that I have retired, I may go back to work so I can get away more from my Church duties!! Since they know that I am retired, they expect me to be a lot more available than I want to be!!

[LaraPeterson]

Most of my friends who retired in the classic sense, that is, quit working and sat down in their easy chair, died in no time. So I agree with Purple in her assessment that not retiring completely is a much better way to go. My multiple career paths have allowed me to work without really working so retirement wouldn't make my life much different than it is now and the checks keep coming in.

I look at it this way, since I'm healthy and passionate about what I do, why retire?

[ronny0]

The way our economy is headed, soon inflation is going to be a major problem.
ALSO when you already have 47% paying no income tax and demanding more and more services........
To retire today is a leap of faith. If you think you need $500,000 in retirement savings and inflation hist 10% or 20% then the retirement nest egg is no longer enough. Now add to this the fact that the stock market is no longer a safe place to make money, and Banks / CD rates don't even come close to the inflation rate today. Their is no place that the common person can put a nest egg that will give a growth rate to even match inflation in 2012.
If you decide to retire, and you don't have a major nest egg then IMO you need to plan on cutting back each and every year that yo live and don't have an outside income.
Over the past 5 years many people have lost 50% of their lifetime savings, some even more.
Nothing our government is doing will ever replace that loss. How can this ever be put back in sync?
On the flip side, "Tomorrow is always a Gift" if you work till you die, that is a choice, but if you would rather do something other than work. You don't want to die thinking I wish I took a vacation and enjoyed my health while I had it.
Something like, a bad day fishing is better than a good day at work.
Talk to a investment planner and pay good attention to what they have to say.
(Do keep in mind that some planners place their interests ahead of your best interests.)
On that note, when I retired I made choices that many planners said were wrong and they advised me to change.
I stayed with what my first planner suggested and my choice so far has proven all the other planners wrong.

[Lynn Marie]

Lot's of sad stories here. Mine's not. I've been fairly frugal all my life. Worked for a couple of major telecommunications companies for 41 years, and retired in June of last year. Got divorced (happy days) in 2005 and the ex got 52% of our estate. Even though we had a house in the Country Club, a couple of used Cadillacs, a boat at the marina, and plenty of hobbies for me, and musical instruments for her, I still managed to come out very well. I now live in a large apartment with a garage for the Mustang and a car port for the Prius. I have a large park next door for sport kite flying when the winds are good and the best pistol range in the state is only 30 minutes north. I work a couple of hours a week doing moves and changes at the local refinery just to keep my hand in, collect unemployment benefits, and I could live off my Social Security if I had too. Still haven't touched my retirement accounts and am actually adding to my bank savings!

So what I'm getting at is that retirement is no big deal as long as you're willing to live within your means. It was a shock giving up my house, but now I'm glad it's gone. I always hated yard maintenance and house painting. Both my wardrobes are the best I've ever had, and I get to do as I please whenever I please. I highly recommend retirement!

[justmetoo]

When I say retire I don't mean sitting around doing nothing. Do people think that's what retirement means? I mean not working a job. To me that is full retirement. Partial retirement means you're getting some sort of retirement income and also working a part time job. As I said previously, there are plenty of things to keep me busy. Fun things, creative things, learning, travel, etc. I know some people need the structure and defined purpose of a job. Others can find plenty of meaning and purpose on their own. To me it's about freedom. You're right, though, the people I know who have had (or are having) long enjoyable retirements don't sit around doing nothing. I feel sorry for people who dread forced retirement and worry about what they're going to do with the rest of their life and feeling useless and unwanted. So I think we're talking about the same thing, just using different words.
I WILL retire as soon as I am able, even though I love my job I can think of lots of things I would like to do but don't have time for right now. But for now I need to work to pay the bills, eat, etc. The fun things I want to do won't pay the bills. Even if they would I don't want to turn hobbies into a job. :D

[Barbara Ella]

I totally agree with the sentiments and approaches here. I retired in '06 because I had maxed out my University pension. I stayed active with students and research for the next 4 years. At that time wife and I became extremely involved with babysiting grandson 3 days a week, and that keeps me/us extremely occupied. When he goes to preschool, we will need to find something to do. Keeping busy is a key to retiring. When he is in preschool, we will need to find something. Money wise we are set, so it may involve getting into more societal acivities, who knows, but I will be looking. The key is to always be looking, if possible.

Barbara

[Beverley Sims]

Unfortunately you can not put your head in the sand on this one.
Times are 'a changin' and we will have to adapt.
How! I do not know.

[jillleanne]

Retired at 55 2 and 1/2 years ago. Sold my companies, car collection, cottage, etc. and scaled down from 5,500 sq. ft home to about 1,400 now after renovating. I stay active working on the house, along with 50 acres of forest (surrounded by 2,500 acres of Crown land) and our own private lake. cutting wood, doing some logging and just getting ready to start building a log cabin lakeside for friends to use when they visit. We can be found 4 wheeling or snowmobiling regularly on any given seasonal day. We still travel regularly( recently returned from a road trip 3 weeks long to the south) and I maintain 3 international corporate accounts I kept for myself before retiring( international tax consultant) so this allows me time to keep the brain cells active with what I did to get to this point and I get to continue to travel the world quarterly , compliments of my clients. I suspect I will continue to support these clients for about another 2 years and then pack it in. So, to say I have retired would probably be inaccurate. I see it as revising my daily routine to meet my needs and desires at this age. There is no real secret to retirement amd each one of us have different views on what we want from retirement. Financial planning is obviously important early on and a committment to it is paramount. Kinda wish I hadn't sold my Z06 though. Sure do miss the horsepower some days. Oh well.

[vivian fair]

I retired the first time at forty. Second time at 50, third at 6ixty,4th at seventy-4. Might last this time. Set up very nice, but no close friends to help pass the time. Family members have very full lives of their own,so not much help from that area. So I do mostly what I want, but still actively seek an upright friend,or several who would enjoy stateside travel,get togathers and dressing to the nines!

[Kate Simmons]

Everyone's situation is different but if you don't have a lot of bills, you should be okay if you are frugal. Those "surprise" expenses are the ones that tend to creep up on us old duffers.:battingeyelashes::)

[stefcd1]

This is a great thread and is soooo appropriate to where I am right now. I turned 57 in October and I am planning to leave my company after 18 years the end of Feb 2013, take their pension and move to New Zealand for 3 years to get my PhD in astronomy, something I love! I have worked hard to pay off all debts and build up a retirement account. Between company pension, renting my house and scholarship funding I will not only have enough to live on and take bicycling tours and fly fishing but should be able to continue to put money back in savings.

[Sarah V]

I will be retiring in about another 20 months or so at the ripe old age of 47, after working for them for over 27 yrs. If CD'ing did one thing for me, it led me into one of those "over-compensating" (way over-compensating-btw) career's that paid well, and to a company that has a wonderful defined permanent retirement pension plan & healthcare benefits......for life. Add to that my own savings and retirement investment planning and I should be in o.k. financial shape and theoretically I would never have to work again if I choose not to.

I am a professional engineer who specializes in a particular area of facility development & constuction which is totally a growth industry in this country. I could have made a ton more money working in the private sector ( and i continually get good offers, and many of the private A&E firms we work with are now already beginning to express interest in me knowing that I am going to be retiring soon.) I have stayed with my employer's all these years though due to it being a recession proof company, and I have never had to worry about finidng another job.

With my retirement now looming though, I am beginning to think about my next life.

Again, I could continue to do what I do in the private sector this time, which will bring in a very nice income combined with my retirment, but at the same time, I am not sure I want to continue to put in killer hours and continous travel on a plane every other week. I also have other interests and hobbies I would like to persue more, primarily of course that being Sarah, which I really want to do more with (e.g" getting out more dressed, going to events, having the time to get better with make up, getting permaent hair laser removal done, etc.) So really, I need to look around to find a job where it will be much more on my terms insead of my employer's, which it has only been up to now. I know I will be doing something when I retire, and I will not just sit around the house, I am just not sure what it is I am going to end up doing. What an exciting time this is for me!!!!

[MissTee]

Money wise I'm fine. Thinking I'll keep going another 5-7 years, then retire in my early 60's. That said, my greatest challenge is deciding what that life looks like and what I want to do in retirement. I really love my work and my job (at least for now) so I have not focused on a plan. I know I should, but I prefer to procrastinate :brolleyes:

[samantha48328]

I retired in '96' and have never missed my job. Yes I enjoyed my job. I sometimes wonder how I ever found time to work. I'm almost always busy doing something. I do not watch my grand kids. That's their parents job. Well I have watched them every now and then but only for a hour or so at a time. Relax and enjoy life while you can.

[Sheren Kelly]

Because I was raised to be independent, I have sufficient resources to retire even without Social Security (which I won't be elligible for some time). As I saved and invested through my life, I watched peers make some poor decisions with their money, often chiding me for being so frugal. Perhaps the lesson I learned from my parents who survived the depression was that there are no guarantees other than what we create for ourselves.

I continue to work for the intellectual satisfaction I get, though my GD is making it less comfortable. I expect when the balance tips, I will retire, but volunteer as Kelly.

So yes, I am sitting in a dress thinking that being different isn't such a curse.

[CarlaWestin]

I've been in my profession for 34 years and along the way I've collected entitlement to 3 different pensions that are under solid management. The job I currently have is so easy, due to my experience, that I consider it almost retired with a hobby job. With the fact that the unit I work with just joined a union that will add 10 more years of pension if I work to age 67. So, four pensions, SS and a reverse mortgage on the house, I should be in good shape.

But, the number one most important retirement factor is health. So that is my primary focus.

[Stephanie47]

I made a choice years ago to defer immediate gratification for long range gratification. I retired five years ago debt free, house free and clear, a nice retirement check. The key is to not owe anyone. Live within your income. Be realistic.

I just got together with twelve other recent (within ten years) retirees for lunch. None regret their choices. All are prosperous and living well.

Those who question a decision to retire have not planned for their own retirement.

[Tess]

We were always financially responsible and only borrowed money for a mortgage, always contributed the maximum to the 401(k) plus did other reasonable investing in low cost mutual funds. There was a nice nest egg but I still probably wouldn't have retired 10 years ago if my wife was healthy. Instead of paying for a home health care worker, a cleaning service, and a lawn service, I retired to do those jobs. Fortunately I had company pensions which included health insurance since I was to young for Medicare. Now Social Security has kicked in at my full retirement age and we have yet to dip into the nest egg but that day will come eventually with inflation. Taking care of my wife adds structure to my retirement days but I have plenty of time for fun too. I haven't missed working one bit. We take very nice vacations 4 or 5 times a year, do volunteer work, tend the garden, enjoy our family, and dabble in the arts. Life is good.

[carhill2mn]

Are you married? This may be the most important question as retired life for a married couple brings about many changes, not all of them good. Many spouses have ideas as to what their retired spouse should be doing.

A great thing about being retired is that you have much more time on which to be en femme. However, the presence of a spouse may affect this. I have been retired since 2000 and now live alone so, my femme time is way up!

[linda allen]

My wife and I both had the years to retire from our jobs and we had retirement plans that would provide neatly the same income as we were earning and both of us had pretty high stress jobs so we retired. We left town and moved to a warmer climate, bought a home with some of the money from selling the northern home, and never looked back.

I highly recommend it.

[Laura912]

As a friend advised....retire to something not from something. Now in my third year of complete retirement building furniture and things for friends for free and helping a friend build a house. My professional life was totally unrelated to what doing now except that good hands are needed...so long as they do not get cut off. Oh, and dressing more.

[mikiSJ]

I was 'involuntarily' retired last May and it is depressing. I had planned on working another 5 years til 70, having all my small debt paid off, but alas!

The IRA and 401K money is drifting away. Fortunately, my salary was almost always hire than the SSI cut-off so my SS checks are decent and while my mortgage payment will be unaffordable in a year, I am not upside down.

I am going back to work in January, doing something..........

[Launa]

I will never retire completely from the work I do. I will just go part time into retirement..... and party like a bad girl for the other 50% of the time.

A note here to anybody that thinks they don't have enough money to cover their bills in the golden years ....

There are many good books out there to get you started, motivated and succeed in saving money at ANY AGE. Read the book Start Late, Finish Rich by David Bach.

There is a Canadian and American version but the ideas will work in any part of the world. This book will motivate most people and then you have to take his principles and start practising them. Thats where th.e hard work begins