Retirement

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The bottom line for retirement is your financial security and your health. If you lack sufficient funds at any point, you will have to go back to work. If your health goes, like your mobility or your eyesight, that changes everything. It has never been about just go do it or the cute sayings we hear from gurus, though it can be if your circumstances just happen to fit in.

A local judge I am friends with had to go back to work, and then his eyesight went, and the last I heard his wife was trying to keep him from going into the dumps mentally. Such transitions simply force a radical transformation or you simply don't make it.

The stats are that if you go into a retirement home you have a 50% change of death within 6 months if you go in because of a loss of mobility or you are not going at forming new friendships.

Here is a saying for you from my gym...getting old is not for wimps.
 
oldme said:
Retirement  - time to do all the little things you always wanted to do.

But many seldom do. I see a lot of folks retire and sit on their backsides, the worst thing a person can do is be idle. 

 
Oscar Mike said:
But many seldom do. I see a lot of folks retire and sit on their backsides, the worst thing a person can do is be idle.

Boy I must really be doing something wrong.  I just finished, well almost finished getting the Aerbus ready to travel.  I haven't worked that hard in weeks.  Come to think about it, having an RV is almost like a part time job.  Week before last I spent 4 days cleaning and polishing the Aerbus.  If you've read any of the Red Max Pro threads you'll know what I'm talking about.  Today I picked up some new cables for the battery interconnects.  Broke one last night when I was adding water to them.  Then I disinfected the fresh tank.  That's a first for me.  Boy does that drain slowly.  Next I tried to fix the leak under the kitchen sink.  Think I got it.    But the biggie is what feels like moving the entire contents of our 3 bedroom home into our short 32 footer.  I don't know about the rest of you guys, but my wife doesn't know the meaning of minimal.  Seriously, 7 pounds of coffee.  I mean, I like coffee.  Lots of coffee.  But 7 pounds for maybe a month.  Just seems like overkill.  If there was ever a list of the top ten reasons to go full time, never having to load and unload the rv again is certainly number 1.  Of course, all this work and trying to find room for everything is also my amo for the next bigger RV purchase discussion. 

I've been somewhat lazy this past year.  Actually the last year and a half.  That was when I finished landscaping my front yard.  To put things in perspective, a continuous comment of the neighbors walking by my front yard was, why don't you rent a tractor.  My front yard is about 100 feet across.  I terraced the entire yard.  Started out to be a parking area for the motorhome.  Found out the city frowns on that.  So not wanting my initial efforts to go in vain, I just landscaped the entire yard.  Of course I had worked for 3 weeks pulling the remains of a tree stump that I had cut down the year before.  Lots of digging.  Lots of chopping with the heavy ax.  Thank God for the pulling power of an F250 diesel or a large part of that stump would still be there.  Between the moving of dirt from one side of the yard to the other, building a gravity retaining wall with between 4 and 500 blocks that weighed about 20 lbs a piece and then spreading 6 tons of gravel by 5 gallon pail and wheelbarrow I believe I moved close to 100,000 lbs of stuff.  Of course this was a water reduction program so I had to pull out the in ground sprinkler system and lay a new drip system.  Before the drip system was installed I covered the entire yard in weed barrier.  Took about 3,000 sq feet.  One of the benefits of my 3 month long 7 day a week effort was a weight loss of 25 lbs and a significant increase in strength.  Of course, doing minimal work the last year and a half the weight magically reappeared.  And sadly those new muscles were replaced by a lot of loose flesh.

But seriously, sitting on the duff for too long and not doing any physical stuff is asking for trouble.  As I perfected my couch potato and wine drinking efforts I also lost some of the strength that comes from doing physical things.  My blood pressure was also starting to increase.  It has been maybe 110 over 60 something most of my life.  Lately, it's been between 120 and 130 over 60 something.  Pushing hypertension.  So I started exercising again.  Two weeks ago, I couldn't do one pushup.  :-[ Seriously.  One pushup.  That really bothered me.  But kept at it.  Yesterday I was up to 15.  For me, not being able to do pushups is rather scary.  I used to pride myself on my physical condition.  I used to chide my mother since she didn't do much of anything her entire life.  Of course she made it to a within 3 days of her 99th bday.  My father, on the other hand, the picture of health, died at 58.  Of course, he was a heavy smoker most of his life.  I gave that up about 30 years ago. 

So I guess if there's a message here and it's about retirement, then retire, but don't stop working.  Seriously, I don't have a gardener.  I never have my cars washed, I do all the maintenance things around the house and I love spending time in the garage with my stuff.  And about the 15 pushups, I'm going to work on that.  I'd like to be able to do 3 sets of 25.  A friend of mine who is 6 years my senior can do that.  He's 77. 

 
What a great thread. I have to chime in with the 'retire before you die' ideas. I have seen way to many friends, family, and friends of friends either die before retirement, or shortly after retiring. I have been planning my retirement since I was 21 on the advice of my dad. Long story short, I've started the process. I've ordered a new truck, with trade ins and cash, I should own it free and clear. Next, I'm narrowing down my choices for 5th wheel. I'm hoping to buy one within a year, with a huge down payment and aggressive payments til I retire in a couple years. So, hopefully, I will have everything paid off when I call it quits. Then I will sell my house and all belongings not fitting in the 5th and hit the road. I will be retiring early so I won't get a full pension, but I will get enough to survive. Hopefully my equity and savings can stay put, but will be there in case of emergencies until I hit 62. That is when I'll be able to get my IRA's and 401K money, and SS if it's still there.
I guess that was a long story to say I plan on quitting early and playing before I'm too old or broken down to!! Hopefully im not too late!! :)
 
Very simple, get on with living or get on with dying. You know you are dead when you have no bills, nor a list of things to do.
 
RodgerS said:
Very simple, get on with living or get on with dying. You know you are dead when you have no bills, nor a list of things to do.

I don't have any bills, and I don't have a to do list...I do have a wanna do list, does that count towards life?  8)
 
May not sound like part of retirement but Sue Anne and I are working on losing weight.  We started a few weeks ago, she has lost about 11 and I think as of tonight I've lost 13, it varies up and down a bit.

That is already helping my feet and that's one of the main reason, if they are bad I can't walk, if I can't walk I can't work or
get around to enjoy life.  Since we have been gone from Indiana we have been on the go everyday somewhere.  We went to the museum district today and ran around.  I hope to go other places, I have some lots to put up for sale again and a duplex to check on and hopefully get a little clean up work done there in the yard, we shall see, its pretty wet here.

I have looked at the tables and it appears for someone of my height I need to be between 147 and 167 to be in the normal range, I know I will feel better.  so about 20 pounds to go.  This is one of the things I'm doing, taking care of my health.  And Sue Anne is doing well so far, she really needs to be 140 but if she can get to 150 I won't fuss. 

I think taking care of our health and staying strong with the proper weight will do a lot toward us having an enjoyable retirement.
 
Devinh2 said:
What a great thread. I have to chime in with the 'retire before you die' ideas. I have seen way to many friends, family, and friends of friends either die before retirement, or shortly after retiring. I have been planning my retirement since I was 21 on the advice of my dad. Long story short, I've started the process. I've ordered a new truck, with trade ins and cash, I should own it free and clear. Next, I'm narrowing down my choices for 5th wheel. I'm hoping to buy one within a year, with a huge down payment and aggressive payments til I retire in a couple years. So, hopefully, I will have everything paid off when I call it quits. Then I will sell my house and all belongings not fitting in the 5th and hit the road. I will be retiring early so I won't get a full pension, but I will get enough to survive. Hopefully my equity and savings can stay put, but will be there in case of emergencies until I hit 62. That is when I'll be able to get my IRA's and 401K money, and SS if it's still there.
I guess that was a long story to say I plan on quitting early and playing before I'm too old or broken down to!! Hopefully im not too late!! :)

IIRC, You can get a greatly reduced SS benefit at 62; IRA withdrawals without the 10% tax penalty can start at 59.5, while mandatory withdrawals start at 70.5; If you "wait" on SS until 66 you get a big bump, like 30% or so. 
 
Oscar Mike said:
I don't have any bills, and I don't have a to do list...I do have a wanna do list, does that count towards life?  8)

Or a "might do" list?  Or a "do soon" list?  Or a "get someone to do" list?  :p :p ;D ;D
 
    John, you're lucky, I do have several "to do" lists, the DW's Honey do, and both daughter's Daddy do lists, and their's are usually longer and more difficult.

Ed
 
I am lucky I have two sons who do all of the "to do" lists. I only have those pesky "wanna do" lists... I wanna clean up my shop, I wanna wash the motor home, etc., etc., etc. What I wind up doing is all of my "get to do" lists forgoing the "must do" list until it is crawling up my leg, and then and only then and only when my sons have seen through my ploy do I relegate myself to a "to do" list.  ;D. But don't tell anyone  :-X.

Today is a perfect example, the weather is perfect for January, no wind, cloudless day, in the upper 50s lower 60s and I am in the house typing on the computer about my "wanna do" lists... :'(, instead of doing my "I should be doing something" list. Ahhhhhh, retirement, I love it.
 
taoshum said:
IIRC, You can get a greatly reduced SS benefit at 62; IRA withdrawals without the 10% tax penalty can start at 59.5, while mandatory withdrawals start at 70.5; If you "wait" on SS until 66 you get a big bump, like 30% or so.

That's my problem, I want to retire now and my big benefits (SS, IRA's, Roths, 401K) wont be available for ten years. So, I figure if I can do it in the next 2-3 years and pull it off, when I hit 59.5 I'll feel like a rich man!!  8)
 
Devinh2 said:
That's my problem, I want to retire now and my big benefits (SS, IRA's, Roths, 401K) wont be available for ten years. So, I figure if I can do it in the next 2-3 years and pull it off, when I hit 59.5 I'll feel like a rich man!!  8)

This is what the wife and I are having to plan for.  Even if our ROTH, 401k and other retirement accounts are fully funded and contain enough funds for our retirement we need to have enough liquid cash in savings and mutual funds or some other form of access to live on to last between our retirement and 59-1/2 when we can access our retirement accounts.  That in itself is going to be hard enough to build up.

Mike.
 
zmotorsports said:
This is what the wife and I are having to plan for.  Even if our ROTH, 401k and other retirement accounts are fully funded and contain enough funds for our retirement we need to have enough liquid cash in savings and mutual funds or some other form of access to live on to last between our retirement and 59-1/2 when we can access our retirement accounts.  That in itself is going to be hard enough to build up.

Mike.

It seems so far off when your planning and saving for your retirement, and when it happens you look over your shoulder and wonder what happened to the years. Hard work and discipline is all it takes to achieve our goals. That and a willingness to take a risk every once in a while.

I recall when my sons were toddlers and thinking that I would only have a few years to enjoy them before they were up and out of the house. That thought seems like yesterday, and yet it was about 28 years ago.
 
If I'm not mistaken, a withdrawal from a 401K at age 55 is possible without tax penalty subject to certain conditions.  One of the conditions is the amount of the withdrawal.  Once that amount was decided, it was fixed until ??? Not sure when, but likely 59 1/2. 
 
Oscar Mike said:
It seems so far off when your planning and saving for your retirement, and when it happens you look over your shoulder and wonder what happened to the years. Hard work and discipline is all it takes to achieve our goals. That and a willingness to take a risk every once in a while.

I recall when my sons were toddlers and thinking that I would only have a few years to enjoy them before they were up and out of the house. That thought seems like yesterday, and yet it was about 28 years ago.

Thanks John.  I know what you mean about time flying by.  It seems like just yesterday I was in the shop showing Jared how to work on things, letting him tinker around and now I seem to be the student.  They grow up so fast.

As far as financial planning, the advisor my wife and I have is doing a great job and has really done well for us thus far.  All of the projections he provides are very encouraging and I insist he stays on the conservative side when running them.  He keeps telling me to calm down and not worry so much as we are leaps and bounds ahead of most all his other clients but that doesn't give me much comfort for some reason.  Chrystal worries about me becuase all I seem to be able to focus on lately is funding our retirment and saving.  I just can't seem to calm my mind down about it.

I told her I would rather aim high and miss by a little rather than not have a target and hit it. :'(

I know how my personality is and I am trying to work on it because I don't want her to worry.  I am either an all in or nothing type.  I was this way in all of my racing endeavors and all of our motorsports activities as well as rasing our family and getting out of debt.  All or nothing.  Now that we have gotten out of all racing and sold off most of our motorsports vehicles I seem to be focusing on savings and retirement but I realize too much can not be healthy either.  I need to find that balance.

Mike.
 
zmotorsports said:
I know how my personality is and I am trying to work on it because I don't want her to worry.  I am either an all in or nothing type.  I was this way in all of my racing endeavors and all of our motorsports activities as well as rasing our family and getting out of debt.  All or nothing.  Now that we have gotten out of all racing and sold off most of our motorsports vehicles I seem to be focusing on savings and retirement but I realize too much can not be healthy either.  I need to find that balance.

Mike.

I know exactly what you mean. I am an all in or nothing kind of person too...it isn't always a good thing.  :-[ I have to lean into my wife who has the more level head so that I can keep my perspective. I am into "I want to go and play" all of the time mentality, and yet Susan is still hamstrung by work.
 
Devinh2 said:
That's my problem, I want to retire now and my big benefits (SS, IRA's, Roths, 401K) wont be available for ten years. So, I figure if I can do it in the next 2-3 years and pull it off, when I hit 59.5 I'll feel like a rich man!!  8)

Sometimes you can get a "loan" from the 401 but it has fairly strict re-payment rules, IIRC.  Health Insurance in the meantime could be a large factor too.
 
zmotorsports said:
Now that we have gotten out of all racing and sold off most of our motorsports vehicles I seem to be focusing on savings and retirement but I realize too much can not be healthy either.  I need to find that balance.

Mike.

Mike,
Your RV/jeep trips are a good way to help keep the balance.

If you gave up all travel to just work and save, I'd be worried.

ken
 
zmotorsports said:
Thanks John.  I know what you mean about time flying by.  It seems like just yesterday I was in the shop showing Jared how to work on things, letting him tinker around and now I seem to be the student.  They grow up so fast.

As far as financial planning, the advisor my wife and I have is doing a great job and has really done well for us thus far.  All of the projections he provides are very encouraging and I insist he stays on the conservative side when running them.  He keeps telling me to calm down and not worry so much as we are leaps and bounds ahead of most all his other clients but that doesn't give me much comfort for some reason.  Chrystal worries about me becuase all I seem to be able to focus on lately is funding our retirment and saving.  I just can't seem to calm my mind down about it.

I told her I would rather aim high and miss by a little rather than not have a target and hit it. :'(

I know how my personality is and I am trying to work on it because I don't want her to worry.  I am either an all in or nothing type.  I was this way in all of my racing endeavors and all of our motorsports activities as well as rasing our family and getting out of debt.  All or nothing.  Now that we have gotten out of all racing and sold off most of our motorsports vehicles I seem to be focusing on savings and retirement but I realize too much can not be healthy either.  I need to find that balance.

Mike.

FWIW...  no matter what the fin plan says, the crash of 2008-9 can happen again, probably will happen again...  none of the fin plan "experts" know...worry won't change this.  So IMHO, it's one day at a time for expenses (which you can control)... and it's diversification for the assets (which you can also control)...  after that, who knows?  There are no magic bullets and counting on a return of more than 4-6% over inflation seems speculative to me.  There's no shortage of uncertainty these days but worrying about it probably won't change much.  As Warren Buffet said recently when ask what how he intends to provide for his wife in due time, not that they have any financial worries..., he recommended enough cash for several years of expenses and the balance in the SNP-500 index fund...  Over time he's probably on target, keeping investment expenses low, riding out the bumps and living within one's means.  Then I read that a 1% management fee, compounded over 30 years, takes 34% of the principal... so the 0.1% fee for an index fund looks much better since it only takes 3% of the principal.  Oh well. 
 

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