First Steps Upon Retirement

Discussion in 'The Pub' started by AZChilicat, May 6, 2016.

  1. AZChilicat

    AZChilicat Member

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    phoenix 7, wilto and JBid like this.
  2. Blue410

    Blue410 Silver Supporting Member

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    #4 = set up a permanent recording studio for your Youtube gear demos
    #5 = amass appropriate color-coordinated gym shorts and Crocs pairs for your gear demos
     
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  3. Jamalot

    Jamalot Member

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    People live too long now and outlive their money.

    Birth School Work Death. Ain't no 'Retirement' in there
     
  4. Yer Blues

    Yer Blues Member

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    I'd imagine by 50 the money you'd lose out on by getting a different job would make it more worthwhile to keep the same job? Why would you retire to work and get paid less. :confused
     
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  5. Probos

    Probos Supporting Member

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    At what age do they think most people retire? Lets say 65,....25 to 30 good years? Yeah,...I don't think so. In fact that's laughable.
     
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  6. Astronaut FX

    Astronaut FX Member

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  7. Steve Hotra

    Steve Hotra Silver Supporting Member

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    At 59, I am self employed as a music teacher / music director for some small churches.
    Used to work for a big church, but that season ended 5 years ago.
    My wife and I are "living lean" as we get ready for this new season.
    I plan to keep teaching / playing music as long as I can.
    And I am treating my music like a business, being smart with my money earned.
    No way I can or want to retire... even at 67.5 when I could draw SS.
     
    Last edited: May 6, 2016
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  8. greeny

    greeny Member

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    I retired last year at 49, hated my job, decided I had enough cash to last my life so retired. Don't worry what anyone else says, if you can afford it just do it.
     
  9. circle_o_5ths

    circle_o_5ths Member

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    The average person leaves the workforce at 59 due to illness or downsizing.
     
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  10. JBid

    JBid Member

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    I did all the right stuff. At 55, I had put aside my own savings, had a deferred compensation account worth about $100K, was vested in a public pension plan and was on track to retire at 62. That year, my wife was forced to retire ,due to a serious health problem, "No worries, the long-term disability insurance we've paid into for 25 years will cover us until her pension and Social security kick in." I thought. Got bent over and done hard by Met-Life. Can't stand the sight of Snoopy. Six months later, I was injured on the job and ultimately forced to retire, when (June, 09) my comp fund was in the cellar. Basically, following all the best advice we could get, we lost almost everything we had accumulated over our working lives. Now we live on very modest pensions, in a rental house in a less than desirable part of town. Good luck.
     
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  11. Otto Tune

    Otto Tune Member

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  12. Stratonator

    Stratonator Member

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    The first thing I'll do once I retire is throw away my alarm clock! :D
     
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  13. stevieboy

    stevieboy Clouds yell at me Gold Supporting Member

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    As far as Social Security goes, you can draw more if you wait. So by "don't start drawing" the idea would be to figure out at what point it makes the most sense for you to start, because it can mean more total money in the long run. Assuming you don't die too soon!

    I weighed it all and figure age 66 makes the most sense for me, considering how many years it would take for the amount less I would draw to add up to less money overall. Not just considering the total, but also the fact that I'd have that money coming in for several years.

    If you're married that can have an effect too, in terms of what she draws. I can't begin to explain that, but it's worth looking into.

    Start living cheap--well, not going to work actually helps with that, going to work costs money. Transportation, meals away from home etc.
     
    Last edited: May 6, 2016
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  14. Rimbaud

    Rimbaud Tarnished Silver Gold Supporting Member

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    I retired at 55, I continually worked without interruption, part time and full time since I was 16.
    My 'clientle' were getting younger, faster and better armed...I was getting slower.
    My wife retired at 50 right behind me...same line of work.

    An intergal part of retirement is to be relatively young and healthy enough to enjoy it..(plus have the money)
    Good pension, medical benefits...
    when SS eligibility came knocking at 62 I pounced on it.
     
  15. Jon C

    Jon C Silver Supporting Member

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    Every year you wait to take social security is like an 8% annual return/increase in your benefit. Well worth waiting past 62 if you can. I wouldn't have retired if I still have to work (I was well enough compensated and comfortable enough and very good at my job) ... at 58 a couple of things came together unexpectedly and the numbers worked out 4-6 years earlier than expected, so I retired. Three years later, no regrets at all. I plan to start taking SS at 66-67 or later (~45% higher $ benefit per year than taking age 62) ...
     
    Last edited: May 6, 2016
  16. Chris Pile

    Chris Pile Member

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    Preach it, my brother!
     
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  17. Peteyvee

    Peteyvee Premium Platinum Member

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    Win the lottery...at least that's my plan. :D
     
  18. 84superchamp

    84superchamp Silver Supporting Member

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    you have to be way ahead of things at a young age to retire early. i've stuck it out long as i can and it might still be iffy.

    the choices are not that great:
    1. work until you're at an advanced age and hope you live a few more years to enjoy it.
    2. retire early to enjoy life and hope you don't run out of money.

    my only hope is i can make it a few years on SS & pension without drawing from the 401k. that's cheap living, which i'm not experienced with.
     
  19. Probos

    Probos Supporting Member

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    I share a very similar attitude as you but I don't have a pension to supplement things when/if the time comes. I mean, I would love to quit my job, work at this local guitar shop, and "sort of" retire right now. I could but it would put more pressure on my wife to keep her job so that we can pay the mortgage, bills, etc. Can't do that. So, this waiting game to get to a point where you think it's the right time and by then you don't know how many good years you have left. Couple with the fact that all the money we're supposedly gonna use to retire on is tied up in the stock market which we have little to no control over. When I think about it it sort of depresses me to be honest.

    Well, it could be worse -- I could be unemployed and struggling to just survive.
     
  20. EricPeterson

    EricPeterson Member

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    I am 31 and we are planning now so we can retire comfortably. We both have 401ks with employer matching, HSAs, and we will start at least fully funding my wife's 401k (she gets better matching contributions) for the time being, until we at least get a decent amount of principle, then we will shift focus to IRAs or something to diversify.

    My plan is to let compound interest work to our favor and get a nice jump on it while we are young.
     

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