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26 November 2020, 12:02 AM | #31 | |
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Quote:
You can serve on the boards of other companies to help them grow, or a nonprofit or two to help them help people. Many find this just as rewarding than their prior career, if not more so. You sound like a man that needs and wants to be busy and have a purpose. Take some time to look around and think about things you’ve always been curious about but didn’t have time to pursue because of work. I changed careers years ago (I had a really successful law practice but grew tired of what it had evolved into). It was the best decision that I ever made. Also remember, managing your own money can become its own career. Shaking down investment pitches takes time if you are so inclined to do that. Plenty of people show up with ideas when you come into cash. Some of them are good, most aren’t. |
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26 November 2020, 12:13 AM | #32 |
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Question: For you full time retirees.....how close were you towards your estimated annual spending in retirement? In other words, compared to your working years, are you still spending the same $$$ per year or a lesser amount?
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26 November 2020, 03:25 AM | #33 |
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As a workaholic can you shut it off or redirect that drive to some activity in retirement? My business partner tried to retire at 50 and it lasted less than a year before he got bored and wanted to come back to work. Maybe look at a succession plan that allows you to keep your business but only work the hours you want when you want and have someone else run it full time. Congrats on the success that’s a great decision to have to make!
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26 November 2020, 03:47 AM | #34 | |
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26 November 2020, 03:55 AM | #35 |
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I retired 20 years ago...no regrets.
Every day's a holiday. |
26 November 2020, 05:32 AM | #36 |
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Considered retiring next year at the age of 51. On reflection I decided that I would be bored so I have arranged to go part time instead.
Income obviously will be lower but I am lucky enough to have no debt. So at the end of next year again will look at the option. I do think it is important to have social interaction each day for mental health.
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26 November 2020, 08:15 AM | #37 |
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How about selling your businesses and if they involve buildings, keep the buildings so you can collect rent and build more equity?
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26 November 2020, 09:00 AM | #38 | |
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Sold off the business, but owned and rented the commercial properties. Revenue stream every month..that can be turned into more revenue streams. I think in the future the lines between "work" and "retired" will become more blurred in certain professions and segments. Technology has essentially limited OR even eliminated the need to waste time commuting to an "office" everyday, so knowledge based or account management professions can readily be intertwined with an active lifestyle that mimics "retirement" in terms of time for personal fulfillment. A brother of one of my associates is in his 30's and has been living this lifestyle for years. He essentially works about a month per year writing code for a major "internet" company. Then he is on call to troubleshoot and such...but he can handle that remotely. He spends most of his time traveling or hanging out on his house boat... |
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26 November 2020, 09:19 AM | #39 |
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We're close. Just a little bit under our guesstimated monthly spend, but we purposely aimed high on that metric so we'd naturally build in a buffer. You will have more time than you did in your working life so you should plan to spend at least what you did per month in your working life once you retire until you hit your mid 70s and you start to slow down.
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26 November 2020, 10:34 PM | #40 |
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I am avidly reading all of these posts as I am going to retire as soon as my business is sold and the money is safely in the bank! I have somebody that is very interested in buying, and we have agreed a price acceptable to both of us, and, fingers crossed, I will be retired by the end of March. I am 65, took out really safe and reliable pension schemes years and years ago, my house is paid for, no debts, and we are both in good health. I am looking forward to not working, I have been slowing work down over the last couple of years, and having more leisure time has been tremendous, I have worked long hard hours since starting work at 16, and I feel retirement has been earned.
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26 November 2020, 11:24 PM | #41 |
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I agree with this.
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27 November 2020, 02:36 AM | #42 |
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I can’t wait to retire. I would tomorrow if I could. I should hit my retirement money goal in 8 years. If it hits sooner I’m out.
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27 November 2020, 02:57 AM | #43 |
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I retired almost three years ago after 31 years in my own law practice and 34 years as a lawyer. A friend of mine says your practice tells you when to retire. Other referring attorneys retire, clients difficult, stressful situations,etc. I still consult and arbitrate a little. Before covid, my wife and I exercised, travelled, bought a second home in FL and have been grounded. We look forward to getting back to normal.
We worked plenty, achieved financial critical mass and independence, have enjoyed retirement, though the pandemic has crimped everyone’s style. The pandemic also reminds us of one of our favorite statements: You only get so many chances to do what you want. |
27 November 2020, 12:27 PM | #44 |
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I’m 57 and retired a few months ago. I had been working since I was 13 years old, my husband since he was 12. I worked 35 years in healthcare, almost exclusively in ICUs. It was hard, physical labor. My husband turned 60 this year and we became eligible for his military reserve pension...and more importantly, military healthcare. We have significant savings and 3 pensions. We both decided to retire. We paid cash for our house in FL with a pool and deeded boat slip. We have no debt. We Paid cash for our boat. We do our own lawn care and pool care__more for something to do than anything else. We go to bed when we want and wake up when we want. After 40 years of working different shifts, we just enjoy the hell out of having coffee together every morning. We picnic on the beach at least once a week, we drive around and check out our new surroundings. We’re enjoying every minute of not working for a living!
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27 November 2020, 12:54 PM | #45 | |
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I’m working on this myself.... Sent from my iPhone using Tapatalk |
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27 November 2020, 12:59 PM | #46 | |
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27 November 2020, 01:04 PM | #47 |
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To me retiring is for the birds esp for men. Wanna die eArly? Retire. I’ve been off work for a long stint before and have dealt with having more time than stuff to do, wknds becoming irrelevant, wardrobes becoming pointless, friends being too busy, etc.... for the first bit it’s great, but for a guy like me, hell no.
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28 November 2020, 09:23 AM | #48 | |
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29 November 2020, 12:48 PM | #49 |
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same deal
[QUOTE=Rbdport;11089841]I’m 57 and retired a few months ago. I had been working since I was 13 years old, my husband since he was 12. I worked 35 years in healthcare, almost exclusively in ICUs. It was hard, physical labor. My husband turned 60 this year and we became eligible for his military reserve pension...and more importantly, military healthcare. We have significant savings and 3 pensions. We both decided to retire. We paid cash for our house in FL with a pool and deeded boat slip. We have no debt. We Paid cash for our boat. We do our own lawn care and pool care__more for something to do than anything else. We go to bed when we want and wake up when we want. After 40 years of working different shifts, we just enjoy the hell out of having coffee together every morning. We picnic on the beach at least once a week, we drive around and check out our new surroundings. We’re enjoying every minute of not working for a living![/QUOTE}
we are from Canada and we will be doing the same as you guys, winter wise, when we can go back to the US...retiring to florida...enjoying the beach, swimming, relaxing, bbqing and a beer or two in the evening...no boat though |
30 November 2020, 02:20 AM | #50 |
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I retired age 50-ish about 2 years ago. Pre COVID my wife and I travelled extensively. Post COVID, it’s been somewhat curtailed, but we’ve still managed a few fun trips. The best bit about retirement is to have total control of your time. I can do what I want, when I want.
Not everyone seems to take to retirement as easily as I have. If you’re defined by your career, or a workaholic, be careful! But, my career was always a means to an end for me. I quite enjoyed it, but absolutely knew when I’d had enough. Obviously, one has to be financially independent to even contemplate retirement. Good luck! |
30 November 2020, 03:08 AM | #51 |
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Your time is your most valuable asset; if you enjoy your work, keep on working! If you want to spend your time differently, retire and enjoy every day!
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30 November 2020, 05:49 AM | #52 |
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The more I read this thread the more it makes me think about work/retirement/life. I’ve reduced work down to 3/4 days a week in the last year since hitting 50. I’ve a conundrum of travel - my two sons are 21 and 19 at at Universities so it should be easy. . . . . I’ve a 4 year old daughter now and she’s just started full time education. Private school so longer days but longer holidays and we want to take extended breaks. Had nearly 6 weeks travelling Australia, New Zealand and Singapore last year and intended to be doing something similar about. . . . Now. Oh we can’t travel! Here’s hoping eh :-)
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