Retirement Advice

[BroncoOne]

Originally Posted by brandrea

Chris has some wise words here ^^^

I’m 53 and semi retired. I found that I still needed something to do with my time other than hobbies and travel. Also, my wife is quite a bit younger than me, and LOVES her career so she doesn’t plan on retiring for at least another 10 years.

For me, semi retirement made the most sense. I sold my business and agreed to stay on and help “transition” it to the new owners ... that was 3 years ago

Lastly, and to echo what Chris said here, I find I need to have purpose in my day to day. A bit of structure is a good thing for me and work has always provided for that. I guess working (even part time) helps me maintain health and happiness, so I plan to keep doing the semi retired thing for a while longer. YMMV

Best of luck to you

EDIT: a final thought on semi retirement... “work” tends to feel a bit different in this mode vs. when it’s your neck on the line

I agree with this. Another thought is that “retirement” can just mean that you find something else to do that really interests you.

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.

[DonRickles]

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?

[singe89]

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!

[ecdc]

Originally Posted by nfld

Gentleman and Ladies...there are many wonderful people on the TFR's and I would like to pick your brains. Currently I am 55, have my own businesses and luckily, through hard work, hard work, and more hard work, I think I am in a position to retire. I make a fairly good living and have had no debts for years, house paid off and in want of nothing. Question I have for you all...when did you know it was time to retire? Are you happy you retired when you did, did you wish you waited or did it sooner? I can sell my companies and pretty much maintain my lifestyle till im 85. I won't be able to retire and buy a Rolex every 6 months or sail the world endlessly, unlike other well off people here, but I will be able to enjoy the next 30 years. I can continue to work till I am 60 and pull in a nice chuck of $$ for the next 5 years but I am the type that may never be satifised as I work 6 sometimes 7 days a week.

What advice do you have for this undecided workaholic or maybe a soon to be retiree?

PS...I do have a nice Sub and a Omega Aqua Terra for my twillight years...lol

I retired young, a little younger than you are now. It's been wonderful! It's really a fairly simple math problem. How long do you expect to live and what sort of lifestyle (i.e., yearly spend) do you expect to have in retirement. Add in a few years to your anticipated life expectancy, add a bit to your anticipated yearly spend, and when your finances exceed your life expectancy & spend, you're all set. You don't need it all upfront, either. My finances are laddered so that I can reasonably expect in 25 years one account to have more in it than it does today. So you use that number, not the present-day value of the account. Biggest unknown is health care. There's no point in retiring young and enjoying life if you won't be healthy. So don't go cheap on health insurance. Play around on your states health care exchange. Expect premiums to rise year-on-year much more than any other expense.

[Speedbird-1]

I retired 20 years ago...no regrets.
Every day's a holiday.

[The Kermit]

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.

[Paul7]

How about selling your businesses and if they involve buildings, keep the buildings so you can collect rent and build more equity?

[Fleetlord]

Originally Posted by Paul7

How about selling your businesses and if they involve buildings, keep the buildings so you can collect rent and build more equity?

I have some family and friends who have done just that...

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...

[ecdc]

Originally Posted by DonRickles

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?

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.

[Bob the brush]

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.

[Rebel]

Originally Posted by subtona

I have been told a couple of things by many many persons who have gone down the road.

“Don’t retire for the money”
“Retire because you are ready... you will know when you are ready.”

I agree with this.

[austinp]

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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[scarlet knight]

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.

[Rbdport]

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!

[airchitect]

Originally Posted by ELLimon

I’m spinning it differently. Currently 47 going 48

Have been moving my stock savings into rental real state, plan is to retire from my day job into managing my rentals and watchmaking until I’m too old or loose my marbles, then All goes to my kids.

The hope is that my kids learn how manage real state from me.

I’m working on this myself....


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[chieftd]

Originally Posted by Rbdport

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!

Good on you. I truly look forward to doing much of the same in 4 years. We will retire in our home in Hawaii and will have military healthcare as well. We look forward to the beach picnics and our own schedule to do nothing if we like. I’m 61 now so I will be 65 when I make the leap into full retirement. Enjoy your new found freedom and life of leisure. I’m jealous, just a bit. :). Cheers, Tim

[airchitect]

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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[Paul7]

Originally Posted by Fleetlord

I have some family and friends who have done just that...

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...

And you can do that if you have some type of self-employed, home office set up. I do, most of my income is repeat, I get up when I want, play pickleball twice a week on a weekday morning, almost all the other players are retired. I take about six weeks off a year (my laptop goes with so I really don't miss a beat), take a nap when I want, no boss, only travel for business to places I want to go......one August a few years ago I both fished in Alaska (that was a business trip in case the IRS is listening ) and went on a successful Pronghorn Antelope hunt here in NM. You really don't have that option if you're an employee such as a pilot, teacher, etc., there, you're either in or you're out. My plan God willing is to keep doing this at some level into my 80s (am 61 now), maybe gradually scaling back. A situation like that where you can make a few hundred thousand a year in mostly passive income without any heavy lifting really changes the retirement equation. IMHO it is much healthier to have some kind of occupation related activity that you enjoy at your pace rather than doing nothing for 30 years.

[nfld]

[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

[betterwatchit]

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!

[doostboost]

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!

[Vivalas]

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 :-)