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  • Who's Retired Lately?

    So, thinking of hanging it up next December, my birthday present to myself. Paid off the house 8 months ago, doing some remodel now. My son graduated, debt free, as we saved bonuses and other items so no debt there for him or us. Everything is paid off with the exception of my G80 5.0 and I'll probably pay that off next December.

    We have three pensions, me two and her one, (lifetime benefit for both of us so a little lower than maximum compensation), we will have 2 SS, and 401k income; which we will only take the profit, whatever it is, and leave the core amount untouched until RMD kick in at 72.

    I'm starting my two pensions in April of next year, that will cover private health care until we turn 65 at the end of 2023, so with that in savings, private healthcare won't affect the budget in 2023 until Medicare kicks in January of 2024, but I've got that in the spreadsheet. She is retired already, getting her teacher retirement and she took SS at 62 - my income tripled hers so it made sense for her to go ahead and take it. I'm not going to talk exact numbers but we will be over 6 figures in retirement, how much certainly depends on the market and investments. I'm going to put a number here for our base retirement, no investment income included, and I do this in hopes that younger people here will start looking at their retirement sooner, as I'm sure some of us go "I should have done a little better". So base retirement will be just under $90,000/yr. Around $85k base if I tell them to Kiss My A$$ earlier than next December. I have taxes, all insurance, base bills, AMEX fun budget, CASH, in the spreadsheet and what we forecast as left over funds at then end of the month. We've also replaced roof, all A/C, tankless water heater, washer/dryer, freezers, etc all in the last 5-6 years so some solid warranties for a while.

    Questions for those who retired recently:
    1. What did you NOT expect?
    2. What little expenses did you forget?
    3. Are you bored, do you need to go to work at Lowes to have something to do?
    4. What did you get right?
    5. If you traveled for work, how are you and the wife getting along now that you are home 24/7? Cause I was gone half the year working in the oil industry 21/21 or 28/28.
    6. Medicare A,B, D - sort of confusing, dental plan - how much?

    Feel free to add "you should..."

    TIA !!
    1993 25th Anniversary Limited ProStar 190, #17

  • #2
    Retired Dec 09 Army, never looked back. Started and ran a metal fabrication company for about 5 years and sold it.

    I didn't expect it to be this good.
    I didn't really miss much, mostly because nothing really changed for me.
    I have plenty of things to do, work on the boat, camaro, camping, taking naps!!!
    Just about everything!
    My wife and I got a long great. She kept working as a school teacher, up until the time she passed away it was just heaven for us. I miss her greatly.
    Retire Army, the health care is unbeatable.

    I'm 58. I paid off everything before I got out the Army and then paid off the house within 7 years. I never knew life was going to be this great at this age.
    -Tim

    Making boomers great again!! Boomin'

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    • #3
      Bret and Tim, you are making me envious. I'm mid 50's and 63 is my "number" from a planning perspective. I think I may have that down to 60, which would get the last kid out of undergrad. After that, he is on his own. Bret, having insurance in the pension is AWESOME! It is one of the things that I think about the most when it comes to pulling the plug on work.
      2017 NXT22, 2015 NXT20, 2007 X2, 2002 209

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      • #4
        Damn, 3 pensions is nice. I'm 28, so I'm expecting 401k/Roth/HSA to be all we're gonna end up with lol, not even banking on SS. /cry

        Well done on the planning!
        Tim
        2021 Lone Star MasterBash
        Ohio State Engineering - Go Bucks
        1998 MC MariStar 225VRS
        1995 MC ProStar 205
        ISO MC 205V/XStar, X2

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        • #5
          Been retired for three years and it’s been great. Medicare is great at a very low cost. Sat around and played for 6 months and went back to work part time at the local sports center. Took the summer off spent entire summer at our lake house and worked part time at a local marina. Back home now again working at the local sports center. Wife is enjoying it too. Traveling a bit this winter to the south. Love it
          If for some reason you start to believe you are a person with influence, just try ordering somebody else's dog around.

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          • #6
            I am in the similar boat - thinking about it, but not sure I am ready to do it. Finance if OK, but concern is health insurance.

            My wife tells me I need my brain to be busy, so she is worried about what will happen when it is not. I know we will travel more, but that will not fill 12 months a year....

            How do the rest of you retired people with active minds and minimal hobbies keep busy? I don't golf either.

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            • #7
              It’s better than expected and I had high expectations! You will love it.

              Not much to add regarding finances, as that’s pretty individual. I do recommend working with a financial advisor. Based on your anticipated spending (it will go up because you have more time to do stuff), they can help you understand your income stream. Also in some cases it may make sense to convert traditional IRAs/401ks to a Roth and take the tax hit now rather than later.

              As far as being home all the time, my wife made it clear we weren’t going skiing everyday. So I bought myself a bicycle because I have some friends that ride and tour. Hadn’t really rode a bike in probably 15 years, but have come to really enjoy it. Gets me out of the house several times a week for several hours.

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              • #8
                Nice comments, thanks guys! There is a local guy in Heber who has his own marine business who always gets asked, "do you detail the boats you work on"? So, as my thread in Appearance went, I'm a decent detailer, might get Mike Phillips certificate from his class, and just piddle with that, and ask him if we could work something out. We have a great community center in Heber (if we stay there) - basketball, indoor track, 2 racquetball courts, and 8 lane indoor pool. I don't golf either but I'm always doing things around the house ($$$) and love working in my yard.

                I may put myself out there with Prime Ocean to do some substituting offshore, as my Unlimited Masters License is good till 2026. There was an opening for a manager of a parasail operation in Orange Beach, decent salary, but my wife said I'd be fired the first day!! Some little kid doesn't do what you tell them on the boat and she said "you'd tear his A$$ up and Mommy and Daddy would get you fired". Have to get this offshore attitude decreased a little bit LOL!!!
                1993 25th Anniversary Limited ProStar 190, #17

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                • #9
                  Retired 3 years ago and it’s AWESOME!!

                  One thing to remember on the health insurance is that healthcare.gov aka Obamacare only looks at income not assets so depending on your retirement income, it can be a low cost option. I pay 18/month

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                  • #10
                    When Monero goes to 10k a coin then I’m done.

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                    • #11
                      We're in our 3rd year of retirement. As others have stated, money is so situational depend. First year we lived conservatively, but now have a baseline to go by. You will have more time than money and wonder what to do. The end of month deposits look a lot smaller and you have to change your spending habits to compensate. However you can take your time and do things much differently. slow and steady. Make sure you have a newer reliable car or 2, old ones, get older quicker and need more fixing. If you think you might want a 2nd boat, then plan for it. We recently got a pontoon for cruising and saving the hours on the ski boat and that was a bigger expense. Now we're building a larger dock to accommodate the pontoon, more money. Wife and I use to watch a lot of the same type tv shows, but that's changed. I prefer the computer for short videos and she still likes the junk on tv. It's becoming more of an issue, where one of us is upstairs and the other is downstairs more than ever. I thought I might want a part time job, but do like the flexibility of not having any commitments. GL
                      Previous Boats: 04 X7, 98 190, 96 205, Sylvan Deck
                      Thanks and best wishes, George & Sara Amonette
                      256 786 2244
                      [email protected]

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                      • #12
                        I retired on 7-2-21, and working with a reputable financial advisor to make sure investments are done correctly. Don’t think the wife really wanted me to, but after 47 years of working, that was enough. One suggestion is to plan on accomplishing at least one thing a day. Don’t look back and have fun. Also don’t look at your money accounts but quarterly or less. That is why you have a financial advisor. If you look at your money daily, it will drive you crazy. Again, good luck

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                        • #13
                          holy cow Bret ... if you retire then I expect a new thread on some complete boat restoration! I'm a few years behind you so this is a good one to read and think through .... our issue is my wife's husband spending habits!

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                          • #14
                            Originally posted by 2RLAKE View Post
                            holy cow Bret ... if you retire then I expect a new thread on some complete boat restoration! I'm a few years behind you so this is a good one to read and think through .... our issue is my wife's husband spending habits!
                            You should have a one on one with that guy!!
                            -Tim

                            Making boomers great again!! Boomin'

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                            • #15
                              I am approaching 55 pretty fast and finally the thought of retirement is entering the thought process, but realistically that is probably 5-7 years away. I still have two daughters in college.. one graduates in January and hopefully gets off our payroll pretty quickly afterwards.

                              The other graduates next December, but plans to enter dental school... so I see us helping her as much as possible while still in school.

                              Our house is paid for and we really only owe on the daughters two cars and the boat.

                              I think I have enough hobbies to keep me busy, such as race cars, old sports cars, golf, travel, etc.. ... just worry a little about the money and health insurance.

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