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  • GoneBoatN
    replied
    Originally posted by bret View Post
    ...
    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?
    I retired at 58 about two years back. Everyone's case is different. Happily divorced. Staying single and independent as honesty it's more who I am.


    #1: For it to be everything I expected/wanted. I had spent my entire life from even before 16 y/o working. I was ready to no longer "work for the man".

    #2: Pretty much nothing. Just looked back at my finances logged as I put everything against the credit card or atm. If anything you should be able to eliminate or reduce expenses. I've always been a less is better person. I only want the things I actively use around as all else is clutter in my life.

    #3: No. No and hell no. Even on a day I choose to do almost nothing (house cleaning day) I'm super happy. I worked at a major computer equipment vendor in technical sales for 20 years. I had offers for re-employment from the reseller community before I actually had my 'voluntary separation' package officially in hand LoL. A year+ later I got a call from a prior coworker who moved to the reseller community trying to convince me to go back to work. Sure, travel, dinners out, expense accounts, etc. Could afford to buy a new boat each year, without selling the old one. None of that would make me happier than I am retired.

    #4: Deciding to jump. Pull the plug. Not look back. 'What if' can keep you from doing what needs done. At times I feel it's best not to overthink some things too much.

    #5: Before me and the ex changed to be incompatible with each other, we were strong together but even more formatable when we decided to divide and conquer. The individuals we once were would have handled that easily. Current situation obviously makes that a non issue.

    #6: What you're really worried about is gapping until Medicare. This will require homework on your part. Go to your state's open market healthcare website. In CA I'm able to plug in my numbers and get estimates, For dental you will pay more compared to employer plans but being low cost (and actually low benefits - dental insurance is so inadequate) $45 vs $15 monthly is mute.

    Now for the bonus tip: There is an item in the Fed tax code I feel many overlook. You can earn up to $40k in long term investment income taxed at 0%. However this is reduced by every dollar earned otherwise (short term, wages, pension, 401k, etc). I kept a portion of my 'voluntary separation' bootie in cash plus some wise choices of 'tax lots' when selling out of the personal investment accounts. Since the open marketplace health plans are subsidized (now by the US Gov) based upon your income I get the same KP health plan (maybe a little better) I had for years from my employer for $0/mo now. Last year I was paying $1/mo but CA decided to kick in the $1 - smart to eliminate processing costs IMO. I could have recognized close to $40k in income and still get free medical care. However I wanted to do this - My 2021 US Tax paid/owed is exactly $0. After years of being raped by the US and State and by the Medical Providers I feel zero remorse in that. BTW that plan without subsidy nor employer contributions is $880/mo.

    Oh, when I'm not enjoying doing nothing I'm usually enjoying riding my dirt bike. Have reservations at my favorite Motel 6 at Oceana Dunes (Pismo Beach) this week where I plan on doing some sand surfing with a paddle tire.
    Last edited by GoneBoatN; 02-07-2022, 11:50 AM.

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  • bret
    replied
    LOL, yeah that Race Car and Old Sports cars may take a little budget!! I got rid of both 944 turbos, race car and trailer in 2009, street car in 2011. I'm not sure on the boat restoration but maybe a 1969 to 1972 Corvette restoration in there somewhere or buy something super clean after 1998 and drop a Lingenfelter 427 in it or drop the 427 in the 72, BB hood with modern features to drive(brakes!). Don't care about the classic restoration, I tend to "drive em like I stole them".

    Our plan also is to live on the base retirement the first year(fixed), just to see how we fare. As mentioned before, we just plan to take profit off the investment account after that. If we don't need it all, then we'll start a ROTH, as income will be down in the range to do that. Good comments, congratulations to all have retired and ENJOY!!

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  • allzway
    replied
    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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  • CantRepeat
    replied
    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!!

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  • 2RLAKE
    replied
    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!

    Leave a comment:


  • HDAVIS
    replied
    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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  • georgea0731
    replied
    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

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

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  • 503Kento
    replied
    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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  • bret
    replied
    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!!!

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  • dfski
    replied
    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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  • kscrib
    replied
    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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  • Slinkyredfoot
    replied
    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

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  • tmothy07
    replied
    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!

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  • SteveO
    replied
    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.

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