Davywhizz
Wholenote
"Still Alive and Well"
Posts: 443
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Post by Davywhizz on Jan 18, 2020 13:38:26 GMT -5
I was very lucky. I had a deputy chief executive job in a government agency, with a great pension based on final salary. I was even able to get the pension at 60 and keep working, which I did for a further 21 months. Then lucky again as the agency was privatised and I was offered redundancy with a good, but not spectacular, pay-off. It all sounds very comfortable, but we still had a mortgage until a few months ago and I'd taken a big slice of pension in cash to bring the mortgage down to a manageable level in retirement. Since then, I've been doing freelance training and consultancy work to keep my wife in shoes and otherwise maintain our hedonistic rural lifestyle. We don't have to worry about healthcare costs here and I will get my state pension (UK social security benefit) early next year. It was a bit of a gamble leaving when I did, but I'm pleased I did, for the extra free time and the new experience of being self-employed.
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Post by Larry Madsen on Jan 18, 2020 14:40:52 GMT -5
My problem is convincing myself of exactly how much is enough. Meaning enough to retire.
Queenie and I both figure on another five to six years of work. If the next five or six years are as (or more) productive than the past five or six we will be in fine shape.
Then on the other hand, I did begin that last sentence with the word "if", didn't I. 🙄
We will have no pensions, just SS and our money put away.
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Post by Chris Greene on Jan 18, 2020 14:48:26 GMT -5
My problem is convincing myself of exactly how much is enough. Meaning enough to retire. Queenie and I both figure on another five to six years of work. If the next five or six years are as (or more) productive than the past five or six we should be in fine shape. Then on the other hand, I did begin that last sentence with the word "if", didn't I. 🙄 We will have no pensions, just SS and our money put away. What's your combined income now after setting aside savings/retirement funds? That's close to what you'll need in retirement. So if you take home $100k after putting savings aside but before taxes, you'll need close to that much to maintain the same lifestyle.
Because we're both cheap, we won't be able to spend our income much less savings in retirement. Maybe I should buy a boat...
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Post by rickyguitar on Jan 18, 2020 15:42:33 GMT -5
A cautionary note. My dad retired at 63, medical due to a shoulder oroblem. He did not really do anything and just deteriorated over 8 years and died. Use it or lose it kind if a deal, find something to pursue.
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Post by jhawkr on Jan 18, 2020 16:28:46 GMT -5
News flash! You start “deteriorating “ whether you’re working or not. I’ve had heart problems for over 27 years, deteriorating over the years. I chose not to drop dead on the job. I hope someone doesn’t say, wow, he really deteriorated after he retired! Are you kidding me? I’ve been running from The Reaper for almost 30 years!
Retire when you want and do what you want!
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Post by Larry Madsen on Jan 18, 2020 18:32:01 GMT -5
Going by what we have historically had left over in the past (at least in my thinking today) is going to be a bit off.
We have been sinking 15 to 18 grand per year into mortgage payments. That ended this past year, only about $1,300.00 per year in property taxes for the house still flowing out.
Five or six years of living as we are now will give a better gauge based on this method of thinking.
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Post by LTB on Jan 19, 2020 2:31:36 GMT -5
k9bigdog, thank you for your service. So glad things worked out for you and you were able to retire instead of being another statistic in today's flipside world. Question, did you get to keep any of your dogs?
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Post by k9bigdog on Jan 19, 2020 7:48:50 GMT -5
k9bigdog, thank you for your service. So glad things worked out for you and you were able to retire instead of being another statistic in today's flipside world. Question, did you get to keep any of your dogs? When my partner retired she lived out the rest of her days as the queen of my house. When I promoted to Sgt the department wouldn’t allow me or any other supervisors to be handlers so I was done with dog handling. I did later on supervise 4 handlers for awhile. I have to say though that I don’t think I could have taken on the emotional commitment of another one. When they pass it’s so devastating. It just wrecks you. Losing a pet is horrible, losing a dog that was you partner and such a huge part of your family at the same time is a thousand times worse, trust me. I still get choked up sometimes and she’s been gone a little over 10 years now.
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Post by rickyguitar on Jan 19, 2020 13:04:36 GMT -5
News flash! You start “deteriorating “ whether you’re working or not. I’ve had heart problems for over 27 years, deteriorating over the years. I chose not to drop dead on the job. I hope someone doesn’t say, wow, he really deteriorated after he retired! Are you kidding me? I’ve been running from The Reaper for almost 30 years! Retire when you want and do what you want! I stand by the use it or lose it model. My dad served 23 years in the service and survived 2 wars. When he retired he did not know what to do with himself, consequently did little and did deteriorate. I too, hope no one says it about you. It was not pretty.
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Post by Taildragger on Jan 19, 2020 13:21:39 GMT -5
I came to hate my job and was fond of very few of my coworkers. Really hated the job for at least the final decade I had it. I guess one advantage of that is that because it never defined "who I was", I did not feel the least bit "lost" when I left it behind: more like "liberated". I'm as busy now as I was while I was working, the difference being that I now enjoy what I'm doing. Had I loved my job, or the people I worked with, I might really miss it/them. Since I didn't, I don't. The few co-workers I liked, I still get together with from time to time.
Other than that, that whole situation is in my rear view mirror.
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twangmeister
Wholenote
Posts: 349
Formerly Known As: Twangmeister
Age: 72 and fading fast.....
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Post by twangmeister on Jan 19, 2020 13:38:04 GMT -5
I was sick and tired of working with the sick and tired. The 60-70 hour work weeks plus call were killing me. Plus we were selling our practice to a multi-state medical management company. I could do just as much work for the new owners at a 10% salary cut. My other choice was to work with the county health department--40 hours a week of GYN, Pediatrics and Infectious Disease work at half the salary. The last option was mildly intriguing but Mrs Twang and I were ready to move near our granddaughter and her mom.
Miss the low cost of living and climate of eastern NC. Miss the great people, too although Philly surprised me with its overall friendliness.
Glad I retired although the income is a lot less.
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herb
Wholenote
Posts: 159
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Post by herb on Jan 19, 2020 14:36:17 GMT -5
Retiring at the start of this coming summer after spending 38 years at my job for the state. It's a fairly physical job with a lot of driving involved. I can really start feeling it phsyically so I am ready. Financially I'm all set. No worries. It's been a good run but I'm ready. Looking forward to playing more guitar, tearing apart motorcycles, spending time with family and friends, travel, hiking, fishing, photography, reading and all of the other things I enjoy doing.
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Post by LTB on Jan 19, 2020 22:42:38 GMT -5
I came to hate my job and was fond of very few of my coworkers. Really hated the job for at least the final decade I had it. I guess one advantage of that is that because it never defined "who I was", I did not feel the least bit "lost" when I left it behind: more like "liberated". I'm as busy now as I was while I was working, the difference being that I now enjoy what I'm doing. Had I loved my job, or the people I worked with, I might really miss it/them. Since I didn't, I don't. The few co-workers I liked, I still get together with from time to time.
Other than that, that whole situation is in my rear view mirror.
My experience almost verbatim!!! The lack of stress is "almost overwhelming" HA!!!
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Post by LTB on Jan 19, 2020 22:45:03 GMT -5
k9bigdog, thank you for your service. So glad things worked out for you and you were able to retire instead of being another statistic in today's flipside world. Question, did you get to keep any of your dogs? When my partner retired she lived out the rest of her days as the queen of my house. When I promoted to Sgt the department wouldn’t allow me or any other supervisors to be handlers so I was done with dog handling. I did later on supervise 4 handlers for awhile. I have to say though that I don’t think I could have taken on the emotional commitment of another one. When they pass it’s so devastating. It just wrecks you. Losing a pet is horrible, losing a dog that was you partner and such a huge part of your family at the same time is a thousand times worse, trust me. I still get choked up sometimes and she’s been gone a little over 10 years now. I can only imagine! Losing a pet is hard. Losing a partner who is also a pet has to be very hard to indure.
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Post by Mastershow on Jan 23, 2020 15:24:40 GMT -5
Looking to be done 1/1/2022. I'll be 55 and will have put in 29 years. I'm eligible for retirement without penalty. If I can make it out without getting shot or having to shoot someone else or getting injured, I'll be happy.
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RogerD
Wholenote
Fraternity, Dedication, & Passion
Posts: 181
Formerly Known As: Roger D
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Post by RogerD on Jan 23, 2020 18:48:00 GMT -5
Looking to be done 1/1/2022. I'll be 55 and will have put in 29 years. I'm eligible for retirement without penalty. If I can make it out without getting shot or having to shoot someone else or getting injured, I'll be happy. Two years to go and counting; excellent. I probably do not have to say this but; please be careful out there and don't take anything for granted. Trust your instincts. A good childhood friend of mine became an officer for our cities PD ( Springfield, MA) and was eligible for retirement but decided to work another year as he enjoyed his job. Unfortunately a freak encounter with a domestic disturbance call ended his career and his life prematurely 2012.
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Bbendfender
Wholenote
Mostly play Fender guitars and amps. I'm 71 and have had a guitar since 1964. Got serious in 1975.
Posts: 216
Age: 71
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Post by Bbendfender on Jan 24, 2020 12:35:36 GMT -5
I retired from my primary career at age 56 but, I started a new job the very next day. Stayed with that for 3 years and the stress just got to me and I had a nervous breakdown (depression/anxiety). I was off for a few months and then started subbing at some of the local high schools. I really enjoyed that but some friends thought I was crazy. Looking back, I wish I had been able to stay at in my primary career for a few more years (5) but I needed a break. Now, my advice for anyone is to NOT retire too young. I think I got very lazy very quickly by retiring early. I don't have the get up and go like I used to and sometimes feel I am just wasting away. I'm 70 now and in pretty good physical health but I don't exercise nearly enough. Stay with your job as long as you can because you might be like me and regret retiring too early. Financially, I am in very good shape and one of these days will be receiving a nice inheritance from my father, who is 95.
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Post by jhawkr on Jan 24, 2020 12:48:31 GMT -5
I think it’s a totally different situation retiring in you 40’s and 50’s than well into your 60’s. I retired @ 66, full retirement age according to SS. Thus, I don’t face many of the “what do I do with myself now questions”. I’m going to go play the Guild Capri sitting on a stand in the living room wearing nothing but a robe and house shoes @ 11:48am on a weekday. Or, how I spent my retirement!
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Post by stratcowboy on Jan 24, 2020 19:23:44 GMT -5
If you don't like your job/career and have the financial security to split, by all means do so. The stress will kill you early, anyway. If you really love your job/career/peers, certainly stick around--that kind of involvement knows no age limits. If you've got lots of side interests, it is never hard filling time and keeping your mind sharp. Sloth/TV/flipping through catalogs, etc., ain't gonna do anything to sharpen your mind or extend your life.
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Post by redshoes on Jan 24, 2020 21:50:18 GMT -5
I retired in June, 2018... I had taught at a small four-year regional university for 30 years...my sister-in-law knew I loved to travel,go, and do things...and she was a factor in my making this decision to retire. On July 11th, I hurt my back... no big deal... I've done that before. However, this time, it was bad. I had an epidural to try to alleviate the pain and IT.DID.NOT.WORK.
I wound up having back surgery... 'you'll be better tomorrow,' the surgeon said. I think it's like those bars that have the "free beer tomorrow" signs. It never happens. It took three months for the pain to reside... and I thought... I've made it. Then in early November, 2018, I just disappeared... my brother said I wasn't answering the phone... not returning phone calls or text messages. So they come to my house, open the doors and let themselves in(they had keys for my doors for such as occasion). They found me on the floor near death. The best we can figure is that I was on the floor for three days... I was almost dead.
I spent a week in ICU and most of the month in the hospital... turned out that I developed abscesses... MSSA infection... Thank God it wasn't MRSA or I would have died. The infection caused horrific damage to my spine, and caused me to develop a condition called 'rhabdo.' If you have no idea what this is, look it up. This mess caused damage to my shoulders to an extent that I am going to have to have reverse shoulder replacements on each shoulder.
To top that off, the infection returned and I went back in the hospital for another stay.
So... a year and a half later, after retirement, I am somewhat able to walk, have limited use/range of my shoulders and arms... and life just generally sucks. I still have the two shoulder surgeries and another back surgery ahead... probably another year and a half of this crap.
So... I am not the person to ask about retirement...
Still, I'm blessed...
~shoes~
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Post by jhawkr on Jan 25, 2020 6:11:13 GMT -5
Bad things happen to good people. I retired officially May 1, 2019. This past December I was told I needed a heart transplant. That was coming whether I retired or not. On my "good days" I enjoy being free to do what I want. On "bad days" I enjoy being free to do what I can.
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Post by redshoes on Jan 26, 2020 0:29:59 GMT -5
Bad things happen to good people. I retired officially May 1, 2019. This past December I was told I needed a heart transplant. That was coming whether I retired or not. On my "good days" I enjoy being free to do what I want. On "bad days" I enjoy being free to do what I can. Ugh... sometimes, things like this just don't make sense... it's all about attitude and perspective... thoughts and prayers your way... ~shoes~
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Post by stratcowboy on Jan 26, 2020 9:24:26 GMT -5
Boy...you guys have really had to face some challenges. Hope things work out and brighten for both of you.
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Post by dogspart2 on Jan 26, 2020 10:31:08 GMT -5
Retired from 30+ years in Hi Tech in my late 50s about 6 years ago.
Wife still works and we have 0 debt, so financially we are fine.
Spend most of my time volunteering (HOA board x 2), reading, guitar playing and house cleaning (Hey, the wife works).
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Jake
Wholenote
Posts: 567
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Post by Jake on Jan 27, 2020 8:33:00 GMT -5
The cost of health insurance trips me up in that I don't know what to expect it's cost to be. 2-17-2020 I'll be old enough to take IRA distributions.
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babsobass
Halfnote
One small step for man
Posts: 57
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Post by babsobass on Jan 28, 2020 20:49:37 GMT -5
The cost of health insurance trips me up in that I don't know what to expect it's cost to be. 2-17-2020 I'll be old enough to take IRA distributions. If you're only just reaching the age that you can begin taking penalty-free IRA distributions, you have a number of years left before you can take advantage of Medicare (assuming you're a U.S. citizen). My employer offers a pre-65 retirement heath care plan. It's just the normal employee heath insurance (which is expensive) in which the retiree pays both the employee and employer charges. It is probably good for the employer since they can claim another plan participant without having to pay a thing. When I get to retirement I'll be looking at other options.
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Post by Ragtop on Jan 29, 2020 6:12:55 GMT -5
Looking to be done 1/1/2022. I'll be 55 and will have put in 29 years. I'm eligible for retirement without penalty. If I can make it out without getting shot or having to shoot someone else or getting injured, I'll be happy. Mastershow, my situation was exactly the same, except that my date was 9/1/10. I then worked PT for 5 years at a sleepy little community college that had a certified police department. By doing so, I was able to keep my certification up to date. I'm not sure why that was so important to me except that it was hard to get and I didn't want to give it up.
But just like you, I was concerned about the "shot/shoot/injured" possibilities, especially given my last assignment at my SO. Lots of search warrants. But it worked out okay.
Keep your head down, be smart, be safe. 2022 will be here before you know it! That pension is a beautiful thing!
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