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How Do You Like Being Retired or close To It?

rhinefire

rhinefire

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I think I will hang it up in August at 67 years of age but I am not convinced it will be what some say it is. It is hard to think of not working and yes I know all the rhetoric about doing other things but it is not the same. Any comments from retirees out there, pos or neg? I have the money but that is here nor there.
 
rhinefire said:
I think I will hang it up in August at 67 years of age but I am not convinced it will be what some say it is. It is hard to think of not working and yes I know all the rhetoric about doing other things but it is not the same. Any comments from retirees out there, pos or neg? I have the money but that is here nor there.
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I can only speak from watching friends. If you don't worry about it too much and relax, it will be fun.
 
rhinefire said:
I think I will hang it up in August at 67 years of age but I am not convinced it will be what some say it is. It is hard to think of not working and yes I know all the rhetoric about doing other things but it is not the same. Any comments from retirees out there, pos or neg? I have the money but that is here nor there.
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I think there are several variables to think about.

- How enjoyable and satisfying is your work. Is it not tremendously stressful.

- What will you do with your extra time. Do you already have hobbies you wish you had more time with, or have to try and develop something.

- If married, does your wife still work? If so how will that impact your retirement plans.

- How is your health. If you have no chronic disease and have a family history that is favorable some may want to work longer.

- You say money is not an issue. I have no clue about your situation or where you live. Retirement is more expensive than you may guess. Interest rates are low, so a million dollars invested in corporate bonds gets you $30K, plus you get social security which at your age maxes out at about $2,700/month.

It is good to think it through, as six months after you retire (whenever that is) you can't say to the company I was kidding and want back in.

So those are a few things I thought about. Hope that helps.
 
rhinefire said:
I think I will hang it up in August at 67 years of age but I am not convinced it will be what some say it is. It is hard to think of not working and yes I know all the rhetoric about doing other things but it is not the same. Any comments from retirees out there, pos or neg? I have the money but that is here nor there.
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I have been thinking about this quite a bit since I hit retirement age. I was out of work for a few months on medical leave a while back and I was actually looking forward to getting back to work by the time it was all over with. I caught myself catching up on developments in my industry and reading publications related to my work, thinking about things I could do with new materials coming out. Then I started hearing about how SS wasn't going to last and blah, blah, blah, and I finally decided I could pull down a crap ton of money collecting SS AND working, so I decided to stick it out. It's not like I dig ditches for a living or anything, and as much as I hate to say it, I enjoy my work. It's having a job that sucks. So maybe I can go part time or something. I don't now. Uppa you.
 
rhinefire said:
I think I will hang it up in August at 67 years of age but I am not convinced it will be what some say it is. It is hard to think of not working and yes I know all the rhetoric about doing other things but it is not the same. Any comments from retirees out there, pos or neg? I have the money but that is here nor there.
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What are you going to do to fill your time when you retire?
 
rhinefire said:
I think I will hang it up in August at 67 years of age but I am not convinced it will be what some say it is. It is hard to think of not working and yes I know all the rhetoric about doing other things but it is not the same. Any comments from retirees out there, pos or neg? I have the money but that is here nor there.
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Be careful of the crazies out there. There is a surprisingly wide spread myth that delaying your retirement increases your benefits. This idea is easily debunked with data from the SSA, which says :

“If you live to the average life expectancy for someone your age, you will receive about the same amount in lifetime benefits no matter whether you choose to start receiving benefits at age 62, full retirement age, age 70 or any age in between.”

I am writing an article on it at the moment, and there isn't anything to share yet. Let me know if you want to see the piece.
 
I will be 62 this November and I have a 12 year old son.There is a child benefit for any of your children up to 18 years of age as long as the parent has applied for benefits. So even though I would be receiving a reduced benefit for taking social security before my full retirement age, my son could receive one half of my age 66 benefit amount each month until he is 18. His benefit plus mine would be almost as large as my benefit would be at the age 70 benefit.

I am going to visit the local SSA office this week to get more info?
 
Congratulations on being there and having options.

Retirement can be like a late-life crisis. The good thing is that you have a lot of time and likely discretionary money, to get involved in things that help all that pass, and get you into a healthy groove. You had a huge life career as your anchor (positive anchor!). You need to establish some new anchors is all. Without that, you may feel a sense of loss. Seeing a lot more family can be great, taking the grand kids places, but also seeing your own kids in the process and giving them a break now and then, being more available, etc. can be rewarding. Indulging in a hobby that keeps mind/body busy, another good one. Being involved still in the career, if it's one that it makes sense to, can also be interesting. Being a small investor/adviser in your former field, might be an option. Some do some teaching on the side. Then there is community service type things. And above all, do a little exercise each day (So I tell myself every day, but am really bad at this one!)
 
Living in Houston there are plenty of things to do and I like fishing fresh water and I plan to "go see America". Traveling by long plane rides is out for me even though there are places I would like to see and revisit but long plane rides are a burden. Seeing America by train is what my girl friend wants to do. I may be able to do that as longs you can wonder around the train There are some great scenic train rides out west. I may but a lake front home if the price is right. I am not now committed to anything as the weather here after July and August is good for the outdoors. I am sure we will camp in the cool months as we always do.
 
PerfectStorm said:
I will be 62 this November and I have a 12 year old son.There is a child benefit for any of your children up to 18 years of age as long as the parent has applied for benefits. So even though I would be receiving a reduced benefit for taking social security before my full retirement age, my son could receive one half of my age 66 benefit amount each month until he is 18. His benefit plus mine would be almost as large as my benefit would be at the age 70 benefit.

I am going to visit the local SSA office this week to get more info?
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Even if you decide to take you can reverse your decision at any time-ask how that works. I held of until 66 but as I still work the government takes their share annually
 
Hi rhinefire, I also live in Houston. I retired two years ago at 61 and I still think it was a good decision. I had been in the same workgroup for 13 years and got along well with everyone, but the general business was in decline. What does management do? Re-org! A lot changed, my target retirement age was 63, company was acquired by private equity, so I hung it up. Seems like I'd been working constantly since I was 14 and I finally wanted to be on my time, instead of always having to be where someone else wanted me to be. I have a breathing issue that causes me to fatigue easily, and that combined with the frustrations at work, I'm glad I was able to leave it all behind. I view retirement as an endeavor, one you have to work at to be successful. If you usually succeed at your endeavors, put in some effort, get creative, and go out there and succeed. We've all managed to several life transitions, and this is another one. There is no nirvana, this took some effort, but it has been good (and very different).

I don't have a pension, so I have to manage my 401K, and that's challenging, but it was my hobby for 30 year so I am comfortable doing it. That occupies mornings M-F, loosely. I go to the gym MWF afternoon. I hit the driving range once a week, and play 1 round of golf per week. I stay in touch with friends from work over lunch or dinner occasionally. My wife still works, so I cook one big meal a week that gives us leftovers to eat.
 
rhinefire said:
Even if you decide to take you can reverse your decision at any time-ask how that works. I held of until 66 but as I still work the government takes their share annually
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I think the reversing of receiving benefits is limited to the first 12 months after one receives benefits.

Right now I'm leaning on applying for my benefits at 62 since just my son's portion of the monthly benefit would amount to nearly $65,000 from when I begin receiving benefits until he is 18.

If I wait until I'm 66 to start receiving benefits, there would only be 7 months of a child benefit available, rather than 55 months if I start at 62. And his benefit is not taxable on my wife's and my joint return.

Sometime between now and me reaching age 66, I plan on paying off my mortgage so without that monthly expense the reduced benefit I will receive will not be as severe.

My wife (who is currently 52) plans on working until her full retirement age of 67 so I will be paying federal taxes on my benefit each year for the next 15.

I can't see throwing away a $65,000 benefit to wait 4 years for another $550 per month increase.
 
rhinefire said:
I think I will hang it up in August at 67 years of age but I am not convinced it will be what some say it is. It is hard to think of not working and yes I know all the rhetoric about doing other things but it is not the same. Any comments from retirees out there, pos or neg? I have the money but that is here nor there.
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As someone who retired early, 54, and has been retired for about 5 years now, I can tell you that the right decision depends on the type of person you are and what your finances are and your anticipated financial needs will be.

For me, I have a good pension and I could have continued working but I'd been with my career for 30 years and if I continued to work, my income, minus all the payroll taxes and pension deductions, etc. would have only seen me gain an additional $300 to $400 a month for working full time. The minute I became eligible to retire early, I jumped.

It also depends on what you expect out of retirement. I'm a simple person and don't need much so I've got no money problems or unfulfilled needs - I do what I want, when I want and that freedom is all I need from retirement. Other people dream of lots of travel and opening their own business or some other retirement plan and such plans require a lot of retirement income. Other people live to work and work to live. It's who they are. Retiring can then be very traumatic to them and to those around them. In my view, you shouldn't be retiring to a totally different lifestyle or totally different expectations out of life. In effect, you should be practicing retirement for a number of years before you actually take the plunge - kind of retirement apprenticeship.

Whatever you decide, I wish you well - enjoy the time you've earned.
 
I retired from teaching ten years ago. I loved retirement and wondered how I ever managed to do all the things I did while holding down a full time teaching job. After six years I found a second career as chief of staff for a state legislator. I did that for three years and then decided enough was enough and embraced retirement again.

I loved my jobs but when I was done I never looked back. Enjoy where you are and what you have in front of you. A job does not define you.

Take SS now. Enjoy the good years you have. I have more disposable money now than at any time in my adult life and I love it.

If you like traveling, do it. This country has lots of great things to see and wonderful places to go. We like to do two major (one week each_ trips each year and a couple of smaller ones ranging from overnighters to three nights a few other times throughout the year.

If you have grandkids - this is pure gold. Love them and enjoy them and spoil them. They are the reward for living this long and having kids of your own.
 
PerfectStorm said:
I think the reversing of receiving benefits is limited to the first 12 months after one receives benefits.

Right now I'm leaning on applying for my benefits at 62 since just my son's portion of the monthly benefit would amount to nearly $65,000 from when I begin receiving benefits until he is 18.

If I wait until I'm 66 to start receiving benefits, there would only be 7 months of a child benefit available, rather than 55 months if I start at 62. And his benefit is not taxable on my wife's and my joint return.

Sometime between now and me reaching age 66, I plan on paying off my mortgage so without that monthly expense the reduced benefit I will receive will not be as severe.

My wife (who is currently 52) plans on working until her full retirement age of 67 so I will be paying federal taxes on my benefit each year for the next 15.

I can't see throwing away a $65,000 benefit to wait 4 years for another $550 per month increase.
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Update: I took my age 62 benefit and both my check and my son's check were received two weeks ago.

Loving the retirement so far but I may look for part time work in the future as long as it doesn't put me over the allowable amount where social security would begin to ding me with a reduction in my benefit.
 
rhinefire said:
I think I will hang it up in August at 67 years of age but I am not convinced it will be what some say it is. It is hard to think of not working and yes I know all the rhetoric about doing other things but it is not the same. Any comments from retirees out there, pos or neg? I have the money but that is here nor there.
Click to expand...

I prefer to work until at least 75. Mostly this is because I like it. But, it's also because I would not know what to do with my time, and I fear I would simply stay in my bathrobe all day every day.
 
I like being retired. Being retired does not mean "doing nothing'. It means you can work on whatever YOU WANT to do, not what you have to work on just to earn the money to live.

I started a blog on facebook called "Rich Investing", on the stock market, and I am writing my first book on investing for beginning to intermediate investors. I will probably self publish the book on Amazon sometime this year.
 
calamity said:
I prefer to work until at least 75. Mostly this is because I like it. But, it's also because I would not know what to do with my time, and I fear I would simply stay in my bathrobe all day every day.
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That's me. I tend to get depressed easily, and without having to be somewhere at a certain time, I may not ever get up again. Except to eat and pee of course.
 
finebead said:
I like being retired. Being retired does not mean "doing nothing'. It means you can work on whatever YOU WANT to do, not what you have to work on just to earn the money to live.

I started a blog on facebook called "Rich Investing", on the stock market, and I am writing my first book on investing for beginning to intermediate investors. I will probably self publish the book on Amazon sometime this year.
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I just hope that I have an interest in doing something and the drive to do it in my older years. I'm to the point now where I feel burned out on doing stuff, and more and more fearful of the failures that tend to come with doing stuff. The older I get, the more I seem to think "why bother".
 
imagep said:
I just hope that I have an interest in doing something and the drive to do it in my older years. I'm to the point now where I feel burned out on doing stuff, and more and more fearful of the failures that tend to come with doing stuff. The older I get, the more I seem to think "why bother".
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I'm 63, and I still have a drive to achieve something. Like many, I worked in corporate america, I would like to do something on my own. I mentor a young man from India who is 26, very ADHD. We have dinner once every other month, he is in the IT field and he likes my 40 year perspective on the field. He gave me some ideas for my blog. You can learn from anyone.

I don't have a pension, so I have to invest my IRA. It's like going to Vegas every day! Mentally I usually feel young. I go to the gym 3 days a week. Only thing there is every time I try to pick up my level, I hurt something and spend a month taking it easy. But, like they say, every day above ground is A GOOD DAY!!!
 
finebead said:
I'm 63, and I still have a drive to achieve something. Like many, I worked in corporate america,...
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With me I think that part of it is that I over achieved early, and maybe burned myself out.

I graduated from high school and college, served in the military including over seas service in 1991, purchased my first house, got married, worked in the corporate world for a few years before I started the business that I still work in today - all before age 25 or 26. Haven't really achieved anything since then.
 
Artist have a drive that supersedes any notion of retirement. And trust me we do slave away at our work and IMHO sacrifice more than most do to work.
 
finebead said:
I'm 63, and I still have a drive to achieve something. Like many, I worked in corporate america, I would like to do something on my own. I mentor a young man from India who is 26, very ADHD. We have dinner once every other month, he is in the IT field and he likes my 40 year perspective on the field. He gave me some ideas for my blog. You can learn from anyone.

I don't have a pension, so I have to invest my IRA. It's like going to Vegas every day! Mentally I usually feel young. I go to the gym 3 days a week. Only thing there is every time I try to pick up my level, I hurt something and spend a month taking it easy. But, like they say, every day above ground is A GOOD DAY!!!
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I also go to the gym 3 times a week but most of my time is spent on the stationary bike. I normally do 11 to 12 miles.
 
imagep said:
With me I think that part of it is that I over achieved early, and maybe burned myself out.

I graduated from high school and college, served in the military including over seas service in 1991, purchased my first house, got married, worked in the corporate world for a few years before I started the business that I still work in today - all before age 25 or 26. Haven't really achieved anything since then.
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Clearly you know how to achieve. Maybe you needed the rest. Then someday, your displeasure with letting your talents rest will overcome the need to rest, and you will start moving again. I read a good book years ago, and the question was "what makes us happy?". Answer - 1) to love and be loved, and 2) to be productive and use our talents. We have abilities, as writers, musicians, physicians, accountants, whatever. We are happiest when utilizing our talents. The punishment in prison is the denial of the ability to use our talents. Our death looming in the future is a great motivator to use them quickly, as there is an end date on them.
 
PerfectStorm said:
I will be 62 this November and I have a 12 year old son.There is a child benefit for any of your children up to 18 years of age as long as the parent has applied for benefits. So even though I would be receiving a reduced benefit for taking social security before my full retirement age, my son could receive one half of my age 66 benefit amount each month until he is 18. His benefit plus mine would be almost as large as my benefit would be at the age 70 benefit.

I am going to visit the local SSA office this week to get more info?
Click to expand...

You should be able to file and then suspend benefits for yourself. He would still get benefits and your benefit would continue to grow until you decide to take it.
 
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