Easing into Retirement from a financial perspective

[teeceetx]

Retirement is fraught with many unknowns, and one can only do the best they can to prepare for that. Sometimes it works out well, other times not.

But in all cases, one must go into it with eyes wide open, and having researched the hell out of all options.

 

[DrHenley]

Another bonus to that Urban is that I've noticed that people who keep working, even if only part time, tend to look and act younger than they actually are.

All depends on how stressful your job is. I had nightmares about work for many years after retiring. I still have one every now and then, and I retired a decade ago.
It wasn't about people, I worked with a great bunch of people. It was about the things that can go wrong, and when they did, I was the one that had to stand in the breach.

 

[angie_nrs]

All depends on how stressful your job is.

Totally agree. For me, retirement is doing something to the best of my ability and to make a difference even if it's something much less important than what I used to do. I don't do it for the money, but it's nice to have. It gives me the opportunity to pay it forward and that feels amazing! I work my own schedule so it's easy for me.....my yolk is light.

Wayyyyy back in the day, I worked in a fast food joint. I actually wouldn't mind giving that a go again, but I don't think my back would like those hard floors today. It was easy and it gave me an excuse to put a smile on someone's face. Doing a job like that b/c you want to vs. having to do it for a living are way different animals. The freedom of being able to tell someone to Fart Off if you want to, is liberating. Heck, these days that wouldn't even be enough to get you fired.

 

[Mountain trapper]

I work far harder in "retirement" than I ever did working in my regular jobs. Only difference is I love what I'm doing now, and I'm home every day. The money isn't as good but we're out of debt and don't need as much, so it equals out.

 

[Bacpacker]

One guy I work with is 72, he has been taking SS since his FRA. Pension for 2 years now. He said he has no idea how long he'll stay. His wife is quite a bit younger and still working.

I had retirement plans, but with the recent health issues I now have no idea. If I can't return to work, I'll be on long term disability at work until Feb 2027. Will have to look into SS disability. My SS FRA is Oct 2027.

 

[Cascadian]

I am looking to retire next year at 62. I think my retirement and SSI along with my wifes current retirement will equal about $4k. Other than a house payment of $1300 we will be debt free. We have a small farm and live pretty frugal. I think the odds are we will fair about as good as anyone else.

 

[Neb]

The Princess will be submitting her retirement resignation letter in 24 days. She will file for her SSI at that time. Everything is paid off so we will have to only draw a small amount from savings. Looking forward it.

Ben

 

[forcast]

One guy I work with is 72, he has been taking SS since his FRA. Pension for 2 years now. He said he has no idea how long he'll stay. His wife is quite a bit younger and still working.

I had retirement plans, but with the recent health issues I now have no idea. If I can't return to work, I'll be on long term disability at work until Feb 2027. Will have to look into SS disability. My SS FRA is Oct 2027.

Disability will automatically change to social security at 66.5

 

[Mountain trapper]

I left my job 10 years ago at age 57 and took SS at 64. The wife left her job 2 years ago over the covid insanity and she'll start SS in a couple of years at 65. She receives 2 pensions now from a former employer. Over the last 40+ years we did very well with our investments. We're 100% debt free. The $$ that we take from our investments is far less than the interest and dividends that it's earning, so it continues to grow. We don't need SS to live on, we save most of it and invest it.
The best advice to anyone is to start early and save, save, save, then invest wisely and always live below your means. About a year ago we opened savings accounts for our youngest grandkids, they were 7 and 8. We add to it on a regular basis. Next year we'll open brokerage accounts for them and start teaching them how to invest in the stock market.

 

[Supervisor42]

. About a year ago we opened savings accounts for our youngest grandkids, they were 7 and 8. We add to it on a regular basis. Next year we'll open brokerage accounts for them and start teaching them how to invest in the stock market.

This is priceless, and will help them the rest of their lives.

 

[joel]

If I could go back forty years I would have saved more money.
We are not hurting, but a little more would help as we age.
If I was still working I would buy a new car four years before I retired, so I would have a good car to carry me into old age. I did buy a good used one, but now the wife needs a car.
If you take a part time job after you retire, then you can not make more than $21,000.00 a year.
For every two dollars you make over $21000.00 you will loses $1.00, however 401K, pension & military retirement dose not count against your SS.

 

[Bacpacker]

If I could go back forty years I would have saved more money.
We are not hurting, but a little more would help as we age.
If I was still working I would buy a new car four years before I retired, so I would have a good car to carry me into old age. I did buy a good used one, but now the wife needs a car.
If you take a part time job after you retire, then you can not make more than $21,000.00 a year.
For every two dollars you make over $21000.00 you will loses $1.00, however 401K, pension & military retirement dose not count against your SS.

You are only limited in what you earn by SS until your full retirement age. After that you can make as much as you want with no hit. A guy I work with is 72 and is doing exactly that

 

[Bacpacker]

Disability will automatically change to social security at 66.5

Where did you find that info? I've been looking a little and haven't found it yet

 

[joel]

You are only limited in what you earn by SS until your full retirement age. After that you can make as much as you want with no hit. A guy I work with is 72 and is doing exactly that

Yes that true & I have three years left, I get full retirement at 67-10 months..

 

[Mad Dog 1]

We have been retired since 2008 , we retired debt free including the house , the first 10 years we did most of our wish list including 9 months into Africa from south Africa , with the cost of living money is becoming tight
we are still ok but now I watch what we spend on , if we make 86 we will have lived well , using the dates of our parents passing as a guide line ,we are 77 / 78 this year still in fair health , i think a bigger issue is will the world as we know still be around then one adjust as you get older If ones investment keeps growing then you are ok ( i will send my go fund account to help you spend your surplus funds ) , but the majority of peoples funds are being eroded by whatever reason regards Mad Dog

 

[Mountain trapper]

Among other things today we had a phone meeting with our financial manager. She said that over the past 5 years our returns averaged 17 - 22% per year. There were a couple years during the dark days of obumer that we had a slight negative return, but every year since then, and before, were all very positive. She has it set up to where we can start replacing our vehicles in 2026. For reasons that I can't remember, I need to keep my inheritance separate for now. All in all everything looks pretty good.

 

[Bacpacker]

Among other things today we had a phone meeting with our financial manager. She said that over the past 5 years our returns averaged 17 - 22% per year. There were a couple years during the dark days of obumer that we had a slight negative return, but every year since then, and before, were all very positive. She has it set up to where we can start replacing our vehicles in 2026. For reasons that I can't remember, I need to keep my inheritance separate for now. All in all everything looks pretty good.

Taxes most likely. That is as big if not bigger than inflation

 

[Mountain trapper]

Taxes most likely. That is as big if not bigger than inflation

For now she's keeping us in a zero tax bracket. It might have something to do with the wife's age, under 65.

 

[Supervisor42]

For now she's keeping us in a zero tax bracket. It might have something to do with the wife's age, under 65.

The best we can do is 4%.
Those pesky $5K power company dividends that are from after-tax stocks keep stopping us before the goal-line.
And it's gonna get worse this year, with the dividends from the stocks I inherited, they are after-tax also.
...How long before I earn one free immigrant?

 

[Mountain trapper]

The best we can do is 4%.
Those pesky $5K power company dividends that are from after-tax stocks keep stopping us before the goal-line.
And it's gonna get worse this year, with the dividends from the stocks I inherited, they are after-tax also.
...How long before I earn one free immigrant?

Would an illegal alien be a tax write off?

 

[Mountain trapper]

Looks like we're getting a 2.5% COLA on our SS in January.

 

[Bacpacker]

That helps make up for 25% food inflation. I bet Medicare goes up more than 2.5%

 

[Mountain trapper]

Sure it would be nice if the COLA was more, but in the few years that I've been on SS I've already received more raises than I ever did while working. My wife went over 12 years without ever getting a raise on her job. When I was planing on my retirement I never figured in SS. So anything I get from SS I'm happy with.