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Old 07-28-16, 03:03 PM  
bzar
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The 2016 Retirement Thread

The other day I was reading the few threads on VF about retirement. the most recent one was in 2014, and I was surprised that many of the people on the thread "had retired or planned to retire" in their 50s. However, all of the articles I've been reading in the past several years are that most people will be living longer and the retirement period would therefore be longer.

now, I know some people who might have retired in their 50s might have gone on to a second paying career, but reading that thread sounded like a majority were not planning to get into a second paying career.

This thread is therefore an update - those of you who are still working, what are your plans now? Those of you who made the break, how are you engaging yourself?

*****
DH & I are in our mid 50s. Our youngest is just beginning high school, so i'll be working for at least another 9 years (HS + 5 yrs undergrad). DH has the same strategy. we have 1 graduating from HS next year and the oldest is starting his 2nd year in college.

My mom is a widow and is in excellent health, and so is my MIL - widowed, remarried, and in excellent health. both are financially self-sufficient.

Both DH & I are vested, could retire w/full benefits, but are hanging on because it buys us time to consider our plans for what we want to do should we decide to retire. I envision that i'll probably get another job, mostly to stay mentally engaged, and to fund future improvements to our house. I keep reading articles where millennials (i.e., our kids) stick around at home after college because it's so expensive to buy a home. therefore, I'm expecting the boomerang effect.

in summary, our strategy now is: work for another 10 years, get 2nd career/job until age 71, meanwhile keep improving the house, hang out there... will progressively elaborate at that point.
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Old 07-28-16, 03:41 PM  
donnamp
 
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Jeannine - I'm with you - I am going to be 49 this year and my DD is 13, so I have to get through one more year of middle school, all of H.S. and College - so at least 9 more years of working for me, putting me in my late 50's. But, I figure even though DH and I have saved for retirement, I still will not have enough to live the life I want to live, in retirement, so I will likely continue working into my 60's. I wouldn't mind being done sometime by age 65 and then maybe do some PT work or volunteering or something.

Donna
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Old 07-28-16, 03:52 PM  
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I semi-retired last year but it didn't take. While I didn't miss nursing management I did miss nursing. I'm working as a nurse three days a week and am in the process of moving my massage/restorative exercise business into my home in order to make it more manageable. This is the best of both worlds.

I hope by the time I'm 65 I'll be ready to settle down but that's less than 4 years away and I do enjoy being busy so.....

Editing this to add that we do have plenty of retirement savings - actually more than enough - because the assumption seems to be that if you aren't retired you surely don't have enough money to do so. I mean honestly, who would work because they enjoy it?
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Last edited by Lannette; 07-28-16 at 04:41 PM. Reason: To add
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Old 07-28-16, 03:56 PM  
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My husband just retired at 60. I retired at 55. This was well planned and well thought out.

When I met my husband and we became serious (I was 25, he was 27), we had a heart to heart talk about the future, goals, etc.. Most people don't do this! He told me he did not want to work past 60 and, in retirement, wanted to maintain a good lifestyle. We always lived simply, well below our means, saved and invested. He could have retired 10 years ago but health care was very, very expensive then. The Affordable Care Act made this far easier.

The problem with most Americans (I'm not pointing fingers, it's just a general statement) is that they have fallen prey to consumerism and overspending and don't think about savings. We always contributed the maximum amount to our 401ks and, after 50, did the catch up contributions. You can't be scared off by the stock market. It's what accrues in the long term, not the short term.

We always bought brand new Hondas, paid cash for them (you should never take a loan on a depreciating asset) and drove them until they gave up.

The greatest lessons we learned were from my husband's father. Live like the millionaire next door. They could have easily lived in million dollar homes and driven Mercedes. They did not. They chose the freedom that smart planning gives you.

Edited to add - I now volunteer for the Office for the Aging in Saratoga County, NY delivering meals for homebound seniors. I have 6 cats, a dog and a couple of horses so between all this, we're very busy. We read a lot, cook a lot, and work out a lot!

Diane
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Last edited by amoodygirl; 07-28-16 at 04:01 PM. Reason: adding to my post
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Old 07-28-16, 04:13 PM  
Melrose
 
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I am now retired, 2 years early because had to go on Social Security Disability. I'll be on regular Medicare and SSI in a few months. DH retired 2 years ago, at 65. He has weeks when he doesn't work at all, and weeks like this one when I hardly see him (he's self-employed in home repair).

I had an accident 2 years ago, and 8 surgeries since, so it's very difficult to get around (have to use a walker, very slowly). I've been terrified of such a scenario all my working decades, but . . . I LOVE IT! Not the being crippled part, but having so much time to myself.

Yes, we have less disposable income, but I love to read, watch Netflix as late as I want every night, get up late and linger over coffee and the newspaper. I attempt an exercise video every afternoon. They're very modified, but still . . .

I love my retired life!
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Old 07-28-16, 04:20 PM  
donnamp
 
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Melrose - glad you are enjoying retirement! But, I'm sorry about your accident and surgeries. I can easily entertain myself as well so I'm not really worried about being "bored" when I do retire. Plus, there are always opportunities to volunteer.

Diane - I do agree with what you said about living below your means and saving. My DH and I have saved for retirement and we have also had my daughter in private school since Kindergarten - we do not go for the glitter and gold and live pretty simply. When I do retire, I do want to have funds to do some traveling and also, as Jeannine said, home improvements, so that is mostly why I would continuing working after I get my DD through college!

Donna
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Old 07-28-16, 04:25 PM  
Joni O
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I normally don't participate in OT threads but ...

Hubby and I are retired. I retired in 2011 (at 58) from my full-time job of 37 years and a year ago from my part-time job in the same field. Here's a typical day:

6:30-7AM - wake up. Drink cup of coffee
7 or 7:30 - work out for 20-40 minutes
8 or 8:30 - hubby and I go for about a 3-mile walk outside in summer/mall in winter
Starbucks non-sugary cappucinno after walk.
Eventually shower and have lunch - at home or out, depending on afternoon plans
Afternoon options - facial, massage, nails, hair (since I spend next to nothing on clothes anymore), volunteer at humane society once or twice a week 12-3, sit outside on the deck and do crossword puzzles/read.
Dinner/TV/Bed

We both have classic cars and go to car shows every once in a while. We've started going on road trips - Florida, Texas, New York - and plan to go on one about every 90 days next winter (we're in MN). Various other activities, but that's the gist of it. Simple stuff not requiring tons of money.

Life is good.
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Old 07-28-16, 04:27 PM  
donnamp
 
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Sounds good to me Joni!!!

Donna
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Old 07-28-16, 04:34 PM  
Demeris
 
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I retired 3 years ago, at 56. At 45, I started aiming to retire at 54. I stuck it out two years past my goal.

I was able to retire mostly because I owned my land and home free and clear and was debt free. I bought a car last year and have that debt for the next two years.

My biggest expense is health insurance. I'm 6 years out from Medicare, and my health insurance premiums have tripled in cost since I retired. I'm healthy, thankfully, but I also believe I am responsible for my health and my doctor is responsible for medical care.

I haven't stopped working. In addition to my full time work, since 1994, I have had a small consultancy. I still do this consulting work. It allows me to take deductions on some things since I have a home office. It also allows me to travel. This summer I knocked off two more states I had never before visited.

I am still debating whether or not to take SS in 3 years. Everyone is telling me to take it as soon as I'm eligible, but SS laws place a limit on how much one can earn while taking SS. Most years, my consultancy goes over that limit.

A friend of mine calls my retirement my 'preferment.' She points out that I am doing what I prefer rather than what I must. I spend time in creative and spiritually fulfilling endeavors. I spend more time with my father and other relatives and my dear friends. I also spend time caring for my animals and working in my Dad's garden.
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Old 07-28-16, 06:17 PM  
FirmDancer
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Hmmm .... I was planning on "early" retirement at age 62 and was aggressively saving to do so and was on track. But I had a very high stress job and spent 4 hours a day commuting. Last year (at the age of 58), I had the opportunity to take a buy-out. I did so. The reason for my "hmmm ...." is that the actuarial tables changed last year, before my severance took effect. People are living longer and the pension pay-out was adjusted for that. Which meant that the pension I'm getting took a really big hit. So with my pension being less and five years less of savings and 401K match, it's financially tougher than I had planned for. I'm very burnt out from the corporate world. I've picked up a few hours part-time work with the park system. It's fun and low stress, but also low pay. So I have a choice to get back into the business world to get my finances where I'd like them to be, or, if I stick with a low-paying park job, I'll be working far longer than age 62. (Overall though I am delighted to be out of the job I was in and certainly happy to be done with the long commute.)
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