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NFT: Considering retirement. Any retired folks have advice?

yatqb : 7/5/2018 8:50 am
I'm less concerned with finances than in continuing to find "meaning" and importance in what I do. I'm a bit worried about being bored, but am thinking of learning to sail, getting back into scuba diving, joining a book club, and finding some other hobbies so that I'm not just sitting around. Perhaps some volunteering, but not sure in what sphere.

I'd love to do some supervision of newer therapists but that's a hard get, since most therapists in this area are attached to larger counseling centers and get whatever supervision they participate in at those sites.
Maybe consider parttime work?  
spike : 7/5/2018 8:57 am : link
To dip your toes in the water?
I'm not retired  
Heisenberg : 7/5/2018 8:59 am : link
but my parents are and when they first retired, they volunteered as tutors with a local charity for inner city kids and LOVED it. A couple of health issues have stopped them from being able to do that, but they really enjoyed it.

They were teaching younger elementary school kids working on reading and math skills. Really enjoyed spending the time with the kids.
My advice is not to invest your money at this time.  
Lowell : 7/5/2018 9:29 am : link
The Fed is raising rates and there is the inevitable market decline on the horizon. Both factors will make investment in fixed income more productive. There is also the inflation factor and your money might not fulfill your needs as time goes by. The best policy is to not retire until you have more money to invest than you think you will need
I retired almost 2 years ago and I am LOVING it.  
JohnB : 7/5/2018 9:39 am : link
But it takes some time (over a year) to really grasp retirement, what it truly means and the freedom you now have (in retirement).

In one sense, you know "retirement" but to live it is something different. It takes some time to know and understand that you aren't control by an alarm clock, you can get up and go to sleep whenever you'd like and you don't answer to the boss or the job anymore. That freedom isn't (down deep) understood from Day 1. Once you've lived it for awhile and fully grasp it, then you really start to smile and live completely different. Then life gets good!!

So my advice is to just relax, take it easy and let "retirement" and what that means to you, come to you. Don't force anything. You WILL find your stride.

Personally I travel a lot more than I thought I would and I spend my summers volunteering, working with youth. Both I never planned for, they both surprised me when they came and I am loving every minute of it. Let your path come to you, it will.

I hope this helped.

Enjoy!
I tried retirement...  
Dan in the Springs : 7/5/2018 9:41 am : link
but was only 38 and it didn't stick. I spent a year fishing and that was fun.

My advice is to find something that you feel passionate about that the world needs and that you're good at (or willing to work hard to become good at). The fact that you don't need to be paid for it opens up a lot of possibilities that otherwise wouldn't be there for you.

Enjoy, and congratulations!
I turn 66 this month and recently turned down the opportunity  
Del Shofner : 7/5/2018 9:44 am : link
to retire, to re-up as a partner in a new, larger firm - basically we merged our longtime practice into this firm. I'm enjoying it so far, and we'll see where it goes. But I had prepared for retirement by getting very involved in music, playing in a couple of rock bands (OK, not all that age appropriate perhaps) but also a very challenging jazz quartet (definitely age appropriate). I play two gigs a month, limiting it to that per an unspoken deal with Mrs S. If I actually did retire, I could do a lot more.

If I actually did retire, I would also work on the issue of hunger in the communities where I spend time. It blows my mind that our society wastes so much food while some people are hungry. Just seems like a solvable problem.
Recent retiree here and loving it  
jjgmrg901 : 7/5/2018 9:44 am : link
I have a part-time job working for my wife which has been rewarding. It helps that we really get along well and enjoy many of the same things including humor. The extra cash allows us to get season tickets for college basketball and football(Go Terps). We also enjoy subscriptions to ballet, arena stage and quite a few concerts out at Wolf Trap. Our reduced work schedule allows us to see concerts, plays or games in the middle of the week, knowing we can sleep in the next day.

Also volunteering is rewarding! I have been shopping/driving for seniors in my area.

Retire while you are still healthy and able to do things.

Enjoy!!!!!

Newly retired  
Steve in South Jersey : 7/5/2018 9:46 am : link
I go to the gym every day. It is important to stay active.

Working on my house to prepare to sell. Planning to relocated to another state, That keeps me busy.

Once I relocate, I hope to find charity work that has meaning.

Consider joining a retirement forum or reading a retirement book.

http://www.early-retirement.org/forums/

Congratulations and good luck!

Retirement Rx (Amazon) - ( New Window )
If you don't need more money  
Steve in South Jersey : 7/5/2018 9:48 am : link
but don't want to leave your job ... you might consider work to give.
are you single?  
gtt350 : 7/5/2018 10:24 am : link
retirement is great. If you move to an active adult community 55 and up you will meet people from all over the country with a plethora of activities to do.
I'm not single but if you are the opportunities are endless
What’s the going rate for having in liquidity for retirement?  
bhill410 : 7/5/2018 12:24 pm : link
For those BBI guys in the know.
Your specialty matters.  
manh george : 7/5/2018 12:30 pm : link
I am 70 and semi-retired. I still work part-time, giving talks and writing. The difference is I do it on my hours, and from my living room table. I strongly recommend this strategy if it is available--consider consulting if that works.
I hate you all  
JonC : 7/5/2018 12:35 pm : link
and pray someday I'll be able to retire. Looking like a relocation away from the NY Metro is in order for me.
I would love to retire.  
Tittle 9 20 64 : 7/5/2018 12:44 pm : link
I turn 65 this month and I’m totally burned out. Unfortunately when you have your own business with partners, it get complicated. I have no concerns with what I would do with my time.
Ive been retired for 9 years  
VTDAD : 7/5/2018 1:11 pm : link
Generally stay busy, although the dead of winter and this last week of hazy, hot & humid is tough.

We have an old farmhouse, so there is always a project or maintenance. I brew (and drink) my own beer, ride and work on bicycles, buy & sell on eBay and CL, garden (which got more interesting after 7/1 here in VT), walk the dog, etc

I would like to travel more, and once we settle my MIL's estate and sell her house that might happen.

FWIW, I was in education, which is a pretty people-intensive and often stressful job. I am very happy not to work, even part-time.
Congrats when you DO go!  
old man : 7/5/2018 1:24 pm : link
Until then:
The 'ease out' , since it sounds like you want to keep on doing what you do , makes sense; then you can see if you still want in, or to get out fully. If not possible, check out part-time like Spike said, or volunteering those services or maybe an associated service to ,sort of do the same thing.
That all said, find some things you want to do, check them out NOW, to see if you really still want to do them; and pick 2 things or more in case you get disinterested in the one of them.
As someone said, find another passion, or 2: it'll keep you active; or else you become a couch potato. You may also come to realize: how did I do all those chores while still working when I can barely do them with all this free time?

As when mentioning money, rates are going up, so if you have a certain amount to invest, divvy it up, into 3 parts, at about 40, 35, and 25 %, and get the best short term CD ,with the first; do likewise with the 35 at the next increase of .25%+, and the same with the last on another increase. Since much depends on the fathom Fed, you never know what they'll do, but at least you're 'laddering' your $$$ to keep up with rates. When the first one comes due, you can roll it into the current higher rate; when it seems the Fed will slow or stop increases at least you'll have some money to dump into a higher rate, longer term CD.
And expect to live on 60-75% of your current net, since TAXES will still come into play.
Again, when it does happen, welcome to the club.
RE: My advice is not to invest your money at this time.  
section125 : 7/5/2018 1:42 pm : link
In comment 14006770 Lowell said:
Quote:
The Fed is raising rates and there is the inevitable market decline on the horizon. Both factors will make investment in fixed income more productive. There is also the inflation factor and your money might not fulfill your needs as time goes by. The best policy is to not retire until you have more money to invest than you think you will need


I hate to be critical, but going on what you say, nobody would ever retire. The market is never safe and is more volatile than before. The people in the know are only guessing most of the time. More people are trying to live off your savings than you are.
I retired two years ago from a 6 figure job because I was burned out from crazy regulation changes and company interference. My guys said I'd easily be able to make 4% to 6% with very low risk. Ha, maybe 2 or 3% because it is hard to figure what will actually be safe and still make payments or dividends...
The only thing in life that is certain is death and nobody is guaranteed tomorrow. Heard about several guys in my industry that were gone within 3 years of retiring.

I say if you want to retire and have a reasonable savings/pension go for it.

Plenty to do yatqb. Take the wife and travel. Make a good trip once a year to someplace you have never been.
If you like volunteering do it.
Wanna sit on your butt, do it.
Learn to golf, fly fish...

Eff it, you earned it. Enjoy it.
Thanks, guys.  
yatqb : 7/5/2018 2:41 pm : link
I'm already down to three days a week and enjoying the extra time and reduced stress. But my wife plans to work for another 1 1/2 years, and NH in the winter can be very isolating if you're not into winter sports (which I've given up, since I seem to break something more regularly than I'd like when I engage in them at this point).

So, even though I could travel, or even go South for part of the winter, I'd be doing it on my own for some of that time. Not terrible, but perhaps not ideal either.

I appreciate all the comments. It's been a pleasure to read them. If anyone has any additional thoughts, I'd welcome them. Thanks again.

Yat
Why retire in NH  
spike : 7/5/2018 3:40 pm : link
When u can move to Fl or Nevada?
Both of my kids are in New England, and I'm looking forward to  
yatqb : 7/5/2018 3:47 pm : link
being a part of their and hopefully some day their children's lives moving forward. I loved having my extended family and grandparents around during my childhood, and it's not the same to have the kids come down to Florida once or twice a year and us come north similarly. We also have a lot of great friends living nearby, and at a certain age it's hard to develop that type of intimacy/closeness with new friends.

Taking 2-3 months down south once my wife retires is certainly something we've been considering, but going down full-time isn't likely in the cards.
One thing you might want to consider  
pjcas18 : 7/5/2018 3:50 pm : link
and I hate that it's so stereotypical because some of them are great, is to consider joining a fraternal or civic organization.

They create charitable opportunities, volunteering opportunities, brotherhood, and keep you active - most to the extent you want to be.

such as:

Knights of Columbus
Freemasons
or even your local Rotary, Elks or other club.

For transparency I belong to one and I get a lot out of it, I'm one of the younger members, and joined for a specific reason, but they each have a lot to offer.
Have a clear plan  
FanSinceYA : 7/5/2018 3:58 pm : link
I retired about 4 years ago age 68. I figured I would find some things to do. For me it was a bad idea. Found myself doing very little and no reason to get up in the morning. Went back to work as a consultant and am still at it. I plan to try again this fall, this time with a more definite plan on some things to keep me engaged. IMO you'll need at least 3 or 4 things that fire you up a bit. It's a bigger adjustment than I thought.
I've been retired for 27 years and was kind of lost  
carpoon : 7/5/2018 4:52 pm : link
for the first year or so. I found I kind of missed the fast pace. All I did was play golf and still wanted more. Activity is by far the main thing. I make it a point to stay active even as an octogenarian. I still play three days a week and still do some hiking. Up until five years ago, I still walked the golf course. Almost all of my inactive buddies are long gone. The natural beauty of the Arizona mountains keeps me invigorated.
Hi Yatqb  
Chris in San Diego : 7/5/2018 5:10 pm : link
I'm 60...and I retired 2 years ago. I knew for sure that I would love it. I really like doing physical stuff...and I felt like that put me up against the body clock. I'm so glad it did.
Happy Retirement!  
Fearless : 7/5/2018 5:20 pm : link
I retired from a 30 year career with a large high tech company at the age of 55, and I never looked back. Here are my keys to total enjoyment.

1. Make sure you have enough money to maintain your current lifestyle. Downsizing is emotionally risky.
2. Have two places to live so if you get bored with the same old routine in one place, you can spend chunks of time at your second place.
3. Find something significant to do that will give you a sense of accomplishment. In my case I took up running. As a result I developed friendships with new people, as well as staying healthy, and got pretty competitive in my age group.
4. Add a significant amount of traveling to your agenda.
5. Be an active part of and contributer to your family, especially grandchildren.
6. Pay personal attention to your finances and investments.
7. Be your own handy man.

Two points to consider ....  
louinma : 7/5/2018 6:22 pm : link
Happy to say I've been Retired for 12 years now. Work sucks !! I don't care how good it might be, but it sucks.

Point 1, cost of living. No big Northeast City, too expensive. I live in MA and wanted no wear Boston. Good cost of living, not too far from Grandkids.

Point 2, as previously mentioned Active Adult community (over 55 ...) has many activities.

Lou
RE: What’s the going rate for having in liquidity for retirement?  
Floyd_Fan : 7/6/2018 7:26 am : link
In comment 14006910 bhill410 said:
Quote:
For those BBI guys in the know.


a generally accepted rule of thumb is:

if your burn rate, covering all expenses combined = 4% of your saved principle, you are good on the financial part of the decision. 4% is often referred to as a safe withdrawal rate.

for example,"they" say that if you need to pay 80k in expenses, you need $2M saved. in reality, with Social security and possible pension, your amount maybe less.
RE: My advice is not to invest your money at this time.  
johnnyb : 7/6/2018 7:58 am : link
In comment 14006770 Lowell said:
Quote:
The Fed is raising rates and there is the inevitable market decline on the horizon. Both factors will make investment in fixed income more productive. There is also the inflation factor and your money might not fulfill your needs as time goes by. The best policy is to not retire until you have more money to invest than you think you will need


So your advice would be to invest in cash? At .50%? Really? With inflation running at 2% or so, you have a negative real return. We offer clients a low duration bond portfolio to manage the risk and squeak out 3.5%- 4.0%. But I always encourage clients to have some exposure to growth through equities.
RE: RE: My advice is not to invest your money at this time.  
johnnyb : 7/6/2018 8:01 am : link
In comment 14006992 section125 said:
Quote:
In comment 14006770 Lowell said:


Quote:


The Fed is raising rates and there is the inevitable market decline on the horizon. Both factors will make investment in fixed income more productive. There is also the inflation factor and your money might not fulfill your needs as time goes by. The best policy is to not retire until you have more money to invest than you think you will need



I hate to be critical, but going on what you say, nobody would ever retire. The market is never safe and is more volatile than before. The people in the know are only guessing most of the time. More people are trying to live off your savings than you are.
I retired two years ago from a 6 figure job because I was burned out from crazy regulation changes and company interference. My guys said I'd easily be able to make 4% to 6% with very low risk. Ha, maybe 2 or 3% because it is hard to figure what will actually be safe and still make payments or dividends...
The only thing in life that is certain is death and nobody is guaranteed tomorrow. Heard about several guys in my industry that were gone within 3 years of retiring.

I say if you want to retire and have a reasonable savings/pension go for it.

Plenty to do yatqb. Take the wife and travel. Make a good trip once a year to someplace you have never been.
If you like volunteering do it.
Wanna sit on your butt, do it.
Learn to golf, fly fish...

Eff it, you earned it. Enjoy it.


If you only earned a return of 3% in the last two years, you need a new"guy".
Looking foward to retirement  
WideRight : 7/6/2018 8:32 am : link
Thinking about that burn rate of 4%.

Why keep an even burn rate when you are more active in your initial retirement years? Why not plan to burn 6% initially then 3% later as you slow down?
RE: Looking foward to retirement  
Bill in UT : 7/6/2018 10:23 am : link
In comment 14007296 WideRight said:
Quote:
Thinking about that burn rate of 4%.

Why keep an even burn rate when you are more active in your initial retirement years? Why not plan to burn 6% initially then 3% later as you slow down?


The problem with a burn rate is that it can often get beyond your control. Most of us would see your logic in going bigger early on when you're in good health and able to be more active. But as you age, you'll usually start incurring unanticipated.higher medical expenses that could screw up your plans.
I retired at 65  
Bill in UT : 7/6/2018 10:34 am : link
about 4 years ago. We moved from Utah to the Phoenix area partly because my daughter had moved here and partly because we wanted an active adult community. We're in a place that has a large 55+ segment. For me, neighborhood, I would have spent most of my time at home, watching TV, on my computer. Our community has dozen of clubs and I'm able to get out daily to play pickleball, bridge, swim/hang out at the pool, walk or go hiking, etc with likeminded people who I don't have to seek out on my own. There's also golf if I ever want to get back into it, and tennis and bocce . I also cook regularly, sometimes with people in a Culinary Club I helped form. I can get around to everything by bike, if I choose, with no need to leave our gates except to shop or eat out.
Best advice I have always heard is stay healthy and somewhat  
Jimmy Googs : 7/6/2018 10:55 am : link
active as it will lessen medical bills and keep you sound in mind as the years go on.

I personally cannot wait, just need to get these damn kids thru school,,,

I've been retired for 10 years. The trick is to realize  
Marty in Albany : 7/6/2018 11:46 am : link
that you are you, not your job. You don't need a job to be a person. Your age, your experience, and your actions should get you the respect that you are entitled to, not your job title.

My advice:
1. Stay healthy by eating and drinking (if you must) in moderation. Exercise daily for at least 30 minutes. Join a gym.
2. Enjoy yourself: Take local trips and dine out more. Hire people to mow the lawn and shovel the snow. Make new friends and strengthen your relationships with your current friends and relations.
3. Take your Social Security as soon as possible. If you wait 10 years to take it, you may not want to (or be able to) do those things that you are planning to do with the higher SS payments.
Learned alot on this thread...  
Dillon in Va : 7/6/2018 1:36 pm : link
Now understand why this place can be so crabby.. bunch of old fucks around here.. I'm jealous, only another 15-20 years until I can retire.
No advice , just want to wish you luck  
DennyInDenville : 7/6/2018 3:08 pm : link
It was interesting reading this thread as retirement is something I fantasize about a lot but haven't really started saving much for it yet.

Ideally when I retire, my time would be spent traveling and doing things I like but also my new part time job would be counting my daily Macros And trying to squeeze an extra 5 + strong years of life out
RE: I've been retired for 10 years. The trick is to realize  
section125 : 7/6/2018 4:10 pm : link
In comment 14007443 Marty in Albany said:
3. Take your Social Security as soon as possible. If you wait 10 years to take it, you may not want to (or be able to) do those things that you are planning to do with the higher SS payments. [/quote]

Good one Marty. I took mine right at 62. Difference for 4 1/2 more years would only be $750/mo (max payment). As I said earlier, you/we are not guaranteed tomorrow, never mind 4 1/2 years or the 15 years it takes for the higher rate to equal the lower rate (62 yr old).
But sounds like yatqb may be there anyway.
Best of luck,  
Rick5 : 7/6/2018 4:35 pm : link
Yat.
Thanks, Rick. It will either be this December or next December,  
yatqb : 7/6/2018 5:25 pm : link
so either way I have some adjusting and planning to do...and a lot of terminations with clients who mean a lot to me. A strange thing to deal with.
RE: Thanks, Rick. It will either be this December or next December,  
Rick5 : 7/6/2018 6:04 pm : link
In comment 14007683 yatqb said:
Quote:
so either way I have some adjusting and planning to do...and a lot of terminations with clients who mean a lot to me. A strange thing to deal with.

Yeah, I can imagine. My plan was always to have a limited practice in retirement. I am 51 now and can imagine myself walking away from the whole thing at some point now though. I still enjoy it, but I am starting to see that my view is changing over time. I don't know. Two of my colleagues retired within the last two years - a psychologist and a psychiatrist. I see them regularly and they don't miss seeing clients. I found that very surprising. They have kept their lives very full with other activities though.
i'm not near retirement age but used to work in RPM  
Vanzetti : 7/7/2018 12:46 pm : link
so I would come in contact with a lot of retired people. To be honest, a lot of them were bitter, nasty and unhappy.

People here are painting a better picture. My advice would be (in order):

1. Make sure your finances are in order. Do you have enough money to live if you live to 96? You should have a margin in case your pension or medical benefits are reduced in the future. Especially if you have a public pension.Can't emphasize how important this is. I ran into clients all the time who were running out of money because they did not leave a margin for contingencies. Don't just listen to you RPM guy. Figure it out yourself and then add 30%

2. I think Marty is right to say take it early. But remember the "break even" date is a little over 80 years. In percentage terms the way it works is: 70% at 62, 100% at 67 and 124% at 70.

3. I would strongly suggest travel and/or going to live in another part of the world for a while. In our work lives, we become creatures of habit and a lot of people carry that over into retirement. Get up at 6, have coffee, read the newspaper, play tennis etc . . . They turn retirement into an extended weekend. That might sound great to some but a lot of people get bored if you turn "relaxing" into a permanent state. Do something different. Something you COULDN'T do when you were working.

4. Reconnect with YOUR friends. Not your kids or wife's relatives. But the people you knew where maybe you got busy with life and didn't up the friendship as much as you should have. When you share a past with someone, you can never recreate that with anyone else.

5. Make NEW friends. Very important or otherwise you don't continue to grow. But also don't waste your shrinking years with people who are not worth it.

one more  
Vanzetti : 7/7/2018 12:54 pm : link
6. Coming to terms with finitude. A lot of people are religious and convince themselves they are going to heaven. But I think in our heart of hearts we are all atheists. We know this is it. We might not want to say or admit it. But everyone underneath to some degree fears that death is final.

It's been said before, but I think it is true that finitude also creates a certain beauty, a "terrible beauty" Yeats called it. The more you can embrace that, the more meaning I think you give your retirement years. The clients who had no interests in reading, art, history, music etc are the ones who were the most querulous
Vanzetti, good stuff!  
yatqb : 7/7/2018 1:34 pm : link
Thanks
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