One Week to Retirement

[Mosbonian]

Good afternoon fellow Planeteers!

Exactly one week from today I will log off my laptop, gather what is left of my belongings at the office, hand in my equipment and turn in my badge.

After almost 48 years in my selected occupation I decided that the end of March is my retirement date. I've met many good people in my line of work and made a great deal of life long friends....(some of them Chiefs fans too)

Without getting too sentimental.....I think I have run my race and done the best I could to always be at the top of my game.

Now comes the next stage of my life....and I do have plans. But it would be nice to hear from any of the rest of you who are retired as to what happened after you retired......did you take a few weeks off before just moving to something part time or volunteer work? Or did you just hit the ground running.

Any retirement wisdom is greatly appreciated.

(And no....I am not taking a trip to Belize nor will I be drinking any anti-freeze)

[GloryDayz]

Originally Posted by 493rd

If I were you I’d go sit down with a CFP professional to build out a financial plan for yourself and wife. I hear Schwab does these at no cost so maybe start there. Then you’ll know exactly how all your pieces come together and when it makes the most sense to take SSI. You’ll also know where your spending threshold lies. As a financial advisor with 18 years experience and a CFP designation that’s what I’d suggest!

Been there, done that (with multiple CFPs), we're doing just fine with or without SSI, that's why I refer to it as beer money (or "A trip a month" money). As it should be.

[493rd]

Originally Posted by GloryDayz

Been there, done that (with multiple CFPs), we're doing just fine with or without SSI, that's why I refer to it as beer money (or "A trip a month" money). As it should be.

Well that’s great…for you. Sounds like you’re in a good place which is fantastic. Not everyone is so confident with their retirement. That’s why I'm employed

[GloryDayz]

Originally Posted by 493rd

Well that’s great…for you. Sounds like you’re in a good place which is fantastic. Not everyone is so confident with their retirement. That’s why I'm employed

Without a doubt we did very OK, we are blessed.

[jerryaldini]

Originally Posted by 493rd

Between 66 and 67 for anyone alive. If you can wait on SS do it; it’s an 8% increase year-over-year until 70.

Remember to factor in the returns you're getting on the SSI. It's reducing how much you would otherwise draw down existing assets that can remain invested. As the investment return assumption increases during those early years it makes waiting less advantageous. Obviously earlier death does the same. It's designed to have a break even death age that roughly matches average life expectancy, early to mid 80s . Bottom line is there are unknowns that make it unclear.

The good news is when I've done the math it doesn't make that much difference except in the case of very long life, say past 95 where waiting is clearly better. Obviously if you need the cash now to spend you take it. I tend to do life using the Buddha's middle path and will probably start it at 65 and not fret over it!

[493rd]

Originally Posted by jerryaldini

Remember to factor in the returns you're getting on the SSI. It's reducing how much you would otherwise draw down existing assets that can remain invested. As the investment return assumption increases during those early years it makes waiting less advantageous. Obviously earlier death does the same. It's designed to have a break even death age that roughly matches average life expectancy, early to mid 80s . Bottom line is there are unknowns that make it unclear.

The good news is when I've done the math it doesn't make that much difference except in the case of very long life, say past 95 where waiting is clearly better. Obviously if you need the cash now to spend you take it. I tend to do life using the Buddha's middle path and will probably start it at 65 and not fret over it!

I’m gonna guess you do business with either Ed Jones or TD Ameritrade (now SCHW). Am I right?

[crazycoffey]

I retired in may, played a lot more golf this last summer and more trips to the lake of the ozarks. Got through the VA process and getting some things done for me that I’d put off for many many years. Since I’m not good enough to make the senior golf tour, I do have a fed job lined up to be my retirement gig, and use my military time towards a second pension in about 8 years.

Then the wife and I are going to upgrade our boat and do the great loop for a whole year. Take the river to the gulf, around the panhandle, up the eastern coast l then into the Great Lakes and back to the river and down to St. Louis. If you do it right l, you spend winter in Florida and summer in the Great Lakes.

After that probably change to an RV as I get too old to boat. See the world, travel, visit old friends and family.

Whatever you do, have fun. You have earned it!

[Hog's Gone Fishin]

I retired at 54 in 2017 and bought a really nice bass boat and a lake house at Lake Texoma. My wife became really ill on May of 2018 and I've since been having to take care of her, sold my lake house this year. She'll never be to a point where I can get away so , I just enjoy watching Chiefs Superbowl victories.

[493rd]

Originally Posted by Hog's Gone Fishin

I retired at 54 in 2017 and bought a really nice bass boat and a lake house at Lake Texoma. My wife became really ill on May of 2018 and I've since been having to take care of her, sold my lake house this year. She'll never be to a point where I can get away so , I just enjoy watching Chiefs Superbowl victories.

Sorry to hear about your wife, man. Enjoy the Chiefs greatness!

[Stewie]

Originally Posted by GloryDayz

I retired last November and it's awesome. My advice:

5. SS is beer money and nothing more. Plan accordingly.

Congrats, you're going to love it...

How in the world do you think SS is beer money? Are you just getting the minimum?

I paid into the system for 45 years and get a substantial amount every month. It covers all taxes, all insurance and all living expenses with about $1200 left for discretionary spending each month.

That being said, I have no debt, but may buy a new vehicle in the future.

[BigRedChief]

Originally Posted by 493rd

15 years left for me God-willing. Seems like forever at this point, but that would put me at 60 which I think is good. Roughly 7 years from SS and 5 from Medicare. Enjoy your retirement and watching our Chiefs win another 3 SBs during!

Full retirement is 66 years and 10 months. You wait till 70 you get more money. You can also work or earn as much money as you want if you wait till then. Otherwise earning anything over $17K, the SS will take a dollar away from your SS for every dollar over that amount.

Originally Posted by Stewie

How in the world do you think SS is beer money? Are you just getting the minimum?

I paid into the system for 45 years and get a substantial amount every month. It covers all taxes, all insurance and all living expenses with about $1200 left for discretionary spending each month.

That being said, I have no debt, but may buy a new vehicle in the future.

I'm 65 and can retire tomorrow with a $2700 monthly check and the wife get $800 from SS for being my wife I guess.

I dont think I need $2700 a month in the budget for beer. But, Glorydaze much be a contestant in the beer Olympics for drinking that much beer monthly.

[BigRedChief]

I got on medicare at 65. Medicare A&B. I also got the "G" plan and drug plan. Kept all my same doctors. Better coverage and $200 cheaper per month than my employer based insurance. Love it so far.

I had great PPO insurance from my employers. Go see any dr or have a test done at will. No approval needed. But, I'd pay $60 co-pay for office visits and $500 co-pay for MRI's, Cat scans etc.

Medicare A&B charge me $159 a month because I made too much money last year. After I turn in my 2023 taxes, I should get it reduced to 0. "G" plan is $159 and drug plan $24 a month.

[jerryaldini]

Hey Stewie and BRC that's impressive you can meet expenses with just SS. The data I've seen is the average retired couple household is around 5k spending a month. Which if they are both drawing they could be covered. I did a quick budget and could see my discretionary spending as low as you suggest, simple life, single, just don't want/need much.

[Rainbarrel]

I hope the gold cellphone comes with a shatter resistant screen

[Mosbonian]

Originally Posted by jerryaldini

Remember to factor in the returns you're getting on the SSI. It's reducing how much you would otherwise draw down existing assets that can remain invested. As the investment return assumption increases during those early years it makes waiting less advantageous. Obviously earlier death does the same. It's designed to have a break even death age that roughly matches average life expectancy, early to mid 80s . Bottom line is there are unknowns that make it unclear.

The good news is when I've done the math it doesn't make that much difference except in the case of very long life, say past 95 where waiting is clearly better. Obviously if you need the cash now to spend you take it. I tend to do life using the Buddha's middle path and will probably start it at 65 and not fret over it!

Yeah....the difference in what you get at FRA vs waiting till age 70 is not so much that in most cases.

[Ming the Merciless]

congratulations man

find a purpose.

read, write, make music, volunteer, drink of the nectar of life

you earned this