:toast:

Happy for you! Buy a slot car track and build muscle car models! ;)

I've been self employed for 29 years in June. I'll keep working as long as the phone keeps ringing, and my body holds up. Ten years of faux painting is starting to show up in my shoulders. I'm hoping to make it to thirty-five. It's surreal when I look back at jumping off that cliff, wondering if I could fly, so full of hope....so grateful my American dream came true.

Hard work, one of the few things a man truly owns that no one can ever take from him.

Good for you brother! You've earned it!

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

1. Travel
2. Don't plan too long term (spend you money while you're healthy and can enjoy it). IOW, how many years can you do your passion? Spend accordingly.
3. Find a hobby that you love and helps the world and/or people.
4. Understand that many investing vultures will want to invest your cash - don't fall for it.
5. SS is beer money and nothing more. Plan accordingly.
6. Travel even more.
7. Don't sleep in too much...

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

Find a hobby.

This will be the greatest week of work in your life. The work, the worst case possible, the annoyances won't even register. They just bounce off. Completely irrelevant.

No consequence matters and you can give 110% without reservations. Finish the race strong and walk off smiling...

Thanks Stevie!

The part I bolded above is what really means a lot to me when looking back on my career. I gave it my best no matter where I worked and how much I was compensated.

At my retirement dinner.....the CAO of our company had some very nice and complimentary things to say about my work. It meant more to me than he could have ever known.

Yeah....the wife and I plan to travel....not crazy all over the place travel, just where we want to go and to places we want to see.

I don't see "long terms"...without sounding negative I see myself living about 10-13 more years with the health issues I have. Being realistic....that's how the wife and I view my timeline.

I have a hobby....and plan to have more fun doing it now. Luckily it is inexpensive.

I have a baseball bat for any investing vulture that comes to my door or calls my phone. We lost the beginnings of our retirement money thanks to someone who was recommended to us by a friend as a good investment advisor. (long story)

Don't drink so SS is more travel money.

For some reason my body will not let me sleep any more than 7 hours a night....

Thanks for the tips and I hope your retirement is going well for you

Enjoy the fruits of your labor, Mos. You have obviously earned it. God bless you!

Thanks

Yeah....I see this week as the "home run trot".

Because of the work I do, I am not always the most loved person...my job many times is to make fiscal recommendations that the Sales Team does not like to hear. Now those decisions are being made by my successor....and I am just there this week to "clean house" from home.

Thank you ChiTown....

You just don't retire from the mob.

It will come quicker than you think....

Thanks you just about made me spit my tea all over my keyboard.

:LOL:

I can retire in 14 1/2 months but right now this company I am working for is kicking ass and this could be a year unlike anything I have ever experienced so I will decide last minute in 2025.

For anyone under 50, you're about to be cornholed by our wonderful people in our nations capital who are about to raise the retirement age.

If your hobby is baseball, I can appreciate the efficiency.

ROFL

I am left handed....and was always told that my wrists were the best part of my swing. So I figured I would use it as my defense mechanism too.

On a more serious note...I have always loved teaching baseball fundamentals (been a while since I have done it) to kids. Would love to find a local little league that has an assistant coaching job out there I could get. I grew up loving and playing baseball and it was the one thing that drew me out of my shell in my youth. (I detest what MLB has become though)

I think....what would make me happiest in my retirement is that I helped some young child learn to love baseball as much as I did when I was young and that it helped them grow.

There's a joke going around my company....I am finally retiring on the 2nd anniversary of my retirement announcement. I am glad I hung around (more retirement funds never hurt) so I get what you are saying.

Retirement age.....wonder how many people know about what is considered "full retirement age".

:rockon:

That big mound of dirt in his backyard is a pitching mound. That's his story and he's going to stick with it.

I'm such a big fan that I recreated a bullpen in my back yard....so there are 2 mounds in my backyard....side by side. And the miniscule etchings on the pitching rubbers are nothing of consequence.

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!

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.

Are you saying wait until age 70 to start taking Social Security?

Because waiting until age 70 isn't always the best course for everyone.

If you think you will live to age 90...waiting is right. But if your lifetime left isn't that long that extra 3 year wait may not be right for you.

Generally speaking, yes. If you need the money or don’t have longevity on your side, no.

It very-much is a balance of a number of factors for each individual. Even if you're planning to live to 90 or 95, if your passion is one where 70 or 72 is about as long as you can do it, you might as well add it to your slush fund while you're not sitting around eating pudding. I'm not even 60 yet but I'm very-much thinking about taking what I can get at 62 and letting it fund a trip each month for as long as I can keep doing my thing. After that I'll be one of those people riding a golf cart and waiting to die one organ at a time, prolly starting with the liver. LMAO

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.

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.

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?

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!

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!

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.

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.

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.

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.

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.

I hope the gold cellphone comes with a shatter resistant screen

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

congratulations man

find a purpose.

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

you earned this

Honest question. When you began contemplating retirement did it scare you a bit?
I am struggling pulling the cord. Im 62, healthy, have a few hobbies and have grandkids in the area. But still a little worried about keeping busy and having focus.
It’s just going to be a whole new phase of life and I’m having a hard time coming to terms.

Best to stay busy in some way, I walk for 40 minutes twice daily and play the stock market during trading hours. Keeps me happy.

My wife and I set up our retirement so that with both her and my SSI pays the bills with spending money left over. My wife is a couple of years younger and continues to work for additional income. I plan to do contract work and other things to add spending money where I can.

We are simple people....no extravagance in our lives. Like BRC having Medicare A & B along with the supplemental part G actually is better than the Medical I had at my present employer. (We chose to go with Medicare this year instead of the company insurance which was more expensive)

yea ive already had the feelings of ive had enough of this sh@#, hope it fades so i can get back to doing a good job for a few more years

I won't say I was scared as much as apprehensive...I have worked all my life since I was 18 years old at a regular full time job.

My financial advisor and I talked about this. General gist of it (for men) is to cash out by 67.

Hardly makes sense to wait till 70.

It will come and go....you will know when it is really time to hang it up.

I found my point...and honestly my friends tell me I seem much more relaxed.

Yep...I sometimes chuckle at the people who push to get people to wait to 70.

It's nuts. At some point in your life, money just isn't the most important thing anymore.

I just hope to retire some day and hope this emerging mindset on how we should enjoy working and should work until we die is not a thing that becomes popular.

I've got about 30 years to go so yeah I am pretty nervous about it.

I used to be of the mindset to work till I couldn't anymore. But watching some of my friends and peers not even make it to 62 before dying changed my perspective.

You should always give your best effort at work...but working till it kills you is never an option.

Congratulations. Now go do the things you want to do, with the people you want to do them.

That's great, how much is that combination per month? Just A&B? I'm still a few years from Medicare. Thanks.

For those worried about having enough to do, there's a great national website, volunteermatch.org. Assuming you live in a decent sized area you'll likely find plenty of needs to serve.

I was talking about what I could get from SS. Not our planned income. We are above 7K in monthly money coming in. We have a house that’s tripled in value in the last 7 years. We will be fine.

I was totally surprised that Medicare was so good. I always heard it was shit.

Congratulations!!!

Congrats my man. That is the goal.

I don't have any great advice, other than take care of yourself. That's a holistic statement. Mentally, physically, emotionally, financially.

Both of my grandpas worried about money shitload after they retired because they both said after a certain point they can't go earn any more.

Both of them ended up in the rest home and needed a fair bit to sustain them.

Interestingly, my paternal grandpa was in and died in 08 (pre-Obamacare) and the cost was like 2500 a month. My maternal grandpa is in now and it's 10K a month. NO financial professional expected that back in 08. So make sure you are prepared for some unexpected shit. If you're 65 (ish) now there is a pretty good probability either you or your wife has 30 years yet, so it is important to have quite a bit more than you need right now.

My advice is to educate yourself. I have no problem seeking the advice of a professional, but double check everything and look up as much information as possible.

I'd also recommend not putting off any procedures any longer than necessary. My dad has had several procedures (mostly orthopedic related) and I've noticed he doesn't bounce back as quick as he used to. Life comes at you fast.

Enjoy it. Your position now is why I do what I do.

**** your stupid face. I'd retire today if I could ensure financial security. I'd pay real money to take a step away from the grindstone.

Also for those who don’t know, Medicare A&B is usually free. But there are a lot of holes in it. You’ll need to buy a “g” or “n” plan.

Do not under any circumstances get what’s called a Medicare advantage plan. They are usually free and have 0 co-pays. Sounds good right?

Think HMO’s in 90’s. All they do is deny you care. Testing etc. and if you select those crappy plans when you have had enough of the shitty care, you have to be approved to change to the good plans. You have anything that’s expensive to cover, they can deny you.

If you get a “g” plan you can always go to the advantage plans in the future. There’s a reason that 80% of all people select the “g” plan.

Nah, you want Medicare My parents (self employed) got on as soon as they were old enough even though they weren't getting social security and paying the monthly premium because it is good. Still have to buy the supplemental insurance, but yeah, it's what you need.

I’ve been telling everyone that if you are 65 and paying more than $175 a month for insurance through your work, you are overpaying. Almost every doctor takes Medicare and the “g” plans these days.

I paid in for 49 years, but it's not really all that much when compared the payouts I'm getting from the rest of my portfolio, so I like to think of it as "beer money"/"a dive trip a month" slush fund when I decide to take it. As long as it can pay the price of a good liveaboard each month, and it should, I'm happy.

And I'm with you, we have very few bills so retirement is looking good, and SS is going to make it even more fun.

The only downside to Medicare is that if you tend to get booted from the hospital quicker than if you have company paid insurance.

But yes....like you I was surprised about how good it is.

But I will say that once a person decides to retire and switch to Medicare, start the process 6 months ahead.

Trust me...you will be glad you did.

This × A billion....all those advantage plans you see advertised are useless for most people.

My wife and I were lucky that there was a guy at church who helped retirees like us to pick the best plan based on our health needs.

I just learned that the lookback period for Medicare income-based surcharges goes back two years, so you should start planning two years ahead of time. I had no idea of that.

I did a notable Roth conversion this year, and it's going to end up costing me a Medicare surcharge, which really stinks. I ran the numbers and I'm still ahead of the game to do the conversion, but the surcharge bites into my advantage.

Without going into greater detail I am comfortable in saying that I do not have 30 years left...if I live to 80 I will consider it a great victory.

But I have planned for my wife for beyond my passing.

You are correct...planning for the surcharges should be 2 years....

I was talking about the actual process of applying...because if you are working and have company insurance, there is a form you have to turn in with your application that shows you had coverage from your employer the prior year....and even when you do turn in your paperwork you can still run into snags...

I wasn’t thinking of getting Medicare any time soon. So no planning. Now, I guess they are going to whack me for two years.

How did his retirement get turned into a Medicaid discussion?

They kinda go hand in hand ,when you turn 65 perhaps you will understand.

100%

Along with many conversations, consultations, and research, all of these topics and points are things that people need to think about along their life journey. It gets more real with each passing year, especially topics like Medicare and other such topics, but many of the items need to be occasionally brought to the frontal lobe even in your 20s.

And... how are you at relating to students nowadays? Ease up and play Grandpa seems the way to go with a behind the back bird at the Admin ;)

Generally, I see women retire at the right time, long before the men. Lots of old guys afraid of not "having a plan". Some are coaches and can't leave that part. Being a PE teacher, working out and listening to rock music all day --isn't that retirement?!?!

There has been no Medicaid discussion. You are in need of some education.

Medicaid = Free healthcare for the really dirt poor at any age

Medicare = Healthcare for everyone 65 and older

I retired in 2013 at the age of 55. I play golf 5 times a week (weather permitting). My hobby is astronomy via the Astronomical Society of Kansas City (ASKC). Trying to teach young people about space. I see my grandchildren almost any time I want to. (ages 22-4. 11 of them). I never had been so bored that I thought about working again. To the younger folks out there, pay yourself first. Have a budget and live within your means. In other words, save your money now via a 401k. Don't touch it until you retire. Compound interest is your friend.

Make sure you guys go to the casino

I fretted a lot before I retired. You have a mindset for ~35-40 years of putting as much money as you can in the retirement bucket - to not continue that mindset feels like a mis-step. I read a couple articles about how much cash you should have on hand, and I quadrupled that by the time I actually retired ( I fretted).

Well - It took me about one year of retirement to get my brain re-oriented and I realized that I WAS RICH and probably could have retired several years earlier. I'm still spending down those cash reserves 5 years later. My money woes now are around converting my 401k/Traditional IRAs to Roths so that the kids won't have to pay taxes on them when they inherit (because I'll never spend it all)

LIFE IS GOOD (of course it would be a lot better if I had this much money and I was 25 -35 years old and could still do all those young people things)

Just 5 1/2 days left on the countdown clock.

Over/Under on how many items on Mosbonian’s agenda for this week’s staff meeting are going to be set over to next week.”?

Interesting take. I’ll need some kind of goal in retirement but I look forward to figuring out what that will be. My life feels like 100% kids and work, so I’m curious to see what the next stage of life will look like for me.

This is so true. I didn't get any advice on such things when I was in my 20's. I didn't start a retirement plan until my early 30's which was a major mistake. Fortunately, I was able to catch up.
I have some young employees that I manage in their 20's that have chose not to participate in any of the retirement plans that are offered. When I talk to them about just putting in 3% and getting the matching from our employer they balk. I try to tell them but it falls on deaf ears. So to you youngsters out there, start investing now!

Actually closer to 5 because I am turning in my equipment at noon on Friday. 😀