One Week to Retirement

[GloryDayz]

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...

[Mosbonian]

Originally Posted by GloryDayz

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...

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

[Bearcat]

Originally Posted by Mosbonian

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)

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

[Mosbonian]

Originally Posted by Bearcat

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

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.

[stevieray]

Originally Posted by Mosbonian

I am left handed.....

[Rain Man]

Originally Posted by Bearcat

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

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

[Mosbonian]

Originally Posted by Rain Man

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.

[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.

[GloryDayz]

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 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.